[quote=sdrealtor]CAR the problem is your are seeing from cyberspace and not the ground. You never saw it. That area is a completely different animal then our area. I showed that house and it was hideous IMO. It needed several hundred thousand dollars and it still was a horrendous floorplan. The living area was upstairs and the bedrooms were downstairs dark, smelly and cavelike. It had no yard, powerlines and is a neighborhood favored by retirees and 2nd home owners. Even at $1M to make it nice will require minimum of $300K. Even then it will be a poorly designed lumbering elephant.
Functionally obsolete, poorly designed, poorly located homes like that are completely dettached from the mainstream market in NCC. If you want one you can get a deal on it but dont expect it to have any impact on Olivenhain.
I just ran some numbers and in the combined 92024, 92009 and 92011 on average a house sells every single day between 800K and 1.2M. Looking at pendings and contingents shows that number could be 2 or more a day if there was appropriate supply.[/quote]
sdr,
You’d be surprised at how much time we spend looking at properties (and have done so for many, many, many years). We know this area well, and I would disagree strongly with your assertion that large custome homes on large lots with no HOAs or Mellos Roos with some of the best ocean/lagoon views in North County are somehow inferior to tract homes on small lots. Just not buying it.
BTW, this trend is not only alive and well in this particular area, you can see the same trend in RSF, O’hain, La Jolla, etc. The market is VERY top-heavy. IMHO, this will put pressure on everything below it.
I’ve never said that there aren’t any rich people anywhere in San Diego, just that there aren’t nearly enough to prop up all the prices in all the neighborhoods where people think they are sitting on $1MM++ lottery tickets.
