San Diego Housing Bubble News and Analysis

Fat lazy I have been tracking this complex as well. Down down down...

SD Realtor

If they had priced at 546k on day 1, they might have had a chance. If they ask 499 right now they might get out. 1% and 2% drops is just going to chase the rabbit down the hole, they need to get agressive and fast or they will end up at 499 eventually and it won't look like the deal it would today.

I don't want sound mean. But I think there are probably a good portion of owners in Carmel Valley who don't have the financial means to be living here. They are way over extended. And from it appears, most of these folks are attached home owners that bought within the 2-3 years. These folks shouldn't have been able to afford to live here evar.

I'm considering giving a low ball offer right now of 480 (not that I would buy right now), just to see what the "mood" is.

Fat lazy I have been tracking this complex as well. Down down down... SD Realtor

Your previous propsective customer trying to sell her 2/2/2.5 in the same complex is going to have a tough time at her asking $540k-$560k. But I'm sure the fish tank in her photos makes up for the 1 less room

:)

For $550k, they can keep it. What an ugly place.

How come the house rebate link says original price $749,000?

How much would this rent for? $2000?

I'm guessing to someone trying to save on rent, it's worth $300-$350K.

To a landlord, maybe $250-$300K.

One of the things I wonder on is if buying will be perceived as being cheaper than renting if it still requires $40,000 to $80,000 down payment to make it so.

I remember the mid-90s and you'd look at townhomes like this and buy them for $150K bringing $15,000 down and $3K for closing costs. Bellying up $20,000 to get away from renting when the number flush in your favor is very different than coming up with $35,000 down and another $5000 in closing costs. That $350,000 purchase would still be a major collapst. If it holds higher, the numbers are just worse.

How many people, in the general population, are holding $40,000 to escape from apartment life?

In 2005 the price was 640K almost 100K+ down.

03/18/2005 $640,000
09/14/2001 $345,000
01/21/1999 $258,200
04/07/1998 $230,000
01/23/1997 $194,400

If you bought this place for $300-350k I don't think you'd save vs rent (or even come close to breaking even). A place like this is going to have steep HOA fees as well. If you add these fees to the interest payments, It would probably have to sell for much less to beat renting.

My opinion. I haven't looked at these particular numbers too carefully.

I just looked at the numbers and they are worse than I thougt:

HOA: 210
Mello Roos: 791
total: $1001

Even when this condo is paid in full, it will still cost at least $1k a month "rent."

Not much incentive to an investor when the most you could charge a tenant is $2k, tops.

The mello-roos is an annual number. HOA and Mello-Roos will run about $270/month. Property tax at $350K will be another $300/month. All total, call it $650 in HOA & Taxes per month.

That leaves roughly $1350 after-tax to pay the mortgage. Which at 25% Fed and 9.3% tax will push the mortgage payment to around $1900 before tax break. So roughly $300K with as little as 5% down, or $350K with 20% down.

Thanks no_such. My calculations (if you could call them that) were certainly faulty.