Forum Replies Created
-
AuthorPosts
-
February 29, 2012 at 4:09 PM in reply to: Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year #738963February 29, 2012 at 2:58 PM in reply to: Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year #738952
bearishgurl
Participant[quote=flu]BG, why would I say something that isn’t true…You see, I’m no longer just sitting in an office theorizing this stuff. I’ve been poking around in RB and MM for time. And yes, 1 bdrm in Mira Mesa is around $1200 for a decent place. …[/quote]
And herein lies the rub, flu. “Decent” means different things to different people. Those 1/1, 1 gar apts in Chula Vista for $850 – $900 are “court apts” on a busline built in the 50’s.
MM doesn’t have anything like that.
If a CV tenant wants “newish,” they can rent near Sharp CV Hospital or Otay Ranch for $1250 to $1500 for a 1 bdrm unit with a carport.
I don’t think CV rents are any cheaper (even though there are not nearly as many good jobs in Eastlake/Otay Mesa as in Sorrento Mesa/Valley). It too, is a very desirable place to live.
February 29, 2012 at 2:35 PM in reply to: Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year #738946Participant[quote=EmilyHicks]The roof of this house was not upgraded as houses in the entire area have tile roof.
view from this house:
[pics][/quote]
Emily, houses of this build quality, size, lot size and age in Chula Vista 91910 and 91913 cost about $325K to $350K.
February 29, 2012 at 2:26 PM in reply to: Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year #738945Participant[quote=sdrealtor]Is BGelgado the new MM expert in town?[/quote]
Don’t you have some work to do on the overpriced (possible) manufactured home near the RR tracks and adjacent to yet another holdout trailer park in “gridlocked Nirvana?”
After all, that is your “wheelhouse,” isn’t it?? Stick with what you know, why don’t you??
http://piggington.com/any_insights_on_this_house_andor_the_area
February 29, 2012 at 1:55 PM in reply to: OT-Contest to guess the occupant of beautiful new building in RSF #738942Participant[quote=briansd1]BG and CA renter, you guys need to give it up.
Just in SD, it used to be that 5% of city revenue went to pensions, now it’s 25%.
I’m a bleeding heart liberal and even I think that we need an adjustment. Personally, I’d rather money be spent on services for citizens than pensions for former employees. As far as I’m concerned, retirees can be hung out to dry. 1.3 millions citizens are more important than a few thousand retirees. Sorry, but we need to have our priorities straight.[/quote]
FWIW, brian, local public pensions weren’t calculated with the same (lucrative) formulas before 2002 and after 2010. A “new hire” in the local cities or County today will NOT receive anywhere near the “sweetheart deal” as those who converted to or were hired into between 2002 and 2010. Some jurisdictions have dropped their defined benefit plans altogether in favor of “457 plans.”
And in case you were wondering, my pension is calculated using a pre-2002 formula and is very, very modest, I can assure you.
February 29, 2012 at 1:41 PM in reply to: Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year #738940Participant[quote=AN]BG, lets take a step back and see what you said:
[quote=bearishgurl]Fundamentally, there is no reason for a 1980’s MM tract home to cost $400K+.[/quote]
This Bannister house was built in the 80s. So, you might say now that you’re not referring to the Bannister house, but it sounded like you did originally. Which is what flu and I are talking about, wrt to buying it for $300k. This house is not abutting to MM Blvd. It’s separated from MM Blvd. by a street and other house.
Most of MM are still in the $300k. So, they’re still available for FT homebuyers. However, this house is not for FT home buyers, unless you can come up with the cash.
Those three houses should sell for low $300k.
WRT rent, yes, that’s the going rate for an apartment in MM. If you’re talking about 1/1 with a garage, you have to go much higher than that.[/quote]
My statement was not referring to the Bannister tract home, per se, because it was built ’86 and on the western side (which was unbuilt at the time of the development of Black Mtn Road area) and had what appears to be an upgraded roof. However, I think $400K is a little too high for that one as well. IMO, it is worth $375K to $385K, but it recently sold for what it did.
It is possible that, like both you and brian both said, living in MM is a draw to workers in the Sorrento Mesa area because they would not be freeway-dependent for work purposes. I was simply stating that the construction quality of early MM is not equal to the construction quality of tracts in other parts of the county which are the same age. The construction quality is lesser in early MM, IMHO.
I’m glad you agree that there is a lot of FT buyer inventory to choose from in MM, whether currently listed or not.
February 29, 2012 at 1:24 PM in reply to: Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year #738934Participant[quote=briansd1] . . . “Moving on up” families won’t even consider Chula Vista. The growing sectors of the San Diego economy are tech, biotech, health care… Those jobs tend to be located north of I8, so it makes no sense to even think of McMillin houses in Chula Vista.[/quote]
There’s only one problem here, brian. First-time buyer families who have not saved 20% down for the property in the area they desire are NOT, in any way, shape or form “moving on up.” They are first-time buyers who have to start somewhere.
In SD County, there has always been an obvious disconnect between what a first time buyer can actually BUY with the resources they have and what they are claiming are the minimum requirements for their first home. This statement is just as true today (if not truer) as it was in 1975.
It is what it is and, as a FT buyer, you either accept the inventory available to you in SD County or live elsewhere.
February 29, 2012 at 1:15 PM in reply to: OT-Contest to guess the occupant of beautiful new building in RSF #738932Participant[quote=CA renter]Other public sector folks around here HAVE tried to explain how things work in the public sector. They HAVE tried to dispel the myths. They were the wise ones who realized that some people are NEVER going to change their minds, no matter how many times they are presented with FACTS that disprove their dogmatic assumptions. These other posters have wisely given up a long time ago. They have better things to do with their time, and many of them have left the blogs altogether, often because of the vitriolic posts aimed at very decent, hard-working public sector employees. I, OTOH, am obnoxiously tenacious. ;)[/quote]
Lol, CAR … I’m still waiting for all these Piggs who think the public sector is paid too much to go thru the application process themselves and then sign all the releases necessary to open up their private lives and credit reports to the PTB so that they, too, can get “selected” to make the BIG BUCKS and eventually become “vested” to collect an unconscionable pension!
Any takers???
Ah …. I didn’t think so … :=!
February 29, 2012 at 1:00 PM in reply to: Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year #738929Participant[quote=AN]I didn’t say those property are overpriced. I didn’t say they’re underpriced either. I was just giving the comparison between the properties you listed and the Banister house. I was trying to say, if the Banister house ever sell for $300k, then the properties you listed would/should be selling for low to mid $200k. I already said earlier in the thread that at low $400k, it’s a decent deal. At $300k, it would be a flaming deal (assuming today’s interest), considering it can probably rent for ~$2200/month.[/quote]
FWIW, AN, I never compared the Bannister house or its area to the even older areas I mentioned above. The Bannister house (abutting MM Blvd by 200 ft) is worth more than those two older areas and its area is newer.
I’m glad to see you’re chiming in here and stating what you think the actual value of Wah-Wah’s examples are. It is clear that MM still has some FT homebuyer properties available.
AN, why don’t you predict for us what these three listings will eventually sell for?
February 29, 2012 at 12:51 PM in reply to: Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year #738928Participant[quote=SD Realtor]Good thing there are some Mira Mesa experts here. I forgot is that one of those far flung areas as well? AN do you need to take the train to work?[/quote]
Personally, I don’t consider MM “far flung.” However, SR (your stomping ground) could be considered “far flung,” ESP the eastern part, including that lizard-inhabited “Stonebridge” ;=]
February 29, 2012 at 12:48 PM in reply to: Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year #738927Participant[quote=Wah-Wah][quote=flu]
Then when I checked at some rental prices. Man, now I know why qualified buyers and qualified investors our out in full force.Rent…
$1200/month for a 1bedroom in mira mesa? . . . [/quote]yup… crazy huh.[/quote]
Wow, amazing if true!!
A 1-bedroom apt with a one-car garage is $850 – $900 mo in dtn Chula Vista.
February 29, 2012 at 12:45 PM in reply to: Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year #738926Participant[quote=Wah-Wah][quote=AN][quote=flu]
BG, please help me find a comparable home in MM for $300k. If you’re successful, and I’d be happy to pay you 4% commission when I close :)[/quote]
I’ll one up you and would be willing to pay 5% commission, just for that would be fantastic deal :-D.[/quote]okay, I’m not BG but what about these?
http://www.redfin.com/CA/San-Diego/7874-Embry-Pt-92126/home/4857970
http://www.redfin.com/CA/San-Diego/7742-Flanders-Dr-92126/home/6282639
http://www.redfin.com/CA/San-Diego/7952-Goleta-Rd-92126/home/6398607
[/quote]Just saw this … Good job, Wah-Wah!
February 29, 2012 at 12:41 PM in reply to: Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year #738925Participant[quote=flu]BG, please help me find a comparable home in MM for $300k. If you’re successful, and I’d be happy to pay you 4% commission when I close :)[/quote]
flu, I don’t know why MM is not still a FT homebuyer area as it was for many years. It is mostly flat and parts of it are hot in the summer. However, there are plenty of FT homebuyer areas in the county where a SFR can be purchased for <=$300K. The FHA 203(b) program was not put in place to serve "move-up" and "luxury" buyers. Back in the 70's and 80's, MM was most definitely a first-time homebuyer area. The tracts north and west of MM Blvd and west of Blk Mtn Rd were FT homebuyer areas as well as those around the old Gemco store. IIRC, the tract west of Blk Mtn was not built with well-defined rooms but instead with very "open" floor plans (few walls) so had different floor coverings abutting one another. IIRC, both tracts were poorly insulated, had fairly cheap closet doors, and the tracts behind Gemco (West of Blk Mtn and north of Gold Coast Dr) had smallish lots with a hill behind them. I haven't checked but perhaps these older MM tracts are fetching more now because most properties have been totally remodeled over the years?? MM is entirely on tract. In comparison to other tracts in the county the same age, there are no redeeming qualities to the older stock there that would make them worth $400K+ today, IMO. For example, McMillin, a very well-known builder in south county, built VERY well-built homes of the same era as early MM (and a bit earlier) that are profoundly better-built than those two tracts I mentioned in MM. Most are on larger lots, some MUCH larger than MM. Many of these tract homes (91902, 91913), if listed, could be purchased today for $300K to $375K. Schools serving these homes are just as good or better than MM schools.
This post is not intended to discredit MM. It’s just making an apples-to-apples comparison of quality of construction, lot size, neighborhood and price.
First time buyers have to start somewhere if they have little or no downpayment and are forced to use the FHA or VA program. They can’t (and shouldn’t) have exactly what they want unless they have a substantial downpayment. Thus, there are areas they can move into which will give them a housing start in life. This is the way it has always been. Why should it be different now??
The VA (no downpayment) program should cap out at $350K in SD County, IMHO. That is more than adequate for the vast majority of active-duty first-time homebuyers whose spouses (if married) typically are not employed.
February 28, 2012 at 11:22 AM in reply to: Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year #738846Participant[quote=SD Realtor] . . . The people who bought it went FHA and then lost it… surprise surprise.[/quote]
I’ve always maintained that the maximum FHA loan should be no more than $300K in this region. The FHA 1-4 unit purchase program was originally put in place to serve first-time and/or moderate income buyers but has been used for move-up and luxury purchases in recent years because of inflated unrealistic caps.
I believe that at least half of MM (older half) fits this description but has been run up in price in recent years by too-high FHA and VA financing caps, as well as sub-prime money. Fundamentally, there is no reason for a 1980’s MM tract home to cost $400K+.
February 28, 2012 at 10:54 AM in reply to: Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year #738844Participant[quote=EmilyHicks]200 feet from back yard to MM Blvd.[/quote]
If this property is slightly elevated (20-30′) from MM Blvd, then it no doubt has a tremendous echo from the road.
-
AuthorPosts
