GET REAL About San Diego Rental and Real Estate Prices (Poway: real estate market, mortgage)

[helluvaengineer]

Originally Posted by bloom

a neigbhorhood subpart not separate

Originally Posted by Cardiff Kook

Its part of encinitas but has its own zip code...it doesn't extend nearly as far inland as other parts of encintas either

Gotcha, thank you for the responses! It looks to be a desirable place to live so I might check that out as well.

[sacite]

Originally Posted by nightlysparrow

And it's not just SD. It's state law that HOA fees can go up by 20%. EVERY year! Maybe not likely, but possible under law.

How Often Can They Raise Condo Association Fees? | Home Guides | SF Gate
Assessment Limitation

So after trashing SD, I have returned several times and realized my perception of the city was all in my head. I'd like to try living there. I just bought a condo in Sac, and hoping in 2-3 yrs to build up $30-40k in equity. I make mid $80k, potentially low 90k range by then. Would I have any realistic option for buying a decent condo there? I do see ones that look secent around little Italy and other places that look nice for around $300k. But tes, HOAs are outrageous. Other than that, what is the catch?

[tfriss92]

Which areas can I looked for a one bedroom max rent of 1200 with half hour or less commute to San Diego airport ? And be safe at my place

[moved]

Originally Posted by tfriss92

Which areas can I looked for a one bedroom max rent of 1200 with half hour or less commute to San Diego airport ? And be safe at my place

You posted this before, and got answers. I replied to your post with suggestions, so you can look on Craigslist for apartments in your price range to see what's out there.

[Gaylord_Focker]

Originally Posted by JohnAlt

What you are missing is that some of the posters who reply in threads from potential residents typically inflate the cost of living here. They'll throw out numbers that are far above average, or are average for very desirable areas.

Looks that way. I have been looking online and looks like you can get decent stuff for ~2200 and even less. Maybe the ads are fake but I guess inflating the COL of your city is common here and makes the locals feel better.

[skwalker65]

Most coastal areas in the US (and indeed, in much of the Western world - check out Australia for example!!) are becoming very expensive, and will likely remain so. More and more people want to live near the water and as the old saying goes "they aren't making any more land"!

[ndindy]

I agree with a lot of the OP's assessment of San Diego, and the surprise when well meaning people ask for a specific situation that everyone would jump all over if it existed, (close to the city, shopping, big, safe, ect, all for a grand a month).
I think people that come from other areas are used to 1200 square foot bungalows going for 700K and seeing cool downtown 1 bedroom apartment for $1800/month which approaches what is more typical of SD, but in other markets you can drive down the street, or go 15 mins away and the same types of properties are a 1/3 or half of that cost. Which isn't happening in SD.

This is my two cents--inventory for 1-2 million dollar homes is in excess of one year for San Diego. This is not typical for most other areas of the country, where it's much less. For our friends who love to talk about Texas and Colorado, many sought after areas there have seen a big increase in housing prices due to low inventories. North SD? Excess of 13 months. While i see things selling, there are many more examples of people who have tried unsuccessfully to put their house on the market, just to pull it off, relist it, still not sell.....It seems like there aren't enough buyers, or people aren't realistic with what their home would sell for.
It does seem like to sweet spot for a budget in SD is the one million plus, and that requires a household earning $250k per year with little debt and great credit to purchase a residence like that. Or someone who has substantial assets and wants to put them into a home. Though I don't expect the prices of the 90s to return (barring a depression) I do think some of the upper price points are ripe for a correction.

[NYSD1995]

Originally Posted by ndindy

I agree with a lot of the OP's assessment of San Diego, and the surprise when well meaning people ask for a specific situation that everyone would jump all over if it existed, (close to the city, shopping, big, safe, ect, all for a grand a month).
I think people that come from other areas are used to 1200 square foot bungalows going for 700K and seeing cool downtown 1 bedroom apartment for $1800/month which approaches what is more typical of SD, but in other markets you can drive down the street, or go 15 mins away and the same types of properties are a 1/3 or half of that cost. Which isn't happening in SD.

This is my two cents--inventory for 1-2 million dollar homes is in excess of one year for San Diego. This is not typical for most other areas of the country, where it's much less. For our friends who love to talk about Texas and Colorado, many sought after areas there have seen a big increase in housing prices due to low inventories. North SD? Excess of 13 months. While i see things selling, there are many more examples of people who have tried unsuccessfully to put their house on the market, just to pull it off, relist it, still not sell.....It seems like there aren't enough buyers, or people aren't realistic with what their home would sell for.
It does seem like to sweet spot for a budget in SD is the one million plus, and that requires a household earning $250k per year with little debt and great credit to purchase a residence like that. Or someone who has substantial assets and wants to put them into a home. Though I don't expect the prices of the 90s to return (barring a depression) I do think some of the upper price points are ripe for a correction.

Very astute analysis. Even if you make 250k,you had better be damned sure that job is going to be there forever if you are going to bite off a 700,800,900k mortgage.

The stuff over 1MM sits for months and months, the stuff under 500k is plentiful if you are willing to make some sacrifices, but in the prime family homeowner range - 600, 700, even 800k it is a disaster.

[someguy10]

Originally Posted by Sassberto

Very astute analysis. Even if you make 250k,you had better be damned sure that job is going to be there forever if you are going to bite off a 700,800,900k mortgage.

The stuff over 1MM sits for months and months, the stuff under 500k is plentiful if you are willing to make some sacrifices, but in the prime family homeowner range - 600, 700, even 800k it is a disaster.

What do you mean by a disaster? If you mean that lots of placed asking $700K seem to be dreaming, I agree. I also agree that once you get the $900-1000K price level, it seems there is more value there. I think this is because we're seeing the beginnings of a slow down, which typically starts at the top of the price chain and works its way down.

I think a lot of homes on the market--especially in the 650-850K range--are either "hopefully priced" by people who bought 5+ years ago or "cover my cost priced" by people who bought more recently. The former figure they'll dangle it out there and see if they can make a quick, easy $100-300K and the latter need to move and expect to cover their original purchase price plus realtor fees/et cetera.

[metoque]

Do people feel buying a house right now isn't the best idea? I'm still renting and have saved a bunch for a downpayment, but I'm sort of nervous to take the plunge and overpay for a house here in the Poway School District. I'm fine renting for another year or two to see what happens, but I don't want prices to keep skyrocketing. All of the logic in my head says this market is overpriced...especially in the 700-900K range.