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flyer
ParticipantReally enjoy seeing the evolution of the San Diego we have known, loved, and enjoyed to the max for generations. If the current upward trends continue, it appears San Diego will continue to grow into a very elite and coveted destination to live, work, retire etc., etc.–especially with all of the newbies (better late than never) fueling the ascent. This path, of course, will have it’s pros and cons, so it will be interesting to see what the future brings.
ParticipantRight. Probably more accurate to say, of the choices available to each of us, we’re free to spend money on them as we choose. Still a great option, imo.
ParticipantExactly. I wondered about that, too, but that was what our friends told us. Guess they’re happy with their choice, so it all worked out. As was mentioned, thankfully, we’re all free to make our own choices in this Country.
ParticipantMy post was about our friends kids recently buying in CV vs MM, based upon their preferences. Good or bad, that was their choice. Others make other choices, which is probably great for them. We lived in CV many years ago, and still have rentals there, but haven’t lived there for quite awhile.
ParticipantSo true.
ParticipantGood to hear all the feedback–really didn’t know much about it. Our friends kids made their choice in CV and those who choose MM will make theirs. Hope it works out for all of them.
ParticipantSome friends inquired for their kids, and found the developments will, most likely, not be in their desired school districts, so they bought in CV. Don’t know if that will become an issue for potential buyers in those MM developments, but for those who want specific school districts for their kids, as many do, it might.
ParticipantSent you a PM, with one possibility. Rarely recommend anyone for many reasons, and because we handle all of our own RE transactions within our family. Best to interview various people. The realtor I mentioned mostly handles LJ, including Soledad South, so, although you’re in PB it still might be worth talking to him.
ParticipantThat is a great story. Congratulations on your success. Although we enjoy living various places, we’ll always keep property here also, and so will our kids, for as long as we all have left on earth. Since my wife and I were actually born and raised here, there really is no place like home for us and our large extended family.
To each his or her own regarding “beliefs,” but agree that not being of the Mormon faith, and living in Utah, could be a challenge, but for those who embrace those beliefs, it’s the perfect spot.
We all make different choices in life for various reasons, and, as long we’re each happy with our choices, that’s what really matters. That’s why I don’t find it necessary to criticize others, just because they have made choices I would never make. In the final analysis, beliefs or no beliefs, all life on earth is temporary.
ParticipantHaven’t had the problems mentioned where we are, since we have people who check on things, and the properties are not in extreme weather locations, but understand the concerns. We bought these places when they were extremely inexpensive. Picked up a lot during the previous downturn, and prior. Don’t know if I’d do it today.
Agree, buying another residence in an extreme weather location could become a nightmare, that’s why we visit friends for extended periods of time in those areas, and that, or renting, might be your best bet, scaredy. Either way–enjoy!
ParticipantMaybe a second home there, scaredy, and/or visit friends? We’ll never leave CA completely, but also live elsewhere. The world has lots of beautiful places.
We love New England, and visit friends who live in those areas often. Particularly enjoy the Lake Sunapee area in NH. Alton Bay is also a great place.
ParticipantHaving been in real estate for many years, we have seen just about every cycle imaginable. Previous generations of the family, among other things, spent their time hauling water from downtown by wagon to build their housing developments around town. They felt they had found their paradise, and they were going to make the most of it.
Fast forward a hundred years or so, it’s extremely interesting to watch the current incarnation that is pushing our property and rental values through the roof, thanks to the good folks who are just now discovering our beautiful San Diego.
edit: EP, just read your comments, and completely understand where you’re coming from, and yes, I agree having homes in more tax friendly states is a good idea. That said, we’ll continue to live much of the time in CA, regardless of what the future holds, but for many, we also understand that may not be an option. Hopefully, everyone will find their own paradise and be happy with the choices they’ve made.
ParticipantGood to know wrt Dr. Bubble. Still, he does have a way with words.
We could never leave CA, since, as you mentioned, we also enjoy being in the thick of things with real estate and the entertainment industry.
As the article below references, my wife is involved in more productions than ever, since Hollywood is back, baby! The streaming services have become Hollywood gold.
Both industries are cyclical, but it’s fun to ride the wave while you can–as long as you also plan for the inevitable downside.
With Hollywood Production in Overdrive, the Soundstage Is a Hot Commodity
“The surge in new movies and TV shows has touched off a scramble for places to film. Empty office space, abandoned malls and even a shuttered Sears store—apparently all the world really is a stage.
There is one going up in Buffalo, and another planned for Missoula. The South Side of Chicago is getting one, and so are Seattle and Spokane. Oklahoma City just opened one, and Los Angeles is getting at least a half-dozen more.
In cities large and small, developers are building cavernous soundstages, rushing to fill a voracious demand for the space needed to make movies and TV shows. A scramble by studios and tech giants for programming to keep their streaming platforms fresh has touched off a building bonanza unlike any seen since the early days of the entertainment industry. Even abandoned malls are being eyed for the job.
“Developers are salivating,” said Tima Bell, a principal at Relativity Architects, a California-based firm. His team is building a soundstage in Canada and an entire campus in Atlanta—while also moving toward construction of six in Los Angeles. Approximately half of those sites were initially designated to be warehouses before investors pivoted toward soundstage use in the past year.
The capacity crunch is the result of a yearslong surge in production, but the stay-at-home orders that kept many people out of the office over the past year and a half increased the demand for content and kicked Hollywood into overdrive. The industry is now spending tens of billions of dollars to maintain a constant flow of movies and TV shows to keep subscribers hooked.”
ParticipantA friend forwarded this to me from Dr. Housing Bubble. I have no opinion on it one way or the other, but, I guess only time will tell if he’s right, and at the very least, it’s entertaining:
As Housing Prices Peak Zero Down Mortgages are Back: No Down Payment Loans Available up to $1.25 Million.
“The attention span of people is slightly above that of a cat thanks to social media platforms that rewire the brain for instant gratification, including on the financial front (think of all of the meme stocks and Robinhood). All the cheerleading that is happening for real estate is largely socialism for real estate. That is, a Fed that is pumping easy money artificially into the market to inflate prices for those that already own. So not a shocker that 2.3 million California “young adults” are living at home and many are waiting until their Taco Tuesday baby boomer parents take a dirt nap from one to many street tacos until they can inherit the home. Don’t believe this? Go read some forums and you will be surprised what this distorted market is doing to people. But don’t worry! Help is on the way. As housing prices reach a peak, our good old friend, the no down payment loan is showing up to the party with a bit more alcohol and financial meth to keep things going.
Housing History Amnesia
I know 2007 to 2009 must seem like ancient history to some. 7+ million foreclosures (with only about 1.5 to 2 million foreclosures happening due to funky loans) and the majority of people that lost their homes last time happened to those with boring traditional 30-year fixed rate mortgages. Because when you lose a job, it doesn’t really matter what kind of mortgage you have if you can’t pay the monthly nut. Today, we still have millions in forbearance and other millions of renters on moratoriums. All of this seems slated to end in the fall.
Housing is so hot that it is forecast to get hotter (because you know, momentum):
So we are still likely to see higher home prices because of this:
Wait, doesn’t economics tell us that rising demand and prices would add more supply? Yes, in a truly capitalist market. But housing humpers don’t want to admit that real estate in the US is one giant socialistic operation between banks and the Fed (and this is strictly from a non-political definition). How so? First, the market is artificially depressed – forbearances and moratoriums for example. You also have the Fed with an unlimited debt printer so interest rates are incredibly low. Then all of the tax breaks given to homeownership. So with all of that, builders are building much more rental housing because they know Millennials are deep in debt and unlikely to buy in numbers like their baby boomer parents. Also, builders do have a memory of 2007 to 2009 unlike most housing cheerleaders.
So this leads us all to zero down mortgages baby!
“(OC Register) Now, even first-time buyers without a down payment can get in on the action. That means no skin in the game — just like the good old Great Mortgage Meltdown days.
No down-payment loans are available for up to $1.25 million so long as the primary wage earner has at least a 700 middle FICO credit score.
Should you not show enough income from your day job or your self-employment income to qualify, you can document your income with bank statements, averaging the most recent 24 months of personal bank statement deposits.”
That is correct. Instead of looking at things deeper for the causes, we are trying to juice this party even more. It is worth noting that lenders are competing for the razor thin inventory sales so guess what? Now that zero down is back in the market other creative instruments are only a short duration away.
And you are seeing booms and busts again. Bitcoin hit close to $65,000 this year – it is now down to $33,000. This isn’t some meme play here. This is an asset class valued at $626 billion (was over $1 trillion). Or to frame it differently, Bitcoin at its peak was valued at the total auto debt market of the US.
So going back to housing, zero down is back. Lenders are getting more creative because capital is cheap. But what happens when all of the Fed juice starts slowing down in fall? This time is different of course. In one year, the median home price in LA (with a major homelessness crisis) will be $1 million because you know, this time is truly different!”
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