[permabear]

Defense spending needs to be cut drastically – at least back to Clinton levels. It is insane right now, and is the single item bankrupting the U.S. – not SS or Medicare or anything else. The 2009 U.S. military budget accounted for approximately 40% of global arms spending. That’s over SIX TIMES larger than the military budget of China.

Seriously, just look at this:

http://en.wikipedia.org/wiki/List_of_countries_and_federations_by_military_expenditures

[permabear]

Defense spending needs to be cut drastically – at least back to Clinton levels. It is insane right now, and is the single item bankrupting the U.S. – not SS or Medicare or anything else. The 2009 U.S. military budget accounted for approximately 40% of global arms spending. That’s over SIX TIMES larger than the military budget of China.

Seriously, just look at this:

http://en.wikipedia.org/wiki/List_of_countries_and_federations_by_military_expenditures

[permabear]

Defense spending needs to be cut drastically – at least back to Clinton levels. It is insane right now, and is the single item bankrupting the U.S. – not SS or Medicare or anything else. The 2009 U.S. military budget accounted for approximately 40% of global arms spending. That’s over SIX TIMES larger than the military budget of China.

Seriously, just look at this:

http://en.wikipedia.org/wiki/List_of_countries_and_federations_by_military_expenditures

[permabear]

sdr, AN,

First off, I’m well aware of all those homes. I’ve been in most of them. The thing about Stonebridge is it has high MR and it is quite a ways out East. It’s a good 15 min from the freeway. Very different than SR proper. Plus I don’t want 5000 sq ft.

I’m looking for around 3500 sq ft, and South of Pomerado is starting to have possibilities. That $929k is a disaster, needs $200k of work (gross inside) plus it’s right on Pomerado Rd. The pics make it look habitable but it’s not.

Rolling Hills is interesting, it’s a little pocket of 92064 right next to 92131, and they’re all 1/2 acre lots. Because of the zipcode thing, it doesn’t show up on naive searches, so you can get some deals. We were contemplating putting an offer in on this home, a nice one story with pool on a beautiful lot:

http://www.redfin.com/CA/Poway/11730-Creek-Bluff-Dr-92064/home/4836969

The problem is it was owned by a smoker and reeks. Don’t tell me “new carpet, new paint” – my parents bought an ex-smoker house and after gutting the entire thing: paint, flooring, vent and pipes, furnace, it STILL smells like smoke.

I look at MLS listings OCD-style multiple times every day. It’s not that I’m unaware of the inventory. I just don’t see anything that makes me want to devote $200k+ down payment plus $5500/month. Maybe I’m just too conservative. My appetite for risk is disappearing entirely as I get older.

[permabear]

sdr, AN,

First off, I’m well aware of all those homes. I’ve been in most of them. The thing about Stonebridge is it has high MR and it is quite a ways out East. It’s a good 15 min from the freeway. Very different than SR proper. Plus I don’t want 5000 sq ft.

I’m looking for around 3500 sq ft, and South of Pomerado is starting to have possibilities. That $929k is a disaster, needs $200k of work (gross inside) plus it’s right on Pomerado Rd. The pics make it look habitable but it’s not.

Rolling Hills is interesting, it’s a little pocket of 92064 right next to 92131, and they’re all 1/2 acre lots. Because of the zipcode thing, it doesn’t show up on naive searches, so you can get some deals. We were contemplating putting an offer in on this home, a nice one story with pool on a beautiful lot:

http://www.redfin.com/CA/Poway/11730-Creek-Bluff-Dr-92064/home/4836969

The problem is it was owned by a smoker and reeks. Don’t tell me “new carpet, new paint” – my parents bought an ex-smoker house and after gutting the entire thing: paint, flooring, vent and pipes, furnace, it STILL smells like smoke.

I look at MLS listings OCD-style multiple times every day. It’s not that I’m unaware of the inventory. I just don’t see anything that makes me want to devote $200k+ down payment plus $5500/month. Maybe I’m just too conservative. My appetite for risk is disappearing entirely as I get older.

[permabear]

sdr, AN,

First off, I’m well aware of all those homes. I’ve been in most of them. The thing about Stonebridge is it has high MR and it is quite a ways out East. It’s a good 15 min from the freeway. Very different than SR proper. Plus I don’t want 5000 sq ft.

I’m looking for around 3500 sq ft, and South of Pomerado is starting to have possibilities. That $929k is a disaster, needs $200k of work (gross inside) plus it’s right on Pomerado Rd. The pics make it look habitable but it’s not.

Rolling Hills is interesting, it’s a little pocket of 92064 right next to 92131, and they’re all 1/2 acre lots. Because of the zipcode thing, it doesn’t show up on naive searches, so you can get some deals. We were contemplating putting an offer in on this home, a nice one story with pool on a beautiful lot:

http://www.redfin.com/CA/Poway/11730-Creek-Bluff-Dr-92064/home/4836969

The problem is it was owned by a smoker and reeks. Don’t tell me “new carpet, new paint” – my parents bought an ex-smoker house and after gutting the entire thing: paint, flooring, vent and pipes, furnace, it STILL smells like smoke.

I look at MLS listings OCD-style multiple times every day. It’s not that I’m unaware of the inventory. I just don’t see anything that makes me want to devote $200k+ down payment plus $5500/month. Maybe I’m just too conservative. My appetite for risk is disappearing entirely as I get older.

[permabear]

sdr, AN,

First off, I’m well aware of all those homes. I’ve been in most of them. The thing about Stonebridge is it has high MR and it is quite a ways out East. It’s a good 15 min from the freeway. Very different than SR proper. Plus I don’t want 5000 sq ft.

I’m looking for around 3500 sq ft, and South of Pomerado is starting to have possibilities. That $929k is a disaster, needs $200k of work (gross inside) plus it’s right on Pomerado Rd. The pics make it look habitable but it’s not.

Rolling Hills is interesting, it’s a little pocket of 92064 right next to 92131, and they’re all 1/2 acre lots. Because of the zipcode thing, it doesn’t show up on naive searches, so you can get some deals. We were contemplating putting an offer in on this home, a nice one story with pool on a beautiful lot:

http://www.redfin.com/CA/Poway/11730-Creek-Bluff-Dr-92064/home/4836969

The problem is it was owned by a smoker and reeks. Don’t tell me “new carpet, new paint” – my parents bought an ex-smoker house and after gutting the entire thing: paint, flooring, vent and pipes, furnace, it STILL smells like smoke.

I look at MLS listings OCD-style multiple times every day. It’s not that I’m unaware of the inventory. I just don’t see anything that makes me want to devote $200k+ down payment plus $5500/month. Maybe I’m just too conservative. My appetite for risk is disappearing entirely as I get older.

[permabear]

sdr, AN,

First off, I’m well aware of all those homes. I’ve been in most of them. The thing about Stonebridge is it has high MR and it is quite a ways out East. It’s a good 15 min from the freeway. Very different than SR proper. Plus I don’t want 5000 sq ft.

I’m looking for around 3500 sq ft, and South of Pomerado is starting to have possibilities. That $929k is a disaster, needs $200k of work (gross inside) plus it’s right on Pomerado Rd. The pics make it look habitable but it’s not.

Rolling Hills is interesting, it’s a little pocket of 92064 right next to 92131, and they’re all 1/2 acre lots. Because of the zipcode thing, it doesn’t show up on naive searches, so you can get some deals. We were contemplating putting an offer in on this home, a nice one story with pool on a beautiful lot:

http://www.redfin.com/CA/Poway/11730-Creek-Bluff-Dr-92064/home/4836969

The problem is it was owned by a smoker and reeks. Don’t tell me “new carpet, new paint” – my parents bought an ex-smoker house and after gutting the entire thing: paint, flooring, vent and pipes, furnace, it STILL smells like smoke.

I look at MLS listings OCD-style multiple times every day. It’s not that I’m unaware of the inventory. I just don’t see anything that makes me want to devote $200k+ down payment plus $5500/month. Maybe I’m just too conservative. My appetite for risk is disappearing entirely as I get older.

[permabear]

I agree with both of you in high-end neighborhoods like La Jolla, Del Mar, RSF, CV, etc. Yes, there are lots of all-cash buyers, people living off investments, and so forth.

But it’s not quite the same in working-stiff neighborhoods like RB (non-Santaluz), Scripps Ranch, PQ, etc.

I’m not surprised there are $1.4M homes for sale in Muirlands – on a bluff, with whitewater ocean views. I remain skeptical that $1.4M for a 4000 sq ft tract home in 4S or Scripps is sustainable. The fact that many have been sitting on the market for close to a year adds to my doubts.

As always, real estate is hyper-local, we can all agree on that at least.

[permabear]

I agree with both of you in high-end neighborhoods like La Jolla, Del Mar, RSF, CV, etc. Yes, there are lots of all-cash buyers, people living off investments, and so forth.

But it’s not quite the same in working-stiff neighborhoods like RB (non-Santaluz), Scripps Ranch, PQ, etc.

I’m not surprised there are $1.4M homes for sale in Muirlands – on a bluff, with whitewater ocean views. I remain skeptical that $1.4M for a 4000 sq ft tract home in 4S or Scripps is sustainable. The fact that many have been sitting on the market for close to a year adds to my doubts.

As always, real estate is hyper-local, we can all agree on that at least.

[permabear]

I agree with both of you in high-end neighborhoods like La Jolla, Del Mar, RSF, CV, etc. Yes, there are lots of all-cash buyers, people living off investments, and so forth.

But it’s not quite the same in working-stiff neighborhoods like RB (non-Santaluz), Scripps Ranch, PQ, etc.

I’m not surprised there are $1.4M homes for sale in Muirlands – on a bluff, with whitewater ocean views. I remain skeptical that $1.4M for a 4000 sq ft tract home in 4S or Scripps is sustainable. The fact that many have been sitting on the market for close to a year adds to my doubts.

As always, real estate is hyper-local, we can all agree on that at least.

[permabear]

I agree with both of you in high-end neighborhoods like La Jolla, Del Mar, RSF, CV, etc. Yes, there are lots of all-cash buyers, people living off investments, and so forth.

But it’s not quite the same in working-stiff neighborhoods like RB (non-Santaluz), Scripps Ranch, PQ, etc.

I’m not surprised there are $1.4M homes for sale in Muirlands – on a bluff, with whitewater ocean views. I remain skeptical that $1.4M for a 4000 sq ft tract home in 4S or Scripps is sustainable. The fact that many have been sitting on the market for close to a year adds to my doubts.

As always, real estate is hyper-local, we can all agree on that at least.

[permabear]

I agree with both of you in high-end neighborhoods like La Jolla, Del Mar, RSF, CV, etc. Yes, there are lots of all-cash buyers, people living off investments, and so forth.

But it’s not quite the same in working-stiff neighborhoods like RB (non-Santaluz), Scripps Ranch, PQ, etc.

I’m not surprised there are $1.4M homes for sale in Muirlands – on a bluff, with whitewater ocean views. I remain skeptical that $1.4M for a 4000 sq ft tract home in 4S or Scripps is sustainable. The fact that many have been sitting on the market for close to a year adds to my doubts.

As always, real estate is hyper-local, we can all agree on that at least.

[permabear]

[quote=AN][quote=permabear][quote=SD Realtor]The median home price has never matched up to any other averages, not now, not 10 years ago, not 20 years ago. It is doubtful that they ever will.[/quote]

Even in San Diego, 200k is a GOOD salary. Look at any of the city-data.com stats and it’s in the minority of incomes, even in 92127 or 92130. People earning 200k should have a nice selection of 4x-5x income homes to choose from, eg, 800k-1M.[/quote]
Did you cut and paste this post from 2005? I see plenty of great houses in the 800k-1M range. People making 200k+ have to look for a smaller place a way out? What’s considered small (4000 sq-ft)?[/quote]

I’m looking at 92131, 92127, and 92064. If you’re making 200k, you’re in the top 5% of earners for any of those areas. That means you should be able to afford the top 5% of homes. I know 92131 inside out, and here’s what I see.

Here’s a home that’s in the top 5% in 92131, at $1.2M:

http://www.redfin.com/CA/San-Diego/10746-Edenoaks-St-92131/home/4835892

Not selling. Here’s another one, at $1.1M (started at 1.2):

http://www.redfin.com/CA/San-Diego/12469-Rue-Fountainbleau-92131/home/4832657

Backs to a major street, not selling. Here’s another one, down in the 800k range:

http://www.redfin.com/CA/San-Diego/10318-Walnutdale-St-92131/home/4832693

Fell out – “need new buyer”. Good value for the home itself, but no backyard.

I’ve been in all of those homes, and they’re nice. But if you’re making 200k all but the last one are too expensive, even by SD standards. And the last one is a heavily remodeled tract home; it’s not in the same league as the first two. Would love to see counterexamples.

[permabear]

[quote=AN][quote=permabear][quote=SD Realtor]The median home price has never matched up to any other averages, not now, not 10 years ago, not 20 years ago. It is doubtful that they ever will.[/quote]

Even in San Diego, 200k is a GOOD salary. Look at any of the city-data.com stats and it’s in the minority of incomes, even in 92127 or 92130. People earning 200k should have a nice selection of 4x-5x income homes to choose from, eg, 800k-1M.[/quote]
Did you cut and paste this post from 2005? I see plenty of great houses in the 800k-1M range. People making 200k+ have to look for a smaller place a way out? What’s considered small (4000 sq-ft)?[/quote]

I’m looking at 92131, 92127, and 92064. If you’re making 200k, you’re in the top 5% of earners for any of those areas. That means you should be able to afford the top 5% of homes. I know 92131 inside out, and here’s what I see.

Here’s a home that’s in the top 5% in 92131, at $1.2M:

http://www.redfin.com/CA/San-Diego/10746-Edenoaks-St-92131/home/4835892

Not selling. Here’s another one, at $1.1M (started at 1.2):

http://www.redfin.com/CA/San-Diego/12469-Rue-Fountainbleau-92131/home/4832657

Backs to a major street, not selling. Here’s another one, down in the 800k range:

http://www.redfin.com/CA/San-Diego/10318-Walnutdale-St-92131/home/4832693

Fell out – “need new buyer”. Good value for the home itself, but no backyard.

I’ve been in all of those homes, and they’re nice. But if you’re making 200k all but the last one are too expensive, even by SD standards. And the last one is a heavily remodeled tract home; it’s not in the same league as the first two. Would love to see counterexamples.

[Author]

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