Opinion requested on 92104 South Park Area – please

[CA renter]

[quote=jpinpb][quote=urbanrealtor]The 500k mark is major point of cleavage in the way people buy.
You are totally right.[/quote]

Why do you think that is? I have my opinions on it, but would love to hear why you think it is so.[/quote]

The lower priced homes have always been the most contested because there are a greater number of people who can afford them.

Also, with 6% “seller concessions” on a $500K house ($30,000), and the $8,000 tax credit, with a 3.5% FHA loan, you get $38,000, while only having to pay $17,500 (the 3.5% downpayment), plus perhaps $5,000 in closing costs (someone correct me if my numbers are off too much). In other words, someone buying under these conditions is BEING PAID $15,500 to buy the house. All of it legal, from what I understand. It’s not just a free call option, the buyer is being paid a premium to take it!

Any wonder the market under $500K is hot right now? 🙁

[pemeliza]

The other thing about the sub 500k market is that it is about the only price range of house right now in central SD where you can get anything even close to rent parity.

[pemeliza]

The other thing about the sub 500k market is that it is about the only price range of house right now in central SD where you can get anything even close to rent parity.

[pemeliza]

The other thing about the sub 500k market is that it is about the only price range of house right now in central SD where you can get anything even close to rent parity.

[pemeliza]

The other thing about the sub 500k market is that it is about the only price range of house right now in central SD where you can get anything even close to rent parity.

[pemeliza]

The other thing about the sub 500k market is that it is about the only price range of house right now in central SD where you can get anything even close to rent parity.

[jpinpb]

[quote=CA renter]
The lower priced homes have always been the most contested because there are a greater number of people who can afford them.

Also, with 6% “seller concessions” on a $500K house ($30,000), and the $8,000 tax credit, with a 3.5% FHA loan, you get $38,000, while only having to pay $17,500 (the 3.5% downpayment), plus perhaps $5,000 in closing costs (someone correct me if my numbers are off too much). In other words, someone buying under these conditions is BEING PAID $15,500 to buy the house. All of it legal, from what I understand. It’s not just a free call option, the buyer is being paid a premium to take it!
[/quote]

Thanks, CAR. I was thinking that affordability was a factor for that competition in that price range.

[jpinpb]

[quote=CA renter]
The lower priced homes have always been the most contested because there are a greater number of people who can afford them.

Also, with 6% “seller concessions” on a $500K house ($30,000), and the $8,000 tax credit, with a 3.5% FHA loan, you get $38,000, while only having to pay $17,500 (the 3.5% downpayment), plus perhaps $5,000 in closing costs (someone correct me if my numbers are off too much). In other words, someone buying under these conditions is BEING PAID $15,500 to buy the house. All of it legal, from what I understand. It’s not just a free call option, the buyer is being paid a premium to take it!
[/quote]

Thanks, CAR. I was thinking that affordability was a factor for that competition in that price range.

[jpinpb]

[quote=CA renter]
The lower priced homes have always been the most contested because there are a greater number of people who can afford them.

Also, with 6% “seller concessions” on a $500K house ($30,000), and the $8,000 tax credit, with a 3.5% FHA loan, you get $38,000, while only having to pay $17,500 (the 3.5% downpayment), plus perhaps $5,000 in closing costs (someone correct me if my numbers are off too much). In other words, someone buying under these conditions is BEING PAID $15,500 to buy the house. All of it legal, from what I understand. It’s not just a free call option, the buyer is being paid a premium to take it!
[/quote]

Thanks, CAR. I was thinking that affordability was a factor for that competition in that price range.

[jpinpb]

[quote=CA renter]
The lower priced homes have always been the most contested because there are a greater number of people who can afford them.

Also, with 6% “seller concessions” on a $500K house ($30,000), and the $8,000 tax credit, with a 3.5% FHA loan, you get $38,000, while only having to pay $17,500 (the 3.5% downpayment), plus perhaps $5,000 in closing costs (someone correct me if my numbers are off too much). In other words, someone buying under these conditions is BEING PAID $15,500 to buy the house. All of it legal, from what I understand. It’s not just a free call option, the buyer is being paid a premium to take it!
[/quote]

Thanks, CAR. I was thinking that affordability was a factor for that competition in that price range.

[jpinpb]

[quote=CA renter]
The lower priced homes have always been the most contested because there are a greater number of people who can afford them.

Also, with 6% “seller concessions” on a $500K house ($30,000), and the $8,000 tax credit, with a 3.5% FHA loan, you get $38,000, while only having to pay $17,500 (the 3.5% downpayment), plus perhaps $5,000 in closing costs (someone correct me if my numbers are off too much). In other words, someone buying under these conditions is BEING PAID $15,500 to buy the house. All of it legal, from what I understand. It’s not just a free call option, the buyer is being paid a premium to take it!
[/quote]

Thanks, CAR. I was thinking that affordability was a factor for that competition in that price range.

[sdcellar]

[quote=urbanrealtor][quote=sdcellar]Sorry, but I don’t think it’s gotten *that* much nicer in the last 10 years. Cheap money is the significant driver.[/quote]
No.
There has been a national shift in housing preference.
But that preference does not translate into demand.
The cheap money you reference does.
But the reason people spend $400,000 (which seems like a lot of money to me) on a 2br/1ba place in South Park when they could buy a 4br/2ba house in Santee is preference.

Lots of people who come here really have a jones for urban living.

See, that why I’m *urban* realtor with the condos and the walking….and the stuff…[/quote]That preference is not a new phenomenon either. You would know better than I, but there has been ample interest in urban living (in San Diego) for some time now. I’d say easily for the entire decade of the naughts.

[sdcellar]

[quote=urbanrealtor][quote=sdcellar]Sorry, but I don’t think it’s gotten *that* much nicer in the last 10 years. Cheap money is the significant driver.[/quote]
No.
There has been a national shift in housing preference.
But that preference does not translate into demand.
The cheap money you reference does.
But the reason people spend $400,000 (which seems like a lot of money to me) on a 2br/1ba place in South Park when they could buy a 4br/2ba house in Santee is preference.

Lots of people who come here really have a jones for urban living.

See, that why I’m *urban* realtor with the condos and the walking….and the stuff…[/quote]That preference is not a new phenomenon either. You would know better than I, but there has been ample interest in urban living (in San Diego) for some time now. I’d say easily for the entire decade of the naughts.

[sdcellar]

[quote=urbanrealtor][quote=sdcellar]Sorry, but I don’t think it’s gotten *that* much nicer in the last 10 years. Cheap money is the significant driver.[/quote]
No.
There has been a national shift in housing preference.
But that preference does not translate into demand.
The cheap money you reference does.
But the reason people spend $400,000 (which seems like a lot of money to me) on a 2br/1ba place in South Park when they could buy a 4br/2ba house in Santee is preference.

Lots of people who come here really have a jones for urban living.

See, that why I’m *urban* realtor with the condos and the walking….and the stuff…[/quote]That preference is not a new phenomenon either. You would know better than I, but there has been ample interest in urban living (in San Diego) for some time now. I’d say easily for the entire decade of the naughts.

[sdcellar]

[quote=urbanrealtor][quote=sdcellar]Sorry, but I don’t think it’s gotten *that* much nicer in the last 10 years. Cheap money is the significant driver.[/quote]
No.
There has been a national shift in housing preference.
But that preference does not translate into demand.
The cheap money you reference does.
But the reason people spend $400,000 (which seems like a lot of money to me) on a 2br/1ba place in South Park when they could buy a 4br/2ba house in Santee is preference.

Lots of people who come here really have a jones for urban living.

See, that why I’m *urban* realtor with the condos and the walking….and the stuff…[/quote]That preference is not a new phenomenon either. You would know better than I, but there has been ample interest in urban living (in San Diego) for some time now. I’d say easily for the entire decade of the naughts.

[Author]

Posts