UT Article: San Diego Rent Expected to Rise

[sdrealtor]

I would agree. I’d add that all the new building will be high end rentals at higher rates. That should pull up rents on low end condos and houses in the nice parts of town.

[bearishgurl]

[quote=sdrealtor]I would agree. I’d add that all the new building will be high end rentals at higher rates. That should pull up rents on low end condos and houses in the nice parts of town.[/quote]

Won’t it just cause prospective tenants to flock to the new construction and shun the older nearby units (similar to what happened in Chula Vista in the last nine years or so)?

I mean, now many units is too much? Isn’t a 5000 + 1800 (6800) unit-projection a little “ambitious?” I understand they will be fairly close to SV but is this REALLY where every incoming worker wants to live given all the choices in this county? And will their REALLY be enough tenants to fill all these units that actually want to live in them?

These projects, if actually built, don’t seem to bode too well for the quality of life of the long-established resident homeowners in MM.

[bearishgurl]

[quote=flu][quote=ocrenter]oh boy, you think Mira Mesa/Black Mountain is bad now… hey, at least the city should make a killing from the red light camera when cars are stuck in the middle of the intersection…[/quote]The city is going to end up loaded with all the rental tax and fees and commerce from it too.[/quote]

The $64M question here is, where will all the future rental tax, fees and sales tax generated from these proposed MM projects be deployed to? Remember, the City of SD is nearly broke. They might use it to fix potholes in Sherman Heights or Rolando, shore up their “general fund,” or for a myriad of other pressing needs.

[bearishgurl]

There is no effing way 1800-6800 units would EVER be built in my area, even if four adjacent 2 AC lots (with an older home on each of them) were sold off simultaneously to one buyer tomorrow. There is no way in h@ll a developer could ever get past strong community opposition, who successfully killed plans for an eight-story residential tower a few years ago. That two AC lot still sits vacant to this day.

[an]

[quote=bearishgurl]I mean, now many units is too much? Isn’t a 5000 + 1800 (6800) unit-projection a little “ambitious?” I understand they will be fairly close to SV but is this REALLY where every incoming worker wants to live given all the choices in this county? And will their REALLY be enough tenants to fill all these units that actually want to live in them?

These projects, if actually built, don’t seem to bode too well for the quality of life of the long-established resident homeowners in MM.[/quote]
The 1800+ apartments is being built right now. While the Stone Creek masterplan won’t start building for at least another 3-5 years. Which mean, they won’t be done for at least another 10 years. Also keep in mind that Stone Creek is a mixed used master plan, so there will be commercial and retail w/in this masterplan. So, these new businesses will bring in new renters to the area. I’m sure the builders have done their investigation and they think there’s enough demand to build it, which is why they are. I trust that they do their due diligence before spending their millions more than some anonymous online poster.

I’m a established resident and I’m excited about the master plan. Not only will the master plan brings more parks and trails to the area, they will also bring in retail. Which means more restaurant options. Due to increase demand, this will, hopefully bring in more high end and more mom and pop restaurants. The masterplan is zoned in a way that bring the building up to the side walk, which will encourage walking. The retail will be mixed in with the residential to support both the residential and the workers working at the commercial areas.

Also, because of these two development, the main Mira Mesa park (corner of New Salem and Mira Mesa) will be completely rebuilt. It’s a $25M project and 2/3 of the cost will be footed by these two development. So, that’s a big improvement in quality of life for the current owners.

[Coronita]

[quote=AN][quote=bearishgurl]I mean, now many units is too much? Isn’t a 5000 + 1800 (6800) unit-projection a little “ambitious?” I understand they will be fairly close to SV but is this REALLY where every incoming worker wants to live given all the choices in this county? And will their REALLY be enough tenants to fill all these units that actually want to live in them?

These projects, if actually built, don’t seem to bode too well for the quality of life of the long-established resident homeowners in MM.[/quote]
The 1800+ apartments is being built right now. While the Stone Creek masterplan won’t start building for at least another 3-5 years. Which mean, they won’t be done for at least another 10 years. Also keep in mind that Stone Creek is a mixed used master plan, so there will be commercial and retail w/in this masterplan. So, these new businesses will bring in new renters to the area. I’m sure the builders have done their investigation and they think there’s enough demand to build it, which is why they are. I trust that they do their due diligence before spending their millions more than some anonymous online poster.

I’m a established resident and I’m excited about the master plan. Not only will the master plan brings more parks and trails to the area, they will also bring in retail. Which means more restaurant options. Due to increase demand, this will, hopefully bring in more high end and more mom and pop restaurants. The masterplan is zoned in a way that bring the building up to the side walk, which will encourage walking. The retail will be mixed in with the residential to support both the residential and the workers working at the commercial areas.

Also, because of these two development, the main Mira Mesa park (corner of New Salem and Mira Mesa) will be completely rebuilt. It’s a $25M project and 2/3 of the cost will be footed by these two development. So, that’s a big improvement in quality of life for the current owners.[/quote]

AN,

Do you have details on Stone Creek an the new development on New Salem? Kinda want to get some more info out…Check out the surrounding area…You know. In case there’s a fixer upper… 🙂

I really really really really really wish I had more money at this point that’s at my disposal to invest.. (How many really’s is that…)…

BTW: sending you PM…

[sdrealtor]

Location, location, location. Close to the jobs and good access to everything good about SD. In the last decade or so they built at least 2 times this many LARGE single family homes as well as thousands of condos in the Encinitas/South Carlsbad/SW San Marcos area. I dont see many of them sitting empty. They will have no problem absorbing that many.

[Coronita]

[quote=sdrealtor]Location, location, location. Close to the jobs and good access to everything good about SD. In the last decade or so they built at least 2 times this many LARGE single family homes as well as thousands of condos in the Encinitas/South Carlsbad/SW San Marcos area. I dont see many of them sitting empty. They will have no problem absorbing that many.[/quote]

But it’s not 10 minutes to La Jolla!!!!!!

[bearishgurl]

[quote=sdrealtor]Location, location, location. Close to the jobs and good access to everything good about SD. In the last decade or so they built at least 2 times this many LARGE single family homes as well as thousands of condos in the Encinitas/South Carlsbad/SW San Marcos area. I dont see many of them sitting empty. They will have no problem absorbing that many.[/quote]

Nirvana is NOT MM. They are apples and oranges. The construction in Nirvana was mostly SFRs built on tract. Several of the condo complexes that were built there during the same era were simply to satisfy developers’ “low-income” housing requirements in exchange for permitting their “profit-making” SFR tracts.

The main thoroughfares in MM have been severely crowded for years (before I read about this here, I actually thought MM was built out). It didn’t really connect it my mind that the vacant land east of the cemetery was part of MM. Until consulting a current Thomas Guide, I guess I assumed it was in 92121, lol.

San Marcos IS comparable to MM in many ways. HOWEVER it had MUCH more open space available than MM did, but was not zoned for tract development until +/- ten years ago. Remember that SEH, San Marcos’ *new* master-planned community, houses its largest source of new population in the last decade. The land SEH sits on was NOT AVAILABLE for residential building before that as it surrounded a methane-producing longtime LANDFILL.

[bearishgurl]

[quote=AN]…I’m a established resident and I’m excited about the master plan. Not only will the master plan brings more parks and trails to the area, they will also bring in retail. Which means more restaurant options. Due to increase demand, this will, hopefully bring in more high end and more mom and pop restaurants. The masterplan is zoned in a way that bring the building up to the side walk, which will encourage walking. The retail will be mixed in with the residential to support both the residential and the workers working at the commercial areas.

Also, because of these two development, the main Mira Mesa park (corner of New Salem and Mira Mesa) will be completely rebuilt. It’s a $25M project and 2/3 of the cost will be footed by these two development. So, that’s a big improvement in quality of life for the current owners.[/quote]

AN, for you and your family’s sake, I hope the proposed developments turn out to be the assets to MM that you think they will be. Truly …. I DO!

But it sounds to me here as if you may have been lured into drinking from Big Developments’ lemonade stands. Chipping in $17M for a “community park” isn’t near enough consolation to a fairly small urban community for putting up with 9K+ more resident-vehicles, IMHO. The development(s) may very well be built as “walkable” communities but that doesn’t mean the tenants who rent there won’t own 1-2 vehicles per unit. Obviously, all these units will have to have parking. Hopefully, it will be underground. If most of the new residents will work in SV or the Golden Triangle, as everyone seems to think, than what’s the advantage of MM residents not needing to use freeways for their daily commute to work? All of them (incl the 9K or so EXTRA workers/vehicles) will be using the same surface streets during rush hours!

Maybe after MM is all built out with 6800 more units, lining up for the “two-vehs-per-green” fwy ramps will look like the better bet :=0

[an]

BG, FYI, they’ll be expanding Carroll Canyon to be another east/west feeder street with 3 lanes each side. So, I’m not worry about the 5000 people clogging up surface street. The way this development is placed, it would be a lot more convenient for those people to take Carroll Canyon or Miramar Rd. to go east or west to the freeway. So, it’s not going to add much traffic to MM Blvd. They’re also adding a DAR to Carroll Canyon to the 805 as well as realigning the on/off ramps. So, traffic around the 805 on/off ramp during traffic hours should be improved once they’re done. Again, I put a little more trust in the city planners as they approve projects, I’m sure they’ve done plenty of traffic study and they’ve planned for additional traffic. Also, they’re talking about extending the trolly along Carroll Canyon in the medium term to also help reduce congestion. Trolly will go through UTC and onto downtown.

Unlike you, I’m not afraid of increase density, as long as they’re keeping the SFR and condo area well defined and I don’t get a condo popping up next door to me where it’s currently a SFR. I’m actually looking forward to the increase density. Not only will they have more retail/restaurants for me to go to, there will be more money to improve various parks throughout Mira Mesa. It’s a win-win in my book.

[an]

[quote=flu][quote=sdrealtor]Location, location, location. Close to the jobs and good access to everything good about SD. In the last decade or so they built at least 2 times this many LARGE single family homes as well as thousands of condos in the Encinitas/South Carlsbad/SW San Marcos area. I dont see many of them sitting empty. They will have no problem absorbing that many.[/quote]

But it’s not 10 minutes to La Jolla!!!!!![/quote]
Funny that you mentioned this. Throughout my 4 years of driving to UCSD (La Jolla), there are quite a few times I can make it in 7 minutes :-P.

[an]

[quote=sdrealtor]Location, location, location. Close to the jobs and good access to everything good about SD. In the last decade or so they built at least 2 times this many LARGE single family homes as well as thousands of condos in the Encinitas/South Carlsbad/SW San Marcos area. I dont see many of them sitting empty. They will have no problem absorbing that many.[/quote]
Totally agree. Location, location, location. Especially if gas price keep on going up and traffic gets worse due to increase density in San Diego, people will want to live closer to work. There are quite a few companies in Mira Mesa.

[sdrealtor]

And more coming as the economy improves. We know where they arent going.

Also agree 100% with you on density. Its called progress but old timers longing for the good old days are living in the past. SD has grown up a lot in the last decade or two. It is a fabulous town and nationally more people know that than ever before. As bearish as I was on short term real estate between 2005 and 2010, I was always a raging bull for this area over the long term. Only good things ahead for our town!

[The-Shoveler]

You mean L.A. srd ?

wait does not everyone want to move to Austin TX, or Houston, I mean everyone want to move to Houston.

Just kidding..

[Author]

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