1025 brightwood 92078

[PKMAN]

SEH Mello Roos is too ridiculous

I thought long and hard about buying in SEH but ultimately looked elsewhere. This house, for example:

http://www.sdlookup.com/MLS-080071528-740_Hollowbrook_San_Marcos_Ca_92078

It looks great and at $480K is within my reach. However it’s MR is $5,400 semi-annually, with $84/mo. HOA and $9,211 of property tax. Do a quick math ($5,400×2 + $84×12 + $9,211) and I realized that I’d have to pay about $1,750 per month…before mortgage! This is too crazy.

As much as I love the “town within a town” concept of SEH, paying upward of $3,800 per month (mortgage + HOA + MR + property tax) is far from my affordability range. I think any family with combined annual income of less than $140K should stay away from SEH.

[SD Realtor]

WFB you could be right as I know you have been hawking the area with extreme scrutiny. Whether it gets a bump or not, we both agree on where it will end up.

[SD Realtor]

WFB you could be right as I know you have been hawking the area with extreme scrutiny. Whether it gets a bump or not, we both agree on where it will end up.

[SD Realtor]

WFB you could be right as I know you have been hawking the area with extreme scrutiny. Whether it gets a bump or not, we both agree on where it will end up.

[SD Realtor]

WFB you could be right as I know you have been hawking the area with extreme scrutiny. Whether it gets a bump or not, we both agree on where it will end up.

[SD Realtor]

WFB you could be right as I know you have been hawking the area with extreme scrutiny. Whether it gets a bump or not, we both agree on where it will end up.

[Eugene]

[quote=PKMAN]
It looks great and at $480K is within my reach. However it’s MR is $5,400 semi-annually, with $84/mo. HOA and $9,211 of property tax. Do a quick math ($5,400×2 + $84×12 + $9,211) and I realized that I’d have to pay about $1,750 per month…before mortgage! This is too crazy.[/quote]

You did the math wrong, for three reasons.
– 5400 “semi-annually” simply means that you pay MR twice a year, but 5400 is the total annual amount.
– More importantly, 5400 figure is inaccurate. This house really comes with $4281 of mello-roos and $30 of other fixed charges, per year. Base property tax rate is 1.02923. You can always find property tax rate and fixed charges for any house you want at http://www.sdtreastax.com.
– MR is part of your property tax bill.

If you get it for 480k, your total property tax bill will be 480,000*0.0102923 + 4281 + 30 = $9,251 per year. After HOA, you will be paying $855 per month before mortgage. Your mortgage will be in 2000-2500/month range depending on down payment.

[Eugene]

[quote=PKMAN]
It looks great and at $480K is within my reach. However it’s MR is $5,400 semi-annually, with $84/mo. HOA and $9,211 of property tax. Do a quick math ($5,400×2 + $84×12 + $9,211) and I realized that I’d have to pay about $1,750 per month…before mortgage! This is too crazy.[/quote]

You did the math wrong, for three reasons.
– 5400 “semi-annually” simply means that you pay MR twice a year, but 5400 is the total annual amount.
– More importantly, 5400 figure is inaccurate. This house really comes with $4281 of mello-roos and $30 of other fixed charges, per year. Base property tax rate is 1.02923. You can always find property tax rate and fixed charges for any house you want at http://www.sdtreastax.com.
– MR is part of your property tax bill.

If you get it for 480k, your total property tax bill will be 480,000*0.0102923 + 4281 + 30 = $9,251 per year. After HOA, you will be paying $855 per month before mortgage. Your mortgage will be in 2000-2500/month range depending on down payment.

[Eugene]

[quote=PKMAN]
It looks great and at $480K is within my reach. However it’s MR is $5,400 semi-annually, with $84/mo. HOA and $9,211 of property tax. Do a quick math ($5,400×2 + $84×12 + $9,211) and I realized that I’d have to pay about $1,750 per month…before mortgage! This is too crazy.[/quote]

You did the math wrong, for three reasons.
– 5400 “semi-annually” simply means that you pay MR twice a year, but 5400 is the total annual amount.
– More importantly, 5400 figure is inaccurate. This house really comes with $4281 of mello-roos and $30 of other fixed charges, per year. Base property tax rate is 1.02923. You can always find property tax rate and fixed charges for any house you want at http://www.sdtreastax.com.
– MR is part of your property tax bill.

If you get it for 480k, your total property tax bill will be 480,000*0.0102923 + 4281 + 30 = $9,251 per year. After HOA, you will be paying $855 per month before mortgage. Your mortgage will be in 2000-2500/month range depending on down payment.

[Eugene]

[quote=PKMAN]
It looks great and at $480K is within my reach. However it’s MR is $5,400 semi-annually, with $84/mo. HOA and $9,211 of property tax. Do a quick math ($5,400×2 + $84×12 + $9,211) and I realized that I’d have to pay about $1,750 per month…before mortgage! This is too crazy.[/quote]

You did the math wrong, for three reasons.
– 5400 “semi-annually” simply means that you pay MR twice a year, but 5400 is the total annual amount.
– More importantly, 5400 figure is inaccurate. This house really comes with $4281 of mello-roos and $30 of other fixed charges, per year. Base property tax rate is 1.02923. You can always find property tax rate and fixed charges for any house you want at http://www.sdtreastax.com.
– MR is part of your property tax bill.

If you get it for 480k, your total property tax bill will be 480,000*0.0102923 + 4281 + 30 = $9,251 per year. After HOA, you will be paying $855 per month before mortgage. Your mortgage will be in 2000-2500/month range depending on down payment.

[Eugene]

[quote=PKMAN]
It looks great and at $480K is within my reach. However it’s MR is $5,400 semi-annually, with $84/mo. HOA and $9,211 of property tax. Do a quick math ($5,400×2 + $84×12 + $9,211) and I realized that I’d have to pay about $1,750 per month…before mortgage! This is too crazy.[/quote]

You did the math wrong, for three reasons.
– 5400 “semi-annually” simply means that you pay MR twice a year, but 5400 is the total annual amount.
– More importantly, 5400 figure is inaccurate. This house really comes with $4281 of mello-roos and $30 of other fixed charges, per year. Base property tax rate is 1.02923. You can always find property tax rate and fixed charges for any house you want at http://www.sdtreastax.com.
– MR is part of your property tax bill.

If you get it for 480k, your total property tax bill will be 480,000*0.0102923 + 4281 + 30 = $9,251 per year. After HOA, you will be paying $855 per month before mortgage. Your mortgage will be in 2000-2500/month range depending on down payment.

[PKMAN]

Still need $100K+ to buy this SEH property.

esmith – going by your number, the combined monthly payment is still as high as $3355. Since most financial experts will advise that fixed housing expenses not to exceed 50% of household net income, a family will need to net $6,710/mo. or $80,520/yr. to live here. Based on a total of 35% deduction (taxes, 401K, medical, etc.), the family’s combined income must be higher than $120K. That’s still way too unaffordable for me or most San Diegan families.

SEH properties will be attractive to me only after MR is fully paid off, but that’ll be like 20 years later.

[PKMAN]

Still need $100K+ to buy this SEH property.

esmith – going by your number, the combined monthly payment is still as high as $3355. Since most financial experts will advise that fixed housing expenses not to exceed 50% of household net income, a family will need to net $6,710/mo. or $80,520/yr. to live here. Based on a total of 35% deduction (taxes, 401K, medical, etc.), the family’s combined income must be higher than $120K. That’s still way too unaffordable for me or most San Diegan families.

SEH properties will be attractive to me only after MR is fully paid off, but that’ll be like 20 years later.

[PKMAN]

Still need $100K+ to buy this SEH property.

esmith – going by your number, the combined monthly payment is still as high as $3355. Since most financial experts will advise that fixed housing expenses not to exceed 50% of household net income, a family will need to net $6,710/mo. or $80,520/yr. to live here. Based on a total of 35% deduction (taxes, 401K, medical, etc.), the family’s combined income must be higher than $120K. That’s still way too unaffordable for me or most San Diegan families.

SEH properties will be attractive to me only after MR is fully paid off, but that’ll be like 20 years later.

[PKMAN]

Still need $100K+ to buy this SEH property.

esmith – going by your number, the combined monthly payment is still as high as $3355. Since most financial experts will advise that fixed housing expenses not to exceed 50% of household net income, a family will need to net $6,710/mo. or $80,520/yr. to live here. Based on a total of 35% deduction (taxes, 401K, medical, etc.), the family’s combined income must be higher than $120K. That’s still way too unaffordable for me or most San Diegan families.

SEH properties will be attractive to me only after MR is fully paid off, but that’ll be like 20 years later.

[Author]

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