Home › Forums › Closed Forums › Properties or Areas › San Diego Inventory Sucks…
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poorgradstudent.
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January 28, 2013 at 1:35 PM #758628January 28, 2013 at 2:17 PM #758629
spdrun
ParticipantMost of todays CA lizard lands become tomorrows Job centers.
Unless it’s in the mountains, I’d rather saw off my cojones with a rusty chainsaw than live more than 10 mi from the coast in CA. What’s the point?
January 28, 2013 at 2:22 PM #758630Participantwe all were bears in 2005 and it saved out butts, but if you were a RE bear early last year, you’ve missed a huge run up. That’s the difference between perma-bear and a realist.
Depends where. Both accepted offers in SD that I have were made in Oct-Nov of last year, accepted in Dec, and are at prices only marginally higher than those of late 2011. Speaking of home, the NYC/NJ area still has plenty of shorts and fork-losers ready to pop, and prices haven’t appreciably changed from last year. There’s still plenty of opportunity to acquire rental property if one is smart and flexible.
January 28, 2013 at 2:43 PM #758631The-Shoveler
ParticipantTo each their own.
To a Lot of people I know, the weather’s actually better 9 months out of the year 8-15 miles from the coast in SoCal especially when you get older.In that range, usually it’s only way too dang hot maybe 3 or 4 weeks a year in SoCal.
January 28, 2013 at 3:03 PM #758632an
Participant[quote=spdrun]
we all were bears in 2005 and it saved out butts, but if you were a RE bear early last year, you’ve missed a huge run up. That’s the difference between perma-bear and a realist.
Depends where. Both accepted offers in SD that I have were made in Oct-Nov of last year, accepted in Dec, and are at prices only marginally higher than those of late 2011. Speaking of home, the NYC/NJ area still has plenty of shorts and fork-losers ready to pop, and prices haven’t appreciably changed from last year. There’s still plenty of opportunity to acquire rental property if one is smart and flexible.[/quote]
where are these properties? What’s considered marginal?January 28, 2013 at 4:20 PM #758634flyer
ParticipantAnother interesting turn to this thread.
Agree that many Boomers, and younger people just starting out, will most likely have to leave CA for retirement, employment, housing, and tax purposes, but many, like myself, and just about everyone I know, plans to stay–because (after checking out most of the world), there’s no other place we want to live.
Yes, other less expensive, and more tax-friendly areas such as AZ (where we also have some rentals) and TX, etc., are booming again, and I think they will continue to attract many who are looking for financial relief.
As the current population ages, I think you will see places like those mentioned above continue to flourish. CA, and San Diego in particular, is a tough place to sustain a high standard of living from the working years all the way through the retirement years.
Even those who are making the “big bucks” here today, may not be able to sustain their lifestyles here for the balance of their lives–should they choose to do so. Overall, it will be interesting to see how this all plays out over the years.
January 28, 2013 at 4:31 PM #758635ParticipantAt least coming from L.A., in SoCal it has ALWAYS been that way, it has always been tough for the 20 somethings to buy their first home and get started,
Well at least as long as this boomer has been here,(with the exception of the last three years actually which I think have been exceptional for first time buyers WHO Were not TOO DANG PICKY!!!).
inflation for as long as this boomer has been alive has always been the home buyers friend, if they can make it the first 10 years.
January 28, 2013 at 4:36 PM #758636ParticipantI agree, TS. As a native, I’ve seen that all of my life also, but it seems that it’s becoming more and more challenging as time goes on.
January 28, 2013 at 4:54 PM #758637ParticipantWell I got to throw this out as well, all the time I have been a home owner, I have NEVER lived less than 45 minutes from work., almost EVERYONE of the CA natives I know have ever lived less than 30 minute’s drive from work, none of them had an ocean view home from their first home at least.
None of them bought a New home as their first home, in fact most of the homes were at least 30 years old and needing some repair.
Most were 30, or near 30 when they bought their first home in SoCal, Meaning they were well on their way to established careers by the time they bought their first home in SoCal.
Yes it has ALWAYS been tough to buy a home in SoCal I would say especially for boomers (we had a lot of competition, each other!).
January 28, 2013 at 4:59 PM #758638bearishgurl
Participant[quote=flyer]Another interesting turn to this thread.
Agree that many Boomers, and younger people just starting out, will most likely have to leave CA for retirement, employment, housing, and tax purposes, but many, like myself, and just about everyone I know, plans to stay–because (after checking out most of the world), there’s no other place we want to live.
Yes, other less expensive, and more tax-friendly areas such as AZ (where we also have some rentals) and TX, etc., are booming again, and I think they will continue to attract many who are looking for financial relief.
As the current population ages, I think you will see places like those mentioned above continue to flourish. CA, and San Diego in particular, is a tough place to sustain a high standard of living from the working years all the way through the retirement years.
Even those who are making the “big bucks” here today, may not be able to sustain their lifestyles here for the balance of their lives–should they choose to do so. Overall, it will be interesting to see how this all plays out over the years.[/quote]
flyer, I agree with this post. Even though I could afford to stay, I just don’t like what SD County has become. I may very well keep my largish house for a rental for a few years in lieu of selling it, just to make “sure” I do not want to come back here in “retirement.” If I do that, I could still purchase a modest house elsewhere if I wished to do so.
I can keep going indefinitely in SD County because I don’t have a very high “overhead.” Taxes are not a big issue with me.
It’s just that I’ve spent nearly my entire adult life living 1100-1700 miles from most of my family members (excepting those still alive in the SF Bay area). The rest of my family members still alive are now 1500+ miles away. I wouldn’t mind living a little closer to them.
There comes a time when one realizes that life can be short, our daily obligations to others are over with and we are free to do what moves us (literally speaking).
I dream of “retiring” in a mountainous setting near a major ski resort 🙂
January 28, 2013 at 5:22 PM #758639earlyretirement
Participant[quote=flyer]
Agree that many Boomers, and younger people just starting out, will most likely have to leave CA for retirement, employment, housing, and tax purposes, but many, like myself, and just about everyone I know, plans to stay–because (after checking out most of the world), there’s no other place we want to live.
Yes, other less expensive, and more tax-friendly areas such as AZ (where we also have some rentals) and TX, etc., are booming again, and I think they will continue to attract many who are looking for financial relief.
CA, and San Diego in particular, is a tough place to sustain a high standard of living from the working years all the way through the retirement years.
Even those who are making the “big bucks” here today, may not be able to sustain their lifestyles here for the balance of their lives–should they choose to do so. Overall, it will be interesting to see how this all plays out over the years.[/quote]
Great points as usual flyer. And I totally agree with you on all of these points. I think I’ve mentioned this before but I had about 8 college friends that moved here out of college and none of them live here anymore. Most moved out for employment reasons. (Of course during the bubble years they would rave about how great living in San Diego was and when the real estate market crashed all I’d hear is how SD sucks).
We will definitely be here for the long haul. As flyer mentioned, this is one of the most desirable cities around the world to live in. My family and I travel quite a bit around the world. We own a few properties abroad and my kids were even born abroad. When we decided to settle down and raise our kids we could have moved anywhere but we chose San Diego.
If you can comfortably afford it, there are few places around the world where I truly believe the overall quality of life (especially to raise kids) is better than the NCC area.
No doubt it’s not for everyone. But it will always be a desirable area for people to live. But I’m curious how things will play out as well over the next decade or two.
January 28, 2013 at 5:31 PM #758640Participant[quote=The-Shoveler]At least coming from L.A., in SoCal it has ALWAYS been that way, it has always been tough for the 20 somethings to buy their first home and get started,
Well at least as long as this boomer has been here,(with the exception of the last three years actually which I think have been exceptional for first time buyers WHO Were not TOO DANG PICKY!!!).
inflation for as long as this boomer has been alive has always been the home buyers friend, if they can make it the first 10 years.[/quote]
Wholeheartedly agree with everything said here.
However, I want to add that the rock-bottom interest rates of recent years have had the effect of “raising the standards” of FTB’s, often unrealistically so, to where they can’t see the forest for the trees if they haven’t purchased yet.
Never in a million years would I have “looked at dozens of homes” all over the map in order to buy my first, second, fifth or 7th home or beyond.
What exactly is the point in doing that?
I always had location parameters and purchased a “suitable” residence within those narrow parameters in very short order. Three of my moves were less than 1.5 miles apart.
As I stated before on this thread, “suitable” is in the eye of the beholder.
Multiple dozens of showings over many months is bordering on lunacy and is just confusing FTB’s.
The current “low-inventory problem” is having the effect of separating the “serious buyers” from the unrealistic perpetual looky-loos and the “prepared buyers” from the ones who didn’t bother to get their house fully in order to properly compete (which in SD, means saving a 20%+ downpayment).
Even for the “prepared buyers,” house hunting is not a sport. You only need ONE residence at a time and it needs to be as close to the “right location” for your needs as possible. When you find it, you need to jump on it (excepting expensive structural damage, condition be damned). It’s ALL eventually “fixable.”
I’m noticing one of the house-hunters in the article in the OP is quoted as saying they were “picky” when they first started their search but now are “not as picky” since they are living with parents/in-laws during their l-o-o-o-ng search in which they are ostensibly “holding out” for just the right house.
LOL. This type of buyer is NOT going to ever find what they are looking for in their price range in this RE climate and will be in a parents’ back bdrm for the duration … and beyond.
They were “houseless” after a year+ long “search” (much of it at decidedly lower prices than today) because they did it to themselves :=0
January 28, 2013 at 6:02 PM #758641ParticipantAnd, as usual, I agree with all of you.
Since I’ve experienced most of these phases of life in San Diego first-hand, I really hope I’m contributing some valuable information.
BG, I have to agree, that we are not enamoured with what San Diego has become either–but that’s progress–I guess, and, for us, the good still outweighs the other.
We’ve seriously looked at living many other places as well, but we can’t find anything we like any better overall, and most of the family are in the city, if not the state.
I completely empathize with your thinking, and, from what from you’ve shared, agree your plan will probably be the most fulfilling way for you to live in your retirement years.
January 28, 2013 at 11:56 PM #758654CA renter
Participant[quote=no_such_reality][quote=CA renter]I don’t think these investors really understand what they’re getting into. [/quote]
Yes they do. For the bigger funds, it’s a distributed apartment complex that will be managed by a subsidiary that will be indistinguishable from the IAC arm of the Irvine Company.
Or the smaller ones, a cut-rate West Side Rental churn and burn.
And what that really means is that sans a significant vacancy problem, renters will see severe upside pressure in rents and churn.[/quote]
Fair enough. We’ll see how things go in 5-7 years.
January 28, 2013 at 11:58 PM #758655Participant[quote=flu][quote=The-Shoveler][quote=flu][quote=CA renter]C’mon, flu. Share your thoughts. :)[/quote]
I’m throwing down the white flag here. RE prices are going higher. I can’t float with good cash flow at this point. Sucks that I didn’t buy more. Also, equity markets are going to float higher…Sucks to be in cash 40% too instead of previous 90%…
My last option is to buy a new primary..Which I will have to wait. Higher end homes haven’t gone *that* much higher, but at the same time neither has my budget.
No point wasting my time thinking RE prices are going to fall or correct in a meaningful way. Gotta think of other areas/ways to generate income.
Sometimes the biggest hazard to one’s wealth is one’s own pessimism….so I’ve learned.
Missed the boat bigtime…Oh well.[/quote]
Sometimes it can save your Butt too.[/quote]
There’s a huge difference between passing up risk sometimes, and being a perpetual perma-bear….[/quote]
But you did buy a rental, and you have a primary with a very low mortgage rate. Sounds like you win.
Don’t worry about the opportunities you didn’t catch. Hindsight is always 20/20. There will be plenty more in the future. In the meantime, keep your powder dry.
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