[sdrealtor]

AN
My guess is that rent in 1997 would have been about $2500 for a home that size. I just thought about it and the current rent of 3500 comes out to 40% higher. That’s another data point which suggests 40% appreciation since the bottom is a very reasonable assumption.

My hypothesis for an overshot bottom has always been about $625K for homes like this in this area. You can go back 2 years and you will find my posts confirming that. I dont believe they will get lower than that and even that would take some work. To be clear, I am not talking about 1 or 2 homes selling at that price but rather that being a general price level for homes like that in the area.

BTW, you chose the right elementary school not the wrong one and hopefully thats the one you are angling for. But it is likely the exception. In my area about half the elementary schools (4 of them fall in this range).

Also FWIW, API scores of 930 put a school in the top tier of schools in the county. Probably with a ranking somewhere between 10 and 20 in a county of close to 3 Million people. I’d call that the creme of the crop.

One quick question AN. What do you think prices in PQ will look like this Winter for a decent 3/2 SFR with at least 1400 sq ft?

[sdrealtor]

AN
My comment was not a knock on MM but rather a reference to the area you follow like a hawk and base your conclusions on. I also suspect the schools you are referencing are in Northwest MM (more the exception than the rule in MM) which are probably alot further from penciling than the SE MM homes which already do.

In case you missed it, I clarified my post which was admittedly not clear. While some homes rent vs by made sense in my area in 1997 (I bought one) homes like the one we are discussing never did. Bigger nicer homes rarely cash flow and probably wont in NW MM either. The homes which cash flow are small, low end properties like 3BR/2BA 1100 sq ft homes in SE MM.

Lastly the school for that home is OPE (Olivehain Pioneer and the API score is 931. 40 points is a big margin. Its the difference between very good schools and the creme of the crop. People who can afford it will overpay for the best…. always have and always will. It’s part of the ownership premium for an area like this.

BTW, I have great respect for your culture as they place a huge emphasis on education and value it greatly like my own.

[sdrealtor]

AN
My comment was not a knock on MM but rather a reference to the area you follow like a hawk and base your conclusions on. I also suspect the schools you are referencing are in Northwest MM (more the exception than the rule in MM) which are probably alot further from penciling than the SE MM homes which already do.

In case you missed it, I clarified my post which was admittedly not clear. While some homes rent vs by made sense in my area in 1997 (I bought one) homes like the one we are discussing never did. Bigger nicer homes rarely cash flow and probably wont in NW MM either. The homes which cash flow are small, low end properties like 3BR/2BA 1100 sq ft homes in SE MM.

Lastly the school for that home is OPE (Olivehain Pioneer and the API score is 931. 40 points is a big margin. Its the difference between very good schools and the creme of the crop. People who can afford it will overpay for the best…. always have and always will. It’s part of the ownership premium for an area like this.

BTW, I have great respect for your culture as they place a huge emphasis on education and value it greatly like my own.

[sdrealtor]

AN
My comment was not a knock on MM but rather a reference to the area you follow like a hawk and base your conclusions on. I also suspect the schools you are referencing are in Northwest MM (more the exception than the rule in MM) which are probably alot further from penciling than the SE MM homes which already do.

In case you missed it, I clarified my post which was admittedly not clear. While some homes rent vs by made sense in my area in 1997 (I bought one) homes like the one we are discussing never did. Bigger nicer homes rarely cash flow and probably wont in NW MM either. The homes which cash flow are small, low end properties like 3BR/2BA 1100 sq ft homes in SE MM.

Lastly the school for that home is OPE (Olivehain Pioneer and the API score is 931. 40 points is a big margin. Its the difference between very good schools and the creme of the crop. People who can afford it will overpay for the best…. always have and always will. It’s part of the ownership premium for an area like this.

BTW, I have great respect for your culture as they place a huge emphasis on education and value it greatly like my own.

[sdrealtor]

AN
My comment was not a knock on MM but rather a reference to the area you follow like a hawk and base your conclusions on. I also suspect the schools you are referencing are in Northwest MM (more the exception than the rule in MM) which are probably alot further from penciling than the SE MM homes which already do.

In case you missed it, I clarified my post which was admittedly not clear. While some homes rent vs by made sense in my area in 1997 (I bought one) homes like the one we are discussing never did. Bigger nicer homes rarely cash flow and probably wont in NW MM either. The homes which cash flow are small, low end properties like 3BR/2BA 1100 sq ft homes in SE MM.

Lastly the school for that home is OPE (Olivehain Pioneer and the API score is 931. 40 points is a big margin. Its the difference between very good schools and the creme of the crop. People who can afford it will overpay for the best…. always have and always will. It’s part of the ownership premium for an area like this.

BTW, I have great respect for your culture as they place a huge emphasis on education and value it greatly like my own.

[sdrealtor]

AN
My comment was not a knock on MM but rather a reference to the area you follow like a hawk and base your conclusions on. I also suspect the schools you are referencing are in Northwest MM (more the exception than the rule in MM) which are probably alot further from penciling than the SE MM homes which already do.

In case you missed it, I clarified my post which was admittedly not clear. While some homes rent vs by made sense in my area in 1997 (I bought one) homes like the one we are discussing never did. Bigger nicer homes rarely cash flow and probably wont in NW MM either. The homes which cash flow are small, low end properties like 3BR/2BA 1100 sq ft homes in SE MM.

Lastly the school for that home is OPE (Olivehain Pioneer and the API score is 931. 40 points is a big margin. Its the difference between very good schools and the creme of the crop. People who can afford it will overpay for the best…. always have and always will. It’s part of the ownership premium for an area like this.

BTW, I have great respect for your culture as they place a huge emphasis on education and value it greatly like my own.

[sdrealtor]

It’s sunday

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It’s sunday

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It’s sunday

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It’s sunday

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It’s sunday

[sdrealtor]

AN
It sold for 395K not 380 and it required about 50K (in 1997 dollars) to get it to completed to where it is today. Rent on that house would be $3500 pretty easy, maybe a touch more.

People who buy homes like this arent doing 100% financing and typically put down at least 20%.

To clarify one thing from my post above, homes like that never got to rental value last time and they wont this time. The home I bought in 1997 was much smaller and less expensive. Smaller and less expensive homes pencil out much better than larger, detached homes.

There is an ownership premium for a house in a location like that which you typically wont find in a place like Mira Mesa. The rules are a bit different for this area than MM. Not completely different but definitely not the same either. For example, you would likely pay over 10K a year for private schools of the quality that these schools are. You would also spend time and money getting your kids to those private schools which are far from your home while these folks have kids walk to from Kindergarten through High School Graduation.

[sdrealtor]

AN
It sold for 395K not 380 and it required about 50K (in 1997 dollars) to get it to completed to where it is today. Rent on that house would be $3500 pretty easy, maybe a touch more.

People who buy homes like this arent doing 100% financing and typically put down at least 20%.

To clarify one thing from my post above, homes like that never got to rental value last time and they wont this time. The home I bought in 1997 was much smaller and less expensive. Smaller and less expensive homes pencil out much better than larger, detached homes.

There is an ownership premium for a house in a location like that which you typically wont find in a place like Mira Mesa. The rules are a bit different for this area than MM. Not completely different but definitely not the same either. For example, you would likely pay over 10K a year for private schools of the quality that these schools are. You would also spend time and money getting your kids to those private schools which are far from your home while these folks have kids walk to from Kindergarten through High School Graduation.

[sdrealtor]

AN
It sold for 395K not 380 and it required about 50K (in 1997 dollars) to get it to completed to where it is today. Rent on that house would be $3500 pretty easy, maybe a touch more.

People who buy homes like this arent doing 100% financing and typically put down at least 20%.

To clarify one thing from my post above, homes like that never got to rental value last time and they wont this time. The home I bought in 1997 was much smaller and less expensive. Smaller and less expensive homes pencil out much better than larger, detached homes.

There is an ownership premium for a house in a location like that which you typically wont find in a place like Mira Mesa. The rules are a bit different for this area than MM. Not completely different but definitely not the same either. For example, you would likely pay over 10K a year for private schools of the quality that these schools are. You would also spend time and money getting your kids to those private schools which are far from your home while these folks have kids walk to from Kindergarten through High School Graduation.

[sdrealtor]

AN
It sold for 395K not 380 and it required about 50K (in 1997 dollars) to get it to completed to where it is today. Rent on that house would be $3500 pretty easy, maybe a touch more.

People who buy homes like this arent doing 100% financing and typically put down at least 20%.

To clarify one thing from my post above, homes like that never got to rental value last time and they wont this time. The home I bought in 1997 was much smaller and less expensive. Smaller and less expensive homes pencil out much better than larger, detached homes.

There is an ownership premium for a house in a location like that which you typically wont find in a place like Mira Mesa. The rules are a bit different for this area than MM. Not completely different but definitely not the same either. For example, you would likely pay over 10K a year for private schools of the quality that these schools are. You would also spend time and money getting your kids to those private schools which are far from your home while these folks have kids walk to from Kindergarten through High School Graduation.

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