“Just as an example, let�s say you are borrowing $700,000.00 for 30 years with an interest rate of 6.580%. If the value of your home is $850,000.00, your property taxes $9,350.00 per year and your insurance is $1,500.00 per year, you can expect to be making a total payment of $5,657.20. This is because you need to pay $4,461.37 toward the actual loan, plus $779.17 for real estate taxes and $125.00 toward insurance.

Since your loan to value ratio is 82.35%, you will also have to pay PMI for 29 months and this will tack on an extra $291.67 a month.”

http://www.mortgagecalculator.org/calculators/mortgage-payment-calculator.php

“Jan. 30, 2009 (Bankrate.com) — Average rates on 30-year jumbo mortgages in California rose 8 basis points to 6.58 on Friday”

http://www.bankrate.com/brm/updates/ybir/ybir_market.asp?web=brm&params=mtg,m,4,ca

let’s round up and say that with PMI this house would cost us $6000 / month without allowing for any maintenance expenses, HOA, Mello Roos, trips to Home Depot, furnishings, etc

using traditional standards we’d need to have take home family earnings of three times our monthly housing nut – that’s $18K / month or $216K / year

in the 30% tax bracket, $300K / year gross income leaves us $210K take home

I couldn’t find statistics on how many San Diegans have a family income of $300K – anybody got the numbers? (with a reference & link)

I’m curious how many of us can actually afford this house

“Just as an example, let�s say you are borrowing $700,000.00 for 30 years with an interest rate of 6.580%. If the value of your home is $850,000.00, your property taxes $9,350.00 per year and your insurance is $1,500.00 per year, you can expect to be making a total payment of $5,657.20. This is because you need to pay $4,461.37 toward the actual loan, plus $779.17 for real estate taxes and $125.00 toward insurance.

Since your loan to value ratio is 82.35%, you will also have to pay PMI for 29 months and this will tack on an extra $291.67 a month.”

http://www.mortgagecalculator.org/calculators/mortgage-payment-calculator.php

“Jan. 30, 2009 (Bankrate.com) — Average rates on 30-year jumbo mortgages in California rose 8 basis points to 6.58 on Friday”

http://www.bankrate.com/brm/updates/ybir/ybir_market.asp?web=brm&params=mtg,m,4,ca

let’s round up and say that with PMI this house would cost us $6000 / month without allowing for any maintenance expenses, HOA, Mello Roos, trips to Home Depot, furnishings, etc

using traditional standards we’d need to have take home family earnings of three times our monthly housing nut – that’s $18K / month or $216K / year

in the 30% tax bracket, $300K / year gross income leaves us $210K take home

I couldn’t find statistics on how many San Diegans have a family income of $300K – anybody got the numbers? (with a reference & link)

I’m curious how many of us can actually afford this house

“Just as an example, let�s say you are borrowing $700,000.00 for 30 years with an interest rate of 6.580%. If the value of your home is $850,000.00, your property taxes $9,350.00 per year and your insurance is $1,500.00 per year, you can expect to be making a total payment of $5,657.20. This is because you need to pay $4,461.37 toward the actual loan, plus $779.17 for real estate taxes and $125.00 toward insurance.

Since your loan to value ratio is 82.35%, you will also have to pay PMI for 29 months and this will tack on an extra $291.67 a month.”

http://www.mortgagecalculator.org/calculators/mortgage-payment-calculator.php

“Jan. 30, 2009 (Bankrate.com) — Average rates on 30-year jumbo mortgages in California rose 8 basis points to 6.58 on Friday”

http://www.bankrate.com/brm/updates/ybir/ybir_market.asp?web=brm&params=mtg,m,4,ca

let’s round up and say that with PMI this house would cost us $6000 / month without allowing for any maintenance expenses, HOA, Mello Roos, trips to Home Depot, furnishings, etc

using traditional standards we’d need to have take home family earnings of three times our monthly housing nut – that’s $18K / month or $216K / year

in the 30% tax bracket, $300K / year gross income leaves us $210K take home

I couldn’t find statistics on how many San Diegans have a family income of $300K – anybody got the numbers? (with a reference & link)

I’m curious how many of us can actually afford this house

SANDAG estimates that there are 37,333 households in the county with gross incomes of $200,000 or more inflation-adjusted 1999 dollars (around $255,000 today)

http://profilewarehouse.sandag.org/profiles/est/reg999est.pdf

In your example, the buyer could put extra $20,000 down to get rid of PMI. Without HOA or MR, his/her monthly payment would be “only” $5,238/month. Traditional standards call for housing payments less or equal to 36% of gross income, making the house affordable to households making more than 12*5,238/0.36 = $175,000. There are probably around 100,000 of those.

SANDAG estimates that there are 37,333 households in the county with gross incomes of $200,000 or more inflation-adjusted 1999 dollars (around $255,000 today)

http://profilewarehouse.sandag.org/profiles/est/reg999est.pdf

In your example, the buyer could put extra $20,000 down to get rid of PMI. Without HOA or MR, his/her monthly payment would be “only” $5,238/month. Traditional standards call for housing payments less or equal to 36% of gross income, making the house affordable to households making more than 12*5,238/0.36 = $175,000. There are probably around 100,000 of those.

sdrealtor, that house on Citrine originally sold for 1.331M without landscaping. If it brought 850k that is 36% off peak price. That leaves only 14% more to get to 50% off peak. Could it happen before this is all over? It is hard to say but 40-45% off peak is starting to look very possible in the fringe areas of Carlsbad like LCG.

I don’t think 4500 sq ft homes were selling for mid 5’s in Aviara in 2000.

This one on Shorebird is just a bit over 4000 and was already 750k in 1999. Yes it is on the Lagoon, but I don’t think you get a house like the one on Citrine anywhere in Aviara for the mid 5’s in 2000. I was shopping hard for a home around that time period.

Maybe homes under a power line or backing up to Aviara Drive.

http://www.sdlookup.com/Property-DE61F103-1361_Shorebird_Ln_Carlsbad_CA_92011

sdrealtor, that house on Citrine originally sold for 1.331M without landscaping. If it brought 850k that is 36% off peak price. That leaves only 14% more to get to 50% off peak. Could it happen before this is all over? It is hard to say but 40-45% off peak is starting to look very possible in the fringe areas of Carlsbad like LCG.

I don’t think 4500 sq ft homes were selling for mid 5’s in Aviara in 2000.

This one on Shorebird is just a bit over 4000 and was already 750k in 1999. Yes it is on the Lagoon, but I don’t think you get a house like the one on Citrine anywhere in Aviara for the mid 5’s in 2000. I was shopping hard for a home around that time period.

Maybe homes under a power line or backing up to Aviara Drive.

http://www.sdlookup.com/Property-DE61F103-1361_Shorebird_Ln_Carlsbad_CA_92011