Point Loma reducing a little

[pemeliza]

zzz, I missed that thanks for pointing it out. With the mills act in place the price is probably appropriate.

“So in the end, you pay the same amount. I mean, if you’re paying cash, sure. What percentage of people can pay cash?”

That all depends on how long you intend to keep the house … also when you go to sell the mills act is still in place which will result in lower taxes to the buyer so you will essentially get the additional cost paid back. So, it seems to be like an interest bearing savings account. Another thing is that properties with the mills act in place tend to be in very good condition.

AN, here is an example in MH that shows that prices really havn’t gone up that much from 1986 and appreciation rates have varied wildly even within MH:

http://www.sdlookup.com/MLS-100055110-2484_Pine_St_San_Diego_CA_92103

10/27/2010 $965,000 23y 11m 84% 3%
11/10/1986 $524,900 n/a – –

I paid 1.66x the 1988 price on a house I purchased in MH last year which is probably in the same ballbark as this one on Pine which is 1.84x the 1986 price. If a house appreciated much more than 2x the 1986 price then I would say that the house likely had substantial improvements made.

As a general rule, the lower cost homes in MH have appreciated on a percentage basis much more rapidly than the higher priced homes since the 1980’s. This fact is probably largely due to the huge decline in interest rates since then and the fact that people buy on payment.

edit: nice post zzz

[an]

Thanks for the education of MH guys/gals. That makes a lot of sense. I guess it all comes down to supply and demand. Since these older areas tend to have a lot less supply (due to people staying and retiring in them) and demand increasing as more empty nester are looking to downsize. Although these type of areas are not for me, I now see why it’s a big draw for some.

pemeliza, I have a feeling that high end of an area appreciating slower than its corresponding low end is true for a lot of areas, even in the burbs. Paying 1.66x the 1988 price is fantastic. So, it sounds like there are deals to be had for the truly high end. It’s the bottom end of the area that’s hard to find deals.

[an]

Thanks for the education of MH guys/gals. That makes a lot of sense. I guess it all comes down to supply and demand. Since these older areas tend to have a lot less supply (due to people staying and retiring in them) and demand increasing as more empty nester are looking to downsize. Although these type of areas are not for me, I now see why it’s a big draw for some.

pemeliza, I have a feeling that high end of an area appreciating slower than its corresponding low end is true for a lot of areas, even in the burbs. Paying 1.66x the 1988 price is fantastic. So, it sounds like there are deals to be had for the truly high end. It’s the bottom end of the area that’s hard to find deals.

[an]

Thanks for the education of MH guys/gals. That makes a lot of sense. I guess it all comes down to supply and demand. Since these older areas tend to have a lot less supply (due to people staying and retiring in them) and demand increasing as more empty nester are looking to downsize. Although these type of areas are not for me, I now see why it’s a big draw for some.

pemeliza, I have a feeling that high end of an area appreciating slower than its corresponding low end is true for a lot of areas, even in the burbs. Paying 1.66x the 1988 price is fantastic. So, it sounds like there are deals to be had for the truly high end. It’s the bottom end of the area that’s hard to find deals.

[an]

Thanks for the education of MH guys/gals. That makes a lot of sense. I guess it all comes down to supply and demand. Since these older areas tend to have a lot less supply (due to people staying and retiring in them) and demand increasing as more empty nester are looking to downsize. Although these type of areas are not for me, I now see why it’s a big draw for some.

pemeliza, I have a feeling that high end of an area appreciating slower than its corresponding low end is true for a lot of areas, even in the burbs. Paying 1.66x the 1988 price is fantastic. So, it sounds like there are deals to be had for the truly high end. It’s the bottom end of the area that’s hard to find deals.

[an]

Thanks for the education of MH guys/gals. That makes a lot of sense. I guess it all comes down to supply and demand. Since these older areas tend to have a lot less supply (due to people staying and retiring in them) and demand increasing as more empty nester are looking to downsize. Although these type of areas are not for me, I now see why it’s a big draw for some.

pemeliza, I have a feeling that high end of an area appreciating slower than its corresponding low end is true for a lot of areas, even in the burbs. Paying 1.66x the 1988 price is fantastic. So, it sounds like there are deals to be had for the truly high end. It’s the bottom end of the area that’s hard to find deals.

[zzz]

[quote=jpinpb]
AN – The only thing I can figure is lots of doctors want to be in MH and will spend extra to be there. But frankly, that doesn’t really account for the gap disparity still. All of the things MH has relative to LJ or MM has not changed. All the things that zzz mentioned are the same things that appealed to certain people to live in MH and draw the premium it has. It still does not account for why the gap is greater today. I don’t know what has changed and that’s enough to make me think eventually it will capitulate slowly over time.[/quote]

JP, my opinion with no factual or historical context is that MH has evolved quite a bit in the last 20 years. There are more services, more restaurants, bars and also people are becoming more green and the traffic is getting worse. So the ideal of not driving or driving very little is very appealing. People also travel a great deal more.

I also imagine the neighborhood has gotten a bit younger with well to do late 20s, early 30s moving into the neighborhood, which will only attract more young affluent couples.

I don’t know how many openly gay people lived in MH in the 70s or 80s, much less gay couples, but I imagine that number has increased, which makes it more appealing for an affluent gay couple to live in MH vs LJ? Also as more gays are now openly coupled up, buying a home together with pooled income versus back in the day where they were buying homes on their own? This is just some anecdotal discussions I’ve had with my gay friends.

Just a couple of guesses as to why the premium has widened?

[zzz]

[quote=jpinpb]
AN – The only thing I can figure is lots of doctors want to be in MH and will spend extra to be there. But frankly, that doesn’t really account for the gap disparity still. All of the things MH has relative to LJ or MM has not changed. All the things that zzz mentioned are the same things that appealed to certain people to live in MH and draw the premium it has. It still does not account for why the gap is greater today. I don’t know what has changed and that’s enough to make me think eventually it will capitulate slowly over time.[/quote]

JP, my opinion with no factual or historical context is that MH has evolved quite a bit in the last 20 years. There are more services, more restaurants, bars and also people are becoming more green and the traffic is getting worse. So the ideal of not driving or driving very little is very appealing. People also travel a great deal more.

I also imagine the neighborhood has gotten a bit younger with well to do late 20s, early 30s moving into the neighborhood, which will only attract more young affluent couples.

I don’t know how many openly gay people lived in MH in the 70s or 80s, much less gay couples, but I imagine that number has increased, which makes it more appealing for an affluent gay couple to live in MH vs LJ? Also as more gays are now openly coupled up, buying a home together with pooled income versus back in the day where they were buying homes on their own? This is just some anecdotal discussions I’ve had with my gay friends.

Just a couple of guesses as to why the premium has widened?

[zzz]

[quote=jpinpb]
AN – The only thing I can figure is lots of doctors want to be in MH and will spend extra to be there. But frankly, that doesn’t really account for the gap disparity still. All of the things MH has relative to LJ or MM has not changed. All the things that zzz mentioned are the same things that appealed to certain people to live in MH and draw the premium it has. It still does not account for why the gap is greater today. I don’t know what has changed and that’s enough to make me think eventually it will capitulate slowly over time.[/quote]

JP, my opinion with no factual or historical context is that MH has evolved quite a bit in the last 20 years. There are more services, more restaurants, bars and also people are becoming more green and the traffic is getting worse. So the ideal of not driving or driving very little is very appealing. People also travel a great deal more.

I also imagine the neighborhood has gotten a bit younger with well to do late 20s, early 30s moving into the neighborhood, which will only attract more young affluent couples.

I don’t know how many openly gay people lived in MH in the 70s or 80s, much less gay couples, but I imagine that number has increased, which makes it more appealing for an affluent gay couple to live in MH vs LJ? Also as more gays are now openly coupled up, buying a home together with pooled income versus back in the day where they were buying homes on their own? This is just some anecdotal discussions I’ve had with my gay friends.

Just a couple of guesses as to why the premium has widened?

[zzz]

[quote=jpinpb]
AN – The only thing I can figure is lots of doctors want to be in MH and will spend extra to be there. But frankly, that doesn’t really account for the gap disparity still. All of the things MH has relative to LJ or MM has not changed. All the things that zzz mentioned are the same things that appealed to certain people to live in MH and draw the premium it has. It still does not account for why the gap is greater today. I don’t know what has changed and that’s enough to make me think eventually it will capitulate slowly over time.[/quote]

JP, my opinion with no factual or historical context is that MH has evolved quite a bit in the last 20 years. There are more services, more restaurants, bars and also people are becoming more green and the traffic is getting worse. So the ideal of not driving or driving very little is very appealing. People also travel a great deal more.

I also imagine the neighborhood has gotten a bit younger with well to do late 20s, early 30s moving into the neighborhood, which will only attract more young affluent couples.

I don’t know how many openly gay people lived in MH in the 70s or 80s, much less gay couples, but I imagine that number has increased, which makes it more appealing for an affluent gay couple to live in MH vs LJ? Also as more gays are now openly coupled up, buying a home together with pooled income versus back in the day where they were buying homes on their own? This is just some anecdotal discussions I’ve had with my gay friends.

Just a couple of guesses as to why the premium has widened?

[zzz]

[quote=jpinpb]
AN – The only thing I can figure is lots of doctors want to be in MH and will spend extra to be there. But frankly, that doesn’t really account for the gap disparity still. All of the things MH has relative to LJ or MM has not changed. All the things that zzz mentioned are the same things that appealed to certain people to live in MH and draw the premium it has. It still does not account for why the gap is greater today. I don’t know what has changed and that’s enough to make me think eventually it will capitulate slowly over time.[/quote]

JP, my opinion with no factual or historical context is that MH has evolved quite a bit in the last 20 years. There are more services, more restaurants, bars and also people are becoming more green and the traffic is getting worse. So the ideal of not driving or driving very little is very appealing. People also travel a great deal more.

I also imagine the neighborhood has gotten a bit younger with well to do late 20s, early 30s moving into the neighborhood, which will only attract more young affluent couples.

I don’t know how many openly gay people lived in MH in the 70s or 80s, much less gay couples, but I imagine that number has increased, which makes it more appealing for an affluent gay couple to live in MH vs LJ? Also as more gays are now openly coupled up, buying a home together with pooled income versus back in the day where they were buying homes on their own? This is just some anecdotal discussions I’ve had with my gay friends.

Just a couple of guesses as to why the premium has widened?

[an]

I have another question, is MH more desirable than Point Loma?

The reason why I’m asking is because of this talk about MH, I decided to take a look at what’s available in PL and here is what I found:
http://www.sdlookup.com/MLS-100066664-3519_Tennyson_St_San_Diego_CA_92106
http://www.sdlookup.com/MLS-100046777-2902_Poinsettia_Dr_San_Diego_CA_92106
http://www.sdlookup.com/MLS-100030996-3362_Wisteria_Dr_San_Diego_CA_92106
http://www.sdlookup.com/MLS-100018114-3715_Leland_St_San_Diego_CA_92106

There are more but you get the idea. PL seems to be priced between 2-2.5x it’s mid to late 80s price. That’s very reasonable to me. Especially since these are PL’s low end homes too.

When I look at the mid range of PL ~$800k, the deals seems to be even more enticing.
http://www.sdlookup.com/MLS-100063168-2655_Poinsettia_Dr_San_Diego_CA_92106
Sold for $360k in 1995, which should be lower than its late 80s price. Which should put this at 1.5-2x late 80s price depending on the price it closes at.

[an]

I have another question, is MH more desirable than Point Loma?

The reason why I’m asking is because of this talk about MH, I decided to take a look at what’s available in PL and here is what I found:
http://www.sdlookup.com/MLS-100066664-3519_Tennyson_St_San_Diego_CA_92106
http://www.sdlookup.com/MLS-100046777-2902_Poinsettia_Dr_San_Diego_CA_92106
http://www.sdlookup.com/MLS-100030996-3362_Wisteria_Dr_San_Diego_CA_92106
http://www.sdlookup.com/MLS-100018114-3715_Leland_St_San_Diego_CA_92106

There are more but you get the idea. PL seems to be priced between 2-2.5x it’s mid to late 80s price. That’s very reasonable to me. Especially since these are PL’s low end homes too.

When I look at the mid range of PL ~$800k, the deals seems to be even more enticing.
http://www.sdlookup.com/MLS-100063168-2655_Poinsettia_Dr_San_Diego_CA_92106
Sold for $360k in 1995, which should be lower than its late 80s price. Which should put this at 1.5-2x late 80s price depending on the price it closes at.

[an]

I have another question, is MH more desirable than Point Loma?

The reason why I’m asking is because of this talk about MH, I decided to take a look at what’s available in PL and here is what I found:
http://www.sdlookup.com/MLS-100066664-3519_Tennyson_St_San_Diego_CA_92106
http://www.sdlookup.com/MLS-100046777-2902_Poinsettia_Dr_San_Diego_CA_92106
http://www.sdlookup.com/MLS-100030996-3362_Wisteria_Dr_San_Diego_CA_92106
http://www.sdlookup.com/MLS-100018114-3715_Leland_St_San_Diego_CA_92106

There are more but you get the idea. PL seems to be priced between 2-2.5x it’s mid to late 80s price. That’s very reasonable to me. Especially since these are PL’s low end homes too.

When I look at the mid range of PL ~$800k, the deals seems to be even more enticing.
http://www.sdlookup.com/MLS-100063168-2655_Poinsettia_Dr_San_Diego_CA_92106
Sold for $360k in 1995, which should be lower than its late 80s price. Which should put this at 1.5-2x late 80s price depending on the price it closes at.

[an]

I have another question, is MH more desirable than Point Loma?

The reason why I’m asking is because of this talk about MH, I decided to take a look at what’s available in PL and here is what I found:
http://www.sdlookup.com/MLS-100066664-3519_Tennyson_St_San_Diego_CA_92106
http://www.sdlookup.com/MLS-100046777-2902_Poinsettia_Dr_San_Diego_CA_92106
http://www.sdlookup.com/MLS-100030996-3362_Wisteria_Dr_San_Diego_CA_92106
http://www.sdlookup.com/MLS-100018114-3715_Leland_St_San_Diego_CA_92106

There are more but you get the idea. PL seems to be priced between 2-2.5x it’s mid to late 80s price. That’s very reasonable to me. Especially since these are PL’s low end homes too.

When I look at the mid range of PL ~$800k, the deals seems to be even more enticing.
http://www.sdlookup.com/MLS-100063168-2655_Poinsettia_Dr_San_Diego_CA_92106
Sold for $360k in 1995, which should be lower than its late 80s price. Which should put this at 1.5-2x late 80s price depending on the price it closes at.

[Author]

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