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Seattle -> San Antonio Move

Scuba SteveScuba Steve
edited March 2008 in Seattle Real Estate
Looks like I'm shipping out to San Antonio in a few months. Not that I don't like it here, but it comes with a healthy raise to move to a location with a lower cost of living and continue to do the same tasks at work that I enjoy doing here.

For what it's worth, the relocation assistant was glad that I didn't have a place to sell here; she says they don't expect the market to turn anytime soon and that houses aren't moving at all these days but didn't elaborate any more than that. Guess they'd have a pretty close ear to the housing market from working in a unbiased position.

I'll probably be in the market to buy within the next few months over there. The market is different - there was no bubble there. Only normal appreciation of a few % every year. $300,000 will buy 3,000 sq ft on about .4 acres in that city. Probably more in outlying areas but I'm not interested in having a long commute. For what it's worth, a friend's house on the market for $320,000 in Monroe (just off 154th St SE) would go for about $135,000 there. The plan is to put down ~15%, get a loan for ~3x yearly income and rent out a couple of bedrooms to friends.

edit: I should add, I lived in the city for 3 years so I know the area. Finally sold my house there last summer.

Comments

  • JohnJohn
    Hey Steve. My wife and I moved back to Seattle from San Antonio about a year and a half ago. We lived there for 14 months and owned a house in the Alamo Heights area. If you are concerned about school districts at all you should give that area a look (it is a ten minute drive from downtown as well). If schools aren't as much of a concern, you can get a nice place 20-40 minutes from downtown (2400+ square feet) for about $210,000-$250,000.

    We certainly don't miss the heat, but the lack of an obscene housing bubble certainly was nice. If you need additional information let me know. We didn't live there long but we at least know the basics.

    edit - ewps, didn't see your edit, looks like you don't need any help!
  • Scuba SteveScuba Steve
    I always thought the Alamo Heights area was pretty nice. Kind of wondered about the housing market though, as in how much of what's going on over here, in Phoenix, Florida, ... will impact other non-bubble parts of the country? There is a price decrease going on here, but will it be an overall thing or limited to certain regions?

    It's something I was thinking while writing the original post, just forgot to type it here.
  • mike2mike2
    There's a house up the street from me that was sold to a relocation firm in 2006 for $534K - they managed to re-sell it for $503K, to the guy that now holds the dubious honor of having purchased the most expensive house on the block. Recent comps put it at a hair under $400K.
  • MarkorMarkor
    Scuba Steve wrote:
    I'll probably be in the market to buy within the next few months over there. The market is different - there was no bubble there.
    Hmm, the CEPR Housing Cost Calculator suggests that San Antonio prices will fall 25% on average, in 2007 dollars and starting from June 2007. That's the fall it would take to get their prices back to the inflation curve since the start of the nationwide bubble.

    Maybe the calculator is wrong, or maybe there is a bubble there that is overshadowed by the larger bubble in other places.

    Overall though, it sounds like a good move. Congrats!
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