Mira Mesa prices

[noone]

[quote=feraina]noone,

this MM 3/2 at 1600 sf is on Craigslist for $2350.
http://sandiego.craigslist.org/csd/apa/745496406.html

It’s not the newest, nicest, biggest in MM, and not even in a great area of MM. If the best would land around $325K, then this should land around $300K, making the price-to-rent ratio 10.6 (300/(2.35*12)), which seems way too low.

The historical norm for the price-to-rent ratio in SD, before the recent bubble, was around 16 (which makes this home $450K).[/quote]

Obviously it’s hard to know just what will happen, but I would hate to make a generalization on just one home’s asking rate. That’s probably someone who needs to take in that much in order to pay their mortgage each month. It doesn’t mean that they are going to get it. Looking at it from another perspective, that home sold for $242,500 in 2000. If it sold for $325 in 2008 that would be 34% increase in 8 years. That’s over 3.7% per year. What kind of ROI should we expect?

Really we would need to look at actual rents being paid, and we would need a sample size larger than 1.

[fm]

[quote=ibjames]OK, I was unaware of a large student population in the area, because I admit, I’m not familiar with it. So there are more things to consider then[/quote]

There also seems to be a reasonable amount of military given it’s next to Miramar. These are people who may be moving around after a few years here and there.

[fm]

[quote=ibjames]OK, I was unaware of a large student population in the area, because I admit, I’m not familiar with it. So there are more things to consider then[/quote]

There also seems to be a reasonable amount of military given it’s next to Miramar. These are people who may be moving around after a few years here and there.

[fm]

[quote=ibjames]OK, I was unaware of a large student population in the area, because I admit, I’m not familiar with it. So there are more things to consider then[/quote]

There also seems to be a reasonable amount of military given it’s next to Miramar. These are people who may be moving around after a few years here and there.

[fm]

[quote=ibjames]OK, I was unaware of a large student population in the area, because I admit, I’m not familiar with it. So there are more things to consider then[/quote]

There also seems to be a reasonable amount of military given it’s next to Miramar. These are people who may be moving around after a few years here and there.

[fm]

[quote=ibjames]OK, I was unaware of a large student population in the area, because I admit, I’m not familiar with it. So there are more things to consider then[/quote]

There also seems to be a reasonable amount of military given it’s next to Miramar. These are people who may be moving around after a few years here and there.

[Anonymous]

Ok, first time poster, but been trolling around here for awhile. I own a 3/2 in MM so I was interested in this thread.

Anyway, I don’t think that rental is a good comp for the MM rental market. While that is in one of nicer parts of MM, I couldn’t see it renting for more than 2100. I’d figure 1950 is more realistic.

Here are my thoughts on the MM rental market. It is strong due to UCSD, Alliant University, military, and it is affordable for most people. I bought 6 years ago knowing I couldn’t afford it on my own and I would have rent out the other two rooms. Never less $500/ month + 1/3 utilities, usually closer to $575/month. Always had multiple responses within a day, and I only posted on craigslist. Roommate market is different than renting an entire house, but I’ve rarely seen a house stay empty for more than a month – besides the foreclosures that is.

That said, I run a lot and I am watching the asking prices continue to fall. However, in the last month I have seen an increase in the houses that have sold and are now occupied (don’t know if it’s owner occupied or rental). Prices still have a way to go, esp. for the properties that need some work.

Just my random thoughts for the night.

[Anonymous]

Ok, first time poster, but been trolling around here for awhile. I own a 3/2 in MM so I was interested in this thread.

Anyway, I don’t think that rental is a good comp for the MM rental market. While that is in one of nicer parts of MM, I couldn’t see it renting for more than 2100. I’d figure 1950 is more realistic.

Here are my thoughts on the MM rental market. It is strong due to UCSD, Alliant University, military, and it is affordable for most people. I bought 6 years ago knowing I couldn’t afford it on my own and I would have rent out the other two rooms. Never less $500/ month + 1/3 utilities, usually closer to $575/month. Always had multiple responses within a day, and I only posted on craigslist. Roommate market is different than renting an entire house, but I’ve rarely seen a house stay empty for more than a month – besides the foreclosures that is.

That said, I run a lot and I am watching the asking prices continue to fall. However, in the last month I have seen an increase in the houses that have sold and are now occupied (don’t know if it’s owner occupied or rental). Prices still have a way to go, esp. for the properties that need some work.

Just my random thoughts for the night.

[Anonymous]

Ok, first time poster, but been trolling around here for awhile. I own a 3/2 in MM so I was interested in this thread.

Anyway, I don’t think that rental is a good comp for the MM rental market. While that is in one of nicer parts of MM, I couldn’t see it renting for more than 2100. I’d figure 1950 is more realistic.

Here are my thoughts on the MM rental market. It is strong due to UCSD, Alliant University, military, and it is affordable for most people. I bought 6 years ago knowing I couldn’t afford it on my own and I would have rent out the other two rooms. Never less $500/ month + 1/3 utilities, usually closer to $575/month. Always had multiple responses within a day, and I only posted on craigslist. Roommate market is different than renting an entire house, but I’ve rarely seen a house stay empty for more than a month – besides the foreclosures that is.

That said, I run a lot and I am watching the asking prices continue to fall. However, in the last month I have seen an increase in the houses that have sold and are now occupied (don’t know if it’s owner occupied or rental). Prices still have a way to go, esp. for the properties that need some work.

Just my random thoughts for the night.

[Anonymous]

Ok, first time poster, but been trolling around here for awhile. I own a 3/2 in MM so I was interested in this thread.

Anyway, I don’t think that rental is a good comp for the MM rental market. While that is in one of nicer parts of MM, I couldn’t see it renting for more than 2100. I’d figure 1950 is more realistic.

Here are my thoughts on the MM rental market. It is strong due to UCSD, Alliant University, military, and it is affordable for most people. I bought 6 years ago knowing I couldn’t afford it on my own and I would have rent out the other two rooms. Never less $500/ month + 1/3 utilities, usually closer to $575/month. Always had multiple responses within a day, and I only posted on craigslist. Roommate market is different than renting an entire house, but I’ve rarely seen a house stay empty for more than a month – besides the foreclosures that is.

That said, I run a lot and I am watching the asking prices continue to fall. However, in the last month I have seen an increase in the houses that have sold and are now occupied (don’t know if it’s owner occupied or rental). Prices still have a way to go, esp. for the properties that need some work.

Just my random thoughts for the night.

[Anonymous]

Ok, first time poster, but been trolling around here for awhile. I own a 3/2 in MM so I was interested in this thread.

Anyway, I don’t think that rental is a good comp for the MM rental market. While that is in one of nicer parts of MM, I couldn’t see it renting for more than 2100. I’d figure 1950 is more realistic.

Here are my thoughts on the MM rental market. It is strong due to UCSD, Alliant University, military, and it is affordable for most people. I bought 6 years ago knowing I couldn’t afford it on my own and I would have rent out the other two rooms. Never less $500/ month + 1/3 utilities, usually closer to $575/month. Always had multiple responses within a day, and I only posted on craigslist. Roommate market is different than renting an entire house, but I’ve rarely seen a house stay empty for more than a month – besides the foreclosures that is.

That said, I run a lot and I am watching the asking prices continue to fall. However, in the last month I have seen an increase in the houses that have sold and are now occupied (don’t know if it’s owner occupied or rental). Prices still have a way to go, esp. for the properties that need some work.

Just my random thoughts for the night.

[feraina]

[quote=maynard]Anyway, I don’t think that rental is a good comp for the MM rental market. While that is in one of nicer parts of MM, I couldn’t see it renting for more than 2100. I’d figure 1950 is more realistic.[/quote]

I agree that a sample of 1 is too small to rely on. But I’ve been tracking the rental market in MM for about a month, because I actually considered renting there, and this one doesn’t seem totally unreasonably priced to me. There was a 4/2 townhome (1800sf) in the Tierra Mesa complex, a neighbor of the 3/3 home I posted the link to before, and it was asking for $2200 on Craigslist and went very quickly — it’s an attached twin home with a tiny backyard/sideyard in a dense complex.

Here’s another 3/2 (townhome?) with a tiny yard asking for $2200:
http://sandiego.craigslist.org/csd/apa/747765648.html

I’m only interested in NW MM, which is maybe the most expensive part. I’m sad to report that after a month, I didn’t find a single 3BR house (with wooden floor, which is really important to us) in NW MM for under $2000. (Instead we’ll rent a 2BR condo in La Jolla.)

Still, there was a comment earlier about maybe the nicest 3/2’s in MM would land in the low 300’s, and I’m just not sure about that (though I would luuuuuuuurve for it to be true).

Nice 3/2’s in NW MM is asking for around $450K now. I’m hoping for another 15% drop, which would make it around $380K. SDR says in another current thread that he can’t see another 20% drop in MM prices unless there is some extraordinary external factor, like a large rise in unemployment or a big spike in mortgage rates. Oh, and he also says that lately investors have been mopping up the lower priced inventory in MM.

[feraina]

[quote=maynard]Anyway, I don’t think that rental is a good comp for the MM rental market. While that is in one of nicer parts of MM, I couldn’t see it renting for more than 2100. I’d figure 1950 is more realistic.[/quote]

I agree that a sample of 1 is too small to rely on. But I’ve been tracking the rental market in MM for about a month, because I actually considered renting there, and this one doesn’t seem totally unreasonably priced to me. There was a 4/2 townhome (1800sf) in the Tierra Mesa complex, a neighbor of the 3/3 home I posted the link to before, and it was asking for $2200 on Craigslist and went very quickly — it’s an attached twin home with a tiny backyard/sideyard in a dense complex.

Here’s another 3/2 (townhome?) with a tiny yard asking for $2200:
http://sandiego.craigslist.org/csd/apa/747765648.html

I’m only interested in NW MM, which is maybe the most expensive part. I’m sad to report that after a month, I didn’t find a single 3BR house (with wooden floor, which is really important to us) in NW MM for under $2000. (Instead we’ll rent a 2BR condo in La Jolla.)

Still, there was a comment earlier about maybe the nicest 3/2’s in MM would land in the low 300’s, and I’m just not sure about that (though I would luuuuuuuurve for it to be true).

Nice 3/2’s in NW MM is asking for around $450K now. I’m hoping for another 15% drop, which would make it around $380K. SDR says in another current thread that he can’t see another 20% drop in MM prices unless there is some extraordinary external factor, like a large rise in unemployment or a big spike in mortgage rates. Oh, and he also says that lately investors have been mopping up the lower priced inventory in MM.

[feraina]

[quote=maynard]Anyway, I don’t think that rental is a good comp for the MM rental market. While that is in one of nicer parts of MM, I couldn’t see it renting for more than 2100. I’d figure 1950 is more realistic.[/quote]

I agree that a sample of 1 is too small to rely on. But I’ve been tracking the rental market in MM for about a month, because I actually considered renting there, and this one doesn’t seem totally unreasonably priced to me. There was a 4/2 townhome (1800sf) in the Tierra Mesa complex, a neighbor of the 3/3 home I posted the link to before, and it was asking for $2200 on Craigslist and went very quickly — it’s an attached twin home with a tiny backyard/sideyard in a dense complex.

Here’s another 3/2 (townhome?) with a tiny yard asking for $2200:
http://sandiego.craigslist.org/csd/apa/747765648.html

I’m only interested in NW MM, which is maybe the most expensive part. I’m sad to report that after a month, I didn’t find a single 3BR house (with wooden floor, which is really important to us) in NW MM for under $2000. (Instead we’ll rent a 2BR condo in La Jolla.)

Still, there was a comment earlier about maybe the nicest 3/2’s in MM would land in the low 300’s, and I’m just not sure about that (though I would luuuuuuuurve for it to be true).

Nice 3/2’s in NW MM is asking for around $450K now. I’m hoping for another 15% drop, which would make it around $380K. SDR says in another current thread that he can’t see another 20% drop in MM prices unless there is some extraordinary external factor, like a large rise in unemployment or a big spike in mortgage rates. Oh, and he also says that lately investors have been mopping up the lower priced inventory in MM.

[feraina]

[quote=maynard]Anyway, I don’t think that rental is a good comp for the MM rental market. While that is in one of nicer parts of MM, I couldn’t see it renting for more than 2100. I’d figure 1950 is more realistic.[/quote]

I agree that a sample of 1 is too small to rely on. But I’ve been tracking the rental market in MM for about a month, because I actually considered renting there, and this one doesn’t seem totally unreasonably priced to me. There was a 4/2 townhome (1800sf) in the Tierra Mesa complex, a neighbor of the 3/3 home I posted the link to before, and it was asking for $2200 on Craigslist and went very quickly — it’s an attached twin home with a tiny backyard/sideyard in a dense complex.

Here’s another 3/2 (townhome?) with a tiny yard asking for $2200:
http://sandiego.craigslist.org/csd/apa/747765648.html

I’m only interested in NW MM, which is maybe the most expensive part. I’m sad to report that after a month, I didn’t find a single 3BR house (with wooden floor, which is really important to us) in NW MM for under $2000. (Instead we’ll rent a 2BR condo in La Jolla.)

Still, there was a comment earlier about maybe the nicest 3/2’s in MM would land in the low 300’s, and I’m just not sure about that (though I would luuuuuuuurve for it to be true).

Nice 3/2’s in NW MM is asking for around $450K now. I’m hoping for another 15% drop, which would make it around $380K. SDR says in another current thread that he can’t see another 20% drop in MM prices unless there is some extraordinary external factor, like a large rise in unemployment or a big spike in mortgage rates. Oh, and he also says that lately investors have been mopping up the lower priced inventory in MM.

[Author]

Posts