[feraina]

[quote=noone]
Sq.Ft. | Closing | -15%
1,010 | $276,000 | $234,600
1,010 | $318,100 | $270,385
1,121 | $30,500,000 | $25,925,000
1,121 | $365,000 | $310,250
1,121 | $390,000 | $331,500
1,134 | $370,000 | $314,500
1,134 | $406,000 | $345,100
1,134 | $413,000 | $351,050
1,134 | $353,000 | $300,050
1,134 | $363,000 | $308,550
1,266 | $350,000 | $297,500
1,284 | $390,000 | $331,500
1,292 | $388,000 | $329,800
1,312 | $256,500 | $218,025
1,345 | $340,000 | $289,000
1,354 | $361,000 | $306,850
1,381 | $352,000 | $299,200
1,405 | $410,000 | $348,500
1,405 | $340,000 | $289,000
1,437 | $352,000 | $299,200
1,509 | $415 | $353
1,555 | $479,000 | $407,150
[/quote]

noone, thanks for compiling the stats. That’s very useful.

Are you not counting slightly bigger SFR’s?

Here’s a 3/2.5 (1737sf) townhouse that closed recently at $485K:
http://www.sdlookup.com/MLS-086013881-11146_Caminito_Inocenta_San_Diego_CA_92126

[feraina]

[quote=esmith]Right now on Craigslist there are 23 listings of 3BR and 4BR houses and condos in Rancho Bernardo, and 12 listings in Rancho Penasquitos, under $2000. I think everyone will agree that MM is cheaper than both RB and RP.[/quote]

Since I work at UCSD I haven’t even looked into Rancho Bernardo or Rancho Penasquito — b/t the gas price and commute time, I decided it wasn’t worth it. I’m sure the students would consider it even less: most don’t have cars, the buses aren’t free that far, and they prefer to live close to other students.

Maybe rental prices are seasonable, but most of the MM rentals change hands in the summer and ask for 1-yr leases, as do most rental markets near universities.

Rentals are even more expensive in UTC (relative to their buying prices), we found a 2BR condo for just under $1800 and we count ourselves lucky. I’m really just amazed at the volume of units that appear on Craigslist daily (hard to estimate how many are new, say 30), and somehow or other they all get rented.

I wouldn’t be surprised if investors are also going after the UTC/La Jolla condo market. Certainly a lot of the more interesting listings I looked at went pending recently.

[feraina]

[quote=esmith]Right now on Craigslist there are 23 listings of 3BR and 4BR houses and condos in Rancho Bernardo, and 12 listings in Rancho Penasquitos, under $2000. I think everyone will agree that MM is cheaper than both RB and RP.[/quote]

Since I work at UCSD I haven’t even looked into Rancho Bernardo or Rancho Penasquito — b/t the gas price and commute time, I decided it wasn’t worth it. I’m sure the students would consider it even less: most don’t have cars, the buses aren’t free that far, and they prefer to live close to other students.

Maybe rental prices are seasonable, but most of the MM rentals change hands in the summer and ask for 1-yr leases, as do most rental markets near universities.

Rentals are even more expensive in UTC (relative to their buying prices), we found a 2BR condo for just under $1800 and we count ourselves lucky. I’m really just amazed at the volume of units that appear on Craigslist daily (hard to estimate how many are new, say 30), and somehow or other they all get rented.

I wouldn’t be surprised if investors are also going after the UTC/La Jolla condo market. Certainly a lot of the more interesting listings I looked at went pending recently.

[feraina]

[quote=esmith]Right now on Craigslist there are 23 listings of 3BR and 4BR houses and condos in Rancho Bernardo, and 12 listings in Rancho Penasquitos, under $2000. I think everyone will agree that MM is cheaper than both RB and RP.[/quote]

Since I work at UCSD I haven’t even looked into Rancho Bernardo or Rancho Penasquito — b/t the gas price and commute time, I decided it wasn’t worth it. I’m sure the students would consider it even less: most don’t have cars, the buses aren’t free that far, and they prefer to live close to other students.

Maybe rental prices are seasonable, but most of the MM rentals change hands in the summer and ask for 1-yr leases, as do most rental markets near universities.

Rentals are even more expensive in UTC (relative to their buying prices), we found a 2BR condo for just under $1800 and we count ourselves lucky. I’m really just amazed at the volume of units that appear on Craigslist daily (hard to estimate how many are new, say 30), and somehow or other they all get rented.

I wouldn’t be surprised if investors are also going after the UTC/La Jolla condo market. Certainly a lot of the more interesting listings I looked at went pending recently.

[feraina]

[quote=esmith]Right now on Craigslist there are 23 listings of 3BR and 4BR houses and condos in Rancho Bernardo, and 12 listings in Rancho Penasquitos, under $2000. I think everyone will agree that MM is cheaper than both RB and RP.[/quote]

Since I work at UCSD I haven’t even looked into Rancho Bernardo or Rancho Penasquito — b/t the gas price and commute time, I decided it wasn’t worth it. I’m sure the students would consider it even less: most don’t have cars, the buses aren’t free that far, and they prefer to live close to other students.

Maybe rental prices are seasonable, but most of the MM rentals change hands in the summer and ask for 1-yr leases, as do most rental markets near universities.

Rentals are even more expensive in UTC (relative to their buying prices), we found a 2BR condo for just under $1800 and we count ourselves lucky. I’m really just amazed at the volume of units that appear on Craigslist daily (hard to estimate how many are new, say 30), and somehow or other they all get rented.

I wouldn’t be surprised if investors are also going after the UTC/La Jolla condo market. Certainly a lot of the more interesting listings I looked at went pending recently.

[feraina]

[quote=esmith]Right now on Craigslist there are 23 listings of 3BR and 4BR houses and condos in Rancho Bernardo, and 12 listings in Rancho Penasquitos, under $2000. I think everyone will agree that MM is cheaper than both RB and RP.[/quote]

Since I work at UCSD I haven’t even looked into Rancho Bernardo or Rancho Penasquito — b/t the gas price and commute time, I decided it wasn’t worth it. I’m sure the students would consider it even less: most don’t have cars, the buses aren’t free that far, and they prefer to live close to other students.

Maybe rental prices are seasonable, but most of the MM rentals change hands in the summer and ask for 1-yr leases, as do most rental markets near universities.

Rentals are even more expensive in UTC (relative to their buying prices), we found a 2BR condo for just under $1800 and we count ourselves lucky. I’m really just amazed at the volume of units that appear on Craigslist daily (hard to estimate how many are new, say 30), and somehow or other they all get rented.

I wouldn’t be surprised if investors are also going after the UTC/La Jolla condo market. Certainly a lot of the more interesting listings I looked at went pending recently.

[feraina]

[quote=maynard]Anyway, I don’t think that rental is a good comp for the MM rental market. While that is in one of nicer parts of MM, I couldn’t see it renting for more than 2100. I’d figure 1950 is more realistic.[/quote]

I agree that a sample of 1 is too small to rely on. But I’ve been tracking the rental market in MM for about a month, because I actually considered renting there, and this one doesn’t seem totally unreasonably priced to me. There was a 4/2 townhome (1800sf) in the Tierra Mesa complex, a neighbor of the 3/3 home I posted the link to before, and it was asking for $2200 on Craigslist and went very quickly — it’s an attached twin home with a tiny backyard/sideyard in a dense complex.

Here’s another 3/2 (townhome?) with a tiny yard asking for $2200:
http://sandiego.craigslist.org/csd/apa/747765648.html

I’m only interested in NW MM, which is maybe the most expensive part. I’m sad to report that after a month, I didn’t find a single 3BR house (with wooden floor, which is really important to us) in NW MM for under $2000. (Instead we’ll rent a 2BR condo in La Jolla.)

Still, there was a comment earlier about maybe the nicest 3/2’s in MM would land in the low 300’s, and I’m just not sure about that (though I would luuuuuuuurve for it to be true).

Nice 3/2’s in NW MM is asking for around $450K now. I’m hoping for another 15% drop, which would make it around $380K. SDR says in another current thread that he can’t see another 20% drop in MM prices unless there is some extraordinary external factor, like a large rise in unemployment or a big spike in mortgage rates. Oh, and he also says that lately investors have been mopping up the lower priced inventory in MM.

[feraina]

[quote=maynard]Anyway, I don’t think that rental is a good comp for the MM rental market. While that is in one of nicer parts of MM, I couldn’t see it renting for more than 2100. I’d figure 1950 is more realistic.[/quote]

I agree that a sample of 1 is too small to rely on. But I’ve been tracking the rental market in MM for about a month, because I actually considered renting there, and this one doesn’t seem totally unreasonably priced to me. There was a 4/2 townhome (1800sf) in the Tierra Mesa complex, a neighbor of the 3/3 home I posted the link to before, and it was asking for $2200 on Craigslist and went very quickly — it’s an attached twin home with a tiny backyard/sideyard in a dense complex.

Here’s another 3/2 (townhome?) with a tiny yard asking for $2200:
http://sandiego.craigslist.org/csd/apa/747765648.html

I’m only interested in NW MM, which is maybe the most expensive part. I’m sad to report that after a month, I didn’t find a single 3BR house (with wooden floor, which is really important to us) in NW MM for under $2000. (Instead we’ll rent a 2BR condo in La Jolla.)

Still, there was a comment earlier about maybe the nicest 3/2’s in MM would land in the low 300’s, and I’m just not sure about that (though I would luuuuuuuurve for it to be true).

Nice 3/2’s in NW MM is asking for around $450K now. I’m hoping for another 15% drop, which would make it around $380K. SDR says in another current thread that he can’t see another 20% drop in MM prices unless there is some extraordinary external factor, like a large rise in unemployment or a big spike in mortgage rates. Oh, and he also says that lately investors have been mopping up the lower priced inventory in MM.

[feraina]

[quote=maynard]Anyway, I don’t think that rental is a good comp for the MM rental market. While that is in one of nicer parts of MM, I couldn’t see it renting for more than 2100. I’d figure 1950 is more realistic.[/quote]

I agree that a sample of 1 is too small to rely on. But I’ve been tracking the rental market in MM for about a month, because I actually considered renting there, and this one doesn’t seem totally unreasonably priced to me. There was a 4/2 townhome (1800sf) in the Tierra Mesa complex, a neighbor of the 3/3 home I posted the link to before, and it was asking for $2200 on Craigslist and went very quickly — it’s an attached twin home with a tiny backyard/sideyard in a dense complex.

Here’s another 3/2 (townhome?) with a tiny yard asking for $2200:
http://sandiego.craigslist.org/csd/apa/747765648.html

I’m only interested in NW MM, which is maybe the most expensive part. I’m sad to report that after a month, I didn’t find a single 3BR house (with wooden floor, which is really important to us) in NW MM for under $2000. (Instead we’ll rent a 2BR condo in La Jolla.)

Still, there was a comment earlier about maybe the nicest 3/2’s in MM would land in the low 300’s, and I’m just not sure about that (though I would luuuuuuuurve for it to be true).

Nice 3/2’s in NW MM is asking for around $450K now. I’m hoping for another 15% drop, which would make it around $380K. SDR says in another current thread that he can’t see another 20% drop in MM prices unless there is some extraordinary external factor, like a large rise in unemployment or a big spike in mortgage rates. Oh, and he also says that lately investors have been mopping up the lower priced inventory in MM.

[feraina]

[quote=maynard]Anyway, I don’t think that rental is a good comp for the MM rental market. While that is in one of nicer parts of MM, I couldn’t see it renting for more than 2100. I’d figure 1950 is more realistic.[/quote]

I agree that a sample of 1 is too small to rely on. But I’ve been tracking the rental market in MM for about a month, because I actually considered renting there, and this one doesn’t seem totally unreasonably priced to me. There was a 4/2 townhome (1800sf) in the Tierra Mesa complex, a neighbor of the 3/3 home I posted the link to before, and it was asking for $2200 on Craigslist and went very quickly — it’s an attached twin home with a tiny backyard/sideyard in a dense complex.

Here’s another 3/2 (townhome?) with a tiny yard asking for $2200:
http://sandiego.craigslist.org/csd/apa/747765648.html

I’m only interested in NW MM, which is maybe the most expensive part. I’m sad to report that after a month, I didn’t find a single 3BR house (with wooden floor, which is really important to us) in NW MM for under $2000. (Instead we’ll rent a 2BR condo in La Jolla.)

Still, there was a comment earlier about maybe the nicest 3/2’s in MM would land in the low 300’s, and I’m just not sure about that (though I would luuuuuuuurve for it to be true).

Nice 3/2’s in NW MM is asking for around $450K now. I’m hoping for another 15% drop, which would make it around $380K. SDR says in another current thread that he can’t see another 20% drop in MM prices unless there is some extraordinary external factor, like a large rise in unemployment or a big spike in mortgage rates. Oh, and he also says that lately investors have been mopping up the lower priced inventory in MM.

[feraina]

[quote=maynard]Anyway, I don’t think that rental is a good comp for the MM rental market. While that is in one of nicer parts of MM, I couldn’t see it renting for more than 2100. I’d figure 1950 is more realistic.[/quote]

I agree that a sample of 1 is too small to rely on. But I’ve been tracking the rental market in MM for about a month, because I actually considered renting there, and this one doesn’t seem totally unreasonably priced to me. There was a 4/2 townhome (1800sf) in the Tierra Mesa complex, a neighbor of the 3/3 home I posted the link to before, and it was asking for $2200 on Craigslist and went very quickly — it’s an attached twin home with a tiny backyard/sideyard in a dense complex.

Here’s another 3/2 (townhome?) with a tiny yard asking for $2200:
http://sandiego.craigslist.org/csd/apa/747765648.html

I’m only interested in NW MM, which is maybe the most expensive part. I’m sad to report that after a month, I didn’t find a single 3BR house (with wooden floor, which is really important to us) in NW MM for under $2000. (Instead we’ll rent a 2BR condo in La Jolla.)

Still, there was a comment earlier about maybe the nicest 3/2’s in MM would land in the low 300’s, and I’m just not sure about that (though I would luuuuuuuurve for it to be true).

Nice 3/2’s in NW MM is asking for around $450K now. I’m hoping for another 15% drop, which would make it around $380K. SDR says in another current thread that he can’t see another 20% drop in MM prices unless there is some extraordinary external factor, like a large rise in unemployment or a big spike in mortgage rates. Oh, and he also says that lately investors have been mopping up the lower priced inventory in MM.

[feraina]

noone,

this MM 3/2 at 1600 sf is on Craigslist for $2350.
http://sandiego.craigslist.org/csd/apa/745496406.html

It’s not the newest, nicest, biggest in MM, and not even in a great area of MM. If the best would land around $325K, then this should land around $300K, making the price-to-rent ratio 10.6 (300/(2.35*12)), which seems way too low.

The historical norm for the price-to-rent ratio in SD, before the recent bubble, was around 16 (which makes this home $450K).

[feraina]

noone,

this MM 3/2 at 1600 sf is on Craigslist for $2350.
http://sandiego.craigslist.org/csd/apa/745496406.html

It’s not the newest, nicest, biggest in MM, and not even in a great area of MM. If the best would land around $325K, then this should land around $300K, making the price-to-rent ratio 10.6 (300/(2.35*12)), which seems way too low.

The historical norm for the price-to-rent ratio in SD, before the recent bubble, was around 16 (which makes this home $450K).

[feraina]

noone,

this MM 3/2 at 1600 sf is on Craigslist for $2350.
http://sandiego.craigslist.org/csd/apa/745496406.html

It’s not the newest, nicest, biggest in MM, and not even in a great area of MM. If the best would land around $325K, then this should land around $300K, making the price-to-rent ratio 10.6 (300/(2.35*12)), which seems way too low.

The historical norm for the price-to-rent ratio in SD, before the recent bubble, was around 16 (which makes this home $450K).

[feraina]

noone,

this MM 3/2 at 1600 sf is on Craigslist for $2350.
http://sandiego.craigslist.org/csd/apa/745496406.html

It’s not the newest, nicest, biggest in MM, and not even in a great area of MM. If the best would land around $325K, then this should land around $300K, making the price-to-rent ratio 10.6 (300/(2.35*12)), which seems way too low.

The historical norm for the price-to-rent ratio in SD, before the recent bubble, was around 16 (which makes this home $450K).

[Author]

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