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sdcellar
Participant68 properties starting at $529,000. I’m not familiar with the term price job.
ParticipantYou must mean a specific type of home (age, size, etc.) as there seem to be quite a few listed. Perhaps you’re not happy with the quality of what’s currently available?
ParticipantYou must mean a specific type of home (age, size, etc.) as there seem to be quite a few listed. Perhaps you’re not happy with the quality of what’s currently available?
Participantsdrealtor– Frankly, I took your bellwether remark in the initial post to be more relevant to declines rather than some kind of uptick in the market. In other words, I thought you mostly meant that if we see CV go to heck, then that will confirm that the market in San Diego is generally getting worse.
I don’t find this inconsistent with the concept that it’s the less desirable areas are the true (or at least initial) indicator of a shift in the market.
There’s been a lot of discussion in various threads lately (and over time of course) regarding superior properties/areas and how they’ll be affected .
I like the idea of watching CV to get an idea when Del Mar, La Jolla and the like are (relatively) next in line (for the defecate to hit the oscillator).
Participantsdrealtor– Frankly, I took your bellwether remark in the initial post to be more relevant to declines rather than some kind of uptick in the market. In other words, I thought you mostly meant that if we see CV go to heck, then that will confirm that the market in San Diego is generally getting worse.
I don’t find this inconsistent with the concept that it’s the less desirable areas are the true (or at least initial) indicator of a shift in the market.
There’s been a lot of discussion in various threads lately (and over time of course) regarding superior properties/areas and how they’ll be affected .
I like the idea of watching CV to get an idea when Del Mar, La Jolla and the like are (relatively) next in line (for the defecate to hit the oscillator).
ParticipantRaybyrnes– I don’t think your example holds water. Their monthly nut on a $250K place was probably around $2000. The property tax and HOA alone in Del Sur is probably going to run them around $1200.
Assume they net $350K on the old place, they’re still going to need a loan of around $400K for the new place. Let’s just call that $3000 a month. Are you sure you want to stick with their payment isn’t changing much?
I’m not saying people aren’t doing this kind of thing, but don’t kid yourself that the “move up” buy makes financial sense in a lot of cases.
ParticipantAlex_angel– Perhaps you have some examples of these PQ homes that were $300K in 2003 and are $800K now, because I sure don’t know where they are.
You are right that prices are still too high, but to say prices haven’t come down is just plain incorrect. sdrealtor (and others) have established pretty well (and with data) that prices have returned to about their 2004 levels. I’m just too lazy to dig up examples right now, but it doesn’t take much looking to see that is indeed the case.
It’s not happening overnight (and probably isn’t going to), but it is happening, so try to be a little more patient (and save a bunch of money in the meantime!)
May 2, 2007 at 9:22 AM in reply to: Pros and cons of buying new from builder in Carmel Valley #51609Participantwontanamo– on that fitness facility, doesn’t that represent a large part of the (I believe) $200 HOA fee?
If so, I’d say it’s a pro that it’s available but a con that you pay for it whether you use it or not.
ParticipantRDeNiro– Nobody can say for sure, of course, but I’d say you made the right decision unless you wanted to hold on to the place for years.
From the sound of it, I’d say your place was one of those Bellarado/Cortina units and you’ll be glad that you got out of there. There are (albeit small) SFRs selling in that area for right at $600K. It’s only a matter of time before those are in the fives and that just puts more downward pressure on those condos. I also think there are a lot of speculators in there based on the number of rentals I’ve seen come up over the past year.
I’d also say that at $519, you did pretty well for yourself based on recent comps. There does seem to be one that went for $580, but that must have been sold to a complete idiot (or somebody willing to pay a premium for no grass).
Again, time will tell, but I don’t think you’ll regret it. The headline might say the bottom is here, but the article says otherwise.
April 30, 2007 at 5:15 PM in reply to: Looks like even the business journals in SD have been bought off by builders. #51486ParticipantTotally agree with you BobbyD. We really thought we might buy there, but the negatives outweighed the positives, and that was on top of bubble considerations.
You’re absolutely right about the apartment complex feel. Truly strange when you consider that it’s all SFR right now. Wait till they build the condos!
I also couldn’t agree more about the ranch house. They should be condemned rather than lauded. I don’t care how green it is if it’s usually empty and wasn’t cost effective to build in the first place. Yippee.
ParticipantFrom the homeowner updates:
The only significant thing that has changed since we bought our home is that I am now pregnant! We are frantically transforming our guest room into the baby’s room, and the condo, which seemed so big and roomy when we bought it, is now starting to feel tiny!
Mike and Katie
Good for Mike and Katie, eh? At least they got something before they were “priced out forever™”
Actually, I’ve seen friends of mine do the exact same thing and it’s just such a bummer.
Participantsdr– As usual, it turns out that we’re actually pretty much in agreement on the core of the issue. I too, was never trying to suggest that stability doesn’t have its benefits (I think I even stated that). It’s simply a matter of “at what cost?” and I share in your frustration.
Participantsdrealtor– So, let me get this straight. All these people you reference lived within a few blocks of the house you were raised in? They’re all successful? Where the heck are you from? It would seem like Long Island or something.
I don’t think anyone can argue that stability isn’t nice, but you make it sound like you’re doomed if you move around a bit as a kid.
Well, check this out. My cursed parents moved me out of the O.C. and down to dreaded San Diego when I was smack dab in the middle of high school. And guess what happened?
During my final years of high school, I established life-long relationships that remain to this day. As a matter of fact, I saw a number of these people on this very day today. Most of the guys are like you in that they’d known each other since grade school, but oddly enough, they let a few nomads like myself become part of this circle of friends.
One difference for our circle is that some of them are quite successful, others less so. I can’t figure out why that is. Wait, maybe because that’s normal?
So yeah, I do think your perspective is a bit pollyanaish. Heck, I think it’s downright storybook. Do you want the best for your children? No doubt. Do I, the lowly renter, want the best for my children? You can bet your life on it.
Participant23109VC– I’d say consider the source. A lot of people have opinions on real estate prices, but quite a bit fewer actually know anything. The former probably includes people like friends, neighbors, and family. Unfortunately, it also includes a number of real estate “professionals”.
That said, there are good real estate industry people out there, so if you’ve found one (or two), listen to what he has to say, but more importantly, what he says to support his/her beliefs.
Same thing goes with this website and any others you might frequent.
My opinion, and it has not much to do with price, is that you shouldn’t buy this house. I’ve been following what you’ve been posting and it sounds like you’re going to outgrow it and you’re stretching yourself to get into it. Not what I would call a good combination in this market. You say you’re not, but everything you write says otherwise.
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