What year was the road Camino del Sur built?

[earlyretirement]

HI BG,

Yeah, I figured that probably my screen name gave the wrong idea of my age..that’s why I mentioned it. I realize we’re not in the typical situation for our ages. Just lots of hard work over the years and a few successful companies (one of which I just sold to a larger multinational company).

Yeah, we will most likely stick around in the home we buy for 15+ years. We might have another child but that would be it. The property I listed in La Jolla is GORGEOUS and the style that I like. The materials look really great inside.

You’re right renovations are a pain! I’ve even done complete from scratch custom home builds for investors in the past and not sure how I survived! Ha ha. I always say, “never again”.

But properties like that in La Jolla I’m finding aren’t so easy to find and I really don’t want to go past our budget. I’m not as sure as you that the house in Muirlands will sell for within $100,000 of asking price. They just lowered the price it looks yesterday.

The extra yard space is nice but not a necessity for us. But I agree it’s GREAT that there aren’t any MR fees there. The schools are also great in La Jolla but it’s difficult to find a house that is renovated with the style we like for our budget in La Jolla.

I know that La Jolla will ALWAYS be desirable in the future so that part appeals to us.

I agree with you that even higher end areas like Santaluz can go downhill but I don’t see that as a high likelihood but I agree with you that La Jolla is a much more desirable area. Just an expensive area per sq. foot.

Again, I’m not too concerned about future capital appreciation. Sure I’d love to sell it higher once we sell it but it’s so far out I don’t really even think about that aspect of the investment as a primary concern right now. So many difficulties with the USA right now..hard to say what will happen in the next 15 years.

Fortunately we are fairly well diversified including owning properties outside of the USA. So if the crap really hits the fan, we have residency status in other countries. Our kids hold 3 passports from 3 different countries including USA passports.

Ideally we want at least 3,500 sq. foot which will be really tough in LJ for our price range in the condition we want.

[ocrenter]

early, the high HOA/MR is a double edged sword. the obvious of course is the high cost. but there are a lot of benefits on the flip side.

I find places like the Crosby and Santaluz are extremely well kept. the HOA is much stricter when it comes to a home’s maintenance. and really crack down and enforces the rules. as a result, there is no skimping on landscape maintenance on the part of the owners. it also raises the bar on would be owners too.

believe me, if I’m independently wealthy and the house would be completely paid off, I would certainly be drawn to Santaluz/Crosby.

[ocrenter]

early, the high HOA/MR is a double edged sword. the obvious of course is the high cost. but there are a lot of benefits on the flip side.

I find places like the Crosby and Santaluz are extremely well kept. the HOA is much stricter when it comes to a home’s maintenance. and really crack down and enforces the rules. as a result, there is no skimping on landscape maintenance on the part of the owners. it also raises the bar on would be owners too.

believe me, if I’m independently wealthy and the house would be completely paid off, I would certainly be drawn to Santaluz/Crosby.

[ocrenter]

early, the high HOA/MR is a double edged sword. the obvious of course is the high cost. but there are a lot of benefits on the flip side.

I find places like the Crosby and Santaluz are extremely well kept. the HOA is much stricter when it comes to a home’s maintenance. and really crack down and enforces the rules. as a result, there is no skimping on landscape maintenance on the part of the owners. it also raises the bar on would be owners too.

believe me, if I’m independently wealthy and the house would be completely paid off, I would certainly be drawn to Santaluz/Crosby.

[ocrenter]

early, the high HOA/MR is a double edged sword. the obvious of course is the high cost. but there are a lot of benefits on the flip side.

I find places like the Crosby and Santaluz are extremely well kept. the HOA is much stricter when it comes to a home’s maintenance. and really crack down and enforces the rules. as a result, there is no skimping on landscape maintenance on the part of the owners. it also raises the bar on would be owners too.

believe me, if I’m independently wealthy and the house would be completely paid off, I would certainly be drawn to Santaluz/Crosby.

[ocrenter]

early, the high HOA/MR is a double edged sword. the obvious of course is the high cost. but there are a lot of benefits on the flip side.

I find places like the Crosby and Santaluz are extremely well kept. the HOA is much stricter when it comes to a home’s maintenance. and really crack down and enforces the rules. as a result, there is no skimping on landscape maintenance on the part of the owners. it also raises the bar on would be owners too.

believe me, if I’m independently wealthy and the house would be completely paid off, I would certainly be drawn to Santaluz/Crosby.

[earlyretirement]

[quote=ocrenter]early, the high HOA/MR is a double edged sword. the obvious of course is the high cost. but there are a lot of benefits on the flip side.

I find places like the Crosby and Santaluz are extremely well kept. the HOA is much stricter when it comes to a home’s maintenance. and really crack down and enforces the rules. as a result, there is no skimping on landscape maintenance on the part of the owners. it also raises the bar on would be owners too.

believe me, if I’m independently wealthy and the house would be completely paid off, I would certainly be drawn to Santaluz/Crosby.[/quote]

OC,

Absolutely. How you think is how I also look at it as well. I’ve seen developments like this in other parts of the country and the world and very rarely does a high end project similar in nature go to crap. I’ve talked to people that live or have lived in the Santaluz area and they all rave about it (but complain about the high fees). I know the HOA association is strict but I look at that as a good thing as I know I won’t have to worry about a neighbor doing something that will disrupt the tranquility of the neighbors or have unsightly automobiles in front of the house, etc.

Also, it would be one thing if they were charging HOA and the development wasn’t a nice development but that doesn’t seem to be the case with Santaluz.

Other countries where we own property, there are no mortgages for the most part so it’s 100% cash. And I actually prefer that system than the almost ponzi scheme system in the USA where for many years anyone with a heartbeat could buy a house.

Even up until last year you had government programs like FHA, VA, etc. offering 3.5% downpayment mortgages. And back when they had the $8,500 first time buyer’s credit they were letting people use that as their down payment! That’s utter madness to me! I personally don’t think anyone that doesn’t have at least 20%-25% downpayment should be buying a home.

I actually moved out of the USA back when I saw my housekeeper that could barely speak English buying a $300,000 house with no money down and no documented income! I knew the system was going to crash once I saw that. So it was only a matter of WHEN not IF.

Once the government exits supporting the market, getting a mortgage will be a LOT tougher. And I don’t necessarily think that is a bad thing.

I really like areas/cities where mortgages don’t exist because the market is true and I know that prices are more realistic. In cities like Buenos Aires for example, there are not any mortgages for the most part. It’s all in cash. I don’t have to worry about my neighbors getting foreclosed on, someone being upside down on their property or negative equity…everyone that owns …owns outright with 100% equity. I like that fact.

I very seriously doubt the area will go downhill in the future in areas like Santaluz. Of course I can’t say for sure but I feel comfortable in that regard.

I don’t consider myself “independently wealthy”. I worked VERY hard for the money that I have since a very young age. I know my net worth is relatively high for my age but I’d say I’m far from independently wealthy. I’d say even being a multi-millionaire these days isn’t saying much. A million bucks isn’t what it used to be and inflation should become a problem in the future. A government can’t just keep printing money with no consequences.

But we do plan to buy our property with no mortgage so we won’t have to worry about that monthly expense. But we are potentially budgeting in for HOA/Mello Roos taxes.

Thanks again for your thoughts on the area. I’ve found many people are really down on the area without even visiting it. I’ve had realtors that have lived in SD all their lives tell me not to buy there…then when I ask them if they have ever visited they admit they haven’t which seems strange to me to advise against buying in an area without visiting it…..

[earlyretirement]

[quote=ocrenter]early, the high HOA/MR is a double edged sword. the obvious of course is the high cost. but there are a lot of benefits on the flip side.

I find places like the Crosby and Santaluz are extremely well kept. the HOA is much stricter when it comes to a home’s maintenance. and really crack down and enforces the rules. as a result, there is no skimping on landscape maintenance on the part of the owners. it also raises the bar on would be owners too.

believe me, if I’m independently wealthy and the house would be completely paid off, I would certainly be drawn to Santaluz/Crosby.[/quote]

OC,

Absolutely. How you think is how I also look at it as well. I’ve seen developments like this in other parts of the country and the world and very rarely does a high end project similar in nature go to crap. I’ve talked to people that live or have lived in the Santaluz area and they all rave about it (but complain about the high fees). I know the HOA association is strict but I look at that as a good thing as I know I won’t have to worry about a neighbor doing something that will disrupt the tranquility of the neighbors or have unsightly automobiles in front of the house, etc.

Also, it would be one thing if they were charging HOA and the development wasn’t a nice development but that doesn’t seem to be the case with Santaluz.

Other countries where we own property, there are no mortgages for the most part so it’s 100% cash. And I actually prefer that system than the almost ponzi scheme system in the USA where for many years anyone with a heartbeat could buy a house.

Even up until last year you had government programs like FHA, VA, etc. offering 3.5% downpayment mortgages. And back when they had the $8,500 first time buyer’s credit they were letting people use that as their down payment! That’s utter madness to me! I personally don’t think anyone that doesn’t have at least 20%-25% downpayment should be buying a home.

I actually moved out of the USA back when I saw my housekeeper that could barely speak English buying a $300,000 house with no money down and no documented income! I knew the system was going to crash once I saw that. So it was only a matter of WHEN not IF.

Once the government exits supporting the market, getting a mortgage will be a LOT tougher. And I don’t necessarily think that is a bad thing.

I really like areas/cities where mortgages don’t exist because the market is true and I know that prices are more realistic. In cities like Buenos Aires for example, there are not any mortgages for the most part. It’s all in cash. I don’t have to worry about my neighbors getting foreclosed on, someone being upside down on their property or negative equity…everyone that owns …owns outright with 100% equity. I like that fact.

I very seriously doubt the area will go downhill in the future in areas like Santaluz. Of course I can’t say for sure but I feel comfortable in that regard.

I don’t consider myself “independently wealthy”. I worked VERY hard for the money that I have since a very young age. I know my net worth is relatively high for my age but I’d say I’m far from independently wealthy. I’d say even being a multi-millionaire these days isn’t saying much. A million bucks isn’t what it used to be and inflation should become a problem in the future. A government can’t just keep printing money with no consequences.

But we do plan to buy our property with no mortgage so we won’t have to worry about that monthly expense. But we are potentially budgeting in for HOA/Mello Roos taxes.

Thanks again for your thoughts on the area. I’ve found many people are really down on the area without even visiting it. I’ve had realtors that have lived in SD all their lives tell me not to buy there…then when I ask them if they have ever visited they admit they haven’t which seems strange to me to advise against buying in an area without visiting it…..

[earlyretirement]

[quote=ocrenter]early, the high HOA/MR is a double edged sword. the obvious of course is the high cost. but there are a lot of benefits on the flip side.

I find places like the Crosby and Santaluz are extremely well kept. the HOA is much stricter when it comes to a home’s maintenance. and really crack down and enforces the rules. as a result, there is no skimping on landscape maintenance on the part of the owners. it also raises the bar on would be owners too.

believe me, if I’m independently wealthy and the house would be completely paid off, I would certainly be drawn to Santaluz/Crosby.[/quote]

OC,

Absolutely. How you think is how I also look at it as well. I’ve seen developments like this in other parts of the country and the world and very rarely does a high end project similar in nature go to crap. I’ve talked to people that live or have lived in the Santaluz area and they all rave about it (but complain about the high fees). I know the HOA association is strict but I look at that as a good thing as I know I won’t have to worry about a neighbor doing something that will disrupt the tranquility of the neighbors or have unsightly automobiles in front of the house, etc.

Also, it would be one thing if they were charging HOA and the development wasn’t a nice development but that doesn’t seem to be the case with Santaluz.

Other countries where we own property, there are no mortgages for the most part so it’s 100% cash. And I actually prefer that system than the almost ponzi scheme system in the USA where for many years anyone with a heartbeat could buy a house.

Even up until last year you had government programs like FHA, VA, etc. offering 3.5% downpayment mortgages. And back when they had the $8,500 first time buyer’s credit they were letting people use that as their down payment! That’s utter madness to me! I personally don’t think anyone that doesn’t have at least 20%-25% downpayment should be buying a home.

I actually moved out of the USA back when I saw my housekeeper that could barely speak English buying a $300,000 house with no money down and no documented income! I knew the system was going to crash once I saw that. So it was only a matter of WHEN not IF.

Once the government exits supporting the market, getting a mortgage will be a LOT tougher. And I don’t necessarily think that is a bad thing.

I really like areas/cities where mortgages don’t exist because the market is true and I know that prices are more realistic. In cities like Buenos Aires for example, there are not any mortgages for the most part. It’s all in cash. I don’t have to worry about my neighbors getting foreclosed on, someone being upside down on their property or negative equity…everyone that owns …owns outright with 100% equity. I like that fact.

I very seriously doubt the area will go downhill in the future in areas like Santaluz. Of course I can’t say for sure but I feel comfortable in that regard.

I don’t consider myself “independently wealthy”. I worked VERY hard for the money that I have since a very young age. I know my net worth is relatively high for my age but I’d say I’m far from independently wealthy. I’d say even being a multi-millionaire these days isn’t saying much. A million bucks isn’t what it used to be and inflation should become a problem in the future. A government can’t just keep printing money with no consequences.

But we do plan to buy our property with no mortgage so we won’t have to worry about that monthly expense. But we are potentially budgeting in for HOA/Mello Roos taxes.

Thanks again for your thoughts on the area. I’ve found many people are really down on the area without even visiting it. I’ve had realtors that have lived in SD all their lives tell me not to buy there…then when I ask them if they have ever visited they admit they haven’t which seems strange to me to advise against buying in an area without visiting it…..

[earlyretirement]

[quote=ocrenter]early, the high HOA/MR is a double edged sword. the obvious of course is the high cost. but there are a lot of benefits on the flip side.

I find places like the Crosby and Santaluz are extremely well kept. the HOA is much stricter when it comes to a home’s maintenance. and really crack down and enforces the rules. as a result, there is no skimping on landscape maintenance on the part of the owners. it also raises the bar on would be owners too.

believe me, if I’m independently wealthy and the house would be completely paid off, I would certainly be drawn to Santaluz/Crosby.[/quote]

OC,

Absolutely. How you think is how I also look at it as well. I’ve seen developments like this in other parts of the country and the world and very rarely does a high end project similar in nature go to crap. I’ve talked to people that live or have lived in the Santaluz area and they all rave about it (but complain about the high fees). I know the HOA association is strict but I look at that as a good thing as I know I won’t have to worry about a neighbor doing something that will disrupt the tranquility of the neighbors or have unsightly automobiles in front of the house, etc.

Also, it would be one thing if they were charging HOA and the development wasn’t a nice development but that doesn’t seem to be the case with Santaluz.

Other countries where we own property, there are no mortgages for the most part so it’s 100% cash. And I actually prefer that system than the almost ponzi scheme system in the USA where for many years anyone with a heartbeat could buy a house.

Even up until last year you had government programs like FHA, VA, etc. offering 3.5% downpayment mortgages. And back when they had the $8,500 first time buyer’s credit they were letting people use that as their down payment! That’s utter madness to me! I personally don’t think anyone that doesn’t have at least 20%-25% downpayment should be buying a home.

I actually moved out of the USA back when I saw my housekeeper that could barely speak English buying a $300,000 house with no money down and no documented income! I knew the system was going to crash once I saw that. So it was only a matter of WHEN not IF.

Once the government exits supporting the market, getting a mortgage will be a LOT tougher. And I don’t necessarily think that is a bad thing.

I really like areas/cities where mortgages don’t exist because the market is true and I know that prices are more realistic. In cities like Buenos Aires for example, there are not any mortgages for the most part. It’s all in cash. I don’t have to worry about my neighbors getting foreclosed on, someone being upside down on their property or negative equity…everyone that owns …owns outright with 100% equity. I like that fact.

I very seriously doubt the area will go downhill in the future in areas like Santaluz. Of course I can’t say for sure but I feel comfortable in that regard.

I don’t consider myself “independently wealthy”. I worked VERY hard for the money that I have since a very young age. I know my net worth is relatively high for my age but I’d say I’m far from independently wealthy. I’d say even being a multi-millionaire these days isn’t saying much. A million bucks isn’t what it used to be and inflation should become a problem in the future. A government can’t just keep printing money with no consequences.

But we do plan to buy our property with no mortgage so we won’t have to worry about that monthly expense. But we are potentially budgeting in for HOA/Mello Roos taxes.

Thanks again for your thoughts on the area. I’ve found many people are really down on the area without even visiting it. I’ve had realtors that have lived in SD all their lives tell me not to buy there…then when I ask them if they have ever visited they admit they haven’t which seems strange to me to advise against buying in an area without visiting it…..

[earlyretirement]

[quote=ocrenter]early, the high HOA/MR is a double edged sword. the obvious of course is the high cost. but there are a lot of benefits on the flip side.

I find places like the Crosby and Santaluz are extremely well kept. the HOA is much stricter when it comes to a home’s maintenance. and really crack down and enforces the rules. as a result, there is no skimping on landscape maintenance on the part of the owners. it also raises the bar on would be owners too.

believe me, if I’m independently wealthy and the house would be completely paid off, I would certainly be drawn to Santaluz/Crosby.[/quote]

OC,

Absolutely. How you think is how I also look at it as well. I’ve seen developments like this in other parts of the country and the world and very rarely does a high end project similar in nature go to crap. I’ve talked to people that live or have lived in the Santaluz area and they all rave about it (but complain about the high fees). I know the HOA association is strict but I look at that as a good thing as I know I won’t have to worry about a neighbor doing something that will disrupt the tranquility of the neighbors or have unsightly automobiles in front of the house, etc.

Also, it would be one thing if they were charging HOA and the development wasn’t a nice development but that doesn’t seem to be the case with Santaluz.

Other countries where we own property, there are no mortgages for the most part so it’s 100% cash. And I actually prefer that system than the almost ponzi scheme system in the USA where for many years anyone with a heartbeat could buy a house.

Even up until last year you had government programs like FHA, VA, etc. offering 3.5% downpayment mortgages. And back when they had the $8,500 first time buyer’s credit they were letting people use that as their down payment! That’s utter madness to me! I personally don’t think anyone that doesn’t have at least 20%-25% downpayment should be buying a home.

I actually moved out of the USA back when I saw my housekeeper that could barely speak English buying a $300,000 house with no money down and no documented income! I knew the system was going to crash once I saw that. So it was only a matter of WHEN not IF.

Once the government exits supporting the market, getting a mortgage will be a LOT tougher. And I don’t necessarily think that is a bad thing.

I really like areas/cities where mortgages don’t exist because the market is true and I know that prices are more realistic. In cities like Buenos Aires for example, there are not any mortgages for the most part. It’s all in cash. I don’t have to worry about my neighbors getting foreclosed on, someone being upside down on their property or negative equity…everyone that owns …owns outright with 100% equity. I like that fact.

I very seriously doubt the area will go downhill in the future in areas like Santaluz. Of course I can’t say for sure but I feel comfortable in that regard.

I don’t consider myself “independently wealthy”. I worked VERY hard for the money that I have since a very young age. I know my net worth is relatively high for my age but I’d say I’m far from independently wealthy. I’d say even being a multi-millionaire these days isn’t saying much. A million bucks isn’t what it used to be and inflation should become a problem in the future. A government can’t just keep printing money with no consequences.

But we do plan to buy our property with no mortgage so we won’t have to worry about that monthly expense. But we are potentially budgeting in for HOA/Mello Roos taxes.

Thanks again for your thoughts on the area. I’ve found many people are really down on the area without even visiting it. I’ve had realtors that have lived in SD all their lives tell me not to buy there…then when I ask them if they have ever visited they admit they haven’t which seems strange to me to advise against buying in an area without visiting it…..

[bearishgurl]

[quote=earlyretirement]…I’ve had realtors that have lived in SD all their lives tell me not to buy there…then when I ask them if they have ever visited they admit they haven’t which seems strange to me to advise against buying in an area without visiting it…..[/quote]

ER, the reason long-time resident or native realtors are telling you this is because they have SEEN more than a few RE cycles around here and more than a few developments lose value rapidly and even developments go under while still in various phases of construction! I know I have.

RE in CA coastal counties is priced based upon location. Location, not size of bldg, is the main driver of price and this will never change. After location, size of lot is the second driver of price.

The area you are looking in is an untested, far flung area. Its zip code was not even annexed into the City of SD until about 2002. And that is when the entire area was still largely vacant! I have no doubt the developers of this area picked up all this land for a song and then pawned all the necessary improvements off on their buyers in the form of exorbitant MR bonds after subdividing it (into minuscule lots).

Here is a SD General Plan map dated 2000.

http://www.sandiego.gov/planning/genplan/pdf/generalplan/lu3planarea.pdf

A mere 8-9 years of “market history” in 92127 indicates that the vast majority of homeowners there are either currently underwater, not underwater but lost a huge downpayment, are currently trying to sell short or have lost their properties to foreclosure.

After perusing SDlookup today, it appears to me that the the typical owner of an improved lot in Santaluz has lost an average of $300K in “equity” in the last six years.

That’s not even considering the $120K to $140K that they have sunk into MR and HOA dues in that period of time, assuming they are still current on both.

Without all of the “exotic” financing you just mentioned (which was handed out to anyone who could fog a mirror in recent years), there is NO WAY homes on those size lots with that level of MR encumbrance would have fetched anywhere near the prices they did (especially the spartan and badly designed/poorly appointed ones). Yes, there are some of these in the current SDLookup actives.

No offense to any Pigg who owns there but it is what it is. It is also located where it is with limited in/out access and with the vast bulk of residents commuting to work every day. These are elements that you can’t change.

For this reason, 4S and surrounds will never be able to compete in desirability with SD County’s finest urban and/or coastal communities

ER, I think you will learn a GREAT DEAL by coming here and driving around. There is no better RE education than that gleaned from the street. Give these realtors who “advised you” a little bit of credit. They know what they know first hand, have been on the ground here for decades and you haven’t. There’s no substitute for that experience.

[bearishgurl]

[quote=earlyretirement]…I’ve had realtors that have lived in SD all their lives tell me not to buy there…then when I ask them if they have ever visited they admit they haven’t which seems strange to me to advise against buying in an area without visiting it…..[/quote]

ER, the reason long-time resident or native realtors are telling you this is because they have SEEN more than a few RE cycles around here and more than a few developments lose value rapidly and even developments go under while still in various phases of construction! I know I have.

RE in CA coastal counties is priced based upon location. Location, not size of bldg, is the main driver of price and this will never change. After location, size of lot is the second driver of price.

The area you are looking in is an untested, far flung area. Its zip code was not even annexed into the City of SD until about 2002. And that is when the entire area was still largely vacant! I have no doubt the developers of this area picked up all this land for a song and then pawned all the necessary improvements off on their buyers in the form of exorbitant MR bonds after subdividing it (into minuscule lots).

Here is a SD General Plan map dated 2000.

http://www.sandiego.gov/planning/genplan/pdf/generalplan/lu3planarea.pdf

A mere 8-9 years of “market history” in 92127 indicates that the vast majority of homeowners there are either currently underwater, not underwater but lost a huge downpayment, are currently trying to sell short or have lost their properties to foreclosure.

After perusing SDlookup today, it appears to me that the the typical owner of an improved lot in Santaluz has lost an average of $300K in “equity” in the last six years.

That’s not even considering the $120K to $140K that they have sunk into MR and HOA dues in that period of time, assuming they are still current on both.

Without all of the “exotic” financing you just mentioned (which was handed out to anyone who could fog a mirror in recent years), there is NO WAY homes on those size lots with that level of MR encumbrance would have fetched anywhere near the prices they did (especially the spartan and badly designed/poorly appointed ones). Yes, there are some of these in the current SDLookup actives.

No offense to any Pigg who owns there but it is what it is. It is also located where it is with limited in/out access and with the vast bulk of residents commuting to work every day. These are elements that you can’t change.

For this reason, 4S and surrounds will never be able to compete in desirability with SD County’s finest urban and/or coastal communities

ER, I think you will learn a GREAT DEAL by coming here and driving around. There is no better RE education than that gleaned from the street. Give these realtors who “advised you” a little bit of credit. They know what they know first hand, have been on the ground here for decades and you haven’t. There’s no substitute for that experience.

[bearishgurl]

[quote=earlyretirement]…I’ve had realtors that have lived in SD all their lives tell me not to buy there…then when I ask them if they have ever visited they admit they haven’t which seems strange to me to advise against buying in an area without visiting it…..[/quote]

ER, the reason long-time resident or native realtors are telling you this is because they have SEEN more than a few RE cycles around here and more than a few developments lose value rapidly and even developments go under while still in various phases of construction! I know I have.

RE in CA coastal counties is priced based upon location. Location, not size of bldg, is the main driver of price and this will never change. After location, size of lot is the second driver of price.

The area you are looking in is an untested, far flung area. Its zip code was not even annexed into the City of SD until about 2002. And that is when the entire area was still largely vacant! I have no doubt the developers of this area picked up all this land for a song and then pawned all the necessary improvements off on their buyers in the form of exorbitant MR bonds after subdividing it (into minuscule lots).

Here is a SD General Plan map dated 2000.

http://www.sandiego.gov/planning/genplan/pdf/generalplan/lu3planarea.pdf

A mere 8-9 years of “market history” in 92127 indicates that the vast majority of homeowners there are either currently underwater, not underwater but lost a huge downpayment, are currently trying to sell short or have lost their properties to foreclosure.

After perusing SDlookup today, it appears to me that the the typical owner of an improved lot in Santaluz has lost an average of $300K in “equity” in the last six years.

That’s not even considering the $120K to $140K that they have sunk into MR and HOA dues in that period of time, assuming they are still current on both.

Without all of the “exotic” financing you just mentioned (which was handed out to anyone who could fog a mirror in recent years), there is NO WAY homes on those size lots with that level of MR encumbrance would have fetched anywhere near the prices they did (especially the spartan and badly designed/poorly appointed ones). Yes, there are some of these in the current SDLookup actives.

No offense to any Pigg who owns there but it is what it is. It is also located where it is with limited in/out access and with the vast bulk of residents commuting to work every day. These are elements that you can’t change.

For this reason, 4S and surrounds will never be able to compete in desirability with SD County’s finest urban and/or coastal communities

ER, I think you will learn a GREAT DEAL by coming here and driving around. There is no better RE education than that gleaned from the street. Give these realtors who “advised you” a little bit of credit. They know what they know first hand, have been on the ground here for decades and you haven’t. There’s no substitute for that experience.

[bearishgurl]

[quote=earlyretirement]…I’ve had realtors that have lived in SD all their lives tell me not to buy there…then when I ask them if they have ever visited they admit they haven’t which seems strange to me to advise against buying in an area without visiting it…..[/quote]

ER, the reason long-time resident or native realtors are telling you this is because they have SEEN more than a few RE cycles around here and more than a few developments lose value rapidly and even developments go under while still in various phases of construction! I know I have.

RE in CA coastal counties is priced based upon location. Location, not size of bldg, is the main driver of price and this will never change. After location, size of lot is the second driver of price.

The area you are looking in is an untested, far flung area. Its zip code was not even annexed into the City of SD until about 2002. And that is when the entire area was still largely vacant! I have no doubt the developers of this area picked up all this land for a song and then pawned all the necessary improvements off on their buyers in the form of exorbitant MR bonds after subdividing it (into minuscule lots).

Here is a SD General Plan map dated 2000.

http://www.sandiego.gov/planning/genplan/pdf/generalplan/lu3planarea.pdf

A mere 8-9 years of “market history” in 92127 indicates that the vast majority of homeowners there are either currently underwater, not underwater but lost a huge downpayment, are currently trying to sell short or have lost their properties to foreclosure.

After perusing SDlookup today, it appears to me that the the typical owner of an improved lot in Santaluz has lost an average of $300K in “equity” in the last six years.

That’s not even considering the $120K to $140K that they have sunk into MR and HOA dues in that period of time, assuming they are still current on both.

Without all of the “exotic” financing you just mentioned (which was handed out to anyone who could fog a mirror in recent years), there is NO WAY homes on those size lots with that level of MR encumbrance would have fetched anywhere near the prices they did (especially the spartan and badly designed/poorly appointed ones). Yes, there are some of these in the current SDLookup actives.

No offense to any Pigg who owns there but it is what it is. It is also located where it is with limited in/out access and with the vast bulk of residents commuting to work every day. These are elements that you can’t change.

For this reason, 4S and surrounds will never be able to compete in desirability with SD County’s finest urban and/or coastal communities

ER, I think you will learn a GREAT DEAL by coming here and driving around. There is no better RE education than that gleaned from the street. Give these realtors who “advised you” a little bit of credit. They know what they know first hand, have been on the ground here for decades and you haven’t. There’s no substitute for that experience.

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