New Homes in San Diego City (Julian, Mesa: mortgage, neighborhoods, to buy)

[cruitr]

Many of my friends in the midwest and the east coast ask me if new homes are still being built in the city of San Diego. I usually say no, mostly just teardowns and in-fill projects.

Well, as this video shows, I'm totally wrong. This video was taken today by a realtor. The realtor does not say his name. The project is called Sterling Heights by Lennar Homes. It's in zip code 92127.

The homes are quite large by coastal San Diego standards. The prices are $2M-ish. Note how many people are touring these homes. The realtor says about 10% of the project is already sold.

How many San Diego families can afford a $2M home? Apparently quite a few.

It's a 10 minute homemade video. You'll get the picture of how strong housing demand is in San Diego in the first few minutes.


https://www.youtube.com/watch?time_c...&v=G7rwyY1Am0Y

[newgensandiego]

Carmel Valley has swaths of single-family homes still being built, most of which fall within City of San Diego boundaries.

The rest of the city needs to start building more multi-family in underutilized areas like Midway, Kearny Mesa, Mission Valley, etc. and increase density in established urban areas. Of course, the region really needs to start building the transit infrastructure now in order to accommodate these people.

[sdlife619]

Wealthy foreigners is my guess, not your typical working San Diegan that’s for sure.

I see quite of bit of Asian people in that video, rich Chinese possibly?

This is the kind of development we don’t need anymore in SD. 2 Million dollar homes is that the norm now?

Even professional types can’t afford that, so it’s obvious these homes are being built to attract rich foreigners looking to buy in the U.S.

[LuvSouthOC]

Originally Posted by newgensandiego

Carmel Valley has swaths of single-family homes still being built, most of which fall within City of San Diego boundaries.

The rest of the city needs to start building more multi-family in underutilized areas like Midway, Kearny Mesa, Mission Valley, etc. and increase density in established urban areas. Of course, the region really needs to start building the transit infrastructure now in order to accommodate these people.

Did it ever dawn on you that they don't want that in that area?

[cruitr]

Originally Posted by sdlife619

Wealthy foreigners is my guess, not your typical working San Diegan that’s for sure.

I see quite of bit of Asian people in that video, rich Chinese possibly?

This is the kind of development we don’t need anymore in SD. 2 Million dollar homes is that the norm now?

Even professional types can’t afford that, so it’s obvious these homes are being built to attract rich foreigners looking to buy in the U.S.

If they use a mortgage to buy the house, only interest on the first $750,000 is federally tax-deductible. And Jumbo mortgage rates are 4% or higher.

If they pay cash, these new homes probably have mello-roos taxes. A new owner of one of these homes is going to pay $2-3K A MONTH in property taxes. And most of that is not tax-deductible either.

Money must grow on trees in China.

[kettlepot]

There is also new home construction in the interior Otay Mesa area. Other than these two areas, far northeast and far southeast, you are correct that new single-family home construction is dead inside the city.

It's interesting that in the video this new development is behind gates. That's the smartest way to go. It keeps the City/State from ruining your neighborhood after the fact by forcing in incompatible development. In a few years the only single family neighborhoods left in San Diego will be gated communities and historic districts.

[newgensandiego]

Originally Posted by LuvSouthOC

Did it ever dawn on you that they don't want that in that area?

Oh I did. I just don't care because we desperately need housing and every community needs to build its fair share. Unpopular opinion on CD and not unsurprising given the demographic of people who post on here.

But by all means, continue to stick your head in the sand and pretend like these problems will just solve themselves. But I suppose it doesn't make a difference for you since you won't be around to deal with the problems.

Did it ever dawn on you that your mentality is why nothing ever gets accomplished in San Diego?

[newgensandiego]

Originally Posted by kettlepot

It's interesting that in the video this new development is behind gates. That's the smartest way to go. It keeps the City/State from ruining your neighborhood after the fact by forcing in incompatible development. In a few years the only single family neighborhoods left in San Diego will be gated communities and historic districts.

Boo fricken hoo. Low density, single-family neighborhoods are a total drain on our tax base. SFH represent a small tax base, but a ton of public infrastructure to maintain relative to taxes. Throw in all the Prop 13 freeloaders and people still can't grapple why we can't have nice things.

Not to mention the public subsidies going to mortgage interest, highway/road building and expansion, and general municipal services.

Absolutely no sympathy.

Cue:"they're building skyscrapers in my neighborhood!" "they are taking away my [free] parking" and all the other sensationalist rhetoric of NIMBYs who think they own other peoples' land.

[expatCA]

Originally Posted by newgensandiego

Carmel Valley has swaths of single-family homes still being built, most of which fall within City of San Diego boundaries.

The rest of the city needs to start building more multi-family in underutilized areas like Midway, Kearny Mesa, Mission Valley, etc. and increase density in established urban areas. Of course, the region really needs to start building the transit infrastructure now in order to accommodate these people.

Wont do a thing for pricing as no builder wants to lose money. Afford a place to live or ... well homeless, 8 to a room or .... increase your income or move where your income makes it possible. No one has a right to live anywhere, just the opportunity. This is why the IE is growing. Smart people, not cry babies.

[LuvSouthOC]

Originally Posted by kettlepot

There is also new home construction in the interior Otay Mesa area. Other than these two areas, far northeast and far southeast, you are correct that new single-family home construction is dead inside the city.

It's interesting that in the video this new development is behind gates. That's the smartest way to go. It keeps the City/State from ruining your neighborhood after the fact by forcing in incompatible development. In a few years the only single family neighborhoods left in San Diego will be gated communities and historic districts.

Yes, exactly. Not just San Diego. Just wait until after 2021 with a Dem president like Julian Castro or others like him who want to socially engineer every zip code in the US.