[an]

[quote=bearishgurl]Over the last year, I’ve read in several online articles and realty publications that Gen Y doesn’t want to commute to work. The majority of them prefer a convenient location over size and “newness.”

If this is actually true, it doesn’t bode too well for homeowners in lizardland.[/quote]
This doesn’t make any sense to me. If the Gen Y doesn’t like to commute, wouldn’t that bode well for homeowners in lizardland? After all, you can look at traffic patter to see where the jobs are.

[an]

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[an]

[quote=bearishgurl]AN, yeah, I think it’s crazy, too, but Sorrento Mesa is far more conveniently-located than those other areas you mention. A homeowner there can easily bike to work in a few minutes if they work in the Sorrento Mesa/Sorrento Valley area.

That’s probably the reason for all the buyer interest which is indicative of the prices they can fetch.[/quote]
Oh, I know about the location “convenience”. I live 11 blocks away from work. But still, I always thought people would never pay more per sq-ft for a MM than a RB home. But this doesn’t seem to be the case for new houses.

[an]

[quote=flu]One of my agent friends sold two recently to two of her customers. OTD was $680k (excluding builder incentives).[/quote]
At that price, its more expensive than 4s and del sur. That’s pretty crazy.

[an]

The real question is, are you buying a primary retirement home or an investment home? If it’s a primary resident, it’s much easier to make the numbers work, since you do need to live somewhere. Especially when you’re already 62 and the likelihood of you selling and moving into your retirement home is slim, since this would be your retirement home.

If you’re talking about buying it as investment, then these two areas would not give you the best ROI. With the 2 areas, condos will give you better ROI than SFR.

If you’re just talking about in general, how prices can go up if rate goes up, it would apply to all areas and not just CV and MM.

[an]

[quote=flu]Similar, my real estate friend just helped two people buy brand new homes in Mira Mira in the new Pardee communities. Closing price was $680k. Both families were Chinese, retiring…Both paid case for homes. So I recall some folks wondered who would be spending that much for a home in Mira Mesa… You have been answered.[/quote]
Wow, that’s crazy. That would put it at higher PPSF than 4S Ranch. I would have thought MM’s reputation would prevent that from happening. I guess I’m totally wrong.

[an]

$350/sq-ft, I’m assuming you’re referring to those smaller 1100 sq-ft SFR that’s fully remodeled. That’s definitely at the peak of price/sq-ft in MM. You can easily get low $200/sq-ft right now. You just have to settle for 80s interior and a larger home. The majority of the cost is the land. Also, people flock to the fully remodeled ones, so your competition is much higher there.

Also, like others have said, it really depends on why the rates went up. historically, when rate rises (by a lot), price also rises, due to inflation. Only time will tell. However, at this point in time, those low $200/sq-ft houses I’m talking about, PITI for those houses should be around $2100/month, while rent on those should be around $2400-2500. Also the ROI is not as good as a 1/1, it’s still cheaper to buy vs rent. This is before taking tax deduction into consideration.

[an]

[quote=Rhett]I don’t think anything more than 5 miles from the coast should be called “Coastal”, but I digress.[/quote]
Are we talking air or ground 5 miles?

[an]

[quote=no_such_reality]How’s the SD small unit market doing these days? Tri or fourplex market?

In OC, buying any rentals is nearly impossible, anything worth buying has 3 cash offers by noon the first day it shows up.[/quote]For the area that I know (MM), there are currently only 7-8 active condo for sale. Keep in mind that MM has a population of over 23k household and 74k people. Any that’s priced right will have several cash offers on the first day.

[an]

[quote=livinincali]I wasn’t actively looking. I was more curious as to how the tax credit was effecting the market back then. I figured MM was a prime candidate for measuring the tax credit. What I remembered was probably less than 2 months inventory and I was just using sdlookup’s numbers so if you excluded contingent and other things it might have been <1 month inventory. Inventory is constricted right now but back then I think it was worse. Just look at the numbers, people actually went ahead and overpaid for what was left then. Right now it seem buyers are more willing to pass on the overpriced listing and wait for a better one.[/quote]
I agree that there was a bump when the tax credit was expiring, which causes what looks like a big drop off in 2011. But if you smooth out the lines over the last 3 years, I stand by my statement that it's pretty much flat. WRT to sdloopup's inventory number, I don't believe that number now (I used to), due to the massive number of contingent. Although sdlookup is saying MM has a total of over 150 properties for sale, if you look on Redfin and only show active inventory, there's currently only 45 combined properties that's active. 7 of the 45 are condos. So, 45 combined properties is <1 month supply, since last month, there are 63 properties that closed. The total of ~150 total properties for sale today is only about 2.5 months of inventory. So that isn't any different than what you said was the situation in 2010.

So, my point is, I don't know if it's worse in 2010 than it is now. WRT to overpaying, I don't have any numbers to back it up, but based on what I saw and am seeing, I don't think people back then are overpaying more than people are today. This is running straight from memory (so I could be wrong), but if you compare apple to apple, price is pretty flat between 2010 and today. My gut is telling me something like this: http://www.redfin.com/CA/San-Diego/8151-Jade-Coast-Rd-92126/home/4852402 wouldn't have sold for over $400k in 2010. Or something like this: http://www.redfin.com/CA/San-Diego/10510-Parkdale-Ave-92126/home/4585282 selling for $400k.

[an]

[quote=livinincali][quote=flu]Prices have definitely gone up… Significantly….So has rent…And banks are no longer as stupid…Time to go back and play in the stock markets… :([/quote]

It’s all been relative in MM. Looking at the data it feels like prices went up a ton when compared to earlier this year. I happen to have MM data handy and this is what I have.

July 2012 Avg Price 305K, Avg Price/SF $238
February 2012 (low point) Avg Price 260K, Avg Price/SF $212
July 2011 Avg Price 316K, Avg Price/SF $230
Feb 2011 Avg Price 296K, Avg Price/SF $231
July 2010 (Wee tax credit expiration) Avg Price 343K, Price/SF $262
Feb 2010 Avg Price 325K, Avg Price/SF $237
July 2009 Avg Price 335K, Avg Price/SF $246

So we’re still running below 2009 which was supposedly the low, we’re pretty much in line with last year numbers and we’re significantly below the hotness that was the tax credit expiration. I remember 80 homes/condos in 92126 back in mid 2010, we’re double that now, but how quickly we seem to forget.

It feels hot now because of the significant decline in late 2011, but we’ve really only managed to get that decline back. Context is everything and it’s interesting that we tend to have such a short term focus on asset prices that we plan to hold for a long time.[/quote]
I agree with price hasn’t really gone up over the last 3 years. There are some up and down, but I think in general, when you compare apple to apple, they’re basically flat. Were you actively looking for condos back in 2010? Right now, there are only 7 condos that are active (or at least not status not changed to contingent yet) and most of them are way over priced. Supply can’t possibly be much worse than it is now.

[an]

[quote=AN][quote=AN][quote=AN][quote=sdrealtor][quote=AN]Talking about jobs in MM, looks like good time is here again: http://www.utsandiego.com/news/2012/jun/11/shire-add-several-hundred-biotech-jobs/?sciquest

Here’s another one, a block away: http://www.sdlookup.com/MLS-120028338-7815_Dancy_Rd_San_Diego_CA_92126. Went pending after a few days with multiple offers. Take a look at the interior. That’s straight out of the 80s. Take a look at the asking price too, that’s $50k more than the Feller Cv house. I guess that’s the difference between short sale and equity sale.[/quote]

Its a range price on Dancy from 450 to 500K. My guess would be closer to 450K but we will have to see. Shouldnt be much of a difference on final sales prices.[/quote]
Here’s another one, a few blocks away: http://www.sdlookup.com/MLS-120032791-10119_Parkdale_Ave_San_Diego_CA_92126. Exact same floor plan. Asking $425-450k and went pending after 2 weeks. The interior is also straight out of the 80s. My guess is, the Dancy one will close around $480k, the Feller and Parkdale ones will close around $450k.[/quote]
Dancy one just closed at $483k.[/quote]
Feller Cove just closed at $445k.[/quote]
Parkdale just closed at $465k. That’s $15k above my estimate.

[an]

[quote=mcfmauigirl]can some one tell what happens when your front door faces your back yard? if it’s good luck or bad and if bad what the reason and what can i do to fix it? I’m in a rental. and thank so much for answering.[/quote]
It supposed to mean money goes in and goes straight out. One way to fix it is either to move one of the door or add a wall in between. But if you’re talking about your rental with this “problem”, then there’s not much you can do, but move.

[an]

[quote=flu][quote=paramount]I had read in my manual that Mobil 1 was the only approved oil for my 328 (except BMW’s oil), but my filler cap has Castrol stamped on it.

At any rate, I went with Castrol Syntec 5w40.

And I completely agree it’s not just BMW that costs $100 for an oil change.

And I also agree that most BMW’s are leased or pre-owned.

My 328 was about the same cost as a new Corolla with 36k miles; but it ain’t no Corolla that’s for sure.

I was at a mini dealer (escondido) test driving a clubman s with a friend, and the salesman was telling me I could install a turbo, chip and put a performance exhaust and beat a 335.

I am definitely considering a chip, for some reason my 328 has a slight throttle hesitation that drives me crazy.

And by the way, there are a lot of 328’s on the road and for good reason, don’t try this in a Camry or Accord (155MPH in a 328 in California):

http://www.youtube.com/watch?v=6ePUUnowXwE%5B/quote%5D

By the time you add a chip, turbo, exhaust, and probably needed upgraded suspension and brakes + labor..All that money + selling your 328 would put you in a 335 with money left over to do budget tuning that would not make the tuned 328 close. Trust me on that one…Several friends did just that..Sell the 328/330 and got a 335.. Actually a lot of them got the 135 and tuned the crap out of that. The n54 in the 135/335 is easily tuned. The n20 in the newer 328 is easily tunable…

Chipping a non-turboed engine really won’t boost performance significantly and won’t be worth the money. You’re looking at 8-10hp gain at most.

http://www.burgertuning.com/products.html%5B/quote%5D
not to mention about smog. Modding a na car in ca sucks ball. My g35 with a turbo kit and coilovers would embarrass m3 but it would be a nightmare every 2 years, unless I have connections. Which I don’t. This is why my next car would have to be turbo. It’s much easier to put back the fuel map when its time to smog.

[an]

[quote=spdrun]Most modern cars have adequate power. If you want to go fast, far better to improve handling and brakes.[/quote]
Haha, my dad say the same thing about his late 90s camry.

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