Mira Mesa on fire-prices have started increasing

[bearishgurl]

[quote=ltsdd]…I don’t have a problem with someone saying MM is tough for buyers right now. However, to correlate low inventory (tough for buyers) to a market being on fire is absurd to say the least.[/quote]

I agree with this statement. An area having “low inventory” and being “on fire” are NOT one and the same. This doesn’t apply only to MM. Thousands of “potential sellers” in SD County are still on the fence … for GOOD reason! They don’t want to have to price their properties to compete with deep-pocketed lenders and (crooked) SS listing agents!

I don’t believe the inventory is so low anywhere that a young family looking within it can’t find ANYTHING suitable in their price ranges. The reality is probably somewhere in the middle … (1) buyers are too picky given their qualifications; (2) buyers don’t have enough downpayment to compete with those who do; (3) and, some buyers may be delusional and insist on shopping in areas where their offers will NEVER be accepted, that is, shopping in areas “out of their league.”

Everyone who has a sufficient downpayment and credit rating CAN buy something that their income will qualify them for. Whether they actually perceive it as a good place to live is the $64M question. If they don’t like what’s on offer in areas they can afford, they can continue to rent.

I think it’s really hard for current buyers to be practical, ESP FT buyers. They’ve seen all these unqualified families living in areas and/or properties over the last few years that they never should have qualified to buy in the first place. Even though this phenomenon was phony because they used “funny money,” it raises the bar on many of today’s buyers’ “minimum requirements.”

There IS stuff to buy out there …. everywhere …. yes, listed on the MLS. Many of the the “traditional FT buyers’ listings” are out there gathering dust.

[bearishgurl]

Essentially, what I’m trying to say here is that many first-timers coming into the market today will actually NOT purchase anything that wouldn’t be considered a “move-up” property. They wish only to go from nothing or a rental to a “move-up” property.

I believe RE in coastal CA counties is categorized in a “caste system.” Thus, there are first-time properties, move up properties and luxury properties. Many areas and zip codes have all three within them. Some areas have nicer properties for the money than other areas. One has to have “sweat equity” and “pay their dues” before “moving up” to the next rung of RE.

That’s the way it always was before lending “funny money” became the norm.

The “funny money” flowing for years caused first timers and other moderate income buyers expectations to be all over the map … into the stratosphere. The presence of layers of new urban sprawl coming online during the same time period didn’t help matters any.

I’ll say it again. A buyer in a coastal CA county taking out a 80% mortgage or better doesn’t NEED infinite choices. They need to know where they can afford to live and how big of a lot they need. The rest will eventually take care of itself :=]

[SD Realtor]

lt

To me, the definition of on fire would be that if you list a home that shows well, and is priced at a list price that is commensurate with recent sold comps, that the home will sell quickly. Additionally to me this definition also means that it is very hard to find a home and get a discount on it. Discount meaning you get it under market comps and that the home is not thrashed. That you got that discount because of the overall lack of activity in the market.

Note this does not mean you can put any home on the market at a premium that doesn’t exist (which is happening ALOT now).

So if you contrast my definition to a few years ago when plenty of people were putting homes on the market that showed well and were priced correctly and sat due to the psyche of the buyers or how there were many more reports of people getting homes at discounts due to large inventories and a collective psyche of fear, then I think it could be argued that many submarkets have gone from poor to transitional, to hot markets.

Again, distinguishing that getting a home below list price does not necessarily qualify it as a good deal, especially if the home was not priced right.

[an]

[quote=ltsdd][quote=AN][quote=ltsdd]You didn’t miss anything. Just call up your agent and tell him to write a full price offer on the ones you like and you’ll have a better than 80% chance to get it. The market is on fire.[/quote]
Is it really that easy? What if there’s nothing you like?[/quote]Then don’t make the offer![/quote]
I’m not, because there’s nothing to offer on.

[an]

It seem like there’s disagreement on what “on fire” mean. It seems ltsdd’s definition of on fire is 2004-2005 market. While sdr, SDR, and mine are on fire is when a house listed at fair market value gets bidding war and tend to close at or a little above asking. I don’t think we’re returning to 2004-2005 again. So, maybe, we all are correct.

[an]

[quote=bearishgurl]I have nothing against MM but the avg ’70’s/’80’s MM tract home there is what it is. Most have few walls (or “pony walls”) separating the rooms. The difference in floor coverings in these models are the only thing indicating a “change in room,” LOL. The “open floor plan” was very popular in that era. Acoustical ceilings abound and some are vaulted (some of these with beams covered with accoustical “knockdown”), making the material even more difficult to remove properly. Scaffolding is often needed to remove it from the vaulted two-story models, both in MM and PQ. The walnut/wrought iron stair railings there are very dated looking. IIRC, several tracts there were built with faulty PBT plumbing and dozens of properties there have had slab leaks. This all costs major money to correct for the new “investor.” In addition, most of the streets there are extremely crowded with parked cars.

It all “looks” enticing on the surface but my advice would be “caveat emptor” when considering a “rental quality” property purchase in MM (either SFR or condo). Before placing an offer (as a buyer) the first thing I would do is call my insurance agent and have them thoroughly check out the address on their big “computer in the sky” named CLUE :=0[/quote]
BG, sorry but you’re completely wrong here. I’ve probably been in and know about 60-80% of the houses in Mira Mesa. So, I know most of the floor plan very well. You seriously have no idea what you’re talking about. MM house in general are FAR from the “open floor plan”. Some are more open than others, but they’re no where near open, like the new houses today. If anything, I would say most floor plans in Mira Mesa have way too many walls. I would personally knock down a wall or two.

WRT to the acoustic ceilings, they should cost you no more than $2k-4k to remove, depending on the size of your house. Or if you’re a DIY, it’s should be a dusty weekend job. There’s absolutely no need for scaffolding. So you’re blowing this problem way out of proportion. FYI, most 2 stories houses I’ve been in already have popcorn ceiling removed. So, this “problem” you’re talking about doesn’t exist on most house I’ve been in.

Buying a 2 stories house in MM for a rental is pretty horrible investment. They’re too expensive and the ROI is much better with condos and smaller 3/2 or 4/2. So, only noobs would buy a large 2 stories in MM as a rental.

[bearishgurl]

AN, one need only examine the old downtown courthouse basement records on microfilm to see where all the construction defects were in SD County. Until you do this for yourself, you are talking out of your ear.

As far as the accoustical ceiling, I have personally helped friends remove it on problematic ceilings in MM in houses that did not have enough walls, IMHO. Granted, this was quite some time ago and many more owners may have removed it by now.

btw, MM is not the only area that suffers from heavy acoustical ceiling and “dated” stair rails. There are many other areas where these “appointments” were the norm in ’70’s and ’80’s building. But MM is the only area in SD County where I have seen no walls between the kitchen/LR/FR with only a change in floor covering.

[Coronita]

[quote=bearishgurl]AN, one need only examine the old downtown courthouse basement records on microfilm to see where all the construction defects were in SD County. Until you do this for yourself, you are talking out of your ear.

As far as the accoustical ceiling, I have personally helped friends remove it on problematic ceilings in MM in houses that did not have enough walls, IMHO. Granted, this was quite some time ago and many more owners may have removed it by now.

btw, MM is not the only area that suffers from heavy acoustical ceiling and “dated” stair rails. There are many other areas where these “appointments” were the norm in ’70’s and ’80’s building. But MM is the only area in SD County where I have seen no walls between the kitchen/LR/FR with only a change in floor covering.[/quote]

Ok, BG… Since you brought this up. Let’s discuss this… What are the construction defects?

[bearishgurl]

Actually, flu, if you’re referring to me here, I’m truly happy for you that you were able to recently obtain a condo in MM for cash and put it into rental service as fast as you did! I sincerely hope everything goes well with your *new* rental and you are able to retain timely-paying tenants for the life of your “ownership.”

Again, congrats to you!!

[Coronita]

awya!!!!!!!!!!

How the hell do we go from talking about Mira Mesa being “hot” market right now to how shitty or not shitty homes in Mira Mesa homes are…

IT DOESN’T FVCKING MATTER….

My CV home is a piece of shit… But it’s an expensive piece of shit…And there are still people who would pay good dollar for that piece of shit… So who the fvck cares of homes in Mira Mesa is a piece of shit or not…..

Fact is fact…Rental market is good. Seems like buyers are out there in full force….So sizzle sizzle….

My point of buying in MM was to be able to have a good rental with decent returns. Sure if I jump in with these multiple offers, I probably can outbid. But it won’t cashflow too well right now, so I’m out…Too bad, because at one point MM could be cashflowed with decent returns….

[bearishgurl]

[quote=flu][quote=bearishgurl]AN, one need only examine the old downtown courthouse basement records on microfilm to see where all the construction defects were in SD County. Until you do this for yourself, you are talking out of your ear.

As far as the accoustical ceiling, I have personally helped friends remove it on problematic ceilings in MM in houses that did not have enough walls, IMHO. Granted, this was quite some time ago and many more owners may have removed it by now.

btw, MM is not the only area that suffers from heavy acoustical ceiling and “dated” stair rails. There are many other areas where these “appointments” were the norm in ’70’s and ’80’s building. But MM is the only area in SD County where I have seen no walls between the kitchen/LR/FR with only a change in floor covering.[/quote]

Ok, BG… Since you brought this up. Let’s discuss this… What are the construction defects?[/quote]

I’d have to go back thru my paper records in a currently-locked file cabinet but can tell you at this time that some early MM tracts (SFR’s) suffered from PBT plumbing (now outlawed) and slab leaks.

[Coronita]

[quote=bearishgurl]Actually, flu, if you’re referring to me here, I’m truly happy for you that you were able to recently obtain a condo in MM for cash and put it into rental service as fast as you did! I sincerely hope everything goes well with your *new* rental and you are able to retain timely-paying tenants for the life of your “ownership.”

Again, congrats to you!![/quote]

I don’t care about that one. But trying to pick up a 2nd or 3rd at this point with similar scenario is pretty hard to do these days. That’s my measure of why I think it’s hot. It’s not that simple as just going their writing a full price offer, and getting the numbers to work. The numbers are getting out of wack…..

[sdrealtor]

If you haven’t bid on, won and closed on a house in the last 30 to 60 days you are operating on yesterday’s news. It was what it was. It ain’t anymore. It is what it is.

How is that for a gaggle of cliches?

[bearishgurl]

[quote=flu][quote=bearishgurl]Actually, flu, if you’re referring to me here, I’m truly happy for you that you were able to recently obtain a condo in MM for cash and put it into rental service as fast as you did! I sincerely hope everything goes well with your *new* rental and you are able to retain timely-paying tenants for the life of your “ownership.”

Again, congrats to you!![/quote]

I don’t care about that one. But trying to pick up a 2nd or 3rd at this point with similar scenario is pretty hard to do these days. That’s my measure of why I think it’s hot. It’s not that simple as just going their writing a full price offer, and getting the numbers to work. The numbers are getting out of wack…..[/quote]

The only solution I can recommend to you is, cull the public records and knock on doors (these may or may not be the SAME doors as the property you want to buy). Who knows! You might run into an “owner” who is not averse to consummating a “cash sale” with you … sans RE commission.

You have nothing to lose but the time it takes to do this, flu :=}

[an]

[quote=bearishgurl]AN, one need only examine the old downtown courthouse basement records on microfilm to see where all the construction defects were in SD County. Until you do this for yourself, you are talking out of your ear.

As far as the accoustical ceiling, I have personally helped friends remove it on problematic ceilings in MM in houses that did not have enough walls, IMHO. Granted, this was quite some time ago and many more owners may have removed it by now.

btw, MM is not the only area that suffers from heavy acoustical ceiling and “dated” stair rails. There are many other areas where these “appointments” were the norm in ’70’s and ’80’s building. But MM is the only area in SD County where I have seen no walls between the kitchen/LR/FR with only a change in floor covering.[/quote]
You make me laugh BG. I’m talking out of my ears? I lived here for well over 20 years. Have many friends here while I was growing up. Know many people who live here. If any of their houses or my house had major issue, I would have heard about it. Kids tends to whine a lot about nothing. So, how many microfilm have you looked at wrt to MM and what defects are you referring to? Please do tell.

I know MM is not the only area with popcorn ceiling. But I’m tell you a lot were also removed. When’s the last time you’ve been in a house in MM?

WRT to no walls between kitchen/LR/FR, please do show which floor plan you’re referring to. I know ALL 2 stories and most 1 story house in MM and I don’t recall anyone of them that don’t have walls between kitchen/LR/FR. All 2 stories don’t have walls between kitchen and FR, but they all have a formal living, which is separate from the kitchen and family room.

BTW, having one great room is not a bad thing (though MM houses don’t have this feature). If it does, that developer would actually have a great future looking floor plan, since most houses being built right now have one big room that combine kitchen, DR, and LR (most forgo formal FR unless you’re talking about 3000+ sq-ft).

Again, you of all people, are complaining about “dated” anything? Who in their right might would be buying a 70s and 80s house and not expect some dated feature. Are we going hear you’re complaining about dated 8′ ceiling next? After all, all the new houses have have 10′ ceiling? How about dated outlets? How about dated glass closet doors? How about dated closets (no walk-in closets)?

[Author]

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