7796 Hemphill Dr in Mira Mesa, Hopeless Listing

[ucodegen]

@esmith

Unfortunately 80k isn’t what in used to be. 80k for a family is close to median in San Diego county. You need 130k to get into the top 20% of the income bracket.

60k = Encanto
80k = Mira Mesa
130k = Bay Ho or OB
140k = UTC
160k = PB

Where the heck are you getting those numbers? Last time I checked, around $60K was median. The RE agent and mortgage broker incomes skewed the median from 2003 to present, so we may be seeing a downward revision in the median for more current data.

http://www.muninetguide.com/states/california/municipality/San_Diego.php
shows $56k using 2000 numbers adjusted for inflation (like we are all keeping up with the Bernanke bubble)

http://www.city-data.com/zips/92126.html
Here is 2004 data… which would fit in line with 2000 numbers adjusted for inflation.

There are very few places that go over the $100K mark. I don’t think PB is one of them.

Start here:
http://www.city-data.com/city/San-Diego-California.html
if you want to explore…

[Eugene]

Note: edited my numbers to be more grounded in reality.

San Diego median household numbers are skewed downwards for two reasons. First, many wealthy people don’t live in San Diego proper. Second, poorest families and households don’t own homes. Median homeowner incomes are higher than median household incomes.

http://factfinder.census.gov/servlet/DTTable?_bm=y&-context=dt&-ds_name=ACS_2006_EST_G00_&-CONTEXT=dt&-mt_name=ACS_2006_EST_G2000_B25119&-tree_id=306&-geo_id=05000US06073&-search_results=&-format=&-_lang=en

Median owner-occupied household income for San Diego county in 2006 is $78,150.

[Eugene]

Note: edited my numbers to be more grounded in reality.

San Diego median household numbers are skewed downwards for two reasons. First, many wealthy people don’t live in San Diego proper. Second, poorest families and households don’t own homes. Median homeowner incomes are higher than median household incomes.

http://factfinder.census.gov/servlet/DTTable?_bm=y&-context=dt&-ds_name=ACS_2006_EST_G00_&-CONTEXT=dt&-mt_name=ACS_2006_EST_G2000_B25119&-tree_id=306&-geo_id=05000US06073&-search_results=&-format=&-_lang=en

Median owner-occupied household income for San Diego county in 2006 is $78,150.

[Eugene]

Note: edited my numbers to be more grounded in reality.

San Diego median household numbers are skewed downwards for two reasons. First, many wealthy people don’t live in San Diego proper. Second, poorest families and households don’t own homes. Median homeowner incomes are higher than median household incomes.

http://factfinder.census.gov/servlet/DTTable?_bm=y&-context=dt&-ds_name=ACS_2006_EST_G00_&-CONTEXT=dt&-mt_name=ACS_2006_EST_G2000_B25119&-tree_id=306&-geo_id=05000US06073&-search_results=&-format=&-_lang=en

Median owner-occupied household income for San Diego county in 2006 is $78,150.

[Eugene]

Note: edited my numbers to be more grounded in reality.

San Diego median household numbers are skewed downwards for two reasons. First, many wealthy people don’t live in San Diego proper. Second, poorest families and households don’t own homes. Median homeowner incomes are higher than median household incomes.

http://factfinder.census.gov/servlet/DTTable?_bm=y&-context=dt&-ds_name=ACS_2006_EST_G00_&-CONTEXT=dt&-mt_name=ACS_2006_EST_G2000_B25119&-tree_id=306&-geo_id=05000US06073&-search_results=&-format=&-_lang=en

Median owner-occupied household income for San Diego county in 2006 is $78,150.

[Eugene]

Note: edited my numbers to be more grounded in reality.

San Diego median household numbers are skewed downwards for two reasons. First, many wealthy people don’t live in San Diego proper. Second, poorest families and households don’t own homes. Median homeowner incomes are higher than median household incomes.

http://factfinder.census.gov/servlet/DTTable?_bm=y&-context=dt&-ds_name=ACS_2006_EST_G00_&-CONTEXT=dt&-mt_name=ACS_2006_EST_G2000_B25119&-tree_id=306&-geo_id=05000US06073&-search_results=&-format=&-_lang=en

Median owner-occupied household income for San Diego county in 2006 is $78,150.

[jimmyle]

SD Realtor, why is it that some people seem so down on MM? I am kinda new to SD and dont know the facts. Jimmyle, you seem to have done your research, any reasons?

Actually I live MM from 1995-99 while I was going to UCSD, I went back to OC and now back to MM again. I would say this is mainly a blue collar neighborhood and because of the high cost of housing in the area, probably more people live in one household than the US average. You tend to see lots of car park in the street. One thing I don’t like it here is that many people don’t maintain their front yards. My car got broken into once here. Schools are slightly better than the state average.

The North-West area of Mira Mesa is newer and mostly Middle class. It feels less crowded.

Previously I was thinking about buying a home here but the recent price decline enabled me to look else (Rancho Penaquitos, Scripps Ranch, and perhaps Carmel Valley) mainly because I want better schools for my children.

[jimmyle]

SD Realtor, why is it that some people seem so down on MM? I am kinda new to SD and dont know the facts. Jimmyle, you seem to have done your research, any reasons?

Actually I live MM from 1995-99 while I was going to UCSD, I went back to OC and now back to MM again. I would say this is mainly a blue collar neighborhood and because of the high cost of housing in the area, probably more people live in one household than the US average. You tend to see lots of car park in the street. One thing I don’t like it here is that many people don’t maintain their front yards. My car got broken into once here. Schools are slightly better than the state average.

The North-West area of Mira Mesa is newer and mostly Middle class. It feels less crowded.

Previously I was thinking about buying a home here but the recent price decline enabled me to look else (Rancho Penaquitos, Scripps Ranch, and perhaps Carmel Valley) mainly because I want better schools for my children.

[jimmyle]

SD Realtor, why is it that some people seem so down on MM? I am kinda new to SD and dont know the facts. Jimmyle, you seem to have done your research, any reasons?

Actually I live MM from 1995-99 while I was going to UCSD, I went back to OC and now back to MM again. I would say this is mainly a blue collar neighborhood and because of the high cost of housing in the area, probably more people live in one household than the US average. You tend to see lots of car park in the street. One thing I don’t like it here is that many people don’t maintain their front yards. My car got broken into once here. Schools are slightly better than the state average.

The North-West area of Mira Mesa is newer and mostly Middle class. It feels less crowded.

Previously I was thinking about buying a home here but the recent price decline enabled me to look else (Rancho Penaquitos, Scripps Ranch, and perhaps Carmel Valley) mainly because I want better schools for my children.

[jimmyle]

SD Realtor, why is it that some people seem so down on MM? I am kinda new to SD and dont know the facts. Jimmyle, you seem to have done your research, any reasons?

Actually I live MM from 1995-99 while I was going to UCSD, I went back to OC and now back to MM again. I would say this is mainly a blue collar neighborhood and because of the high cost of housing in the area, probably more people live in one household than the US average. You tend to see lots of car park in the street. One thing I don’t like it here is that many people don’t maintain their front yards. My car got broken into once here. Schools are slightly better than the state average.

The North-West area of Mira Mesa is newer and mostly Middle class. It feels less crowded.

Previously I was thinking about buying a home here but the recent price decline enabled me to look else (Rancho Penaquitos, Scripps Ranch, and perhaps Carmel Valley) mainly because I want better schools for my children.

[jimmyle]

SD Realtor, why is it that some people seem so down on MM? I am kinda new to SD and dont know the facts. Jimmyle, you seem to have done your research, any reasons?

Actually I live MM from 1995-99 while I was going to UCSD, I went back to OC and now back to MM again. I would say this is mainly a blue collar neighborhood and because of the high cost of housing in the area, probably more people live in one household than the US average. You tend to see lots of car park in the street. One thing I don’t like it here is that many people don’t maintain their front yards. My car got broken into once here. Schools are slightly better than the state average.

The North-West area of Mira Mesa is newer and mostly Middle class. It feels less crowded.

Previously I was thinking about buying a home here but the recent price decline enabled me to look else (Rancho Penaquitos, Scripps Ranch, and perhaps Carmel Valley) mainly because I want better schools for my children.

[HLS]

HLS, you stated earlier that you multiply the monthly rent a place would rent for by 125 and that is the real value of the property. What is the rational behind that? 

If you multiply the current rents in this area, you get a number that is WAY lower than anything in this area. Like 50% reduction from todays prices.

DWC, it's just a common sense generalization. I'm not saying that values will drop 50% further, but they could.

If looking for a reasonable investment that will pencil out, without needing appreciation to have it make sense, it's just a rough number.

There are plenty of places in the country where you can buy for closer to 100X monthly rent, esp multi units.

If I buy as an investment, I would like to see a return on my investment, not something that I need to support every month with additional cash.

It's also a generalization that if monthly rent is less than the price of the property divided by 150, you are better off renting, financially speaking.

To me, the reasonable rent in an area determines the true value of the property; the price of the property doesn't determine the reasonable rent.

There is a big difference between price and value.

[HLS]

HLS, you stated earlier that you multiply the monthly rent a place would rent for by 125 and that is the real value of the property. What is the rational behind that? 

If you multiply the current rents in this area, you get a number that is WAY lower than anything in this area. Like 50% reduction from todays prices.

DWC, it's just a common sense generalization. I'm not saying that values will drop 50% further, but they could.

If looking for a reasonable investment that will pencil out, without needing appreciation to have it make sense, it's just a rough number.

There are plenty of places in the country where you can buy for closer to 100X monthly rent, esp multi units.

If I buy as an investment, I would like to see a return on my investment, not something that I need to support every month with additional cash.

It's also a generalization that if monthly rent is less than the price of the property divided by 150, you are better off renting, financially speaking.

To me, the reasonable rent in an area determines the true value of the property; the price of the property doesn't determine the reasonable rent.

There is a big difference between price and value.

[HLS]

HLS, you stated earlier that you multiply the monthly rent a place would rent for by 125 and that is the real value of the property. What is the rational behind that? 

If you multiply the current rents in this area, you get a number that is WAY lower than anything in this area. Like 50% reduction from todays prices.

DWC, it's just a common sense generalization. I'm not saying that values will drop 50% further, but they could.

If looking for a reasonable investment that will pencil out, without needing appreciation to have it make sense, it's just a rough number.

There are plenty of places in the country where you can buy for closer to 100X monthly rent, esp multi units.

If I buy as an investment, I would like to see a return on my investment, not something that I need to support every month with additional cash.

It's also a generalization that if monthly rent is less than the price of the property divided by 150, you are better off renting, financially speaking.

To me, the reasonable rent in an area determines the true value of the property; the price of the property doesn't determine the reasonable rent.

There is a big difference between price and value.

[HLS]

HLS, you stated earlier that you multiply the monthly rent a place would rent for by 125 and that is the real value of the property. What is the rational behind that? 

If you multiply the current rents in this area, you get a number that is WAY lower than anything in this area. Like 50% reduction from todays prices.

DWC, it's just a common sense generalization. I'm not saying that values will drop 50% further, but they could.

If looking for a reasonable investment that will pencil out, without needing appreciation to have it make sense, it's just a rough number.

There are plenty of places in the country where you can buy for closer to 100X monthly rent, esp multi units.

If I buy as an investment, I would like to see a return on my investment, not something that I need to support every month with additional cash.

It's also a generalization that if monthly rent is less than the price of the property divided by 150, you are better off renting, financially speaking.

To me, the reasonable rent in an area determines the true value of the property; the price of the property doesn't determine the reasonable rent.

There is a big difference between price and value.

[Author]

Posts