Similar to Omega Point’s “Impossible Dream”, I hope my dream IS possible.
My family and I moved to Texas 3 years ago from Valencia, CA. We sold our home in CA for a fat profit, bought a beautiful home in Texas for cash. We hope to relocate to San Diego in the spring of 09′ with about $500-$600K (yes, Texas RE appreciates too)to put down on a home in Poway or Rancho Bernardo.
Will we be able to buy a 3000-3500sf home in a nice, upper middle class, established neighborhood with good schools for $600-700k? I’m guessing that would require a 30-40 percent drop in price from today’s prices. I’m not too familar with SD RE so experienced opinions would be greatly appreciated.
I agree that it isn’t likely that Texas R/E will go up while California goes down, historically I don’t think that has ever happened for any sustainable amount of time.
I agree that it isn’t likely that Texas R/E will go up while California goes down, historically I don’t think that has ever happened for any sustainable amount of time.
Yes your dream is very possible. It will depend on how much land you want with that home. If you want 4S then those homes have small lots (comparitively) to other areas in RB or Poway with similar sized homes. Both Poway and RB have a pretty wide variance when it comes to housing. Poway has some very high end homes on very large lots AND it has some pretty grim homes on small lots and plenty in between.
Nonetheless the basic answer to your question is yes and you will have plenty to choose from. In some cases it will take the 30-40% drop you are speaking of and in other cases it will not need to drop 30-40% as some meaningful depreciation has already happened. My sellers just closed escrow on a sale a few days ago in Poway for a smaller home then what you are looking for (low 2000’s sq ft, 5/3) for 565k in a decent Poway neighborhood. That was off almost 20% of the peak that they would have realized had they sold in late 04.
Yes your dream is very possible. It will depend on how much land you want with that home. If you want 4S then those homes have small lots (comparitively) to other areas in RB or Poway with similar sized homes. Both Poway and RB have a pretty wide variance when it comes to housing. Poway has some very high end homes on very large lots AND it has some pretty grim homes on small lots and plenty in between.
Nonetheless the basic answer to your question is yes and you will have plenty to choose from. In some cases it will take the 30-40% drop you are speaking of and in other cases it will not need to drop 30-40% as some meaningful depreciation has already happened. My sellers just closed escrow on a sale a few days ago in Poway for a smaller home then what you are looking for (low 2000’s sq ft, 5/3) for 565k in a decent Poway neighborhood. That was off almost 20% of the peak that they would have realized had they sold in late 04.
Actually, yes, we are partially counting on our Texas home reatining its value. We live in an extremely nice, sought after neifgborhood, between Dallas and Ft. Worth. We bought 3 years ago for $360K and the comps are selling for $550+. My Realtor here says most all of her clients are moving here from bubble areas, like CA, NY, Mass, DC, etc. I don’t see our home increasing much more, but I’m hoping it will level off and hold its value for a few years.
Worse case scenario: We’ll have $400-$450K to put down on an SD home. With a little luck…$500-$600K.
Actually, yes, we are partially counting on our Texas home reatining its value. We live in an extremely nice, sought after neifgborhood, between Dallas and Ft. Worth. We bought 3 years ago for $360K and the comps are selling for $550+. My Realtor here says most all of her clients are moving here from bubble areas, like CA, NY, Mass, DC, etc. I don’t see our home increasing much more, but I’m hoping it will level off and hold its value for a few years.
Worse case scenario: We’ll have $400-$450K to put down on an SD home. With a little luck…$500-$600K.
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