My wife and I live in PB, we rent a small house through a friend. It’s not the cheapest, but it’s no where near what we’d be paying to own.
We were driving home from the swap meet and we noticed a condo sign flipper on the corner. We figured we would take a gander at what he’s flippin about. We get to the townhomes and it’s one of those luxurious deals. 3 bedroom 2 bath, has the beautiful courtyard with the super artsy water fountain in the middle. Underground 2 car garages. There was so much room tied up in closet space that the living room was small and the dining room was nonexistant. It did have a balcony on the roof overlooking the bay that was great. $750k!!!
We laughed and tried to find a door that we could sneak out of without the realtor seeing us. There are houses going for that price on the same street.
When you look down the streets in PB, all you see is for sale signs. My wife is hoping that we can own a house there, I’m hoping for a condo, I’m still doubtful we’ll be able to own anything though with prices like that.
I owned in PB since 1996 when the housing prices reach rock bottom. We sold our house in North Park for a loss to get into the beach area home, having to look for over a year (who would carry $1000 / m mortgage as a rental when homes nearby were renting for $500!!!). That place sold several more times and last listed for $700k.
I remember Coronado being 50% off it’s high a the time, with La Jolla and other beach areas being depressed 30 – 40%. So hang tight something will pop up over next couple of years within reason.
I hope so, while I have been a piggington for a while, it sometimes is hard to look at the prices and think they can drop by that much, only time will tell! I’m willing to wait!
It’s the tansition for correction, so you have to hand on it. You will find bargin when the market turns over. One day, the flippers will be the losers and we will be the winners.
If you are willing to settle for a condo in PB, those will be very cheap when this housing crash settles out. I remember in 1996 when I bough my first condo in PB, the realtors could hardly give them away. Condos are in very low demand in a down market. And now they keep building and converting more condos in PB as elsewhere.
ibjames I bought a condo in Crown Point in 1991. I lived in it a long long time and when I moved out I converted it to a rental. I doubt that I will ever sell it but it is not one of those artsy upgraded types of places. I do agree with people that PB condos have a long way to go down. Don’t sweat it because it will (or is “should” happen) but don’t think it will happen in a short time.
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