Affordable housing in San Diego County

By
Real Estate Agent with HomeSmart Realty West CalBRE #01458572

I return comment for comment.Along with the decline of real estate prices, the increase in inventory, and the shut down of many of the major new construction builders, another area that has fallen victim to this economy is affordable housing.

Just three years ago, only 7% of San Diego households could afford the median-priced home of about $515,000. December statistics show that 33% of San Diego households can afford the median-priced home, but the median price has fallen to $300,000. For those who don't know what the median price is, it means that half the homes that sold were priced above, and half the homes that sold were priced below.

Median price is widely used because it's supposed to prevent a home in Rancho Santa Fe that sold for $10 million from overly affecting it. If one were to look just at average prices in San Diego County, that $10 million home could significantly raise the average price of the 30 homes that sold, even though the other 29 all sold at $300,000.

A better way to look at real estate prices here in San Diego is to look at specific neighborhoods and suburban cities. Even the median price in Rancho Santa Fe is far out of reach for Main Street San Diegans.

With just 33% of San Diego households able to afford a median-priced home, affordable housing has been on the radar for the city and county. Unfortunately, there are about 26 low-income rental projects with more than 2,000 units that have stalled because of the economy.

It's entirely possible, though, that with a good credit score and a down payment or down-payment assistance, you could be living in your own condominium in Mission Valley rather than renting or waiting for the affordable housing market to return.

Condominiums in Mission Valley offer day life, night life, and lots of amenities such as golf, sports and other events at Qualcomm Stadium, world-class shopping at Fashion Valley, lots of movie theaters, gyms, and in many of the complexes, pools, spas, work-out rooms, picnic areas, racquetball, and tennis.

Condominium prices in Mission Valley are extremely affordable right now, and with interest rates at an all time low, now's the time to move up into your very own home.

Contact me for help in finding the right condominium to fit you and your family right in the heart of San Diego: MISSION VALLEY!

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Rainmaker
543,329
Toula Rosebrock
Diane Turton, Realtors, Forked River, NJ - Lacey Township, NJ
Broker/Sales Associate, Realtor, Lacey Township,

Hi Jim:

What a great time to buy.  Sounds like San Diego is affordable again, $300K median...not bad!

BTW, love your kitty's...

ToulaRosebrock.com - DianeTurton.net

Jan 30, 2009 04:49 PM #1
Anonymous
Anonymous

Jim, my friend in SD just told me that some condo near a park (forget about its exact name) is only 50K. So 300K is that good, :-).

Jan 30, 2009 07:43 PM #2
Anonymous
Anonymous

Wow, no wonder people have trouble affording housing.  If 300k is good, that is still out of reach of most people.  The average wage in America is in the 30k range, so no way an average person could even afford a condo, hard to believe. Why did prices get so out of control?  Are there not enough houses being built?  Seems like there is still room to fall there, don't you think? 

Jan 31, 2009 04:38 PM #3
Rainmaker
1,109,103
Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

Hey, Brian.

I believe the average household wage here is something like $49,000, Prices got out of control because we are near the coast with great beaches, and awesome weather, and lots of stuff to do. And if, by chance, you run out of things to do, a 90-minute drive up the coast to L.A. which has enough stuff to keep you busy for a lifetime without having to live there. If your life last longer than a lifetime, it's just a short flight to San Francisco or Las Vegas.

Actually, prices got out of control because there are so many people with their fingers in the real estate pie, and each one wants to be paid. If you have $300,000 worth of salaries to build a house, that means the house is going to cost $300,000.

There are not enough houses anywhere in California. It might be the third largest state, but with 37 million people, it has more than two times as many people as the second most populous state. And it's very much a NIMBY state. We want everything but we don't want to build anything to have it because building something will destroy wildlands, the coast, the view, whatever.

Still plenty of room to fall. There are some 360-SF studio condos that are down to $50,000. They were $300,000 three years ago.

Feb 01, 2009 02:01 AM #4
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Rainmaker
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Jim Frimmer

Realtor & CDPE, Mission Valley specialist
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