[an]

22203 Per ZipRealty @ 7:30 pm. Wow, that’s over 100 houses in 8 hrs.

[an]

We were looking at them last year when it was still apartments. It was going for around 1800 for 2/2 and 2100-2200 for 3/2. So, I wonder if they consider $350k – $400k for their 3/2 reasonable :-). I wound definitely jump on it for that price at today’s rate.

[an]

With an increase in energy cost, I would think people will start to scale back once they can’t count on their house ATM anymore. Once people have to live w/in their mean, it would be very hard to pay for the utility and fill up a McMansion.

[an]

I would think that as long as they’re making profit per house, if profit margin gets lower, they would have to build more than before to make up the difference. They’re publicly traded companies, so bottom line is earning. So one way or another, they’ll try their best to hit those earning, even if they have to lower the price and build more to hit it.

[an]

Here are the comps I see on that street with that model:
11336 Village Ridge Rd Sep 03 $485,000
11410 Village Ridge Rd Sep 04 $625,000
11404 Village Ridge Rd May 05 $625,000
11432 Village Ridge Rd Jul 05 $621,000
11438 Village Ridge Rd Dec 05 $610,000
11414 Village Ridge Rd Jan 06 $599,000

So it seems like this model on this street peaked @ $625k between Sep 04 and May 05. I guess $559k is a 6.6% drop from the last comp and 10.56% from the last sold price. The list price doesn’t look like an extreme bargain but definitely price to sell.

[an]

powayseller, I somewhat agree and disagree with your post. I don’t think you need a parent to be home all day. You just need parents to be home at decent hours, i.e. not work-aholic. I agree that you need parents who teach their kids values and put importants in education.

I don’t know about Chula Vista High or National City Hight, but I know Mira Mesa High had good test scores. Like I said, we were among the top in SD school district. That’s why we always had problem with getting proper funding because they think we don’t need it.

I agree kids from educationed parents are raised to value education. However, I know many who try to excel in school even though their parents had very limited education. It might be due to us being 2nd generation immigrants. In Mira Mesa High, there were plenty of students who try to excel, and I hang around with them. We took as many Honor/AP classes as we could. We even took classes at JC. I had friends who end up going to Ivy Leagues and do well in college just like they did in HS.

So, my point is, nurture has a lot more impact than nature. Environment will help you achieve a little bit more, but how the parents raise their kids is much more important. Like you said, mom at home is better than mom working night and day.

[an]

I completely agree with you mrquoi, and the numbers don’t lie. When I was in school, we always had problem getting money because we always rank near the top in test scores. I don’t know how it is now, but i’m sure it hasn’t changed much.

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Of course Scripps Ranch and Rancho Penesquitos is better, but it’s also more expensive. It’s like saying you shouldn’t buy in Scripps Ranch/Rancho Penesquitos because Carmel Valley is better. There’s always a better place to live for more money. I grew up in Mira Mesa, went to MMHS. Yes, there were gangs and there were fights. However, I wasn’t any near that stuff, went to UCSD and now have a nice comfortable job. So, yes, you can spend more a live in better place w/ better school, go for it. But it’s not the end of the world either if you can only afford to live in Mira Mesa. I can name much worse places. If you raise your kids well, I think it would be better if your kids are top 10-50 from a pretty good school than being in the middle of the pack in a better school. You can shine much more. When applying to colleges, I doubt they put that much weight in the school you graduate from but more on what your GPA is and what your SAT score is.

[an]

I’ve been following Mira Mesa very closely for the last year and a half. It seems like price has dropped about 10-15% from a year ago. So to me, it’s still very early to be buying. The big ARM reset hasn’t really started yet. I would personally wait till after 2007 to start seriously looking to buy. I prefer Sorrento Valley over Mira Mesa. You might look there too if you’re looking at Mira Mesa.

[an]

You might not be able to buy things with gold here in the US. However, places like Vietnam, big purchases are usually measured in gold. I’m not too sure about China or India. So there are places that you use gold to buy expensive things.

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I’d be interested. But of course, it all depends on the time. Let us know.

[an]

Glad to help out another 26 year old :-). I’m 26 myself.

[an]

I wouldn’t use IRA as a vehicle if you plan to use that money anytime soon. Only put $ in IRA if you plan to leave it in there till you retire, i.e. 59.5 yrs of age. Personally, I don’t really like CD right now either. With the online banking such as GMAC giving you 4.75% and your $ is totally liquid, there’s no need to tie it up in a CD for maybe .25% more. That’s why I’m doing now. All my $ are in GMAC making 4.75%. I can buy a house with that money at anytime and I don’t have to worry about penalty.

[an]

Very good post. I agree with your logic. I would definitely buy when I can get 25% less than current comps. The houses I’ve been looking at, 1600-1700sq-ft in Mira Mesa, were selling for $560-570k last year. Yesterday, I saw another one listing for $499k. When compare rent vs buy, it would make sense when it fall to $399k. So for me, that’s 20% drop. So 20%-25% drop is when I’ll jump in. Granted rates stays the same. If rates rise higher, then price would have to fall lower for it to make sense for me.

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I didn’t mean to say smarter, I guess I was just looking for the right word. But you’re right, it’s a matter of preference. I agree for those who work in Menifee, it would make perfect sense to live there. No point in commuting from SD to Menifee. There are golf courses in SD as well. But you’re right, it’s much more expensive here. What I’m trying to say is that it’s more than just the price of the house when you’re comparing the two cities and you work in SD. You would have to count in the cost of gas, the cost of your car dying more quickly, the cost of the time you sit in traffic (time is money).

I don’t think people are forced to move because of economical reasons. I think they chose to move because they want a bigger house. Which is a personal preference rather than economics. You can find a smaller house for $460k here as well.

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