[quote=Ren]When I say “coast”, I generally mean north county coastal or a location in San Diego proper that is near the coast (like Bay Park). I probably wouldn’t consider areas like North Park just because they can command a premium without what I would consider to be a premium location.[/quote](emphasis added)
Ren, I don’t mean to be argumentative, but do you think TV is more of a “premium” location than North Park (5-10 mins. from dtn. SD on surface sts)? How much (%) premium (if any) should be attributed to a “craftsman-built” home that is still in original condition? And, do you think “coastal” neighborhoods in SD County are the only locations which are worthy of commanding a “premium?” Should properties in Imperial Beach command a premium?
[quote=Ren]. . . if the property wouldn’t at least break even as a rental, they’re paying too much for housing and they should be renting a smaller place.[/quote] (emphasis added)
Ren, do you think SFR’s (purchased in the last 15 years) in CA “coastal” areas will “break-even” as rentals? If not, do you think that they’re not worth buying because of this? Do you equate “size” or “square footage” with value or rental-rate?
[quote=Ren]Our current tax rate is 1.5%. There are bonds involved, but I don’t know the details. That’s one of the downsides to this area, but like all the other downsides, it’s minor – that 1.5% is on a house that cost me $250k, so it’s not like I’m paying exorbitant amounts in taxes . . .[/quote]
Ren, do you pay 2% annually in “taxes” after adding your MR bonds to your 1.5% tax rate, or does your 1.5% rate also cover your MR bonds? In other words, is your annual tax bill on a property assessed at $250K $3,750 ($313 mo.) or closer to $5,000 ($417 mo.)? When you add your taxes, MR, fire ins. prem and $46 HOA fee to your monthly P&I, could you STILL break even if you were to find a tenant tomorrow and begin collecting rent on your current TV property? Moreover, if you retire to SD County and still have rental(s) in RIV Co., will you manage them yourself?
Why is child care lower-priced in TV than SD? Don’t you have to leave your children for longer periods at daycare because of lengthy commutes?
What’s your typical family gasoline bill? I live 10 mi. from dtn. SD (surface sts) and go there at least twice a week, along with numerous local errands and use about $80-$100 month or 2 – 2 1/2 tanks (if I don’t take any road trips). FWIW, I drive a luxury sedan.
[quote=Ren]Anything near the coast would be a better long-term investment than TV, if you buy at the right price. In my opinion, we’re not there yet.[/quote]
Ren, how much (%) lower would the “right price” be for SD County coastal zip codes? And how long do you think it will take the market to get there? Do you think the market on the “coast” will come down in price enough by the time you’re ready to buy a property to retire in?
