Mira Mesa prices

[an]

[quote=ibjames]How much has rent increased in that area in the last few years?

Isn’t it a possibility that rents will decrease also? Especially if we are getting a raise in rates perhaps in the near future?

I think it’s very possible for prices in mira mesa to still decline a bit. How much, who knows. Interest rates have to raise, and we still have loan resets coming. I don’t know many that want to live in Mira Mesa (I want to, but so many seem to stereotype it a bit). If prices start declining in other areas, then MM becomes even less attractive.

Like I said, I’m not an expert, but just trying to make sense of things.

Asian, I know you are very familiar with the area, are you saying the average house price should be 325k then?[/quote]
Rent has gone up about 4%/year over the last 15 years. Like other have said, I think the renter pool in MM is much higher than others due to its proximity to UCSD and various high tech job centers.

What I’m trying to say is $325k at today’s rate is where it’s reasonable when comparing rent vs buy. It gives similar rent vs buy ratio as the bottom of the last cycle. We can very well undershoot much more this time than last time, so it could go much lower, but I won’t know until it happen. Same could happen if rates goes higher and drive down price even further.

[ibjames]

[quote=asianautica][quote=ibjames]How much has rent increased in that area in the last few years?

Isn’t it a possibility that rents will decrease also? Especially if we are getting a raise in rates perhaps in the near future?

I think it’s very possible for prices in mira mesa to still decline a bit. How much, who knows. Interest rates have to raise, and we still have loan resets coming. I don’t know many that want to live in Mira Mesa (I want to, but so many seem to stereotype it a bit). If prices start declining in other areas, then MM becomes even less attractive.

Like I said, I’m not an expert, but just trying to make sense of things.

Asian, I know you are very familiar with the area, are you saying the average house price should be 325k then?[/quote]
Rent has gone up about 4%/year over the last 15 years. Like other have said, I think the renter pool in MM is much higher than others due to its proximity to UCSD and various high tech job centers.

What I’m trying to say is $325k at today’s rate is where it’s reasonable when comparing rent vs buy. It gives similar rent vs buy ratio as the bottom of the last cycle. We can very well undershoot much more this time than last time, so it could go much lower, but I won’t know until it happen. Same could happen if rates goes higher and drive down price even further.[/quote]

I agree, taking all things into consideration that could happen, I still think that MM has some declines coming it’s way..

[ibjames]

[quote=asianautica][quote=ibjames]How much has rent increased in that area in the last few years?

Isn’t it a possibility that rents will decrease also? Especially if we are getting a raise in rates perhaps in the near future?

I think it’s very possible for prices in mira mesa to still decline a bit. How much, who knows. Interest rates have to raise, and we still have loan resets coming. I don’t know many that want to live in Mira Mesa (I want to, but so many seem to stereotype it a bit). If prices start declining in other areas, then MM becomes even less attractive.

Like I said, I’m not an expert, but just trying to make sense of things.

Asian, I know you are very familiar with the area, are you saying the average house price should be 325k then?[/quote]
Rent has gone up about 4%/year over the last 15 years. Like other have said, I think the renter pool in MM is much higher than others due to its proximity to UCSD and various high tech job centers.

What I’m trying to say is $325k at today’s rate is where it’s reasonable when comparing rent vs buy. It gives similar rent vs buy ratio as the bottom of the last cycle. We can very well undershoot much more this time than last time, so it could go much lower, but I won’t know until it happen. Same could happen if rates goes higher and drive down price even further.[/quote]

I agree, taking all things into consideration that could happen, I still think that MM has some declines coming it’s way..

[ibjames]

[quote=asianautica][quote=ibjames]How much has rent increased in that area in the last few years?

Isn’t it a possibility that rents will decrease also? Especially if we are getting a raise in rates perhaps in the near future?

I think it’s very possible for prices in mira mesa to still decline a bit. How much, who knows. Interest rates have to raise, and we still have loan resets coming. I don’t know many that want to live in Mira Mesa (I want to, but so many seem to stereotype it a bit). If prices start declining in other areas, then MM becomes even less attractive.

Like I said, I’m not an expert, but just trying to make sense of things.

Asian, I know you are very familiar with the area, are you saying the average house price should be 325k then?[/quote]
Rent has gone up about 4%/year over the last 15 years. Like other have said, I think the renter pool in MM is much higher than others due to its proximity to UCSD and various high tech job centers.

What I’m trying to say is $325k at today’s rate is where it’s reasonable when comparing rent vs buy. It gives similar rent vs buy ratio as the bottom of the last cycle. We can very well undershoot much more this time than last time, so it could go much lower, but I won’t know until it happen. Same could happen if rates goes higher and drive down price even further.[/quote]

I agree, taking all things into consideration that could happen, I still think that MM has some declines coming it’s way..

[ibjames]

[quote=asianautica][quote=ibjames]How much has rent increased in that area in the last few years?

Isn’t it a possibility that rents will decrease also? Especially if we are getting a raise in rates perhaps in the near future?

I think it’s very possible for prices in mira mesa to still decline a bit. How much, who knows. Interest rates have to raise, and we still have loan resets coming. I don’t know many that want to live in Mira Mesa (I want to, but so many seem to stereotype it a bit). If prices start declining in other areas, then MM becomes even less attractive.

Like I said, I’m not an expert, but just trying to make sense of things.

Asian, I know you are very familiar with the area, are you saying the average house price should be 325k then?[/quote]
Rent has gone up about 4%/year over the last 15 years. Like other have said, I think the renter pool in MM is much higher than others due to its proximity to UCSD and various high tech job centers.

What I’m trying to say is $325k at today’s rate is where it’s reasonable when comparing rent vs buy. It gives similar rent vs buy ratio as the bottom of the last cycle. We can very well undershoot much more this time than last time, so it could go much lower, but I won’t know until it happen. Same could happen if rates goes higher and drive down price even further.[/quote]

I agree, taking all things into consideration that could happen, I still think that MM has some declines coming it’s way..

[ibjames]

[quote=asianautica][quote=ibjames]How much has rent increased in that area in the last few years?

Isn’t it a possibility that rents will decrease also? Especially if we are getting a raise in rates perhaps in the near future?

I think it’s very possible for prices in mira mesa to still decline a bit. How much, who knows. Interest rates have to raise, and we still have loan resets coming. I don’t know many that want to live in Mira Mesa (I want to, but so many seem to stereotype it a bit). If prices start declining in other areas, then MM becomes even less attractive.

Like I said, I’m not an expert, but just trying to make sense of things.

Asian, I know you are very familiar with the area, are you saying the average house price should be 325k then?[/quote]
Rent has gone up about 4%/year over the last 15 years. Like other have said, I think the renter pool in MM is much higher than others due to its proximity to UCSD and various high tech job centers.

What I’m trying to say is $325k at today’s rate is where it’s reasonable when comparing rent vs buy. It gives similar rent vs buy ratio as the bottom of the last cycle. We can very well undershoot much more this time than last time, so it could go much lower, but I won’t know until it happen. Same could happen if rates goes higher and drive down price even further.[/quote]

I agree, taking all things into consideration that could happen, I still think that MM has some declines coming it’s way..

[an]

[quote=ibjames]
I agree, taking all things into consideration that could happen, I still think that MM has some declines coming it’s way..
[/quote]
I agree. There are many factor that would make prices in MM fall even further. But if you buy it as a primary resident like I intend to do, I think a lot of the risks are greatly reduced in term of monthly payment with a fixed loan. I don’t advocate right now, but it doesn’t hurt to start looking. If you’re looking for a primary resident, there might not be a single house you’d want to buy at the bottom. Once it becomes cheaper to buy than rent, I think it then comes down to if you can find the house you’d want to live in.

[an]

[quote=ibjames]
I agree, taking all things into consideration that could happen, I still think that MM has some declines coming it’s way..
[/quote]
I agree. There are many factor that would make prices in MM fall even further. But if you buy it as a primary resident like I intend to do, I think a lot of the risks are greatly reduced in term of monthly payment with a fixed loan. I don’t advocate right now, but it doesn’t hurt to start looking. If you’re looking for a primary resident, there might not be a single house you’d want to buy at the bottom. Once it becomes cheaper to buy than rent, I think it then comes down to if you can find the house you’d want to live in.

[an]

[quote=ibjames]
I agree, taking all things into consideration that could happen, I still think that MM has some declines coming it’s way..
[/quote]
I agree. There are many factor that would make prices in MM fall even further. But if you buy it as a primary resident like I intend to do, I think a lot of the risks are greatly reduced in term of monthly payment with a fixed loan. I don’t advocate right now, but it doesn’t hurt to start looking. If you’re looking for a primary resident, there might not be a single house you’d want to buy at the bottom. Once it becomes cheaper to buy than rent, I think it then comes down to if you can find the house you’d want to live in.

[an]

[quote=ibjames]
I agree, taking all things into consideration that could happen, I still think that MM has some declines coming it’s way..
[/quote]
I agree. There are many factor that would make prices in MM fall even further. But if you buy it as a primary resident like I intend to do, I think a lot of the risks are greatly reduced in term of monthly payment with a fixed loan. I don’t advocate right now, but it doesn’t hurt to start looking. If you’re looking for a primary resident, there might not be a single house you’d want to buy at the bottom. Once it becomes cheaper to buy than rent, I think it then comes down to if you can find the house you’d want to live in.

[an]

[quote=ibjames]
I agree, taking all things into consideration that could happen, I still think that MM has some declines coming it’s way..
[/quote]
I agree. There are many factor that would make prices in MM fall even further. But if you buy it as a primary resident like I intend to do, I think a lot of the risks are greatly reduced in term of monthly payment with a fixed loan. I don’t advocate right now, but it doesn’t hurt to start looking. If you’re looking for a primary resident, there might not be a single house you’d want to buy at the bottom. Once it becomes cheaper to buy than rent, I think it then comes down to if you can find the house you’d want to live in.

[noone]

Keep in mind that Mira Mesa has a variety of homes. 3/2 can describe a 1,000 sq. ft. home or an 1,800 sq. ft. home. My crystal ball says that those homes on the larger side will probably hit near Asianautica’s $325k number. The smaller ones… they’ll probably land somewhere in the mid-high $200s.

[noone]

Keep in mind that Mira Mesa has a variety of homes. 3/2 can describe a 1,000 sq. ft. home or an 1,800 sq. ft. home. My crystal ball says that those homes on the larger side will probably hit near Asianautica’s $325k number. The smaller ones… they’ll probably land somewhere in the mid-high $200s.

[noone]

Keep in mind that Mira Mesa has a variety of homes. 3/2 can describe a 1,000 sq. ft. home or an 1,800 sq. ft. home. My crystal ball says that those homes on the larger side will probably hit near Asianautica’s $325k number. The smaller ones… they’ll probably land somewhere in the mid-high $200s.

[noone]

Keep in mind that Mira Mesa has a variety of homes. 3/2 can describe a 1,000 sq. ft. home or an 1,800 sq. ft. home. My crystal ball says that those homes on the larger side will probably hit near Asianautica’s $325k number. The smaller ones… they’ll probably land somewhere in the mid-high $200s.

[Author]

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