Median price of a single family home in San Diego: $612,750 (foreclosure, rent)

[expatCA]

Originally Posted by sdlife619

With the prices many of these older homes are selling for like yours from your childhood, I wouldn’t doubt that prices in the very near future could reach a million bucks for homes like the one you grew up in.


It wasn’t that long ago when a million dollars bought you a mansion, now you can’t even buy a mansion for a million bucks anymore in CA, it’s more like a 2,000 sqft home from the 70’s!!

Sadly this is the new standard.

Prices for homes in SD aren’t a real reflection of the kind of jobs we have here to support the prices. It’s the inflation that has skyrocketed to insane levels of all these houses that’s the main cause.

Not sure how much the Bay Areas tech industry is supporting the asinine housing market up there, but it’s not like every one in SF and Oakland is in the tech field. But unfortunately if you’re not in the tech industry chances are you aren’t buying a home as literally nobody can buy a house in the Bay unless your making a **** ton of money.

It’s almost like you can just throw out a price as a homeowner for your home, gamble and see who will pay it. The most desperate, the most wealthy usually wins as they are the ones that want to move here so bad and have the means to do it.

Not the everyday folks such as your local auto mechanic, your repairman, your florist, the cook at your favorite restaurant, semi truck driver, school bus driver, or even some police officers.

Unfortunate but true.

A greater gap between what was the middle class and the rich is occurring.

[TacoSoup]

Originally Posted by expatCA

More buyers than sellers, foreign investments, US investors.

Aside from a major economic impacting the whole Country prices will not drop.

So very true. Prices might level off, dip a bit, but we won’t see a collapse like we did a decade ago, it’s much harder to qualify now. If we do see a one, we’ll have bigger concerns than housing prices.

[T. Damon]

Originally Posted by sdlife619

With the prices many of these older homes are selling for like yours from your childhood, I wouldn’t doubt that prices in the very near future could reach a million bucks for homes like the one you grew up in.


It wasn’t that long ago when a million dollars bought you a mansion, now you can’t even buy a mansion for a million bucks anymore in CA, it’s more like a 2,000 sqft home from the 70’s!!

Sadly this is the new standard.

Prices for homes in SD aren’t a real reflection of the kind of jobs we have here to support the prices. It’s the inflation that has skyrocketed to insane levels of all these houses that’s the main cause.

Not sure how much the Bay Areas tech industry is supporting the asinine housing market up there, but it’s not like every one in SF and Oakland is in the tech field. But unfortunately if you’re not in the tech industry chances are you aren’t buying a home as literally nobody can buy a house in the Bay unless your making a **** ton of money.

It’s almost like you can just throw out a price as a homeowner for your home, gamble and see who will pay it. The most desperate, the most wealthy usually wins as they are the ones that want to move here so bad and have the means to do it.

Not the everyday folks such as your local auto mechanic, your repairman, your florist, the cook at your favorite restaurant, semi truck driver, school bus driver, or even some police officers.

This is so true. The days of young Navy Pilots and their fun wives, supermarket workers, tile setters, food servers (me, at the time), middle managers and the like who were the standard when we moved here 20 years ago are long since gone.

Now it’s Qualcomm engineers, Bio-Tech supervisors with their own lab wing, and a whole bunch of folks who don’t seem to work or at least work odd hours but all drive brand new expensive Mercedes, Porsche’s, Audi’s and Tesla’s. It’s us and one other original family feeling like we are grandfathered in here- working stiffs (though I’ve moved up to being a medical architect ) next to the moneyed class and wondering how we fit in with our 17 and 12 y.o. Subaru’s and going off to work every day while the rest seemingly hang out in their million dollar homes and plan vacations or oversee $150k backyard renovations.

The house next door’s buyer in escrow for $1.3M is a single women in her thirties?! I’m definitely in the wrong profession.

I still love my neighborhood, even more than when we first moved in, but it’s not the undiscovered lower middle class enclave that still possessed some rough around the edges elements to it that were kind of fun. Granted I’m not complaining about the unrealized gain on our house value since we moved in, but I kind of miss the regular folks who used to reside here.

[JohnAlt]

Originally Posted by expatCA

More buyers than sellers, foreign investments, US investors.

Aside from a major economic impacting the whole Country prices will not drop.

And "a major economic" never happens right?

[Ultrarunner]

Originally Posted by sdlife619

With the prices many of these older homes are selling for like yours from your childhood, I wouldn’t doubt that prices in the very near future could reach a million bucks for homes like the one you grew up in.


It wasn’t that long ago when a million dollars bought you a mansion, now you can’t even buy a mansion for a million bucks anymore in CA, it’s more like a 2,000 sqft home from the 70’s!!

Sadly this is the new standard.

Prices for homes in SD aren’t a real reflection of the kind of jobs we have here to support the prices. It’s the inflation that has skyrocketed to insane levels of all these houses that’s the main cause.

Not sure how much the Bay Areas tech industry is supporting the asinine housing market up there, but it’s not like every one in SF and Oakland is in the tech field. But unfortunately if you’re not in the tech industry chances are you aren’t buying a home as literally nobody can buy a house in the Bay unless your making a **** ton of money.

It’s almost like you can just throw out a price as a homeowner for your home, gamble and see who will pay it. The most desperate, the most wealthy usually wins as they are the ones that want to move here so bad and have the means to do it.

Not the everyday folks such as your local auto mechanic, your repairman, your florist, the cook at your favorite restaurant, semi truck driver, school bus driver, or even some police officers.

Those I know buying are Tech... but also Law Enforcement and Medical...

Several are new Grad RN's and married to Police Officers... they are the ones buying Median Priced Homes and in the under 30 age group.

No clue where it will end but the Real Estate market is never linear... plenty of reversals...

[metoque]

Originally Posted by JohnAlt

And "a major economic" never happens right?

Exactly. Some people here act like another economic disaster won't happen again in our lifetimes. They probably own homes. That's what experts call "confirmation bias". Thinking it doesn't make it so.

[expatCA]

Originally Posted by JohnAlt

And "a major economic" never happens right?

It did in 1929.

The down turn in 2008 is not likely to occur again and if it does a LOT of people will be out of work.

Then a LOT of people took out stupid loans then as well, that the Gov't favored and when they couldn't pay they walked away. That is not happening now so most people will just keep their homes.

Why on earth would any decent person want others hurt and lose their home, so they could buy it at a cheap price?????????????????????? I hear people hoping for this all the time.

[JohnAlt]

Originally Posted by expatCA

Why on earth would any decent person want others hurt and lose their home, so they could buy it at a cheap price?????????????????????? I hear people hoping for this all the time.

Everyone, decent or not, wants to buy "at a cheap price". If you or anyone else did so it was probably at the expense of someone not as fortunate.

Knowing a recession WILL happen at some point in the future is not the same as "want others hurt". It's called having your eyes open.

Who do you know that is hoping for people to lose their homes? I don't know any myself, but would they be any worse than people smugly gloating about how they somehow bought at the right time?"

[metoque]

Originally Posted by expatCA

Why on earth would any decent person want others hurt and lose their home, so they could buy it at a cheap price?????????????????????? I hear people hoping for this all the time.

Because it's the only way others can own a home of their own. You can thank Prop 13 for rewarding homeowners for never selling their house, so housing crashes are the only hope for prospective homeowners.

Why would you think it's fair for existing homeowners to pay way less taxes and enjoy never-ending capital gains, and never let others have a shot at owning their home?

[1AngryTaxPayer]

Originally Posted by metoque

Because it's the only way others can own a home of their own. You can thank Prop 13 for rewarding homeowners for never selling their house, so housing crashes are the only hope for prospective homeowners.

Why would you think it's fair for existing homeowners to pay way less taxes and enjoy never-ending capital gains, and never let others have a shot at owning their home?

Why would anyone sell their house if they don't have to? Running lil old ladies out of their paid off house is rather harsh in my book.