La Mesa/Spring Valley - The "Golf" neighborhood (Chula Vista: to rent, HOA fees)
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
No offense Op!
Good luck trying to finding a single family Home in that price using your VA.
Town home or condo yes!
Have you guys thought about Temecula?
That area you're talking about is technically in La Mesa, but honestly it's pretty much in Spring Valley.
There is one thing you need to be seriously concerned about in that area, and that is cracked slabs. The ground in that general area is very unstable and you're going to run into a lot of foundation problems.
I would think twice about buying there just for that reason. It's probably not a reason that you shouldn't buy, but I would definitely scrutinize the foundation during inspection. Make sure that everything is level (no sloping floors). Maybe that seems obvious, but a very small slope is not always noticeable if you're not looking for it. Also check for cracks in the outer walls as they can be a sign of foundation problems.
Personally, if I were you, I'd probably look in El Cajon near the base of Fletcher Hills. Actually El Cajon proper isn't as bad as many make it out to be, but in any case everything North of the 8 freeway shares more in common with Fletcher Hills, even if it's in the valley. The 8 basically serves as a partition from the rest of El Cajon city.
No offense Op!
Good luck trying to finding a single family Home in that price using your VA.
Town home or condo yes!
Have you guys thought about Temecula?
There are a lot of homes less than $275K and most are in areas that are perfectly fine. Even where the OP is looking is fine. Maybe it's not the best place in the county, but there's nothing really unsafe about it.
I have been buying real estate lately, however, and I can tell you that in the past one to two months it seems like they dynamics have really changed. Whereas before homes were sitting on the market for weeks or months, now they are getting snapped up very quickly. Even houses that in my estimation were total crap are going off the market very quickly.
For that reason some people think the market has turned, but there are still a lot of foreclosures coming down the pipe. Maybe things have picked up, or maybe it's just seasonal. It remains to be seen.
It may be worth being a bit more motivated in your search for a house, but above all else, I would not panic and start worrying that you won't be able to buy if you don't do it right now. It's that sort of thinking that built the housing bubble in the first place, and this soon after it's deflated it's not going to happen again. It takes at least a couple decades for people to forget the lessons they learned and make the same mistakes over again.
That area you're talking about is technically in La Mesa, but honestly it's pretty much in Spring Valley.
There is one thing you need to be seriously concerned about in that area, and that is cracked slabs. The ground in that general area is very unstable and you're going to run into a lot of foundation problems.
I would think twice about buying there just for that reason. It's probably not a reason that you shouldn't buy, but I would definitely scrutinize the foundation during inspection. Make sure that everything is level (no sloping floors). Maybe that seems obvious, but a very small slope is not always noticeable if you're not looking for it. Also check for cracks in the outer walls as they can be a sign of foundation problems.
Personally, if I were you, I'd probably look in El Cajon near the base of Fletcher Hills. Actually El Cajon proper isn't as bad as many make it out to be, but in any case everything North of the 8 freeway shares more in common with Fletcher Hills, even if it's in the valley. The 8 basically serves as a partition from the rest of El Cajon city.
AnakSD,
Thats interesting about the Golf Dr area. During my research and time when I was looking around, north of Golf Dr is La Mesa Mt Helix (91941) and south of that is Spring Valley (91977).
Regardless they both share the same schools which the OP was talking about.
Homes in that specific were pre-slab early 1950s foundations type. I have heard that the area north of Jamacha and Apple (Dictionary Hill) were more susceptible to foundation issues.
As far as El Cajon, I totally agree, its much closer to Poway and probably doesnt deserve some of the negative stigma about it.
Can you share what the schools are in Fletcher Hills area or the areas you are mentioning in El Cajon?
There are a lot of homes less than $275K and most are in areas that are perfectly fine. Even where the OP is looking is fine. Maybe it's not the best place in the county, but there's nothing really unsafe about it.
That area is great!
The problem is,most of the homes in that area have either,extensive termite damage or were not taken care of!
Now add to fact Op is trying to use their VA.
I don't know if you've ever dealt with a VA loan appraiser,but they are the worse!
In most cases they want the house to be damn near perfect.
So most sellers/agents Don't want to deal with them.
Quote:
Originally Posted by AsakSD
I have been buying real estate lately, however, and I can tell you that in the past one to two months it seems like they dynamics have really changed.
Are paying cash for these homes you purchase?
Are you working with an investment group?
Most Single Family Homes in those price ranges are either in undesirable neighborhoods or fixers.
I could be wrong though.
I have been seeing a lot more foreclosures hitting the market in my area which is a good thing. I like it because they are being flipped pretty well and some decent groups are buying them that have good media exposure.
Its also good because credit is still tight and people that can truly afford to live there are. But then again this is why its a feeding frenzy for every 100k price bracket upwards when a home shows very well.
IMHO, 300k is still the baseline for deep "trade off" territory and a real sweet spot where its EXTREMELY competitive for buyers.
- fixer house in marginally ok location
- newer homes with high MR and possible distance issues to centrally located business centers
- well maintained or flipped house in a less desirable area
Locals that I know here that are in their mid- late twenties and getting married and first time home buyers are not able to afford where they grew up. They are choosing areas they thought they would never even consider like Ramona or Del Cerro.
Interesting how opinions change when putting money down on a house vs renting. I still dont think owning is for everyone, but just a glimpse into the idea that people need to start somewhere and have a different slant on expectations/needs when buying if that is what they really want to do.
With the two battleships coming into town over the next few years, I am sure we will be seeing quite a few more VA type loans.
Are paying cash for these homes you purchase?
Are you working with an investment group?
Most Single Family Homes in those price ranges are either in undesirable neighborhoods or fixers.
I could be wrong though.
I'm buying for myself. It could be that investment groups are flooding the market now. There have been a lot of articles about it. If that's true, then I think the window has probably closed for really getting good deals.
I've actually only bought one SFR, the rest were all multifamilies. I'm buying the properties based on rental cash flow, and the simple fact is SFRs don't offer the best return by that metric, and the only ones that even make any sense at all are closer to the bottom of the market. The basic dynamic seems to be as the quality/desirability of the home/apartment building goes up, price goes up much faster than rental value. This continues all the way to the super expensive homes, which basically are worthless from a rental standpoint because their yield is so low. Since SFRs generally don't offer as high of a return as apartments to begin with, they only make sense for me at the very low end of the market. Someone who is looking for a home to live in will approach the purchase a lot differently though.
In fact, this is the only SFR I managed to find that met my basic price criteria, while still being in an acceptable neighborhood and not completely trashed. The truth is I may have got lucky with this purchase. Another identical house was for sale across the street, but it had at least $20,000 in repairs, yet it was listed at the same price (and apparently sold).
To be completely honest, I think that houses in San Diego county are still pretty overpriced. I don't know what the market will do, maybe it's sustainable at current levels, but I think prices would be a lot more reasonable if they came down another 20-30%. That's why I am focusing on rental yield because I don't really trust price appreciation at current price levels.
I think it's a stretch to say that homes are particularly cheap. The only reason it makes sense to buy now is because interest rates are so low. When you have a 3.5-4% interest rate you have pretty low payments even on a $300-400K house. If interest rates went up to 5-6% I think the housing market would take it right on the chin (again). I know that houses in this area have always been expensive, but still... In any case, it doesn't hurt to err on the side of caution. If the housing market really takes off then I'll just do better than expected, but I'm sort of doubtful that is going to happen at least for the next few years.
AnakSD,
Thats interesting about the Golf Dr area. During my research and time when I was looking around, north of Golf Dr is La Mesa Mt Helix (91941) and south of that is Spring Valley (91977).
Regardless they both share the same schools which the OP was talking about.
Homes in that specific were pre-slab early 1950s foundations type. I have heard that the area north of Jamacha and Apple (Dictionary Hill) were more susceptible to foundation issues.
As far as El Cajon, I totally agree, its much closer to Poway and probably doesnt deserve some of the negative stigma about it.
Can you share what the schools are in Fletcher Hills area or the areas you are mentioning in El Cajon?
Maybe that area is outside of the really bad zone. The area near Sweetwater Road, Lamar Street, etc, is really bad. The place the OP is talking about is a little bit North of there, and maybe out of the valley a bit(?). All the same, I saw a house with foundation problems on the MLS a week or two ago which I believe was in that same neighborhood.
My warning could be misplaced, but it doesn't hurt to always be careful and check the place out. The two areas I've learned that you need to watch out for is that Spring Valley area (Sweetwater, etc), and also Fletcher Hills, ironically enough. Near the edge of the hills into El Cajon valley, or at the base of the hill, the ground can be unstable. I had to back out of two purchases because they had foundation problems, one in each of those areas. After those experiences I'm now paranoid about checking for foundation problems.
We ended up deciding to make an offer on one of the houses in the neighborhood and we were countered. The lure of a yard for a 3 year old boy was too strong. Our highest and best on this particular house is $235k so hopefully we won't take a bath on it. It definitely needs updating but thanks for the foundation and termite tips. We will make sure to be extra diligent about that. As many of you have said, trying to purchase with a VA loan is brutal but there is some sense of comfort that they literally won't allow you to purchase a house with serious problems (or any problems?).
We are still in the short sale process on the townhome in Mira Mesa so we have that as a backup plan. Also, based upon the advice of many we will take another look at El Cajon north of the 8. We started our search in the Otay/Eastlake area and decided against it due many factors such as HOAs and mello roos, even longer commute to Poway, tolls on the 125 and distance from family members in La Mesa and the College Area. As far as the person who recommends maybe sitting back and waiting a little bit, I totally agree. I think there is going to be more inventory towards the end of the year. Unfortunately, my husband is not able to wait. He is very worried that we won't be able to afford anything later. I would rather placate him in this matter than feel responsible for us being life long renters. As far as contributing to the housing bubble, we are very cognizant of what we can afford and won't go over that amount. Our goal is to pay significantly less than what our loan officer has approved us for and this fits the bill.
Buying because you think will be priced out is not wise, although I understand the nervousness. It also doesnt sound like the decision is entirely up to you.
@235k for your house, its unlikely you will be 'taking a bath' so to speak. At least not in the sense of the past few years and the way that went down.
Sure, it may tick down further a little but as I mentioned in another post, keep your expectations in line at that price point and dont expect a gold mine either when you decide to sell in 5-7 years.
Are you both ok with NOT selling in 5-7 years?
Please register to post and access all features of our very popular forum. It is free and quick. Over $53,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
