“San Diego we still have a problem”

[bearishgurl]

[quote=threadkiller]…I also know someone that makes $90k has that much saved up in cash and cannot afford to buy a new SFH in San Diego…[/quote]

Since when is $90K annually and $90K in savings a guarantee of purchasing your “dream” property in SD County?? What are the monthly obligations of this $90K household and how many dependents do they have? $90K is about enough cash to put the minimum down on a max $400K purchase and having $10K left over for closing costs. It is assumed they will NOT need any cash reserves here, and they very well could be required to. In that case, it is enough cash for a $350K to $380K purchase.

This is clearly a middle income buyer and if the family is greater than 4 people, a mid-lower income family.

I guess what I’m getting at here is, why is does a potential first-time buyer with a middle or mid/lower income have an expectation of purchasing *new* SFR construction in SD County, with all its incipient developer costs and fees (passed onto a buyer)?

In previous decades and generations, first and even second-time buyers of all income levels did not have this expectation. They endeavored to buy property in close proximity to other relatives or as close to the coast as they could afford to. If the property needed work, they worked on it. There wasn’t a lot of agonizing and it didn’t take very long at all to find a suitable property.

Of course, there wasn’t all these new developments built in new far-flung zip codes to choose from, as there are today :=0

[briansd1]

[quote=bearishgurl]

TK, I don’t recall a time when the “above average person” or any first-time buyer, for that matter, aspired to a new construction purchase in SD unless it was a condo or had a low-income financing package attached to it.[/quote]

bearishgurl, that’s what improving standard of living is all about. We expect more.

I don’t agree with you that people should live in old run-down houses then slowly improve them through sweat equity. Houses should be nice, new, and clean from the onset.

I think the City of San Diego should allow unfettered building of new condos all over town. Make the upzoning of land very easy and fast-track developments. Do away with parking requirements.

If buyers could find new, clean, crisp units close to town at price they can afford, they would not go to far-flung locales.

What better way to increase the tax base than to increase the population?

[briansd1]

[quote=bearishgurl]

TK, I don’t recall a time when the “above average person” or any first-time buyer, for that matter, aspired to a new construction purchase in SD unless it was a condo or had a low-income financing package attached to it.[/quote]

bearishgurl, that’s what improving standard of living is all about. We expect more.

I don’t agree with you that people should live in old run-down houses then slowly improve them through sweat equity. Houses should be nice, new, and clean from the onset.

I think the City of San Diego should allow unfettered building of new condos all over town. Make the upzoning of land very easy and fast-track developments. Do away with parking requirements.

If buyers could find new, clean, crisp units close to town at price they can afford, they would not go to far-flung locales.

What better way to increase the tax base than to increase the population?

[briansd1]

[quote=bearishgurl]

TK, I don’t recall a time when the “above average person” or any first-time buyer, for that matter, aspired to a new construction purchase in SD unless it was a condo or had a low-income financing package attached to it.[/quote]

bearishgurl, that’s what improving standard of living is all about. We expect more.

I don’t agree with you that people should live in old run-down houses then slowly improve them through sweat equity. Houses should be nice, new, and clean from the onset.

I think the City of San Diego should allow unfettered building of new condos all over town. Make the upzoning of land very easy and fast-track developments. Do away with parking requirements.

If buyers could find new, clean, crisp units close to town at price they can afford, they would not go to far-flung locales.

What better way to increase the tax base than to increase the population?

[briansd1]

[quote=bearishgurl]

TK, I don’t recall a time when the “above average person” or any first-time buyer, for that matter, aspired to a new construction purchase in SD unless it was a condo or had a low-income financing package attached to it.[/quote]

bearishgurl, that’s what improving standard of living is all about. We expect more.

I don’t agree with you that people should live in old run-down houses then slowly improve them through sweat equity. Houses should be nice, new, and clean from the onset.

I think the City of San Diego should allow unfettered building of new condos all over town. Make the upzoning of land very easy and fast-track developments. Do away with parking requirements.

If buyers could find new, clean, crisp units close to town at price they can afford, they would not go to far-flung locales.

What better way to increase the tax base than to increase the population?

[briansd1]

[quote=bearishgurl]

TK, I don’t recall a time when the “above average person” or any first-time buyer, for that matter, aspired to a new construction purchase in SD unless it was a condo or had a low-income financing package attached to it.[/quote]

bearishgurl, that’s what improving standard of living is all about. We expect more.

I don’t agree with you that people should live in old run-down houses then slowly improve them through sweat equity. Houses should be nice, new, and clean from the onset.

I think the City of San Diego should allow unfettered building of new condos all over town. Make the upzoning of land very easy and fast-track developments. Do away with parking requirements.

If buyers could find new, clean, crisp units close to town at price they can afford, they would not go to far-flung locales.

What better way to increase the tax base than to increase the population?

[sdrealtor]

It really isnt that hard to understand. People aspire to what they know. San Diego is a place of transplants most of whom grew up in very nice but less expensive housing markets. They come here for good well paying jobs with the expectation/hope that they can live in a nice cushy suburban neighborhood like the ones they left behind. They dont aspire to 50 year old fixers in so called prime locations.

The other issue is that when one moves into older, established neighborhoods they are more likely to encounter older neighbors not interested in socializing with newcomers rather than their peers. Moving to a new neighborhood means everyone is in the same boat and anxious to meet each other. Communities come together very quickly under these conditions.

What is so hard to understand about that?

[sdrealtor]

It really isnt that hard to understand. People aspire to what they know. San Diego is a place of transplants most of whom grew up in very nice but less expensive housing markets. They come here for good well paying jobs with the expectation/hope that they can live in a nice cushy suburban neighborhood like the ones they left behind. They dont aspire to 50 year old fixers in so called prime locations.

The other issue is that when one moves into older, established neighborhoods they are more likely to encounter older neighbors not interested in socializing with newcomers rather than their peers. Moving to a new neighborhood means everyone is in the same boat and anxious to meet each other. Communities come together very quickly under these conditions.

What is so hard to understand about that?

[sdrealtor]

It really isnt that hard to understand. People aspire to what they know. San Diego is a place of transplants most of whom grew up in very nice but less expensive housing markets. They come here for good well paying jobs with the expectation/hope that they can live in a nice cushy suburban neighborhood like the ones they left behind. They dont aspire to 50 year old fixers in so called prime locations.

The other issue is that when one moves into older, established neighborhoods they are more likely to encounter older neighbors not interested in socializing with newcomers rather than their peers. Moving to a new neighborhood means everyone is in the same boat and anxious to meet each other. Communities come together very quickly under these conditions.

What is so hard to understand about that?

[sdrealtor]

It really isnt that hard to understand. People aspire to what they know. San Diego is a place of transplants most of whom grew up in very nice but less expensive housing markets. They come here for good well paying jobs with the expectation/hope that they can live in a nice cushy suburban neighborhood like the ones they left behind. They dont aspire to 50 year old fixers in so called prime locations.

The other issue is that when one moves into older, established neighborhoods they are more likely to encounter older neighbors not interested in socializing with newcomers rather than their peers. Moving to a new neighborhood means everyone is in the same boat and anxious to meet each other. Communities come together very quickly under these conditions.

What is so hard to understand about that?

[sdrealtor]

It really isnt that hard to understand. People aspire to what they know. San Diego is a place of transplants most of whom grew up in very nice but less expensive housing markets. They come here for good well paying jobs with the expectation/hope that they can live in a nice cushy suburban neighborhood like the ones they left behind. They dont aspire to 50 year old fixers in so called prime locations.

The other issue is that when one moves into older, established neighborhoods they are more likely to encounter older neighbors not interested in socializing with newcomers rather than their peers. Moving to a new neighborhood means everyone is in the same boat and anxious to meet each other. Communities come together very quickly under these conditions.

What is so hard to understand about that?

[familyguy]

[quote=bearishgurl]This “desire” of first time buyers could be compared to a newly-minted military wife of all of 18-22 years old waltzing into town and demanding a unit in Pacific Beach, Coronado or Pt Loma from the Navy Family Housing Office (yes, this happens every day). Never mind they grew up in a double-wide in Kentucky. They have decided they will NOT accept a unit unless it is located in one of those three areas. Hence, they end up taking the housing allowance and paying rent somewhere (likely NOT in one of their desired areas, lol) while they waitlist, often for years. When they can’t manage their rent and utility bills, they give up and move back “home,” wherever that is, to await the arrival of their deployed spouses and also usually their 1st, 2nd, 3rd or 4th child.

It seems there may be a pervasive mentality among first-time RE buyers that it’s all or nothing … exactly what they desire now or no purchase at all. What’s wrong with a “good enough for the next 5-10 yrs” property? How about a sweat-equity fixer in a GREAT location?? How ELSE are you going to buy in that GREAT location??
[/quote]

God forbid a new young wife wants to stay in a desirable housing area. WOW…BG sounds like you have some real anger issues. Since you know this happens “every day” I am assuming you may work in the Navy Housing office? Given how bitter you are, maybe it’s time to find new employment.

Regarding buying a house thats “good enough” thats a whole other discussion.

[familyguy]

[quote=bearishgurl]This “desire” of first time buyers could be compared to a newly-minted military wife of all of 18-22 years old waltzing into town and demanding a unit in Pacific Beach, Coronado or Pt Loma from the Navy Family Housing Office (yes, this happens every day). Never mind they grew up in a double-wide in Kentucky. They have decided they will NOT accept a unit unless it is located in one of those three areas. Hence, they end up taking the housing allowance and paying rent somewhere (likely NOT in one of their desired areas, lol) while they waitlist, often for years. When they can’t manage their rent and utility bills, they give up and move back “home,” wherever that is, to await the arrival of their deployed spouses and also usually their 1st, 2nd, 3rd or 4th child.

It seems there may be a pervasive mentality among first-time RE buyers that it’s all or nothing … exactly what they desire now or no purchase at all. What’s wrong with a “good enough for the next 5-10 yrs” property? How about a sweat-equity fixer in a GREAT location?? How ELSE are you going to buy in that GREAT location??
[/quote]

God forbid a new young wife wants to stay in a desirable housing area. WOW…BG sounds like you have some real anger issues. Since you know this happens “every day” I am assuming you may work in the Navy Housing office? Given how bitter you are, maybe it’s time to find new employment.

Regarding buying a house thats “good enough” thats a whole other discussion.

[familyguy]

[quote=bearishgurl]This “desire” of first time buyers could be compared to a newly-minted military wife of all of 18-22 years old waltzing into town and demanding a unit in Pacific Beach, Coronado or Pt Loma from the Navy Family Housing Office (yes, this happens every day). Never mind they grew up in a double-wide in Kentucky. They have decided they will NOT accept a unit unless it is located in one of those three areas. Hence, they end up taking the housing allowance and paying rent somewhere (likely NOT in one of their desired areas, lol) while they waitlist, often for years. When they can’t manage their rent and utility bills, they give up and move back “home,” wherever that is, to await the arrival of their deployed spouses and also usually their 1st, 2nd, 3rd or 4th child.

It seems there may be a pervasive mentality among first-time RE buyers that it’s all or nothing … exactly what they desire now or no purchase at all. What’s wrong with a “good enough for the next 5-10 yrs” property? How about a sweat-equity fixer in a GREAT location?? How ELSE are you going to buy in that GREAT location??
[/quote]

God forbid a new young wife wants to stay in a desirable housing area. WOW…BG sounds like you have some real anger issues. Since you know this happens “every day” I am assuming you may work in the Navy Housing office? Given how bitter you are, maybe it’s time to find new employment.

Regarding buying a house thats “good enough” thats a whole other discussion.

[familyguy]

[quote=bearishgurl]This “desire” of first time buyers could be compared to a newly-minted military wife of all of 18-22 years old waltzing into town and demanding a unit in Pacific Beach, Coronado or Pt Loma from the Navy Family Housing Office (yes, this happens every day). Never mind they grew up in a double-wide in Kentucky. They have decided they will NOT accept a unit unless it is located in one of those three areas. Hence, they end up taking the housing allowance and paying rent somewhere (likely NOT in one of their desired areas, lol) while they waitlist, often for years. When they can’t manage their rent and utility bills, they give up and move back “home,” wherever that is, to await the arrival of their deployed spouses and also usually their 1st, 2nd, 3rd or 4th child.

It seems there may be a pervasive mentality among first-time RE buyers that it’s all or nothing … exactly what they desire now or no purchase at all. What’s wrong with a “good enough for the next 5-10 yrs” property? How about a sweat-equity fixer in a GREAT location?? How ELSE are you going to buy in that GREAT location??
[/quote]

God forbid a new young wife wants to stay in a desirable housing area. WOW…BG sounds like you have some real anger issues. Since you know this happens “every day” I am assuming you may work in the Navy Housing office? Given how bitter you are, maybe it’s time to find new employment.

Regarding buying a house thats “good enough” thats a whole other discussion.

[Author]

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