April 16, 2008

The American Dream - remembered

“A Chicken in Every Pot and a Car in Every Garage”:

Mmmm chicken!

President Hoover promised a lot, but lately the dream seems to fade.

We speak as though it were a game, those of us in the trade feeding off the American Dream. We spout numbers, trends and the vast wisdom of our economic gurus. We are full of our importance in this time of need, full of regurgitated facts and elevated insight. Statistics serve statisticians well and give us the illusion of knowledge, but our real task is elsewhere.

Let us not forget that down here on the ground and in the trenches are real people buffeted by the ill winds of change simply seeking shelter for kith and kin. Let us take this reality to heart and direct our energy to solving real problems and answering the questions that will put these people into homes they can afford. The right home at the right price with the right mortgage is where we should focus. Let’s get back to filling the needs of regular folks without all the idle gossip about gloom and doom.

If you or your client can afford a $300,000 house, here are some options to consider in San Diego East County:

2542 DOUBLETREE RD, Spring Valley, CA 91978: 4 beds, 2 bath, 1,445 sq.ft., $194/sq.ft., lot 6,000 Sq. Ft., built 1972, listed 27 days. This is a two story home with AC and an extension (permit unknown), but otherwise quite ordinary. I had a similar home and was quite happy with it. A bit less than $300k- take a look.

3405 SWEETWATER SPGS, SPRING VALLEY, CA 91978: 3 beds, 2 baths, 1,250 sq.ft., $239/sq.ft., lot 10,100 Sq. Ft., built 1953, listed 65 days. What we have here is an older home on a good sized fenced corner lot. It sold for $455,000 on Mar 07, 2006. Interior has some nice features, lots of lavender color.

1138 AVOCADO AVE, El Cajon, CA 92020, near Chase: 3 beds, 2 bat, 1,228 sq.ft., $243/sq.ft. (high), lot 6,200 Sq. Ft., built 1956, listed 12 days. The pics show an attractive kitchen but, I think, a poor layout for this old house. The garage now has a bedroom and I have to wonder what other ill-advised changes have been made. There must be a sad story here as the house sold on Feb 20 for $304,849 and I doubt they’ll get anything close to that on this sale. See the next listing for an even faster and bigger drop in price.

7939 SAN CARLOS DR, San Diego, CA 92119, at the foot of Cowles Mt., near San Carlos Park: 3 beds, 2 bath, ? sq.ft., lot 5,900 Sq. Ft., built 1959, listed 1 day. We might forgive the missing info on sq. ft. except it was just sold last month- they must know! On March 4 it sold for $449k. They want $320k now but I bet you could get it for less. Bank owned/REO to sell as-is. This is a breathtakingly ordinary house that looks as though it might have had some updates in the ’70s. Nice view though.

It’s worth noting that as I look for $300k homes on the lovely Redfin map I find large empty areas on the map around Mt. Helix, Fuerte Drive, Calavo Gardens, etc. These are premium areas where homes cost more. The more affordable homes cluster in the more urban parts of Spring Valley, Lemon Grove, La Mesa and El Cajon.

I hope I’ve provided some practical info on a price range that you can use. When you buy with Redfin you can save around $6,000 on these homes. Regardless of the economy, the endless chatter about statistics and trends, these houses could be a good investment for you if you can afford them and plan to stay a while. Nothing else really matters.

Feel free to look at these related blogs:
Here’s why to Buy Now
First Time Buyer Bargains
Housing Hype & the Savvy Shopper

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!]

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