Forbes calls San Diego the most overpriced market

[Ash Housewares]

Not much of a surprise really. We all know it belongs in the top ten. The exact order of the top ten really isn’t significant since it would likely change if the author altered his methodology or weighting factors in any way.
http://promo.realestate.yahoo.com/Americas_Most_Overpriced_Real_Estate_Markets.html

[what_a_disasta]

Surprised to not see Phoenix/Scottsdale in there.

[mixxalot]

I agree which is why I am building a home for dirt cheap on land near Lake Oroville. I can build a large dome shaped geodosic home for 20-30k and my family has given me an acre of land to build on. I would NEVER waste 500-800k for an overpriced POS home in San Diego. San Diego has great weather but its not that much different than Oroville except for the beach and ocean. And since I work either from my home office or travel I rarely have time to go to the way overcrowded and polluted beaches these days. I pray that the market crashes in southern california. It makes zero sense to overpay.

[sdrealtor]

If SD isnt that different from Oroville why are you praying that the market crashes?

[mixxalot]

I meant the weather is about the same. Oroville has mild winters a little cooler and rains a little more but other than that not much difference really in climate. Of course the job market is better in San Diego but if I travel or work at home it matters not. People are friendlier too! Now the thing is: once I have the 2,000 square foot home built I can be free of debt and mortgage.

I will buy in San Diego if prices ever drop to 200-300k for a decent home. The only reason why I even moved to San Diego int he first place was that the tech jobs dried up in last recession in 2002 in bay area when I was working for a consultant company and living in Sacramento. Now that tech sector is back up, makes no sense to stay in San Diego if I never will be able to afford the purchase price of a real home.

[sdrealtor]

No disrepect to Tony Bennett but it sounds like you left your heart in SF.

[mixxalot]

People in small towns versus big cities

Tend to be nicer and more laid back. Oroville has only 12k people versus 3 million residents in San Diego. I like peace and quiet. I do like San Diego a lot since I’ve lived here past 3.5 years but sticker shock on gas, food and housing is giving me a black eye quickly. Now that I have a consultant position I can live anyplace and bank the money. I am not sure if the San Diego housing market will completely tank in next few years but the real warning signs exist with new foreclosures and prices. However, most folks seem to be drinking from the kool aid tank still and not wise when it comes to paying too much for things including cars and real estate. Case in point, I see people who spend 2x on a new or used car and are suckered by car sales people. Same for homes. As PT Barnum would say “There is a sucker born every minute!”

[sdrealtor]

dupe

[sdrealtor]

I feel as you do about nicer/more laid people/peace/quiet but the funny thing is that to me SD is a small town that has all that compared to where I grew up

[mixxalot]

San Diego is a nice place but why would any sane person spend 500k + for a tiny POS home when I can buy an estate in Oroville for less money? Makes zero sense to me. I guess rational people are few and far between. I blame the exotic loans for this mess and obscene runup in real estate prices in San Diego.

[sdrealtor]

Its all relative. Ask a resident of NYC and they would consider it a bargain. Ask a Midwesterner and they would ask how many acres it came with.

[4plexowner]

Its only 556 miles from Oroville to where I work – just think of all the money I could save by living there and commuting

Let’s see, if I leave home at 11 PM sunday I will arrive at work at 8 AM monday – departing work at 4 PM monday puts me home at 5 AM tuesday – oops, looks like I won’t make it to work tuesday …

~

As for the weather being the same – I am sitting here looking at Oroville on the map (it should tell you something that I had to look at a map to see where the hell Oroville was) – hard to imagine that someplace inland from Sacramento has the same weather as San Diego

This is from the City of Oroville’s website (http://www.cityoforoville.org/statistics.html)

Climate – Moderate, Mediterranean
Average Annual Rainfall – 27.34 inches

A quick check of the weather at (http://www.orovilleca.com/local/weather-forecasts.html) tells me that it is currently 84.2 deg F and 29% humidity in Oroville at 10 am

You have a Mediterranean climate with 27″ rainfall – San Diego is a semi-arid, coastal desert climate with 9″ rainfall – it’s 84 deg F at 10 AM in Oroville and you want to tell me your weather is the same as mine?!!!? how hot is it going to get for you today? I’m sitting here wearing a sweatshirt while I type – you?

Right now it is 60 deg F in San Diego and 67% humidity – we might get up to 80 today in the inland areas but probably won’t here in the beach areas

~

I admire your frugality and I have an interest in dome homes myself but comparing Oroville to San Diego doesn’t make much sense

[JJGittes]

San Diego isn’t much different than Oroville, like
Gisele Bundchen isn’t much different from an average woman. You know, two legs, two eyes, one head….eh, no diff at all…

Yup, for the life of me I can’t understand why RE in La Jolla, Del Mar, Encintas, Carlsbad, heck even Scripps Ranch or RB, costs more than Oroville. Such a mystery.

[mixxalot]

Coastal property in Brazil and Venezuela is dirt cheap so I dont buy the whole runup in price for Kalifornia real estate coastal property. It has always been overvalued and overpriced.

Yes- Oroville is not San Diego. My point being that if you can work from home and travel from airport to client site it does make financial sense to live cheaper and save until market tanks in southern california then buy at lower price point.

[sdrealtor]

I think they were just havin fun with ya!

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