[quote=pemeliza]BG may rub some people the wrong way but I believe that there is some truth in what she says.
However … BG you seem to be referring to an era in SD when housing close to downtown SD was much more affordable. When you could buy an old house close in to SD for 150k-200k that had good bones and a great location, that was certainly an attractive proposition for a middle class family. These days that same house is 600-700k and frankly for that kind of money most people are not looking for a “project”. BTW, those same families that bought when prices in SD were dirt cheap are also some of the main benefactors of prop 13 and have ridiculously low property tax bills now compared to what today’s family is looking at.[/quote]
I would say it was primarily the oldest set of boomers (over 60 today) who were able to avail themselves of Prop 13. And many of the ones that did and purchased a 1500 sf property in the best area they could afford in the ’70’s DIDN’T MOVE UP when their kids filled the house! They just added on or remodeled to fit their families and did so WHILE they occupied it. Often their lots were sufficient to do this for a one-story. Some even added second stories WHILE their families were living in a portion of it! And some, like myself, purchased another home instead, although I wouldn’t call what we did “moving up.” Except for maybe one property, they were “lateral moves” very close geographically to one another … to make small profits.
pem, I understand the price has gone up exponentially for a well-located, well-built older home in SD Co with “good bones.” HOWEVER, in this time period professional salaries have also gone up, vacation time has gone WAY up at most firms (which could be used for DIY, like we did) and, most importantly, mortgage interest rates have PLUMMETED in recent years.
Our conventional mtgs ranged from 7.25% to 11.5% (or T-Bill/COFI ARMS).
The properties we bought ranged from $73K to $267K and ALL were 4 bdrm w/garages, ranging from 3-16 mi from dtn SD. ALL needed some work but ALL were “livable” upon COE (most after haul-away trips to the dump).
Honestly, I don’t understand why a young family of today would prefer Stonebridge over Del Cerro or Fleetridge (both with many stunning-view properties at the same price point). In the big picture, who CARES if some still have Formica in the kitchens?? I’d move in and start cooking in my knotty-pine kitchen with Formica countertops (PL) and “vintage” built-ins if I could afford to buy a place there! It can all be fixed later. But that’s just me.
