World’s biggest real estate binge

[flyer]

Judging from the comments here, and the waiting lists we have for all of our rentals–especially the sfh’s–I’m guessing the Trulia charts are probably off.

Good news for all of us who already own properties, not so good for younger people looking to buy now and in the future, because once the land is gone–it’s gone.

[Coronita]

[quote=flyer]Judging from the comments here, and the waiting lists we have for all of our rentals–especially the sfh’s–I’m guessing the Trulia charts are probably off.

Good news for all of us who already own properties, not so good for younger people looking to buy now and in the future, because once the land is gone–it’s gone.[/quote]

Nah, they’ll just need to figure out newer ways to mint .dot.com millionaires.

[flyer]

My kids, who are millennials feel pretty much the same, flu–the sky’s the limit–but they’re still glad they got into real estate before prices in desirable areas went off the charts.

Properties that once cost thousands are now in the millions, but, as we all know, that’s just the way supply and demand work, and, hopefully future generations realize that.

[an]

[quote=flyer]My kids, who are millennials feel pretty much the same, flu–the sky’s the limit–but they’re still glad they got into real estate before prices in desirable areas went off the charts.

Properties that once cost thousands are now in the millions, but, as we all know, that’s just the way supply and demand work, and, hopefully future generations realize that.[/quote]Supply and demand didn’t cause properties from going from thousands to millions. The biggest reason is inflation.

[flyer]

Perhaps, more a combination of the two, per this article:

http://www.lao.ca.gov/reports/2015/finance/housing-costs/housing-costs.aspx

Either way, I’m going to guess if employment and population growth continue as previously discussed, when desirable locations in San Diego County and elsewhere in CA are built out, most likely, the net will continue to be higher prices going forward, and, per the OP’s theme of this thread, some will find it no problem to stay, while others may find it more financially prudent to leave.

[an]

I’m not denying that basic supply/demand caused some price appreciation in the past and in the future. However, my point is, to get from thousands to millions in a few decades, the only way to get there is inflation. To take this to the futures, the only way your millions $ home become a billion $ home, you have to have massive inflation. No amount of supply/demand can get you there.

[gzz]

Dylan is 180 units and on the site of Barnard Elementary school. Predictably San Diego sold the land at a crazy low price:

http://www.sandiegoreader.com/news/2014/nov/07/stringers-barnard-demolished-new-apartments/#

The former Cabrillo hospital on Wing St has been empty for many years. There is a 5-story building next door that is half empty that used to be doctor offices. I went on a tour 5 years ago when I was looking for office space. The hospital next door looked depressing.

Language education is a great source of clean jobs. I studied abroad at a language school when I was 17 and 18 and it was a wonderful experience, I am glad foreign students will be coming to San Diego to do the same.

http://www.sandiegouniontribune.com/news/politics/sd-me-hospital-school-20160922-story.html

–there was talk of the hospital potentially serving as a large homeless shelter or as temporary housing for refugees.–

That would not have been good for Peninsula property values! Now we just need to move SAN up to Miramar.

[bearishgurl]

[quote=gzz]Dylan is 180 units and on the site of Barnard Elementary school. Predictably San Diego sold the land at a crazy low price:

http://www.sandiegoreader.com/news/2014/nov/07/stringers-barnard-demolished-new-apartments/#

The former Cabrillo hospital on Wing St has been empty for many years. There is a 5-story building next door that is half empty that used to be doctor offices. I went on a tour 5 years ago when I was looking for office space. The hospital next door looked depressing.

Language education is a great source of clean jobs. I studied abroad at a language school when I was 17 and 18 and it was a wonderful experience, I am glad foreign students will be coming to San Diego to do the same.

http://www.sandiegouniontribune.com/news/politics/sd-me-hospital-school-20160922-story.html

–there was talk of the hospital potentially serving as a large homeless shelter or as temporary housing for refugees.–

That would not have been good for Peninsula property values! Now we just need to move SAN up to Miramar.[/quote]I’m not surprised that Pt Loma/Loma Portal hasn’t needed all the public elementary schools it had in the past decade-plus (it only has 2 MS’s and one HS). The area has become way too expensive for young families to buy into (esp for a SFR) and its longtime homeowners have staunchly stayed in their homes until their deaths and continue to do so. After their deaths, their homes were handed down to their (likely boomer) children (whose children were grown) pursuant to Props 58 and 193. The only reason Dewey Elem is still open is due to the remodel of the Gateway Village/Lincoln military housing complex (formerly “Gateway”) to add density and provide more units on NTC (former US Naval Base, now on city land). Otherwise, it would be closed, as well.

The exact same scenario is true of Central and Southwestern Chula Vista and Bonita which have at least FOUR elementary schools (and likely six) which could be closed down and the land sold to put money in the District’s coffers. These schools are filled to capacity due only to students traveling up from MX every day to fill them (after using “fake” US addresses to enroll). The few straggling students who actually still reside in these attendance areas (many with grandparents) could easily be bused to another elementary school (which would have room for them IF they weren’t taking in non-resident students by the droves). The CEA and the school administrators want to justify their hierarchies and student numbers at all costs. Therefore, they’re going to take students wherever they can get them by “overlooking” discrepancies and red flags they find when enrollment documents are presented to them by (purported) parents and “guardians,” many of whom cannot even speak English.

Families have not been moving into the “gentrified” older coastal urban areas of CA in any significant percentage since the eighties. Thus, there is no reason to have the number of elementary schools in operation in these areas. Other well-established cities, such as Denver, CO, began closing down elementary schools as early as the late ’80’s when there weren’t nearly enough students in their attendance areas to fill them. Even sitting empty, these public school buildings’ utility bills were huge … especially in winter (to keep the pipes from freezing). It made more sense to raze the buildings and sell the land to the city.

SD County school districts are great examples of Big Gubment when it is not needed (and hasn’t been needed for decade(s)) :=0

[bearishgurl]

[quote=gzz] . . .
–there was talk of the hospital potentially serving as a large homeless shelter or as temporary housing for refugees.–

That would not have been good for Peninsula property values! Now we just need to move SAN up to Miramar.[/quote]I hope this “talk” has been properly put to rest, gzz. Midway Drive already has enough rif-raff strolling around on it (with and without their backpacks and shopping carts) to completely fill Father Joe’s Villages. It doesn’t need any more … especially the temporary overnight “recalcitrant” homeless element who refuses to shelter (except on the less-than-handful extremely cold nights per year) because they want to be free to continue to drink and/or drug daily :=0

GOOD LUCK on the relocation of SAN. That plan has already been attempted and summarily rejected due to the ominous and dangerous presence of Otay Mountain on the eastern approach to Brown Field (proposed “SD Twinport” adjacent to Rodriguez Int’l Airport, Tijuana, BC (TIA)). See:

http://www.kpbs.org/news/2006/nov/06/san-diegos-airport-woes-have-long-history/

http://articles.latimes.com/1991-03-17/news/mn-852_1_band-members

[Author]

Posts