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Oh yeah, I was assuming they have the best rate and a solid FICO score. But yep, obviously if you don't you will be where you are talking about. I agree there.
And no doubt there are LOTS of families (especially in North County) that live like they are "rock stars" like you mentioned. In fact, I went to college with 7 or 8 of these types. During the BOOM and housing bubble they all were supposedly doing well, drove the German cars, lived in the $800's houses or even higher.
But the final end game for them is NONE of them live here anymore and several of them lost their homes to short sales. Most of them borrowed equity against their homes.
The funny thing here in San Diego is many people are all into where you live, what zip code, what area, etc. But I don't get caught up in ANY of that garbage because I'm confident that my so called (assumed) "poor" friends that live in other less affluent areas have a MUCH higher net worth then some of these supposed "highballers" in my hood.
Oh yeah, I was assuming they have the best rate and a solid FICO score. But yep, obviously if you don't you will be where you are talking about. I agree there.
And no doubt there are LOTS of families (especially in North County) that live like they are "rock stars" like you mentioned. In fact, I went to college with 7 or 8 of these types. During the BOOM and housing bubble they all were supposedly doing well, drove the German cars, lived in the $800's houses or even higher.
But the final end game for them is NONE of them live here anymore and several of them lost their homes to short sales. Most of them borrowed equity against their homes.
The funny thing here in San Diego is many people are all into where you live, what zip code, what area, etc. But I don't get caught up in ANY of that garbage because I'm confident that my so called (assumed) "poor" friends that live in other less affluent areas have a MUCH higher net worth then some of these supposed "highballers" in my hood.
Is it really unique to San Diego or is this just how people are today (or dare I say have always been)? I mean, in every city, you have rich people living in affluent areas and poor people living in blue collar areas. Of course you will have exceptions and I know many. But on average, people living in 92126 will have much lower net worth than those living in 92130. I'm sure you can do the same Zip code mapping in all other cities.
docmcstuffin, San Diego (and even CA) is a unique beast especially when it comes to status or the perceived 'wealth' factor and how its measured in social norms. But I think you are right, its more of a generational thing as well.
Point being my SO, her parents worked in a"blue collar" building construction union shop out in NYC all with a Cornell Masters Degree. Made well over six figures but had a vastly different value system than maybe someone slinging stocks on Wall St. hoping to make a quick buck and brag. Big difference is now, in their golden years, he has several pensions, annuities and pensions that he earned and paid his way through, but still lives in the same neighborhood he raised my SO in.
Not so sure how well that would float out here in a similar situation. I have seen 'some' of that out in East County in older money areas but probably fewer and far between.
IMHO, there is a big difference between being financially stout on paper vs liquid or in real assets like real estate
Hmmm, well Pedro, let me assure you that we will NOT have a 3500/month mortgage. You all are throwing out all these numbers! Bottom line is whatever house we rent or buy will be within our budget.
So, any feedback on the homes I linked? They are all possibilities, but I figure something must be terribly wrong with them for them not to sell.
8 weeks seemed like an ok time to find a house. When we moved here we found our current house in 3 days. Sometimes, having a tight timeline can make decisions easier!
Is it really unique to San Diego or is this just how people are today (or dare I say have always been)? I mean, in every city, you have rich people living in affluent areas and poor people living in blue collar areas. Of course you will have exceptions and I know many. But on average, people living in 92126 will have much lower net worth than those living in 92130. I'm sure you can do the same Zip code mapping in all other cities.
Doc,
I wouldn't say it's just in San Diego. Lots of people live above their means in many other cities. However, San Diego is a different animal for a lot of different reasons that some of us always talk about. Namely, the economy and job market here are fairly mediocre generally speaking. You lose a good job in many other cities and it's not too difficult to get a replacement job. I've seen a lot of people struggle here vs. most other places I've lived or know well from many clients or friends living in those cities.
I don't think San Diego is anywhere as bad as some other places like Orange County where there is probably even more people as described.
Quote:
Originally Posted by shmoov_groovzsd
docmcstuffin, San Diego (and even CA) is a unique beast especially when it comes to status or the perceived 'wealth' factor and how its measured in social norms. But I think you are right, its more of a generational thing as well.
Point being my SO, her parents worked in a"blue collar" building construction union shop out in NYC all with a Cornell Masters Degree. Made well over six figures but had a vastly different value system than maybe someone slinging stocks on Wall St. hoping to make a quick buck and brag. Big difference is now, in their golden years, he has several pensions, annuities and pensions that he earned and paid his way through, but still lives in the same neighborhood he raised my SO in.
Not so sure how well that would float out here in a similar situation. I have seen 'some' of that out in East County in older money areas but probably fewer and far between.
IMHO, there is a big difference between being financially stout on paper vs liquid or in real assets like real estate
Agree as usual Shmoov. I do think SD is unique for a lot of of different reasons.
Quote:
Originally Posted by SusanMMC
Hmmm, well Pedro, let me assure you that we will NOT have a 3500/month mortgage. You all are throwing out all these numbers! Bottom line is whatever house we rent or buy will be within our budget.
So, any feedback on the homes I linked? They are all possibilities, but I figure something must be terribly wrong with them for them not to sell.
8 weeks seemed like an ok time to find a house. When we moved here we found our current house in 3 days. Sometimes, having a tight timeline can make decisions easier!
Susan,
That's great to hear that you will rent/buy what is within your budget. But remember online we can only go by what you post so any advice we give is based on what you post. I still strongly disagree with you that 8 weeks is an "ok amount of time to find a house" in San Diego. If you like tight timelines to make a decision on one of the biggest purchases in your life, all the power to you and good luck.
Even at the higher end of the market which isn't nearly as competitive as the lower end you are looking in, things are moving very quickly. Here is a house in my development where I live.
4 days from the time they put it on the market to the time it went into escrow. And look at the price. They bought during part of the bubble years and the listing price isn't too far from what they paid. It will be interesting to see what it closes at but if you think 8 weeks is enough time to find a house in SD in that price range...you will get the shock of your life. Good luck.
Susan, I recently helped my father purchase a condo, which he's renting to me.
Believe me, this market is insane. You are going to be competing with a lot of people for desirable properties.
And I agree with earlyretirement. You are not going to be able to find a place in eight weeks.
Think it through. A pretty fast close would be 30 days, or four weeks. That means that you only have 30 days to find a place in a city you have never lived in.
You can hope to get lucky and make a good decision about where you're going live for a long time based on four weeks of living in a new city.
Or you can rent for a year, figure out where you want to be, and then move on that.
ER - seemed to be an ok time based on previous experience. Seemed is an important modifier! Once again, I'll re-iterate that we will stay within our budget and that renting is a possibility. Ive stopped giving specific numbers, since i feel very bad about putting out what i already did on a public message board If i could delete the specific numbers I would.
So, if I'm reading what you all wrote correctly, we are priced out of PQ, Southeastern RB, and Poway? Any homes we do manage to find in our price range will have multiple offers and/or will need a lot of work/undesirable for some other reason. If prices are above bubble levels, then I don't know if I should trust that they won't crash again?
If it is impossible to buy a house in San Diego on an 8 week timeline, then we will rent. We've relocated often over the past 20 years. This situation you're describing is not what we've encountered before. Granted we've rented more often than we have bought in the past.
No worries Susan. Part of the good thing about Citydata is you could really in all reality be a janitor named Gus and we wouldn't be the wiser. I don't think there is anything wrong with putting numbers out there. It can be really be more beneficial when you do what you did.
Prices aren't above peak prices yet in San Diego. There might be a few isolated sales but prices are still below peak prices but the frenzy and DOM are surprising.
Absolutely prices can take a dip again. The stock market is making many people feel "rich" again which in turn fuels people's ability and confidence bidding higher as they feel the wealth effect. The market falls and you should also see a domino effect including in real estate.
All we are saying is with two young kids and the real estate market like it is, 8 weeks is not much so better to rent at least several months to a full year and see how things go.
And if you feel that uncomfortable the good thing about Citydata is you can come back as Gus_the_Janitor. LOL. Seriously though keep us posted how things go.
ER - seemed to be an ok time based on previous experience. Seemed is an important modifier! Once again, I'll re-iterate that we will stay within our budget and that renting is a possibility. Ive stopped giving specific numbers, since i feel very bad about putting out what i already did on a public message board If i could delete the specific numbers I would.
So, if I'm reading what you all wrote correctly, we are priced out of PQ, Southeastern RB, and Poway? Any homes we do manage to find in our price range will have multiple offers and/or will need a lot of work/undesirable for some other reason. If prices are above bubble levels, then I don't know if I should trust that they won't crash again?
If it is impossible to buy a house in San Diego on an 8 week timeline, then we will rent. We've relocated often over the past 20 years. This situation you're describing is not what we've encountered before. Granted we've rented more often than we have bought in the past.
I'll concur with tony and er. 8 weeks is really short in today's environment. Supply is extremely tight. So the good properties will go quickly at or above asking. That's the name of the game right now. Even then, there are not a lot of good properties that come on the market, so 8 weeks might not be enough unless you see something that you like right now and are ready to jump on it. Just to demonstrate to you how tight the supply is, in an area where I know best (Mira Mesa), there are current 8 active listings for SFR. If you stick to the West side of MM, you're reduced down to 4 active. If you want a house >1500 sq-ft on the West side of MM, you're reduced down to 1. If you want it to be move in ready, then that reduced down to 0. Keep in mind that there are plenty of houses on the West side of MM that would fit those criterias. It's just that none of them are for sale. You can't buy something that's not for sale. This is why we're saying 8 weeks is too short for today's environment.
You are not priced out of PQ, Southeastern RB, and Poway. But with your budget in today's market, you're at the very bottom rung of those areas. Which means you'll have to make sacrifices and your option is extremely limited. As of right now, if I filter out houses <$550k and >1500sq-ft, you have ~9 to choose from. The one in PQ, those houses belong to the worse part of PQ and schools there is even worse than MM. Also, those areas also doesn't have HOA, so you'll have the same spotty "problem". There is none in Southeastern 92128 that fit that criteria. There are 3 in Poway to choose from. I don't know Poway, so, I'll let the Poway expert chime in.
I'll concur with tony and er. 8 weeks is really short in today's environment. Supply is extremely tight. So the good properties will go quickly at or above asking. That's the name of the game right now. Even then, there are not a lot of good properties that come on the market, so 8 weeks might not be enough unless you see something that you like right now and are ready to jump on it. Just to demonstrate to you how tight the supply is, in an area where I know best (Mira Mesa), there are current 8 active listings for SFR. If you stick to the West side of MM, you're reduced down to 4 active. If you want a house >1500 sq-ft on the West side of MM, you're reduced down to 1. If you want it to be move in ready, then that reduced down to 0. Keep in mind that there are plenty of houses on the West side of MM that would fit those criterias. It's just that none of them are for sale. You can't buy something that's not for sale. This is why we're saying 8 weeks is too short for today's environment.
You are not priced out of PQ, Southeastern RB, and Poway. But with your budget in today's market, you're at the very bottom rung of those areas. Which means you'll have to make sacrifices and your option is extremely limited. As of right now, if I filter out houses <$550k and >1500sq-ft, you have ~9 to choose from. The one in PQ, those houses belong to the worse part of PQ and schools there is even worse than MM. Also, those areas also doesn't have HOA, so you'll have the same spotty "problem". There is none in Southeastern 92128 that fit that criteria. There are 3 in Poway to choose from. I don't know Poway, so, I'll let the Poway expert chime in.
BINGO! Exactly correct and spot on target. Plus I'm talking to more and more people that are starting to liquidate some of their stock portfolios so they are sitting on more cash and you are going to be competing with these people as well.
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If i could delete the specific numbers I would. 
