[quote=SK in CV][quote=bearishgurl]Oh, and a “slow down” in the “larger economy” has nothing to do with property values the best areas of San Diego County or ANY CA coastal counties, for that matter, as most of those owners are “retired” and a good portion of those properties have long been “paid off.”
[/quote]
Where are you talking about that “most of those owners are “retired” and a good portion of those properties have long been “paid off.””?[/quote]
SK, I pride myself on my good memory. We’ve had this discussion before about your old stomping ground of Del Cerro and surrounds. I claimed a lot of the properties around there were paid off and you stated that you recently discovered on a visit that most of the properties on your old street have changed hands in recent years (this still doesn’t answer the question of whether these “new” owners have a mortgage … or not).
Just like the thread I promised the Piggs on proving the Vallejo municipal BK was caused solely by the creation of CFD’s on former Navy land (I’ve already done a lot of research on this), I’ve also promised to start a “random parcel map check” thread in several diverse established communities in the county and then invariably get backed up with work where I can’t finish the research.
THERE REALLY ARE whole blocks all over SD County where the majority of the homes are either paid off or have an outstanding encumbrance of less than $30K! I’ve personally gone thru and hand-notated parcel maps in South County about 10 years ago where I found this to be true. When I can peel myself away from my other priorities, I’d really like to pursue these two threads because I believe they would dispel a lot of misguided beliefs of the public re: the “real” effect of mortgage rates on property values in CA coastal counties and the “real” reason for municipal and county BK’s in CA.
What I was trying to impart in the post above is that 1st and 2nd time buyers shouldn’t expect longtime owners will just “give away” their homes for a song just because they are “old” or somewhat “dated” or “they don’t owe anything so they can `afford’ to.” These buyers can’t expect super lowball offers submitted to these sellers to even be considered if the property is well-located and does not have any structural damage. I used the term “retired” too loosely here. What I meant was financially secure by any means, drawing pension(s), have very low living expenses and/or self-employed, etc. Not necessarily senior citizens but people who do not depend upon W-2 income to live month to month. San Diego County is FULL of these types of homeowners and I myself am surrounded by them. Again, my area is but just a microcosm of the county as a whole.
