Zk – Could not find the specific house you mentioned (do you have a MLS) but did a quick search on RedFin in this area. To compare to the one you listed I plugged in 1.2 – 1.7 M with 4000+ sq ft … not that I would buy this type of home or in this area, just wanted to get a feel for the thought line on this thread. I am looking at putting down roots in N. San Diego myself and it is obvious than the whole region is in for a monumental blunt reset that has never been witnessed before in real estate.
Many are looking thru the lens of clouded perception. The S Calf housing market today represents the most overpriced and inflated prices ever in the history of a U.S. housing market. We are not talking of a small enclave of homes on a hillside overlooking the ocean in Newport Beach or a unique neighborhood in Santa Barbara but the collective living situation of millions of S Calf families. The CV region of San Diego is the perfect example … how many “sane” individuals would actually purchase one of these homes listed today…even 6-9 months from now? Whatever you want to call it; a premium $ for a location, sunshine tax, the Calf lifestyle – these days are behind us … a market economy always comes back to a “realistic” baseline –unfortunately, it has not even started for the larger portion of SD.
This region will bear the blunt of a market economy coming back to reality and it will take years to recover. I am certain some positive markers will be forthcoming during the crash with individuals jumping on the bandwagon – this still will not take away from the basic core fact that real-estate here is “overpriced” and has a long way to go reset to a price level that equates to what one is actually paying money for. .. a house, a home, a neighborhood, a way of life….
I do not think the popcorn has even been put into the oil yet.
