News 8 Throwback 1978: San Diego Housing Market in the summer of '78
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- čas přidán 15. 07. 2018
- Back in July 1978 the average home price in San Diego was $73,000. That may sound inexpensive but that was still $22,000 higher than the national average at the time! La Jolla was much higher and you couldn't find much for under $150,000. Scripps Ranch average was between $90,000-$100,000, Mira Mesa ranged between $55,000-$100,000, and the newer community of Rancho Penasquitos average was $75,000. Chula Vista had some good buys and Imperial Beach averaged about the same as the city of San Diego. In this three part series, Dave Cohen interviews century 21 realtor Jay Meetze on the housing market in the summer of '78.
Ron Burgandy is REAL!
😂😂
Dave Cohen
🤣🤣
Rented a house in Mira Mesa in 1978 for $290 a month
My Dad helped pour the concrete on those houses 🏘
Love that poltergeist style architecture :-)
Yes, the Poltergeist neighborhood was in Simi Valley just about 30 minutes north of Los Angeles.
California Ranch Style homes.. the trademark of mid century, California suburbia. I grew up in one in the 80s. A perfect, unexpected setting for a movie like Poltergeist! And I’m pretty sure that movie is how I learned what an earthquake was, as the first one I experienced as a child in the early 80s had me thinking that ghostly skeletons were going to fly out of cracks in the ground. 😅
My folks bought a house in City Heights in January of 1977, for $40,000. She said she used to stay up nights lying in bed worrying how she was gonna make the mortgage payment of $400 bucks. LOL
I also bought in City Heights in 99...I had the same concerns..not anymore.
You're kidding ? 😂😂😂😂😂
@@tias.6675 I'm not kidding. My best friend lived 4 doors down. Her mom is still there. She bought her house 1 year before us. She is so well off. That house has been paid off for decades. Is worth 800,000 to 850,000 in today's market.
Lol I meant about the $400 dollar but. Best friend's mom is lucky ! Probably never saw that coming.
@Tia S. Yes, never saw that coming!
Growing up in San Diego and watching a steady influx of people, more and more homes built without providing adequate roadways is why I moved away. The freeway system there is beyond inadequate. Lovely weather doesnt make up for it.
My parents left Lakeside for El Cajon in 1978. It was all they could do to scrape the money down needed to get that 75k house. We were very poor after that but the house was great with a pool and lots of yard. Such a blessing to grow up there. They sold it too soon years later though.
Yep, middle class San Diegans were able to afford to buy a single family home back then... Not anymore. That same house would go for close to a million dollars now.
1. Houses going for $73,000.
2. Miramesa was a desirable place to live in.
My grandpa and grandma purchased their 2 story single family house in the new development of Rancho Penasquitos shown in this clip on December 27th 1974 and purchased it for $55,000 and I believe he used his VA home loan. Not sure on the exact initial interest rate but they did say the price of the home was considered high and interest rate was high and expensive for back then
4bed 3bath with 2 car garage
Living square footage is 2,049,
lot square footage of 6743
The home is approximately valued at $1.2 million now
And the current interest rates if you are to buy with FHA, VA or conventional are in the 7% to 8% range
Thanks for posting this!
That little girl riding her bike alone... so me when I was young back in the late 70s...
Tierrasanta!
Yup, no helmet
73,000 for a house in 1978.
We'll never see that again!
You got a remember you only made $10,000 a year though
@@dhuntington6009 if that!
@@dhuntington6009 If you make $100,000 per year today, then $730,000 for a house is identical from 1978's purchasing power.
I wish!! I could afford such a nice home at those prices!
My lifelong dream is to be a realtor in 1978.
Psshhh, being a realtor in 2020 was pretty freaking awesome too. We bought our house last year, had to put an offer on 3 different properties and had to go 10k over asking. Now, *that* is the market I’d absolutely LOVE to be a sales person in. I mean, houses literally sold themselves. “Here, go look at this way overpriced crap-hole and tell me if you want to pay for the money pit you’re going to inherit or not, then you’ll get to wait anywhere from 60-180 days for escrow to close, plus pay a per diem (Siri doesn’t like Latin, sorry for the edit) per day escrow goes over 30 days”.
I mean, seriously, new developments literally everywhere and houses are selling before they’re even finished being built, and the crappy “fixer-uppers” are going for $500k. Yaaahhh, realtors aren’t exactly struggling right now. Especially established realtors.
But even these prices in 1978 were extremely high for the times. He is talking about LaJolla and Coronado as the highest...same as today. But if I could take my money today and ride in a time machine back, I would buy and then forward the machine home and have it made.
$73000 in 1978 inflation adjusted is $312000 today.. these homes are selling for $800k+
Fascinating in hindsight. I live in the housing tract that was shown under construction in Penasquitos. It is a great family neighborhood. Back in 1978 it was on the edge of nowhere, I was told by the original owner that my home sold in the 70s when it was new in 1978.
Paramount531 I moved to PQ in late 1980 in the Indian Summer development. I was 8!
Boy, 73K for a house? I would buy a whole block!
$78,000 in 2021 is $331,000 dollars. the average home price in San Diego in 2021 is $870,000. So that $78,000 spent in 1978 is like earning 5.5% interest on your initial investment (minus any maintenance that needs to be done on the house). If you are paying interest on the loan, then you might just be breaking even.
This inflation crap isn't real. Things are just more expensive than they were back then. That's it, that's all.
For $331,000 today, you can only buy a new house in Bakersfield, CA.
$100,000 in 1978 is the equivalent of $383,000 today.
Where do you get your info, I say more like 100k is equivalent to 600k.
@@widndn There are calculators that look at location and inflation rates
@@MrRichicago I'd say your calculator needs a recalibration.
If the average price in S.D. was 70k in 1978 then 100k would have been a high end house. In S.D. today high end homes are 600 and up.
5:25 houses are at 9054 Rowlett Ave in Rancho Penasquitos
What great sales back then
"We just have so much land".
How'd that work out for San Diego?
My parents bought a 3 bedroom townhome in South San Diego in 1985, brand new, for $73K.
Some things never change
The Lutz family from the Amytiville Horror moved to San Diego in 1978. They left a few years later.
fast forward to 2020 same story repeats low income no problem, low interest on mortgage rates, most prices out of the range of people.
Wow, for the price of a house in 1978 is now the price of a Ram, Chevy, or Ford pickup truck.
looks like where they filmed ET
AND POLTERGEIST👻😍😃👍✌☠☠🎃👺👽🤖👾🌵🌵🌵
The most shocking thing he said was homes in Long Beach were more expensive than in San Diego of 1978. Today, it's really way completely opposite now. Long Beach is now the cheapest So. Cal coastal city to live in, but this is only because of the strong White Flight that occurred during the late-1980s.
5% interest???????nobody bat an eye.today's prices are a rip off.
I say... triple the current prices.... like we'll do.... and fix this problem !!
Mom and dad bought there 1st brand new home in san tee in 86.. for 107k.. now its worth 880k
73xxx for a house 🏠 and that was a
High priced at the time.
What are these "classified ads" you speak of?
Mustard jackets and brown ties -- ahhh the 70's.
Did he say "high price of $78,000 dollars" 😭😭😭
Home prices will never get over 200 thousand in san diego.
LOLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL.
Historically san diego has always been high price house market, now at 70k for a home I wonder how cheap it was in other states . La Jolla at 125k, I'll buy 4 there please. WOW 9 1/2 % INTESRST RATES ???
Well my grandparents had a custom built home built in 1975 finished in 1976 very nice single-story about 1800 ft.² in Henderson Texas and they paid about $22,000 for it so that gives you an idea of the cost. Now in the early 80s the average interest rate on a home was 18% so 9 1/2% interest rate that you referring to this time was low
I think we need to conduct ANOTHER million dollar study on homelessness to find out reasons as to why there's a problem
If homes were Dirt Cheap in San Diego, the whole country would move here.
5:03 Scripps Ranch just adjacent. Poway, Mira Mesa?
It looks like all the homes within that segment are from Mira Mesa
@@deep_drift 5:25 houses are at 9054 Rowlett Ave in Rancho Penasquitos
…don’t need another reason to hate realtors
Now in 2022 my groceries are 45 thousand a month 🤗
The bitch about this is all those homes back built back then in the 70s are selling now for expensive, and the size of the bedrooms can barely fit a standard queen bed today.
Those $75,000 homes in Mira Mesa are going for $850,000 - $1,000,000+ in 2022!!! Rancho Penasquitos and Scripps Ranch, $1,000,000 plus....How times have changed as has the Real Estate Business!!!!
If you would have invested 75k in an S&P 500 index fund in 1978... you would have like 7 or 8 million dollars now!
@@gavinhooker9942 Not really. You only put $10k down on a house - most dont pay it off
Now that house worth almost a million
73k for a house ill take 3 please
Too bad homes in San Diego County aren't at these same prices.
Twice as fast as income
43 years AGO.... the Vulture (realtor) says FORGET CORONADO !!!! $$$$$$$$$$$ And laughs !
I'm confused ?? Why all the Nomad van people today ?? hmmmmmmmmm... lets do another study
" Jarvis Gann " < LOLLLLLLLLLLLLLLLLLLLLLLLLLLLL.......
Remember now... " GREED " is 1 of the 7 deadly sins !!
🤔
Those Rancho Pen homes are All Hideous new or now. All are Yuk. Ugly.
the worst real estate advice ever! LOL Best value is away from the beach and city center!! LOL