SANDAG: Housing Crunch Is Not Going Away Anytime Soon (Los Angeles: real estate, apartment complex)

[TacoSoup]

Originally Posted by 1AngryTaxPayer

Whooohooo

Prices continue to go up ^

Originally Posted by newgensandiego

So happy you can benefit at the expense of future generations, for which homebuying isn't an option.

You too can benefit. Home buying is still an option for those willing to make sacrifices and comprises. Two middle class incomes can still afford to buy a 3/2 house, or condos for the single income, its just not gonna be in their desired neighborhood. A lot of my generation (generation x), and younger, want to skip the whole “starter home” step, then they complain about how they can’t afford anything.

[cruitr]

Originally Posted by 1AngryTaxPayer

Whooohooo

Prices continue to go up ^

My neighbor just sold their 4/2 1500 sq ft house in one weekend for full asking price. $900k cash. It's currently in escrow. Just one 'open house' is all it took. People were waiting in line to get in on the day of the open house.

We live in Bay Ho close to Mission Bay but don't have a view of Mission Bay. We even get some road noise from the 5. Our sunsets are partially blocked by Mt Soledad. On the plus side, it is a very quiet neighborhood and close to anywhere you want to be.

When he listed it and told me the price I laughed. "There's no way you're getting that" I said. I was wrong. Bigly.

[GuyInSD]

Originally Posted by 1AngryTaxPayer

Whooohooo

Prices continue to go up ^

Just sold (last month) the "starter" townhouse I bought at the tender age of 25.
That original $25K downpayment from 1991 resulted in walking away with about $275K (after both FED and CA taxes), and still another ~$900K in equity in the other properties.

[cruitr]

Originally Posted by GuyInSD

Just sold (last month) the "starter" townhouse I bought at the tender age of 25.
That original $25K downpayment from 1991 resulted in walking away with about $275K (after both FED and CA taxes), and still another ~$900K in equity in the other properties.

I don't think you need to pay any taxes on the profits from the sale of a personal residence. Both federal and state tax is excluded.

[RosieSD]

Originally Posted by GuyInSD

Just sold (last month) the "starter" townhouse I bought at the tender age of 25.
That original $25K downpayment from 1991 resulted in walking away with about $275K (after both FED and CA taxes), and still another ~$900K in equity in the other properties.

Now that's a San Diego success story.

[GuyInSD]

Originally Posted by cruitr

I don't think you need to pay any taxes on the profits from the sale of a personal residence. Both federal and state tax is excluded.

well - it used to be my residence, but was a rental for just over nine years when I sold it; likewise, I've got another townhouse near UTC - that's always been a rental; I'll probably sell it this Summer - prices & demand are both high, and I've come to the realization that I'd rather have a big chunk of $ now and enjoy life (travel, toys, etc.) vs. having a bigger chunk of $ maybe 10 or more years down the road. I doubt I'll be able to spend it all during my lifetime anyways - so what would be the point - other than being a higher net worth denizen in the cemetery? I'd also like to think that I'm doing my part to add to the housing supply ; )

[sdurbanite]

Having more infill projects along major streets and boulevards (ie, University Ave, El Cajon Blvd, Morena Blvd, among others) would make sense.

[sdlife619]

Originally Posted by RosieSD

Actually, I think they also tried in the 70s and 80s in areas like Normal Heights, City Heights and North Park. That's how we ended up with so many lovely two story cinderblock complexes in a lot of that area.

I think one of the issues is that the perception of a "home" hasn't changed much since the 1950s. People are OK with apartments when they're young and single or old and retired. But, *most* people in the middle still picture "the American dream" as a three bedroom detached house with a garage. That would have to change to get enough people into apartments/condos/townhomes.

Very true Rosie.

When I was younger I was all about living in the city with all the things urban living offers, but as I’ve gotten older (early 30’s) I now value space, privacy, quietness and a house, not a shoe box sized apartment that is being built everywhere today. Maybe it’s a sign of getting older, or is just what most people want but can’t have in SD? It is true, the values and wants hasn’t changed entirely for most part since the 50’s for a large portion of the population, it’s only a small segment that prefers coffin apartment living.

I have a fiancé now, and both of us don’t want to live in apartments anymore as we plan on having kids. When you have a lot of stuff, a condo or apt doesn’t cut it anymore. The lack of space and storage is a problem for many people and is tough to raise children freely in many apartment complexes or condos these days
.

There’s nothing like owning a home, to the ones here that do own one, you are are truly lucky and fortunate you bought when you did because for many people in my age group that isn’t making a minimum of 6 figures, the American dream in SD is a fantasy.

[cruitr]

Originally Posted by GuyInSD

well - it used to be my residence, but was a rental for just over nine years when I sold it; likewise, I've got another townhouse near UTC - that's always been a rental; I'll probably sell it this Summer - prices & demand are both high, and I've come to the realization that I'd rather have a big chunk of $ now and enjoy life (travel, toys, etc.) vs. having a bigger chunk of $ maybe 10 or more years down the road. I doubt I'll be able to spend it all during my lifetime anyways - so what would be the point - other than being a higher net worth denizen in the cemetery? I'd also like to think that I'm doing my part to add to the housing supply ; )

Trump and Brown will both probably add you to their Christmas card mail list. Have a great life. Don't forget where you made your money. I have both Trumps and Browns postal mailing addresses if you need them.

Adios.

[1AngryTaxPayer]

Originally Posted by newgensandiego

So happy you can benefit at the expense of future generations, for which homebuying isn't an option.

I know quite a few youngsters that are buying right now. Yes, you do have to have a good job.