Since that day in the latter half of 2003 when it finally dawned on me I was beatin’ a dead horse, said deceased equine being San Diego’s investment real estate market, I’ve been advising folks to, ‘Get Outa Dodge’! Though I still believe there are several markets which should out perform San Diego, the numbers have recently reached the point at which I can no longer make fun of those currently acquiring income property here. Smallish income properties here are now, in some locations, at the point where they’re beginning to compare, if not favorably, at least not poorly with other regions around the country.
Clear as mud? Let me say it more plainly.
I’m now reversing myself when it comes to buying San Diego investment real estate — though certainly I don’t want you to take it as a blanket endorsement. It’s not — not even close. Still, my analysis of more than a few examples, none of which are severely discounted short sales or bank owned, now demonstrate they’re legitimate candidates for local investors.
I’ve always preached ya hafta follow the data wherever it leads. It’s now leading me to at least look at certain kinds of properties in limited locations in San Diego. This is a good day for me. I’ve never enjoyed having to tell folks their local properties just weren’t competing. Am I saying they’re competing now? No, and there’s the rub. There’s a difference between analysis showing conclusively a certain area has now entered the ‘acceptable’ range for investors. It’s quite another to say they match up with the areas I’ve been writing about here.
I’m not gonna get into the details tonight, but will shortly. Where are some of these properties you ask? Some are in the Oceanside area. Some are in the South Bay. To do justice to San Diego County in general, I’ll need to analyze about 10 areas. That’ll take some time. But I’ll be back with the results — whatever they are.
I called it as I saw it back in ’03, and I’m doin’ the same today.
My five plus years of advising against buying income property in San Diego appear to be over. I couldn’t be more excited. I’ll still be moving property and investors all over the country. That won’t change in my lifetime, or at least while I’m still able to fog a mirror. It’s all about what the analysis/data tells me. And it’s telling me I get to come home.
I’m a happy camper. I mean I’m really jazzed about this.
If you’re ready to walk your talk, especially if you’re here in San Diego, get a hold of me and let’s get the ball rollin’. If you own some losers, we might have a way for you to turn those lemons into lemonade. Meanwhile, back at the ranch, let’s talk! Have a good one.