Foreclosure ban end.

[an]

[quote=svelte]That is an absurd claim. I was going to spend time this weekend researching it and show you, but I just figured out I already have two data points that demonstrate how outlandish it is.

I’ve stated previously that my father purchased a 3/2 1500 SF house in the central valley for $21K in 1970.

When I arrived in San Diego in 1987, a single family 3/2 1500 SF house – brand new – was selling for $100K-105K in Mira Mesa. I distinctly remember taking my dad over to show him those ridiculous prices.

San Diego, including Mira Mesa, has always been more expensive that the central valley.

If my dad’s 1970 house had went up 10x in the 1970s, it should have been worth $210K in 1980. It most definitely was not, and the fact that anyone could walk into a new development in Mira Mesa in 1987 and buy a brand new 3/2 1500 SF for $100K demonstrates that even at 17 years, prices hadn’t even went up 5x yet.

Totally bogus claim.[/quote]you’re right. I stand corrected. 10806 Eberly CT, 92126 only went up 4x over 75-87.to, my where near my 10x assertion.

[o2addict]

Nobody puts TG in a corner, dangit. Jerks.

[an]

[quote=an][quote=svelte]That is an absurd claim. I was going to spend time this weekend researching it and show you, but I just figured out I already have two data points that demonstrate how outlandish it is.

I’ve stated previously that my father purchased a 3/2 1500 SF house in the central valley for $21K in 1970.

When I arrived in San Diego in 1987, a single family 3/2 1500 SF house – brand new – was selling for $100K-105K in Mira Mesa. I distinctly remember taking my dad over to show him those ridiculous prices.

San Diego, including Mira Mesa, has always been more expensive that the central valley.

If my dad’s 1970 house had went up 10x in the 1970s, it should have been worth $210K in 1980. It most definitely was not, and the fact that anyone could walk into a new development in Mira Mesa in 1987 and buy a brand new 3/2 1500 SF for $100K demonstrates that even at 17 years, prices hadn’t even went up 5x yet.

Totally bogus claim.[/quote]you’re right. I stand corrected. 10806 Eberly CT, 92126 only went up 4x over 75-87. No where near my 10x assertion.[/quote]
But still up not down or crash. I’ll take 4x increase in housing price any day. I’ll be happy with 2x from here.

[an]

[quote=svelte][quote=an][quote=svelte][quote=an]
Yes, every crash is different. Not every crash cause everything to crash. Oil prices in the 70s caused massive inflation and housing went up almost 10x.
[/quote]

The stock market crashed in the 70s.[/quote]
But not housing. Like I said, not everything crashes. Housing went up almost 10x.[/quote]

That is an absurd claim. I was going to spend time this weekend researching it and show you, but I just figured out I already have two data points that demonstrate how outlandish it is.

I’ve stated previously that my father purchased a 3/2 1500 SF house in the central valley for $21K in 1970.

When I arrived in San Diego in 1987, a single family 3/2 1500 SF house – brand new – was selling for $100K-105K in Mira Mesa. I distinctly remember taking my dad over to show him those ridiculous prices.

San Diego, including Mira Mesa, has always been more expensive that the central valley.

If my dad’s 1970 house had went up 10x in the 1970s, it should have been worth $210K in 1980. It most definitely was not, and the fact that anyone could walk into a new development in Mira Mesa in 1987 and buy a brand new 3/2 1500 SF for $100K demonstrates that even at 17 years, prices hadn’t even went up 5x yet.

Totally bogus claim.[/quote]what development in Mira Mesa in 1987 was going for 100-105k for a 3/2 1500 sqft house?

[an]

[quote=deadzone]Perhaps, but you mentioned yourself sometime abo that Carmel Valley was being bought up by Chinese money. And regarding people moving here from “more expensive places in US” in reality there are very few places in the US with higher housing costs than San Diego, Bay Area being the most obvious.[/quote]
Really? How about anywhere in OC, LA, entire bay area, NYC? SD is dirty cheap compare to those area.

[sdrealtor]

[quote=deadzone][quote=Coronita][quote=deadzone][quote=sdrealtor] you’ll never win with that negative attitude.
[/quote]

Why is wanting prices to go down a “Negative Attitude”? Yes I want middle income and young people to be able to afford a house. I also don’t like neighborhoods being bought up by foreign investors and hedge funds. Neither of these things are desirable or good for the Country in my opinion.[/quote]

The only thing foreign about these recent buyers are they are from other parts of the US where the cost of living is higher. A lot of people trying to buy houses here lately are bay area and LA people who now have the option to work remotely. My latest tenant is a relocation from LA. They currently pay $5000 to live in a condo nesr culver city. They will be paying me the same amount to live in something with more than double the sq ft with access to way better schools. Both will be working remotely.[/quote]

Perhaps, but you mentioned yourself sometime abo that Carmel Valley was being bought up by Chinese money. And regarding people moving here from “more expensive places in US” in reality there are very few places in the US with higher housing costs than San Diego, Bay Area being the most obvious.[/quote]
20 families a month moving from the Bay Area would dramatically change the NCC market and the 4s/Del Sur market combined. Half that already has

You still haven’t answered my question.

[sdrealtor]

[quote=o2addict]Nobody puts TG in a corner, dangit. Jerks.[/quote]

I put TG in a corner. One night at Pechanga. Still lives on in infamy lol

Great night

[Coronita]

[quote=deadzone]
Perhaps, but you mentioned yourself sometime abo that Carmel Valley was being bought up by Chinese money. And regarding people moving here from “more expensive places in US” in reality there are very few places in the US with higher housing costs than San Diego, Bay Area being the most obvious.[/quote]

Well it might have been some of that 2-3 years …..but….they arent the main reason that is driving carmel valley homes now past $650+/sqft..Or driving mira mesa sfh to $1millon right now. Or blowing the price roof off of carlsbad or encinitas.
Its all being driven by what i call the “shelter in bigger suburb home” covid-19 crowd, which has crippled the inventory and driven the home prices more so than those foreign buyers might have years ago.

In hindsight, when foreign buyers were buying, inventory was not nearly as bad, prices were high. but nowhere near where they are now. One foreign buyer bought a home near me for about $1.25 million about 3 years ago….There wasnt that much competition for it…Today, a comparable home will close around $1.6-1.7m and probably had 30-40+ offers. 3 years ago, the home we bought had mutiple offers. But not nearly as crazy as the 20-30+ you see and hear about now. Back then, seller took our cash offer versus other people who were probably willing to pay more with a loan contingency. The seller wanted to close fast.

Fast forward to recent times. 2 months ago, I tried buying 2 townhomes in mira mesa. Forget it was a 2/2 around $600k. I threw in two cash offers, slightly above asking for both and and offered ro close within 15 days.

The first townhome had 30 offers. I didnt even make the short list after my counter stayed. They didnt care i had cash and could close early. The seller was willing to take a chance and find a buyer that was willing to take out a loan and spend more, even if there was a higher risk the buyer may fail to perform. I guess they figure if the first buyer backs out, theres 29 other buyers itching to buy.

That place closed at $650k….in mira mesa…for a 2/2 townhome..owner occupied….

The second townhome, similar situation, but i was among the first 6 that the seller wanted to work with. I stuck to my terms because i had originally offered more above asking than the first, again cash offer + quick closing..The seller ended up cancelling selling… He decided he was going to rent out his place ..I guess he was thinking he can get more money for it sane time next year.

The more recent price movement has very little to do with foreign buyers. Foreign buyers might have taken some inventory off the table a few years ago, but not nearly enough that if you were ready to buy, you couldnt have bought something. versus right now, its prety crazy…

One of my friends just moved back here. He brought his senior software engineer $350k+/yr.comp package with him. So did his wife…and their friends are contemplating making the same move because for them, spending 1.6-1.7m is chump change…what they would be spending for a hole in wall place in bay area in a subpar school district. If they are doing it, and their friends are contemplating it..theres probably a lot more thinking about it and/or doing it.

i think times have changed…as another pointmm.for the last few yeaes, ive gotten so many calls from FANG companies asking me if i was interested in working for them. The conversatiom ended when I said relocation isnt possible. These days, same recruiters from same companies reach out to me with “are you interested to learn more about our remote opportunies”

[Anonymous]

[quote=an][quote=deadzone]Perhaps, but you mentioned yourself sometime abo that Carmel Valley was being bought up by Chinese money. And regarding people moving here from “more expensive places in US” in reality there are very few places in the US with higher housing costs than San Diego, Bay Area being the most obvious.[/quote]
Really? How about anywhere in OC, LA, entire bay area, NYC? SD is dirty cheap compare to those area.[/quote]

Yes you basically just named every area in the U.S. that is more expensive than San Diego. The rest of the country not so much.

[sdrealtor]

[quote=deadzone][quote=an][quote=deadzone]Perhaps, but you mentioned yourself sometime abo that Carmel Valley was being bought up by Chinese money. And regarding people moving here from “more expensive places in US” in reality there are very few places in the US with higher housing costs than San Diego, Bay Area being the most obvious.[/quote]
Really? How about anywhere in OC, LA, entire bay area, NYC? SD is dirty cheap compare to those area.[/quote]

Yes you basically just named every area in the U.S. that is more expensive than San Diego. The rest of the country not so much.[/quote]

There you go again creating your own negativity. There are very expensive towns all over this country. They may not be big MSA’s but how about Jupiter Florida, Highland Park Illinois, Greenwich Connecticut , Park City Utah, Hawaii, Broadmor Washington, Wellesley Massachusetts and I could go on. People move here from those places also. You can talk yourself out of anything

Still haven’t answered my question

[Sdcateacher]

San Diego is a desirable market for those that don’t have to go back to work and remote work.
For a Wall St. trader that no longer has to grind his way into NYC with a roundtrip of 3hrs a day commute to get back home to CT or L.I., San Diego is the logical choice and an 1.2mil house with 2200sqft is dream compared to what they were getting especially if they lived in Manhattan. San Diego will be a tele-commuters paradise and the cost of living will mirror NYC soon as people who make 500k plus a year are willing to put a premium on it.

[scaredyclassic]

[quote=sdrealtor][quote=deadzone][quote=an][quote=deadzone]Perhaps, but you mentioned yourself sometime abo that Carmel Valley was being bought up by Chinese money. And regarding people moving here from “more expensive places in US” in reality there are very few places in the US with higher housing costs than San Diego, Bay Area being the most obvious.[/quote]
Really? How about anywhere in OC, LA, entire bay area, NYC? SD is dirty cheap compare to those area.[/quote]

Yes you basically just named every area in the U.S. that is more expensive than San Diego. The rest of the country not so much.[/quote]

There you go again creating your own negativity. There are very expensive towns all over this country. They may not be big MSA’s but how about Jupiter Florida, Highland Park Illinois, Greenwich Connecticut , Park City Utah, Hawaii, Broadmor Washington, Wellesley Massachusetts and I could go on. People move here from those places also. You can talk yourself out of anything

Still haven’t answered my question[/quote]

Doesn’t every state have a rich town? NM kind of a broke state, but Santa Fe is wealthy.

Hanover new Hampshire.

Boston generally.

[Coronita]

The other thing I think Is happening is some landlords are starting to sell at these high prices. Because the tenant pool this year for me was way better than last year, even with a $700/month price increase.

I guess a lot of long term tenants are being forced to move because the owners are selling. Fortunately, SFH are exempt from rent control (for now).

[svelte]

[quote=an][quote=svelte]
Totally bogus claim.[/quote]what development in Mira Mesa in 1987 was going for 100-105k for a 3/2 1500 sqft house?[/quote]

I can’t recall the name and I didn’t save any brochures. All I can tell you is that it was south of MM Blvd and west of Westonhill. I can’t remember any more than that.

[scaredyclassic]

I still have the brochure I got from honda in 1988 for my civic.

[Author]

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