[quote=sdrealtor]….You place your bets when you buy real estate. Winning or losing is determined by many factors and blaming it on one is naive at best.[/quote]
If you will reread what I have posted here, you will discover that I place part of the blame for my current undervaluation on urban sprawl.
Not only did I not know the extent of development that was planned for these former Otay area annexations, when I purchased here I was unaware of the depth and breadth of the City of Chula Vista’s propensity to salivate over expanding themselves with all the future Mello-Roos windfall when a “pkg deal” was later offered to them by deep-pocketed developers. (On a smaller scale, the same thing happened to “little” Encinitas about 25 yrs ago.)
Unfortunately, I was locked into a particular geographical area I had to live in, as well, so even if I HAD BEEN privy to future development plans at the time of purchase, I couldn’t live anywhere else.
I find it truly sickening the extent that “millenium-boom constructed” urban sprawl has cratered property values in CA counties.
Chula Vista had an exemplary, close-in, laid-back lifestyle when it had just 3 zip codes (along with Bonita, their “middle neighbor”). The City has now laid off nearly ALL the employees it hired to service these outlying areas and has not replaced recent retirees. They are now doing MUCH more with less personnel.
And I doubt if any Piggs back in, say, ’99 to ’02 knew in advance that “loose lending” would become the norm beginning about ’03 and cause the RE market to crash in ’07.
You are correct in that a RE buyer just “places their bets” and hopes for the best. You can’t possibly know *everything* that will happen to an area up front. You just have to roll with the punches.
