Me and the misses were out window shopping last Sunday and thought it would be fun to drive down to Chula Vista and see the new houses out there. We pulled off of Olympic Ave into a huge expanse of new homes, town homes and condos. The scene really reminded me of the building they were/are doing in Temecula. Just cramming homes into every square inch possible. It looked like they were still building but at a much slower rate than before. Also, the place was completely dead except for the people that had already purchased a home there. We visited about four different sales offices and only ran into two other families that were also looking in about a two hour time period. Might have been due to the holiday weekend who knows but traffic was slow and the agents were very eager to deal. Prices had been slashed on all the homes and they were offering all the usual kitchen upgrades for free plus A/C plus a 40K kickback that you could use towards the purchase price or buy down your interest rate. I asked about the buy down plan but the young sales guy gave me a bunch of double speak and I left more confused than anything.
Anybody ells have any info on these homes? Some of the smaller ones 1500-2000 sq feet had nice layouts but just the commute alone would keep me from buying out there unless the price drops to some ridiculously low anount.
Otay and Eastlake not looking good on the resale front either. Lots of foreclosures and pretty dramatic price slashing going on. It looks like Temecula in more ways than those you mentioned for sure.
IMO I believe Otay and Eastlake in general will lead the charge… correction, continue to lead the charge in detached home depreciation for resale homes as well as foreclosure. This area has all the ingredients needed for the recipe… it was thoroughly built out, it was chocked full of buyers financing with 100% and/or reset financing, it has a high degree of speculation (flippers etc..). I am not positive but I think it is leading SD County in foreclosures right now at least for detached homes. (Purely a speculative statement)
“I am not positive but I think it is leading SD County in foreclosures right now at least for detached homes. (Purely a speculative statement)”
It is way up there SD R. Unfortunately what we have both apparently not seen or researched is the ratio for foreclosures to actual housing stock numbers by these zips.
I agree with the speculation comments. I think speculation was born in Eastlake, long before it became cool. If you wanted to live in Chula Vista, Eastlake was a pretty good deal when a relatively big,brand new house came on the market for 250K….Just as a similiar home Temecula was in the late 80’s at around 140k.
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