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flyer
ParticipantMy parents loved the ocean and golf, so we had a view of both. Some of the family still live in the area.
ParticipantYou are right. Old habit from those who lived there who used La Jolla, CA on their mail. We were La Jolla Country Clubian’s:)
ParticipantAs a native La Jollan, I agree the transformation of San Diego has been, and is becoming even more exciting to watch from many perspectives. Quaint San Diego, where your family knew every family in town (most of whom are still here) was a great way to grow up, but the world changes, life moves forward, and expands into realms of even greater possibilities, and that’s the way life should be.
As more and more companies have chosen San Diego, and employees have followed, San Diego has naturally evolved into a place where many people want to live. Now, it seems, people from near and far are discovering all our city has to offer and are competing to relocate here.
Having been to most cities around the world, I agree that many cities have much to offer, but I don’t believe most of us want San Diego to become those cities for a wide varieties of reasons. Most of us can easily move to any city of our choice, and/or have homes in other locations if we so desire, so that’s not really a concern.
Bottom line is, if people don’t care for San Diego, they are free to move, and, hopefully, they will be much happier in their new location. Many have moved, and regret it, others have moved, and love where they are. It’s all a matter of choice.
Participantgzz, we had never planned to sell our properties, since we’re very happy with the cash flow and other benefits, and always knew we’d be leaving it all to the kids, as you plan to do, but I can understand how you might want to sell, especially if you’re not happy in your primary.
Imo, whatever you have to do to make it work will be worth it. As has been mentioned, you have some options, and even with a cap gains hit–you’d still be way ahead–and you and your family would be able to enjoy your lives in a home you love. Believe me, loving the home you live in is definitely one of the best things in this life.
ParticipantCongratulations on your wins, guys. Have had some great investment advisors, and I leave most of it to them, however, I did luck out with AMZN back in the day, when I was young and looking at all investment opportunities, along with real estate.
Even though lots of people thought it would never work, lots of people were excited about it, and everyone I knew decided to take their chances and roll the dice, so I decided to do the same.
ParticipantWe’re all planning on 4th boosters as soon as approved for everyone, and still masking in most public places, except outside, etc. I knew the minute they relaxed the restrictions this was going to happen, so here we probably go again. Flu infections are up also.
From what I understand, the variants will just keep mutating, and finding hosts, mostly in the unvaccinated (even though those who are vaccinated and boosted are still at risk) which starts the cycle all over again.
The only good thing about the pandemic has been some of the investments we’ve made, but I’d rather see everyone healthy instead.
BTW it’s been gorgeous outside. Whatever you love to do outside–this is a great time–before the tourists hit the beaches and everywhere else–enjoy!
ParticipantHope we all can!
ParticipantNot to worry–we’re all set–not a problem. And, yes, when death comes–as it will to all–the step up in basis will become one of their best friends. Of course, as mentioned, they might also continue to take advantage of other higher yielding opportunities other than SD real estate, as we all have.
My point, per this thread, was that many people are keeping properties for many reasons, rather than selling, again limiting the number of homes on the market–and, especially, if the escalation in prices continues, imo–this trend will only increase as time goes on–having, possibly, an even greater impact than whether people work at home or in an office.
Participant[quote=sdrealtor]You are locked in by high capital gain taxes and low property taxes. Death and prop 19 changes that but it’s gonna take a while. Someday the future Silver Spooners in your family will sell them maybe sooner than you think. But it’s not gonna happen en masse for at least a decade or two. Not our problem[/quote]
I’m sure they’ll find a way to make it work–I’m not worried about it–but, my point, per this discussion, was that, like you, I don’t think where people physically work will have any real effect on the future of the housing market. Sure, the market could rise or fall for other reasons, but I don’t think that will be one of them.
Participant[quote=sdrealtor][quote=deadzone][quote=an][quote=deadzone]
Strawman my ass. The number of people fully working from home is going down. Period. Companies are bringing folks back to the office, in droves, that have been working fully from home for 2 years. That’s the whole point. What is this so hard to understand? If you claim fully remote workers were a significant factor in SD (or any other city’s) RE gains over the last 2 years, you can’t also claim that remote workers going back to the office won’t have a negative impact. You can’t have it both ways.[/quote]
Of course number wfh went down. Everyone (except for essential workers) were either WFH or not working. So, yes, it is a strawman cuz no one is arguing with you about that. You’re arguing against yourself on that one. Which is the exact definition of strawman.[/quote]No, actually people on this site have been arguing this. Many here don’t really understand mathematics. They think just because the WFH folks who moved here aren’t necessarily going back to Bay area, that this is good for the housing market. It doesn’t mean squat becauese they’ve already bought their houses. What matter is growth (positive or negative) going forward. The point is there will be less and less future opportunities to move from Bay Area to SanDiego (or whereever) to wfH going forward so there will be far less demand than there was during Covid.[/quote]
And you dont understand how thinly traded real estate is. My zip code has nearly 50,000 residents. There are currently 3 houses on the market (all way overpriced) and 40 in escrow. You dont really understand mathematics. This is the way its been for quite some time. A nice house comes on the market and dozens flock to see it but it goes to the person with the most money. There is only 1 winner and dozens of losers each time. Every week through life events, people moving up (or down in some cases) a small amount trickles on with hoards awaiting and the hoards are growing. We dont need huge numbers of arrivals from the north to change our markets. One or two a month for any reason change our market. Residents are locked in with sub 3% mortgages, low tax bills and huge potential capital gain taxes. Few want to or have a reason to sell. The point is there will be less and less future housing opportunities to move from Bay Area to San Diego so its perfectly fine that there is far less demand than there was during Covid. The market is not set by the “smart conservative guy” its set by the the “richest dumbass”[/quote]
Agree, sdr, and another point to support “less and less future housing opportunities” going forward, is, many, many of us–including friends, relatives, neighbors etc., etc.,–never, ever plan to sell our real estate holdings–especially in San Diego–but plan to pass everything along to our families, and these decisions have absolutely nothing to do with whether tech or other workers will ultimately work from home or in the office. Not even a minor consideration.
ParticipantAgree there are many things that could derail the current real estate party, but, imo, those who have been in the market for many years–and bought primary and/or investment properties when prices were much lower–as most here have–as well as many new buyers–most of whom locked in low rates–might temporarily be affected on paper, if at all, and will simply look at any downturn as another buying opportunity, as gzz said.
Barring extreme catastrophic events, I believe the need and desire for housing will only increase going forward, so I’m sure many of us, if given the opportunity, will take advantage of another downturn, as we have in the past.
ParticipantYes, the last year has been incredible wrt appreciation on our properties. Even though we’re not planning to sell right now–the kids won’t let us:). We continue to be amazed–but still wondering how long it will last.
The ever-evolving conflict could be a game changer–especially if it expands beyond Ukraine. Excluding nucs, most of us should be fine to weather the storm, if not overextended. We’ll see. Here are a couple of opinions:
https://fortune.com/2022/03/07/ukraine-war-extreme-housing-shortage-redfin/
https://fortune.com/2022/03/03/housing-market-putin-real-estate-ukraine-invasion-war/ParticipantThis definitely shows how difficult it is to keep great employees, and to what lengths employers need to be willing to go to do so–which is great for the employees.
One of my sons is a partner in a venture capital firm, and,
he has seen that retaining exceptional talent is one of the greatest challenges facing many companies, and especially new ventures.ParticipantTotally agree wrt the article FormerSanDiegan–even if it passes–it won’t make much difference–but it is interesting to see how desperate politicians are becoming to try to appease their constituents wrt housing. Until they find a way to create more land, I kinda think it’s going to continue to be a challenge for them–especially in highly desirable areas like San Diego.
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