[quote=spdrun]Construction finished on the first master planned community in what, ’89? Three years doesn’t seem to be enough time to effect a total change in buying habits for something as illiquid and conservative as real estate. I’m assuming that there were still some people, especially of good blue-collar upbringing, who bought one of the smaller houses in the early 90s in their early 20s.
The “900-1400 sf = bad” thing is funny to me. I currently own a home and a rental. Total square footage, added together, is about 900 🙂 My sister’s first place is a bit bigger, at about 1200 sf.
We both bought what we could afford in our late 20s.
Lastly, I’d be interested to know what demographic things like 2/2 condos in the mid to high $100k range are going to. First time buyers, mainly landlords, or older empty-nesters?[/quote]
spdrun, the “sea change” in SD Co’s FTB’s “home-preference” values occurred gradually over about 15 years, beginning in ~’87. I distinctly remember when the first MP community in SD Co was under construction in Chula Vista (Eastlake Shores). At the time, I had a dozen or so “youngish” co-workers who put in “reservations” for floor plans based only on tabletop models and floorplan drawings from the sales offices and even before the grand opening! Several of them were renting larger, more conveniently-located houses with larger yards at the time but wanted “new construction” and like the “idea” of a planned community around a (man-made) “lake.” There were no schools for miles around the MPC back then and any new families’ children were bussed out until the schools were built (with the elementary being first).
There WAS an abundance of “middle class” blue collar families in SD until about ’94. At that time, the county lost many thousands of decent, blue collar jobs when General Dynamics moved out. All its subsidiaries moved out shortly after, along with Rohr Industries in Chula Vista and a few other, smaller mfrs.
The 2/2 condos you speak for the mid-high $100K’s in SD Co are likely going to (LL) investors for all cash. Or out-of-county parents of a local college students for all cash. That is, what few there are available. I don’t think these types of properties, if priced right, spend too long on the market.
From your post, it seems to me that FTB homebuying values and preferences are different in NY than socal and possibly different in other large east coast cities, as well. Perhaps, in the absence of bonds issued to pay off the infrastructure of large new developments and, I suspect, the dearth of land to build them on, as a FTB you have to buy what is available that you can afford. Also, San Diego County alone is 68 x 72 miles and cities on the east coast are much older (long-established multi-county metropolitan centers) as opposed to SD and its surrounds.
