Pacific Beach homes are some of the most expensive real estate in San Diego. I hear all the time, “Why is Pacific Beach and San Diego so damn expensive?” and “Who can afford to buy homes here?”
I have a lot of co-workers, friends and family members that would love to buy a home in Pacific Beach or San Diego. They just cant. Making an average salary, they may not qualify for a loan to match home prices in their neighborhood. Loan programs for a $700,000 home could require down payments of $50,000-$140,000.
A lot of people wonder, “Who has that much money lying around?”
Why has Pacific Beach become so expensive that some locals cant afford it?
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With vacation homes empty, long term tenants and homeowners becoming unemployed, will Pacific Beach home prices plummet because of Coronavirus?
Or, will residential real estate – one of the few human necessities (shelter, and now work space) – have an increase in demand?
In this article I will discuss my thoughts on how Coronavirus, and it’s affect on the economy, will affect the Pacific Beach residential real estate market in the near future.
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I recently had a client ask me to help them find out how they could get into the San Diego real estate market on a tight budget. The client has a lot of toys and two dogs, so he wanted some land. He loves to surf and enjoys the beach, but coastal zip codes were too expensive for the amount of space he wanted. The options within his price range were to buy land inland or a condo closer to the water. He decided to buy an undeveloped piece of land in Ramona, which is in East San Diego County.
In this post we will go over the process to buy land in San Diego, and how to eventually get a home on it.
Read more “How to buy land in San Diego and build a home.”
Both tenants and landlords have most likely heard some buzz in the news about rent, evictions, and the government efforts to help those affected by COVID-19. In this article we will answer some common questions about Coronavirus and how it may affect you.
Do I need to pay my rent?
“Tenants must demonstrate a substantial decrease in income or medical expenses caused by COVID-19 in order to qualify for a delayed rent payment. It will not relieve a tenant of their requirement to pay rent or restrict a landlord from recovering rent at a future time.”
Read more “Coronavirus: Do I still have to pay my rent this month if I live in San Diego?”
San Diego has many coastal communities, and has a large amount of residential zoning along the beach. This gives plenty of homes prime positioning for views and access to the water. While the views and access to the water are lifetime trophies for many buyers, buying waterfront property in San Diego can present some issues buyers should be aware of.
Getting additional inspections and asking additional questions while in escrow is crucial. The cliffs of San Diego have had issues with erosion, you can google past stories. To combat this issue, homes can have additional foundational support added to the property, including piers and seawalls. These are expensive additions and they should be inspected upon sale.
Read more “What are some uncommon things you absolutely must know before buying a waterfront property?”