Home Buying in San Diego>Question Details

Dustin Tysick, Home Buyer in Vancouver, BC

Is now a good time for a Canadian investor to purchase real estate in San Diego?

Asked by Dustin Tysick, Vancouver, BC Sun Nov 9, 2008

I want to invest in real estate but with the market near its peak up here in Vancouver it is not the right time to buy up here. With how much prices have gone down in certain areas of San Diego I am considering buying and renting out property in San Diego County. Any opinions on if it would be best to wait a little bit longer would be much appreciated. Also, I would love to hear suggestions on areas to purchase in.

Thanks.

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9
James J. Griffin’s answer
Dustin -

Honestly, I would wait a few months. My guess is that you're going to be seeing some substantial seasonal adjustment as we move from our peak buying season (summer) into a slower period in the market (winter).

Prices are already being reduced in the market areas we service, and I expect that trend to continue. Brokers, by nature are optimists, and have priced a lot of homes incorrectly. It may be that the seller doesn't want to sell at a certain price, but prices have quite a bit more room to adjust before they match up with what the rents will produce.

This is especially true in the price points over $300,000.

When you are ready to look at rentals, and if you're looking in the downtown, or urban neighborhood core, let me know and I'll be happy to give you a real assessment.

Bottom line is I would wait unless, as Bill pointed out, there's something you just "have to have." Generally speaking, prices are going to come down some more. All the best.
1 vote Thank Flag Link Tue Aug 17, 2010
Dustin,

Any time is a good time to invest in the housing market as long as it's the perfect home, in the best location, and being offered at a price that you can't afford to walk away from.

The biggest mistake you can make is deciding not to look. If you take yourself out of the hunt you'll never know what your possibilities were.

Good luck
1 vote Thank Flag Link Mon Nov 10, 2008
Right now is a great time to buy for investment purposes. A bulk of my clients are investors doing just what you have in mind. Great places to consider are places that are constantly being rented out and in demand such as: Mission Valley, Clairemont, UTC and College Area. If you're interested in just viewing properties, feel free to visit my website and look through listings. If you have any questions my information can be found on my website also. I hope this helps.

All The Best,

Chris Placencia
Great Life Realty Team
Prudential California Realty
Web Reference: http://www.cali-dreamin.com
0 votes Thank Flag Link Thu Aug 19, 2010
Hi Dustin,

I specialize in helping Canadians buyer investment and second home properties here in San Diego. In addition, i have a team of professionals to provide additional advice in areas of taxes, ownership and currency exchange. Yes, now is a great time to buy in San Diego. You just need to decide if you are looking for single family or condos. I'll be doing some seminars later this year in your area, in addition to some online webinars to help answer many questions other Canadians have about the San Diego real estate market. Please give me a call if you would like to speak more. I have an amazing property search tool, that is free, and will give you full access to the MLS, which is helpful when doing your research. 50% of our clients have never been to San Diego prior to buying a property so its essential they have a resource that can stream line the process. I look forward to hearing from you!

Amber Anderson
619-840-3400, or amber@globaloneinvest.com
0 votes Thank Flag Link Tue Aug 17, 2010
Hi Dustin,

I think it is a great time to buy property in San Deigo. The interest rates are staying around 6% or under and the home prices in certain areas have dropped as much as 30%. I have a few REO in the North County of San Diego. When these going on the market they are usually sold within two to three days.

However even with being a great buyers market in San Diego, CA it depends on what you are tyring to do. I have some out of town clients buying home here to rent in the winter months and come and enjoy in the summer time.

Let me know if you need any help, I work full time in Real Esate. Or feel free to visit my website at http://www.coastalhomesinsandiego.com
0 votes Thank Flag Link Mon Nov 10, 2008
Hi Dustin,
I've been asked this a lot lately by Canadian buyers. We're seeing multiple offers on properties that are priced very well and sales volume has begun creeping up again. Average prices still are coming down in some areas as we have more affordable homes for first time buyers than we've had in many years. Luckily, you're not buying the average house - you're looking for a good deal on just one home. I've been able to negotiate good deals on many lately. Affordability is great! Not sure if you're looking for a condo or home and whether it's just an investment or a home you'd like to live in eventually. Your answers may lead me to recommend one area vs. another. Search the MLS for yourself on my website or just about any realtor's site. We can also automate it for you to streamline it and make the most of your time and effort. Let me know if I can help. Good luck!

Diane Conaway, RE/MAX United, (760) 749-2888
Accredited Buyer's Representative, ePRO
0 votes Thank Flag Link Sun Nov 9, 2008
Dustin...the answers to your questions really depend upon your goals. Are you looking to buy a property that you ultimately want to live in or a property that is soley for investment purposes? There are parts of SD that still have some ways to go before hitting bottom, but there are other parts that seem to be stabilizing. I just previewed a property today for one of my Clients (4bds, 2100sqft, priced at $365k, 2 days on market), but then found out seller had accepted an offer and had 5 backups! What are your thoughts about Orange County? Let me know if you would like to chat more....
0 votes Thank Flag Link Sun Nov 9, 2008
Dustn,

Vancouver is one of my favorite cities

Now is a great time to buy in San Diego. Prices are very low and lots of great properties on the market.

I know of many properties in good areas that can be purchased and would have positive cash flow as a rental.

Give me a call or email and I can go over the opertunities. I have some great search tools that make it really easy for out of area buyers

Jay Gedanken
Broker Associate
PineappleHut Realty
858-605-5839
jay@pineapplehutcom
http://www.SanDiegoHomeGuru.com
.
0 votes Thank Flag Link Sun Nov 9, 2008
Hello Dustin,

We have some great opportunites for purchasing rental properties in San Diego County. I work with a number of out of town investors and can find you positive cash flowing properties with 20% down. An example would be a condo for $130k that rents for $1300/month. This will cover your principal, interest, HOA, insurance, property taxes, and a little extra for you.

Reach out to me for more detailed information.

Nick Rhea, MBA, Broker
Bombora Investments, Inc
619-886-2004
nick@bomborainvestments.com
0 votes Thank Flag Link Sun Nov 9, 2008
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