waiting to buy–what is a target price per sq ft?

[jimcav]

hello all,
am brand new to the forum, but have been reading here this week. we are moving to SD this summer. plan to rent for awhile. my son starts kindergarten this year. so we are looking at renting to allow him to go to grant in mission hills, or pt loma for sunset or silver gate elementary. i will work on cornado, but rent is too much there–i commute by bicycle, so poway and such are far for me. I have a hard time seeing how buying is better than renting once prices are over 300-350 per sq ft. is that a possible price point in the next 2-4 years? if not, what is in those areas?
thanks
jim

[stansd]

I’ll speak in broad generalities. I live in Rancho Bernardo, near Poway, and I’m seeing prices dip below $300/Sq. foot in a number of instances here already.

I did a regression once, and the size of the house makes a huge difference. I think at one point, I found that once you get beyond 1,800 sqare feet or so, the marginal cost per square foot is only $150 or so.

This would explain in my area why you can get a 1,500 square foot house for 500K, a 2,000 square foot house for 650K, or a 3,000 square foot house for 800K.

If you want to live on the coast, you may struggle to hit that price point.

Zillow has some really cool heat maps…Go to http://www.zillow.com. Type in san diego, ca. Then, in the box in the upper right hand corner of the map, type heat map. It will show you exactly what you are looking for.

Current take is that you’ll need to go inland to hit that price point. Everyone here will tell you to rent. I am renting on the belief that we have another 20% to go before bottom.

Zac

[stansd]

I’ll speak in broad generalities. I live in Rancho Bernardo, near Poway, and I’m seeing prices dip below $300/Sq. foot in a number of instances here already.

I did a regression once, and the size of the house makes a huge difference. I think at one point, I found that once you get beyond 1,800 sqare feet or so, the marginal cost per square foot is only $150 or so.

This would explain in my area why you can get a 1,500 square foot house for 500K, a 2,000 square foot house for 650K, or a 3,000 square foot house for 800K.

If you want to live on the coast, you may struggle to hit that price point.

Zillow has some really cool heat maps…Go to http://www.zillow.com. Type in san diego, ca. Then, in the box in the upper right hand corner of the map, type heat map. It will show you exactly what you are looking for.

Current take is that you’ll need to go inland to hit that price point. Everyone here will tell you to rent. I am renting on the belief that we have another 20% to go before bottom.

Zac

[stansd]

I’ll speak in broad generalities. I live in Rancho Bernardo, near Poway, and I’m seeing prices dip below $300/Sq. foot in a number of instances here already.

I did a regression once, and the size of the house makes a huge difference. I think at one point, I found that once you get beyond 1,800 sqare feet or so, the marginal cost per square foot is only $150 or so.

This would explain in my area why you can get a 1,500 square foot house for 500K, a 2,000 square foot house for 650K, or a 3,000 square foot house for 800K.

If you want to live on the coast, you may struggle to hit that price point.

Zillow has some really cool heat maps…Go to http://www.zillow.com. Type in san diego, ca. Then, in the box in the upper right hand corner of the map, type heat map. It will show you exactly what you are looking for.

Current take is that you’ll need to go inland to hit that price point. Everyone here will tell you to rent. I am renting on the belief that we have another 20% to go before bottom.

Zac

[stansd]

I’ll speak in broad generalities. I live in Rancho Bernardo, near Poway, and I’m seeing prices dip below $300/Sq. foot in a number of instances here already.

I did a regression once, and the size of the house makes a huge difference. I think at one point, I found that once you get beyond 1,800 sqare feet or so, the marginal cost per square foot is only $150 or so.

This would explain in my area why you can get a 1,500 square foot house for 500K, a 2,000 square foot house for 650K, or a 3,000 square foot house for 800K.

If you want to live on the coast, you may struggle to hit that price point.

Zillow has some really cool heat maps…Go to http://www.zillow.com. Type in san diego, ca. Then, in the box in the upper right hand corner of the map, type heat map. It will show you exactly what you are looking for.

Current take is that you’ll need to go inland to hit that price point. Everyone here will tell you to rent. I am renting on the belief that we have another 20% to go before bottom.

Zac

[stansd]

I’ll speak in broad generalities. I live in Rancho Bernardo, near Poway, and I’m seeing prices dip below $300/Sq. foot in a number of instances here already.

I did a regression once, and the size of the house makes a huge difference. I think at one point, I found that once you get beyond 1,800 sqare feet or so, the marginal cost per square foot is only $150 or so.

This would explain in my area why you can get a 1,500 square foot house for 500K, a 2,000 square foot house for 650K, or a 3,000 square foot house for 800K.

If you want to live on the coast, you may struggle to hit that price point.

Zillow has some really cool heat maps…Go to http://www.zillow.com. Type in san diego, ca. Then, in the box in the upper right hand corner of the map, type heat map. It will show you exactly what you are looking for.

Current take is that you’ll need to go inland to hit that price point. Everyone here will tell you to rent. I am renting on the belief that we have another 20% to go before bottom.

Zac

[patientlywaiting]

standsd, i like how you think in terms of base price per square foot, then marginal price per square foot.

In broad terms, I would not even look at buying right now. Watch the national economy, the local and the coming recession. When we are in the depth of the recession, evaluate how much you want to pay for a house.

Just suck it up and rent for now.

There are too many factors that will affect prices (interest rates, bailouts, recession, etc..). The reasonable price you come up with today won’t be reasonable a couple years from now.

Did you see the 1999 prices in the Temecula thread? Don’t you think that the pain train will chu chu southward and westward?

[patientlywaiting]

standsd, i like how you think in terms of base price per square foot, then marginal price per square foot.

In broad terms, I would not even look at buying right now. Watch the national economy, the local and the coming recession. When we are in the depth of the recession, evaluate how much you want to pay for a house.

Just suck it up and rent for now.

There are too many factors that will affect prices (interest rates, bailouts, recession, etc..). The reasonable price you come up with today won’t be reasonable a couple years from now.

Did you see the 1999 prices in the Temecula thread? Don’t you think that the pain train will chu chu southward and westward?

[patientlywaiting]

standsd, i like how you think in terms of base price per square foot, then marginal price per square foot.

In broad terms, I would not even look at buying right now. Watch the national economy, the local and the coming recession. When we are in the depth of the recession, evaluate how much you want to pay for a house.

Just suck it up and rent for now.

There are too many factors that will affect prices (interest rates, bailouts, recession, etc..). The reasonable price you come up with today won’t be reasonable a couple years from now.

Did you see the 1999 prices in the Temecula thread? Don’t you think that the pain train will chu chu southward and westward?

[patientlywaiting]

standsd, i like how you think in terms of base price per square foot, then marginal price per square foot.

In broad terms, I would not even look at buying right now. Watch the national economy, the local and the coming recession. When we are in the depth of the recession, evaluate how much you want to pay for a house.

Just suck it up and rent for now.

There are too many factors that will affect prices (interest rates, bailouts, recession, etc..). The reasonable price you come up with today won’t be reasonable a couple years from now.

Did you see the 1999 prices in the Temecula thread? Don’t you think that the pain train will chu chu southward and westward?

[patientlywaiting]

standsd, i like how you think in terms of base price per square foot, then marginal price per square foot.

In broad terms, I would not even look at buying right now. Watch the national economy, the local and the coming recession. When we are in the depth of the recession, evaluate how much you want to pay for a house.

Just suck it up and rent for now.

There are too many factors that will affect prices (interest rates, bailouts, recession, etc..). The reasonable price you come up with today won’t be reasonable a couple years from now.

Did you see the 1999 prices in the Temecula thread? Don’t you think that the pain train will chu chu southward and westward?

[jimcav]

zac, thanks–i’d want 1500 sq ft minimum, and currently houses that feed the schools i want are over 700k, which to me is just too high. 600k 30yr fixed mortgage is going to run at least 3500 plus insurance,taxes, closer to 4500 total. comparable or bigger homes renting is possible at under 3k/mo in those areas (mission hills, pt loma).

does anyone see pt loma and mission hills reaching $300 per sq ft w/n 2-3 years?
thanks
jim

[jimcav]

zac, thanks–i’d want 1500 sq ft minimum, and currently houses that feed the schools i want are over 700k, which to me is just too high. 600k 30yr fixed mortgage is going to run at least 3500 plus insurance,taxes, closer to 4500 total. comparable or bigger homes renting is possible at under 3k/mo in those areas (mission hills, pt loma).

does anyone see pt loma and mission hills reaching $300 per sq ft w/n 2-3 years?
thanks
jim

[jimcav]

zac, thanks–i’d want 1500 sq ft minimum, and currently houses that feed the schools i want are over 700k, which to me is just too high. 600k 30yr fixed mortgage is going to run at least 3500 plus insurance,taxes, closer to 4500 total. comparable or bigger homes renting is possible at under 3k/mo in those areas (mission hills, pt loma).

does anyone see pt loma and mission hills reaching $300 per sq ft w/n 2-3 years?
thanks
jim

[jimcav]

zac, thanks–i’d want 1500 sq ft minimum, and currently houses that feed the schools i want are over 700k, which to me is just too high. 600k 30yr fixed mortgage is going to run at least 3500 plus insurance,taxes, closer to 4500 total. comparable or bigger homes renting is possible at under 3k/mo in those areas (mission hills, pt loma).

does anyone see pt loma and mission hills reaching $300 per sq ft w/n 2-3 years?
thanks
jim

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