First Time Buyer Bargains

Let’s search the Redfin maps for those properties that might appeal to a young couple, perhaps with one child and not expecting another for a few years. What sort of home might appeal to such a family?

Two bedrooms seems right, one bath might suffice. Even if there are no children at the moment, schools might be a consideration. Let’s guess that the young couple have moved beyond the party crowd and seek a quiet environment that is compatible with career and family development.

This hypothetical couple may be tempted to hesitate, thinking the market may drop further. It’s good to consider that ‘he who hesitates is lost’–any or all of these homes could be sold tomorrow. If your dream home is among them you’ll have to settle for something else. It’s not unreasonable to assume a rebound in the market in three years, and if our couple plans to stay for five years they have several options when they choose to move on. They could retain the unit as a rental or sell at a profit. With all this in mind, let’s see what we can find in the near East County.

2139 Berry Street, Lemon Grove

In Lemon Grove near the Berry Street park is a condo that’s offered for $165k. Over the last 90 days or so the price has dropped significantly and seems reasonable. It has the 2 beds, one bath and 855 square feet and at that price it will move for an excellent $193/square foot. Of course there is a pool, clubhouse, playground & rec area. The condo homeowners dues seem reasonable at $180/month. I don’t know this particular development, but I’ve had many happy hours at the Berry Street park during the Summer free concerts. It’s a great place for children or meditation, especially if you live in a small condo. All East County schools are acceptable and the Grossmont District High Schools & Colleges have been exemplary. Buy with Redfin and Save $1,950*

9126 Lamar Street in Spring Valley is a single family home with 2 beds, 1 bath. It’s a humble home built in 1945 with a one car garage. But it is a home and includes a small parcel of land. With 725 square feet, it sells for $207 per sq.ft. and there are no homeowner fees. Nearby is Lamar Park. This house sold for $322,000 in 2004; now it’s yours for $150,000.

In the gated community of La Mesa Village is the tiny unit number 216. It’s smaller (572 sq.ft.) and costs more ($169,000 or $295/sq.ft.) than the above units, but this is the heart of La Mesa, ‘Jewel of the Hills’. Built in 1973, it includes a clubhouse/rec room, pool and a monthly fee of $220. Probably too small for a couple with a child, or even a dog (although that is allowed with restrictions). Less than 4 months ago this sold for $189,000. See if you can get the price reduced even more!

In the city of El Cajon is a cluster of affordable homes surrounding Renette Park. 1139 Emerald is one of these and the biggest in this list at 1,024 square feet. It has 2 beds, 1.5 baths and they’re asking $155,700 which brings it to $152/sq.ft–perhaps the best bargain of the bunch. It sold for about the same price just a few months ago, so maybe there is some wiggle room in the price. No rec room but there is a pool and the HOA fee is $200/month.

1139 Emerald, El Cajon

There you have some scattered bargains around the East County. There are lots more you can find at Redfin by narrowing the search to your price range. As you study the maps, note the proximity of each listing to parks, shopping, transportation facilities, etc. If such a home tickles your fancy, go there, meet some people, and get a feel for the community. They might be your neighbors for years to come.

You can follow my East County blog or here, and Carol’s Hillcrest, North Park and Ocean Beach blog. You’re at Redfin, the unbiased source for local real estate information.

[data from generally reliable sources, please comment on any errors!]