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Old 03-07-2016, 04:29 PM
 
9,525 posts, read 30,465,926 times
Reputation: 6435

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Quote:
Originally Posted by hitman619 View Post
I not going to lie, there is one house i saw for sale that has a Partial view of lake Murray on 1 side and a Ocean View on the other side.
I pass by this one everyday, right on the golf coarse
6451 Golfcrest Dr, San Diego, CA 92119 | MLS #160004671 | Zillow
It's just insane to me that someone thinks they can get 900k for a (albeit nice) tract home at the bottom of the hill on a high traffic street when for 1.1MM you can get a bona fide McMansion UP on top of the hill. We looked at a flip in San Carlos and they wanted 800k++ for small, crappy bedrooms and a cheesy, faux-boutique modern style with lots of missed fit-and-finish details.
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Old 03-07-2016, 04:54 PM
 
40 posts, read 78,892 times
Reputation: 87
Quote:
Originally Posted by hitman619 View Post
I not going to lie, there is one house i saw for sale that has a Partial view of lake Murray on 1 side and a Ocean View on the other side.
I pass by this one everyday, right on the golf coarse
6451 Golfcrest Dr, San Diego, CA 92119 | MLS #160004671 | Zillow
The listing isn't clear on what "upgrades" add such value to this 40 year old suburban home. If you zoom out and see the Zillow estimates for the entire block, it becomes apparent that the home is a lone $900k in a sea of high $500ks to mid $600ks. I poked around and found a neighbors' home a few doors down that sold in 2012 for $675k.

It just blows my mind. I know it is a seller's market but that pricing seems....optimistic. I'd be curious to see what it eventually sells for.
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Old 03-07-2016, 05:38 PM
 
Location: Chapel Hill, NC
35 posts, read 77,932 times
Reputation: 74
Didn't want to start a new thread for this in case if it's a repost, but I figured it would be a good add for here:

The salary you need to afford a home in these 25 cities - MarketWatch

I don't live in San Diego yet so I'm not sure how accurate this is.
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Old 03-07-2016, 06:32 PM
 
28,113 posts, read 63,642,682 times
Reputation: 23263
When I sold a small home I also had comments as to the asking price.

I then mentioned there are nearby areas for the same money and much larger homes...

However, if they wanted to live in this city of 30k people... my listing is the lowest priced single family home on the market...

It did sell with multiple offers for slightly over asking.

As Sassberto mentioned... often the for little more than the price of admission much greater value can be had for a little more money.
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Old 03-07-2016, 06:47 PM
 
Location: Santaluz - San Diego, CA
4,498 posts, read 9,381,074 times
Reputation: 2015
Quote:
Originally Posted by Ultrarunner View Post
It's nice when a plan comes together...

Same for one of my tenants... they rented from me for FAR less than the cost of buying and retired to the Islands... enjoying every minute of it and the weather agrees with them immensely!

Yep, many times renting can be less HOWEVER, the key is taking that savings and actually saving it. I've found that MANY people take any savings they might have from renting and then end up spending that money keeping up with the Jones. The key is to adequately actually save for retirement. It's pretty scary how little people are saving up for retirement these days.

The way I approach my main residence is not a nest egg or part of my net worth but "pre-paid rent for life". My house is paid off and I take comfort that I'll never have to pay rent again.
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Old 03-07-2016, 07:28 PM
 
Location: San Diego A.K.A "D.A.Y.G.O City"
1,996 posts, read 4,767,759 times
Reputation: 2742
The local asking prices these days for homes is simply outrageous.

What kind of people are buying these overpriced old stock 1950's-70's..... $700,000- to 1 Million dollar homes? They're completely not worth it in my view.
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Old 03-07-2016, 07:44 PM
 
28,113 posts, read 63,642,682 times
Reputation: 23263
It would be those that believe it is worth it.

The Federal Government has done a tremendous job inflating the housing market... the artificial rock bottom interest rates have driven home prices and created demand.

All those quantitative easing dollars have to land somewhere.

It is also more costly to build... everything is up... materials, labor AND all the hard cost like permits and utility hookup fees and special assessments.
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Old 03-07-2016, 07:45 PM
 
Location: San Diego A.K.A "D.A.Y.G.O City"
1,996 posts, read 4,767,759 times
Reputation: 2742
Quote:
Originally Posted by helluvaengineer View Post
Didn't want to start a new thread for this in case if it's a repost, but I figured it would be a good add for here:

The salary you need to afford a home in these 25 cities - MarketWatch

I don't live in San Diego yet so I'm not sure how accurate this is.
That's really bad news for the average San Diegan looking for a home.

People in San Francisco and San Diego need to make the most money out of the 23 other cities, in order to afford just the Median asking price for a home! The current median price is around $450,000 in SD, and one has to make a $103,000 annually just to be able to afford the median price.

So from the looks of things and how crazy high the majority of homes that are located in the San Carlos area and throughout SD, a family would have to at least bring home over $150,000-200,000 a year to afford a $800,000 home. Umm, not everybody is a doctor or a lawyer, but a salesman, a cook, a florist, a cashier a teacher, and so on. I can't understand how these values are even determined when the people that live and work in the area most likely don't make that much a year to justify the price. So basically a once nice middle class neighborhood has turned into an upper middle class enclave. It's slowly turning into La Jolla on the hills.
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Old 03-07-2016, 07:48 PM
 
Location: South Park, San Diego
6,109 posts, read 10,887,176 times
Reputation: 12476
Quote:
Originally Posted by sdlife619 View Post
The local asking prices these days for homes is simply outrageous.

What kind of people are buying these overpriced old stock 1950's-70's..... $700,000- to 1 Million dollar homes? They're completely not worth it in my view.
More amazing is what they are getting.

https://www.redfin.com/CA/San-Diego/...2/home/5821133
Down the street from me- 95 year old, major fixer 1200 s.f. bungalow, gut job kitchen and bath (that's one bath), questionable foundation, crappy Jalousie windows needing replacement (that ain't cheap!- if you do it right), tiny, 4000 corner lot with no garage or even garden to speak of.
Sold for $65k over asking at $625k!
You just crack open your wallet at that house and $200k are sucked out before you know it! And then you still have a tiny house and yard, albeit now fixed up.

Crazy!
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Old 03-07-2016, 07:57 PM
 
Location: San Diego A.K.A "D.A.Y.G.O City"
1,996 posts, read 4,767,759 times
Reputation: 2742
Quote:
Originally Posted by T. Damon View Post
More amazing is what they are getting.

https://www.redfin.com/CA/San-Diego/...2/home/5821133
Down the street from me- 95 year old, major fixer 1200 s.f. bungalow, gut job kitchen and bath (that's one bath), questionable foundation, crappy Jalousie windows needing replacement (that ain't cheap!- if you do it right), tiny, 4000 corner lot with no garage or even garden to speak of.
Sold for $65k over asking at $625k!
You just crack open your wallet at that house and $200k are sucked out before you know it! And then you still have a tiny house and yard, albeit now fixed up.

Crazy!

You seriously have to question a person's sanity when you see things like this.

Cool old home, YES, but worth it? Hell no! Watch the buyer sell it in 2 years.

That's a $150,000-200,000 home MAX. And that kitchen is horribly bland!
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