Last week we saw that the newer 2,700 square-footers in Carmel Valley were a hot commodity, and holding steady in the $800,000s.
What do you get for less?
Here’s a youtube video of three houses, two that just went pending, and one that closed, in the $600,000 to $700,000 range:
In other news, the median sales price has gone up four months in a row, which has some babbling.
From sddt.com:
“You have a floor,” said Louis Galuppo, a practicing real estate attorney and director of residential real estate at the University of San Diego. “Last year, (in July) prices were dropping in certain places and that’s not happening in certain areas now. In fact, that’s not happening in a lot of areas under $500,000.”
“The market can handle it all day long right now,” Galuppo said about the short sales and foreclosures that could come onto the market. Galuppo said people were afraid when foreclosures started coming into the market significantly last year, but since then those fears have been quelled — for the most part.
While uncertainties about the housing market and economy loom, some buyers have seen value with current home pricing as demonstrated by the 117 offers made on a Clairemont-area home last month.
From the North County Times, noting the 21% increase:
North County’s median house price rose to $440,000 in July, the fourth month in a rebound from a historic crash, an industry group reported Tuesday. The monthly HomeDex report released Tuesday by the North San Diego County Association of Realtors showed the median price of single-family homes rising from $415,000 in June and from $364,000 in March, its lowest level in six years. The $235,000 median for condominiums and town homes remained about 7 percent below month-earlier and year-earlier levels.
The market for mid- and low-priced homes is “red hot,” said Jim Klinge, a Carlsbad real estate agent who viewed the high home prices of 2004 and 2005 with skepticism.
But Klinge cautioned against putting too much stock in the month-to-month changes in HomeDex’s median, the level at which half of the sales were for greater amounts, and half for less. Klinge said sellers of luxury homes are beginning to drop their prices as the end of the summer selling season approaches. The late summer rush at the top end may have skewed median prices upward, he said.
“(Sellers) are thinking, ‘If we’re going to do something, we’d better do it now,'” Klinge said.
Nearly 8 percent of San Diego County mortgage borrowers are at least 90 days behind on payments, and thus in imminent danger of foreclosure, according to First American CoreLogic, a mortgage research firm.
The link to the NCTimes article:
http://www.nctimes.com/business/article_87ff30a2-838d-5bd2-8331-cce0bc9fd130.html
A frenzy for 1980’s tract homes east of the 5. Seems like the pricing dropping to around $700K is equivalent to Oceanside 4 months ago for homes at $300K. What’s next?
My friend from Santee who just sold is buying in El Cajon. Just went into escrow on a 350k home that had 21 offers on it. He went up 10k and offered to rent it starting TOMORROW on a lease back until close of escrow so the owner can get some cash flow and move on! The whole county is in a frenzy!
Jim, thank you for providing both sides of the housing argument in this post. It never hurts to understand what the opposition is thinking.
I honestly don’t get it. What’s the appeal?
~$700,000 for essentially a 20 year old house the size of 2-3 bedroom apartment. A couple miles down the road nearly the same money will get you a 2000-3000 sq foot new home in equal school districts.
These houses should get you into TPHS, and they don’t have MR which are both pluses but even then.
Wow, I toured the first one and the 3rd house. I guess I am seeing too many house already.
The 3rd one seems to have a structure problem on the 2nd floor. It was a crack about 6 feet or longer on the outside wall, below the master bedroom on 2nd floor.
The first house is not much bigger than our current rental and the new paint smell is just awful.
I don’t get it either. Almost $500 PSF for that 1st shack. That’s insane! That park view from the backyard must be something!
sdnerd:
“equal school district” ? where ?
school is the only reason we are looking at CV.
Pepsi:
Poway Unified School District kicks in just a few minutes east.
http://www.cde.ca.gov/ta/ac/ap/apireports.asp
One of the best school districts in all of San Diego.
There are advantages to older houses – as mentioned, no mello roos.
The idea of dated, functional obscolescence doesn’t make sense to me. We all grew up in houses of this era or older – and we survived – they provided shelter and a home for our parents to raise us. The great room/granite/stainless thing will seem dated in just a few years.
But then again – I’m living in the 45 year old house that I grew up in. (Bought it from my parents). So I have a different perspective than most buyers that only want new-new-new.
I have an ALERT for all Realtors and homeowner’s who mortgages were ORIGINATED by Downey Savings and Loan: USBANKCORP assumed all the assets of Downey S & L. USBANK is sending threatening letters to these homeowners (condominium units and single family) DEMANDING that the borrowers obtain and provide flood insurance. This is very expensive insurance. The letters state that if the borrower does not comply, USBANKCORP will establish an impound account and subtract that amount from the monthly mortgage payment(thereby making the mortgage payment deficient). USBANK claims that this insurance is now required because FEMA has re-mapped the entire U.S., therefore all must comply. Do any of you mortgage experts out there know about this???
My kids have been in CV schools for 4 years after moving from another district, and my wife works/has worked at a couple of different CV schools for 3+ years and knows many teachers/parents/students and sees the environment first-hand every day. Although there is certainly nothing wrong with the schools, the education (eg teachers, programs, etc) are really no better than the “lesser” places we have lived. In fact, they are lacking in many respects (for example the elementary schools have no gifted program, wtf?) Also oddly the elementary schools provide no transportation, which is quite odd compared to other places where you pack JR off in the morning and wait for his arrival in the afternoon. If you have 2 or more children at different schools, you spend much of your day just shuttling them back and forth to school. I don’t dispute that CV schools have the highest test scores, but that is more a function of the fact that professional parents who have already raised brighter than normal children seek out the schools with the highest test scores. The staff and especially the principals are especially caring, but I’ve found that at the other non-CV schools my kids have attended. So in conclusion, if your child is already gifted, prepare for them to just be thrown in with the crowd in CV. If your child is average, CV schools will not magically make them score in the 98th percentile, in fact their standardized testing schools probably will not rise at all. The schools do seem to maintain safe orderly learning environments, but again I’ve found that in the other school districts. I will disclose that my children have not made it to high school yet so I cannot compare high schools firsthand.
I’m sure I will be attacked by other CV parents, but please refrain from doing so unless you’ve actually had children in other districts so you can actually make a VALID comparison. Thanks
I think the consensus now is that the economic train is leaving the station (stock market recovery, unemploymenet leveling off, housing prices starting to climb, etc.), but this “red hot” market may stall out this Fall if the stock market pulls back 10% or so. . .Also a trend I notice with out of town friends. . .they have all read in LA Times, Wall St. Journal, etc. that San Diego has “housing bargains.” They come here looking for a beachfront house/condo for less than 400K, and leave with their tale between their legs when they see what 400K buys. . .I feel most of the real bargains were gone by April.
Kboy, you may have a good argument between PW and CV school districts and the difference in education may not be much that much? But CV gets all the glamor for whatever reason – I don’t know. For some, Poway may be just to far inland if they are already stretching their commune to get to CV.
I just don’t get these prices. The houses seem fine, if rather bland. But if you’re paying more than half a million dollars for something, don’t you want a little more than… bland? Then again, it was worse in the bubble years, and I didn’t understand it then, either.
What about the *real* low end of the market? What do you get for $200K out in Escondido or up in Oceanside? Are those more realistic, or just a different kind of rip-off?
Redys,
300k is the new 200k, 400k is the new 300k, etc. Used to be good some buys w/o multiple offers in Oceanside and Escondido, Vista and other East county areas 6 months ago. Bt the run up and frenzy seems to have pushed things up 100k from bottom of bottom.
The problem with putting a floor on the market is what might be buried in the crawl space. PSF just doesn’t seem sustainable in the teeth of employment and demographics. 10.1% U-3 is bad enough but every June that passes there’s another flight of nestlings leaving mom & dad with 3 empty bedrooms and most of their nest egg in the actual nest itself. Mom & dad (this will be a new meme of mine) had a winning lottery ticket in 2006, a small fortune in 2007 and a windfall in 2008. 2009? A good investment for now but with an uncertain future.
Long time readers will recall our genial host say in those years; “If you have to sell in the next few years, sell now.” I know, truth from a realtor probably stopped people in their tracks but he was right. Discerning readers will additionally note that he’s been quieter on that subject lately. For good reason IMO. If you are among the group for whom this applies you’ve lost most of that lottery ticket and now you are living cheap and able to wait out most anything more that’s coming. The risk is that everyone who didn’t listen to Jim is now getting older and more anxious.
I think the consensus now is that the economic train is leaving the station…
Have you noticed that the consensus is typically wrong?
Look at all the people claiming the “end of the recession”. They’re the same people that didn’t even see it coming. OTOH, the people that did see it coming still see more trouble ahead. Who are you going to believe?
With U-6 unemployment over 16%, a fair number of those nestling flights might be round trip or delayed on the tarmac.
Is the consensus that the economic train is leaving the station? I’d certainly agree it seems the consensus is the bomb on board has been defused. Will there actually be any progress down the tracks now though needs to be seen. And if anyone hears a tick – look out.
Perhaps a poor analogy, but people paying that much for these houses remind me of people still in line outside of a club at 1:50am that closes at 2.
The party’s over, everyone leaving spent too much, and when you get inside the only people still there will be those unable to walk out on their own two legs. Just because you are finally able to get in to CV doesn’t mean you should… better off to hold your spot until the stink gets washed out.
Oops, I meant to post my No. 10 comment under fraud report.
The consensus is feeding the frenzy that quickly snapped up the foreclosure in my subdivision a few streets over – currently it is in escrow after a bidding situation. I guess this is good news, but it really doesn’t matter to me personally since I’m not selling. So much for the hot knife cutting through butter. We’ll continue to bleed slowly until the excess inventory is sloughed off. And I see no rush or any incentive for the banks and investors to do so – unfortunately.
ITS A FACT – ALL KIDS THAT GO TO CARMEL VALLEY SCHOOLS BECOME DOCTORS AND MILLIONARES
ITS A FACT – ALL KIDS THAT GO TO “LESSER” SCHOOL DISTRICTS WIND UP IN THE GUTTER HOLD SIGNS WILL WORK FOR FOOD
ITS YOUR CHOICE
This “buying frenzy” is just a summer blip and it’s unsustainable. Here’s why:
Unemployment keeps getting worse. The numbers the government is reporting are bogus.
A tidalwave of foreclosures is going to hit the market in 2010-2012. There will be way too much inventory for investors to soak it all up.
New cars loans subsidized by the “cash for clunkers” program is another example of folks buying things on credit with money they don’t have. We all know how that ends… DEFAULT.
Commercial RE failures are going to ignite the next stock market crash. Because of all the media happy talk and cheerleading, many people are going to get caught flat-footed. 401k’s will once again be obliterated.
By next year many of today’s buyers are going to feel like they’ve been run over by a Mack truck.
Despite what is or is not one thing is certain:
There are willing and able buyers of decade old homes in areas of scarce job growth for 700k++..
Infer what you will, the fact remains.
As weak as such a suggestion sounds, is it possible that we’ve still got fraud games floating around?
I simply can’t fathom people being willing to pay up to $700K for places like this. The big hole in my conjecture, of course, is that we’ve got multiple bids coming in on these things–they can’t all be up to something.
I wouldn’t ask, but having lived nearby to a couple of these first payment default/kickback deals, it’s hard to get the thought out of your head. (that is, other’s doing it, not me!)
I just have to accept that for the moment, “buy now or be priced out forever” must be taking a bit of a foothold.
Pepsi you can live in PQ, RB, 4S,or Del Sur and be in Poway School district. Some people think it is better than CV. They offer great free Pre-K programs. You don’t have to go all the way to Poway. Camino Del Sur is 5 miles inland off the 56 and is already PQ.
Kboy great to hear your thoughts on CV schools. I couldn’t agree with you more! I have 3 really good friends that attended Torrey Pines H.S. and said it was just like Beverly Hills 90210. 2 of the 3 are well off and they actually choose to live in a different area for this reason. Money and drugs are an issue. Test scores aren’t everything. Every school has its pro’s and con’s. I am not trying to rip on the school because it is great. I just agree that every school has good and bad.
People wonder why they would spend $650,000 on these homes. There are a lot of people who work down town but there aren’t a lot of neighborhoods and schools geared towards families down there. They want to be close to the coast and have good schools. University City and CV is are the first communities you hit on the 5 that meet the criteria. It is the old Location, Location, Location. We almost bought an $800,000 in CV for this exact reason. We got sucked into this is the best area hype.
I think elementary schools are about the same between CV and Poway, and many other district.
My main concern is the middle school (when they start their adolescent and develop their characters) and high school (important for getting into college)
In schools where your classmate study 2-4 hours a day everyday v.s. a school where the best student spend 1 hour studying, there must have some impact on your SAT score. The API might all about the same, but the SAT in TPHS is just too impressive.
Bright kids do not score that high, it is their dedication.
On the other hand, as a single income family (me, software engineer), I do have concern about how my kid might fit in. Our way of getting in CV is all through our frugality / saving, not from high income.
Our way of getting in CV is all through our frugality / saving, not from high income.
Frugality is what I have been championing my entire time on this blog. People seem to think two nice cars every few years are a requirement. Hmmm, what can $1000 per month in frugality get ya? And that is only the automobile expense line on the spreadsheet.
I agree with you 100% KBoy.
People seem to think that schools with higher test scores mean that the schools are “better”.
Absolutely not true! I bet you can draw a chart of average household income and overlay it with average test scores quite nicely.
It does not mean that if you drag your low scoring kid to CV/PW they will automatically get better grades. That’s nonsense.
frugality is not a So cal Specialty.
as many of us know SO CAL society values may be ground zero and the primary reason for the entire world economic collapse.
Was So Cal the cause for the entire economic collapse?
http://vegasandre.wordpress.com/2009/08/02/was-so-cal-the-cause-of-this-current-bubble-burst/
As i think this current mini frenzy is just par for the course- SO CAL doing what SO CAL usually does
By the very definition of the scores, schools that rank higher absolutely are “better.”
Naturally just moving a kid into a better school will not magically make him smarter. Likewise it doesn’t mean if your kid doesn’t go to a high ranking school that he/she is not bright.
What it does mean is that your child will be surrounded by a greater % of higher ranking students. This in turn allows teachers to do a better, more focused job, etc.
Same teacher, two scenarios. One class of 50 with 10 bright kids and 40 misfits. Another class with 40 bright kids and 10 misfits. Which class will the teacher spend more time educating vs. parenting? Which would you want your child in?
It makes perfect sense that the money goes to where the best schools are. Money can’t buy test results though, it’s up to the student at the end of the day.
What I would argue is, there is diminishing returns the higher you go. Oceanside High vs. TPHS compared to TPHS vs. Del Norte as an example.
Interesting, haven’t seen a discussion on schools on this blog for a while.. I guess the time was ripe. As someone living in RB, I always wonder why condos in CV cost as much as houses in PUSD.
Interesting link from vegas re the alleged “cancerous SoCal lifestyle” evolution. In all fairness I have to say most examples I know of Keepin’ Up With the Joneses around the country that have no link to SoCal. Personally I think places like Vegas and Scottsdale have been fueled more by people moving there from places other than SoCal (some because they simply couldn’t afford to get into SoCal).
The stories I could tell of high-income earners who instead of setting themselves up for life (albeit a modest one) went on uninterrupted consumption binges and are now out of work and in a world of hurt. I am good friends with one who was a high-volume mortgage broker who made absurd amounts of $$ for about 4 years – f/u money – but she blew it all on insanely overpriced antiques, designer clothes, car leases and a very social lifestyle running in a very self-satisfied crowd of bling artists. She’s now out of state and living with her elderly parents. What a turn of events.
Anyway, I still think these CV prices will come down more, probably by a pretty good chunk. Yeah there is lots of activity now – everyone loves a good deal, everyone wants to steal one from the bank and brag to anyone who will listen about the deal they got. Sure the numbers look pretty good compared to what they were, but they were absurd. So now they are less absurd. Let’s see where we are in 2011.
I read the link posted by Vegas nrba in comment #29.
I had the experience of moving from So. Cal in 1990 to Washington State. People in Seattle were keying the cars with CA license plate because there was resentment of the people from CA moving there and inflating the housing prices.
It’s easy to blame Californians. It’s not a new phenomena. Plenty of folks in Las Vegas sold their houses at inflated prices during the bubble. Plenty of folks in Vegas made money on the boom. But now that it’s over, it’s time to blame Californians.
Lots of blame to go around.
pepsi, are your kids actually in school yet? Your statement that kids develop their characters in middle school made me chuckle, because one of the most suprising aspects of being a parent is the fact that all of my kids were pretty much born with their current personality. When we moved here 4 years ago I was emphatically opposed to moving anywhere other than CV due to the prestige and test scores. Four years later my average student is still quite average, and my bright child is still quite bright, and I don’t believe the exorbitant cost of living differential is worth it, especially compared to our previous school district in flyover country which actually seemed better funded and just as good even though houses cost in the $100K range. As long as you avoid gang-ridden inter-city areas, I think you’ll be okay anywhere. If you think all TPHS students are subdued studious angels, I invite you to go hang out around Ralph’s on Del Mar Heights on Friday or Saturday night, many of them are pretty darn obnoxious and out of control. Also you’d better be careful around the school at lunchtime, because they drive like their on the autobahn down residential streets.
“I think the consensus now is that the economic train is leaving the station…”
Smoke and mirrors.
All part of the little bubble being blown by the administration and finance industry to try and jump start the economy. Like all bubbles, it will pop.
If you missed this Elizabeth Warren clip, take a deep breath and dive in for the truth.
http://www.msnbc.msn.com/id/3036789/vp/32385463#32385463a
Poway is not that far away when you take traffic patterns into account. I’m in north Poway, and I can make it to the airport in 25 minutes. CV residents can’t say that because the entrances/exits to the 56 and the 56 itself are so backed up that it can take you that long to just get moving. Distance isn’t everything, traffic and time count as well.
Don’t tell anyone, but here I got 1 acre and 5200 sq ft for what a tract home costs in CV. And a stellar school district.
My kids are not in school yet, but I know mixing your kids with wrong crow could become very regrettable for parents.
And I had been teenagers myself so I know it is a critical age around 13- 18.
So, are doctors and lawyers all snobbish as we think they are ? Or is it just a myth that we average Joe made up for the rich folks ?
I’ve been advised by more than a few educators that early home schooling is the building block and if private school is a ‘must’ then money is well spent in the middle school years 7th – 8th. Other than that, once they are in HS, all bets are off 😀
“If you think all TPHS students are subdued studious angels, I invite you to go hang out around Ralph’s on Del Mar Heights on Friday or Saturday night, many of them are pretty darn obnoxious and out of control.”
Those kids are generally well behaved when I’ve seen them. Actually, they are quite docile and domesticated.
My wife and I were talking about how lucky those kids are the other day. Parents in CV give a crap about their kids.
But it is ultimately adversity which builds people and there is little evidence of that in CV…
KBoy, you’re right on. Once the school is at a certain quality level, the difference is dependent on the parents and the student. Hard work and dedication is as important as intelligence.
Probably the most important aspect is for parents ensure that students take their studies seriously and to know when to get extra help when the student runs into difficulties. Yes, it’s important for schools to be have good teachers, good facilities, good programs, etc, but without focus and drive, those resources are wasted.
One of the worst things parents can do is to spoil their kids. I’ve seen lots of parents that give their kids too much (nice cars, free rent after college, etc). Life becomes too easy and complacency sets its. Adversity builds character, and better to learn early on that life isn’t so easy.
There are areas in San Diego that are more affluent than CV, but their kids does not score as high SAT as CV.
So there you go with high SAT = spoiled kid theory.
Spoiled kids won’t study for SAT, period.
Here is where a lot of people should be looking. I think they have great deals!
http://www.skyranchliving.com/
CV is over rated. No shopping near by and schools are good, but Poway and private schools can match them.
52 will open up out East before you know it, and create an easy commute to Sorrento Valley and La Jolla Beaches.
No Mello Roos!!
Great views!!
New House!!
Send your kids to private school with the money you save!!
Shopping close by: Pier 1, Staples, Barnes & Noble, Costco, Starbucks, Olive Garden, Chili’s, Vons, Best Buy, etc…
Huge YMCA facility and 24 hour fitness near by!
How about them apples!
Santee? Don’t you need a few missing teeth and a mullet hairstyle to live there?
I know there is a certain stigma about Santee, but honestly, you should drive over there and take a look. It’s really not that bad. The first time I drove over there, I was very impressed, and I’m a longtime RB/Poway fan. Granted, it’s not La Jolla or Del Mar, but have you been on top of Rattlesnake Mountain (Sky Ranch)? You might be suprised. I sure was. Also, the town may have a red neck, southern feel to it, but at least the people are nice and well mannered. I haven’t heard that many please, thank yous, and hope to see you soon, in a long time.
What will drive the economy out of recession? If all of the stimulus kept us from the second great depression and helps us find a floor to this recession, where will consumers find the money to drive our consumer driven economy? Even when we do actually hit the bottom, I believe we’ll drag along there for quite a long time.
http://money.cnn.com/2009/08/12/real_estate/housing_mortgages_underwater.fortune/index.htm?postversion=2009081212
Karen Weaver, global head of Deutsche Bank’s securitization research division — responsible for analyzing credit default swaps, collateralized mortgage obligations, and other exotic Wall Street products — said last week that 48% of U.S. mortgage owners will end up owing more than their home is worth by 2011.
The figure may have left many Americans wondering how this could be possible. But consider that 27% of U.S. homeowners with a mortgage are already “underwater.” And according to Deutsche Bank, home prices may fall another 14% before hitting a bottom.
****
On option ARMs (adjustable rate mortgages), the way those loans work is that the payments are very small. And the difference between a normal payment that would cover someone’s full interest and principal, and these lower teaser payments, is added to the balance. So even if prices did nothing, an option ARM could end up with negative equity.
Isn’t it the case that many of those were issued at the peak?
Exactly. These products — option ARMs, subprime, etc. — were regarded in the industry as “affordability products.” What they were designed to do is to provide options to customers in areas where home prices were unaffordable. In other words, given an individual’s income, it was prohibitively expensive to purchase the average home.
So by creating products that lowered the payment, or lowered the amount of down-payment, it enabled more people to buy a home. It also perpetuated the bubble.
To give an example, if you look at Los Angeles: At the peak of home prices in LA, only about 9% of people living in Los Angeles made sufficient income to purchase the average house. Now, a number of those people had purchased their homes beforehand, so it was moot to them.
****
Does this lead to a new wave of foreclosures?
Well, we don’t think that the wave has stopped in any sense. But the wave is clearly building. That is evident by looking at serious delinquencies. If you look at a chart of how many borrowers have missed more than two payments, a large portion of those people are going to end up being foreclosures.
Well, that rate of serious delinquency has been rising rapidly and continues to rise, pretty much in tandem with unemployment. As long as you have serious delinquencies going up, you know for the next year and a half, a large portion of those are going to turn into foreclosures.
Of subprime and Alt-A (Alternative A-paper) borrowers, about 33% of those borrowers are seriously delinquent. If you look at prime jumbo, the highest quality mortgages, 6.2% are seriously delinquent. That sounds like a low number. But two years ago that number was 1%. It’s a very straight trajectory from September 2007, pretty closely mimicking unemployment.
****
Santee?! Come to Solana Beach! Frugality is king here. Lots of Honda CRVs and retired folks who live humbly. Also a lot of mellow but hardworking young families looking for a high quality lifestyle (by high quality I don’t mean nice cars and things, I mean moderate weather, decent lot size, reasonably sized homes, safe, no Mello-Roos or HOA, etc). SB also has a diverse population of students in the elementary and middle schools with great API scores within a well-run school district. Jim, you should do a mini feature on this city. It’s close to beach, close to downtown. Nothing ostentatious here that I can find.
Also, so much bashing of the ‘rich’ people here. I think it’s mostly in your guys’ heads…Sadly, they don’t have time to refute the comments on this blog at 2:45 in the afternoon on a Wednesday — they are busy working and fueling the economy!!!
I would love to live in Solana Beach. Show me an inhabitable home over 2,000 sqft and under $1 million. Is that one with the Chargers mailbox still available?
There are currently 4 houses for sale in SB that meet your criteria (I took 2 others off that haven’t been remodeled in years). For a town of only 13,000 or so, that’s a fair # of houses. And I’m sure there are more to come in the next year or two.
Who wants to spend 8 hrs a day sitting on their arse in traffic? That’s one day a week 52 days a year (that is more than a 2 mos vacation benefit) – how much is that worth on a tangible/intangible basis? Frugality has been mentioned more than a few times on this thread – something has to be wrong. SB is great, unfortunately, I couldn’t afford SB so we had to stop near Manchester which is as far south as we could get from Oceanside and still be close to the beach. There are some nice ranch style homes in SB I would love to have.
I have lived in alot of places in Southern California and IMHO, Carlsbad is comparitively the best value in coastal Southern California.
Carlsbad is nice but I think the most potential for housing price growth still lies in LEUCADIA. It’s a sleepy beach town that has some big projects coming: 200 million dollar hotel, complete remodel of old 101 with roundabouts, possible burying of the train, new rebuilt beach accesses coming, not to mention a good school district. Oh yes, my favorite Japanese restaurant is there too.
Can anyone verify Hibiscus’ claim that the commute to Poway isn’t all that bad? I currently rent in CV (Del Mar Heights area) and am looking to buy. The three major factors for us are:
easy commute
good school system
proximity to beaches
There’s no arguing that you get more house + land for your money out east, but aren’t you giving up on some of these conveniences/privileges?
I’ve heard that the 56 is backed up during the morning and evening rush, so we haven’t been considering any houses that would force us to use it. Any insight would be appreciated.
Speaking of San Diego Schools,
what does everyone think of Coronado.
I was down there this past weekend and thought it was a awesome place. See that prices are wacked but that is to be expected. And Of course I expect these to keep falling for two years
How are the schools?
are we in a Depression Already?
Social Safety Nets Mask Deflationary Depression
http://globaleconomicanalysis.blogspot.com/2009/08/prechter-sees-major-deflationary.html
Prechter is looking for a “major economic depression”. I think it is clear we are already in one.
“The only reason it is not more readily visible is people are living in foreclosed houses unable or unwilling to pay their mortgage, one in nine living in the US is on food stamps, and unemployment insurance has been extended twice. Congress is now debating extending it a third time.”
Blips, nothing more. I think anyone who is basing their view of the economy on some homes sales and rising export numbers had better look at the other messes before declaring a bottom, a turnaround or the end of anything.
We have a long way to go kiddos. This game is going extra innings and it’s a captive audience. The exceptions are just that, exceptions.
Oh, and to all you pushing Solana Beach and Leucadia. Please stop it. Those are both communities I would love to live in and hate the idea that the general public might start thinking they’re cool.
Carlsbad, that’s the place! Go to Carlsbad.
Leucadia = Encinitas 😀
Kidding aside, it is more of the sleepy beach town soon to be developed into something more updated. I think Cayucos is the ultimate sleepy beach town.
DECEMBER 2005:
‘The fundamentals of the housing economy remain sound, said Louis A. Galuppo, director of USD’s Burnham-Moores Center for Real Estate. “We may see a decline in sales but not prices.”‘
From: http://www.signonsandiego.com/news/business/20051215-9999-1b15outlook.html
rich
Hmm, as much as I’d like to believe there’s going to be a lot of development in Leucadia, I’m having a hard time picturing this. We’re either in a recession/depression, or we’re not. If Leucadia becomes more affordable, it won’t be because there’s money for development.
Haha…nice one rich.
So what qualifies someone to be a chief economist? Stone-faced lying ability? A nutless monkey could be a chief economist it seems.