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- This topic has 11 replies, 9 voices, and was last updated 15 years, 5 months ago by ibjames.
September 17, 2007 at 6:58 PM #10324
September 17, 2007 at 7:52 PM #84902lendingbubblecontinuesParticipant
The question that must always be asked is: Why would you buy an apartment;)?
Considering that I plan to buy a NICE single family home for roughly $459,00 in the next few years in roughly the same area that you mention….DUH!!! you should wait longer!
September 17, 2007 at 8:19 PM #84903larrylujackParticipant
4s sucks, I have no idea why people like that place other than that it is newer. UTC will hold up better long term due to UCSD/La Jolla location (not that I like it any better).
I’d wait a few more months to see how things play out. besides, a crummy detached 1500 sq ft home in clairmont with a dirt front yard and a wrecked car in your neighbors front yard should be easily had with that amount given all the tapped out tweekers that will be in foreclosure soon.
September 17, 2007 at 8:46 PM #84906JWM in SDParticipant
sorry Veees but this isn’t a real estate advice site. You got off easy this time. Come back with another stupid question and there will be no mercy….
September 17, 2007 at 9:03 PM #84907CricketOnTheHearthParticipant
No need to be nasty to Veees.
This is probably one of the few places Veees or other newcomers can hope to get straight answers about real estate.
My opinion (not advice) is that
(a) Not only will this wave of ARM resets continue all the way through 2008, but it hasn’t even peaked yet;
(b) Homebuilders are now advertising all over the radio and TV about their “great deals”, when 2 short years ago they couldn’t beat off the buyers with a stick;
So (c) I think you’d do well to wait at least until the end of 2008 to see where the rubble lies before investing in a mortgage.
Meanwhile, check the classifieds at signonsandiego.com for rentals… I’ll bet you can find something you can rent for $2400 or even $3000 very much like a 4S Ranch *house*… which of course is a lot less than the mortgage payments on same (and no Mello-Roos or HOA fees to boot).
September 17, 2007 at 10:47 PM #84918SD RealtorParticipant
Veees condos in both areas UTC and 4S are taking a pretty thorough beating. Since the condo stock in 4S is newer then UTC it is harder to measure the performance there. However resale condos in both areas have taken it harder. My read is that UTC will fall harder in the short run but will become stable before 4S condos do. At some point UTC condos will hit a price level that will attract investors. At that time the 4S numbers will not make it to that level because it will lag in the decline. Please make sure you study the carrying costs as well for both home types, hoa, additional insurance, and more then likely in 4S MR fees.
My STAUNCH advice would be to wait in both cases but if you are going to buy, try to drive a hard bargain.
September 19, 2007 at 1:14 PM #85208capemanParticipant
Advice- Don’t buy a condo in this housing environment. It is a financial deathtrap. Likely you’d have to look at keeping it for 15-20 years with current market expectations.
September 19, 2007 at 3:13 PM #85219stockstradrParticipant
Is this a good price or should we wait longer? We know that prices for SFH (>500K) have gone down, but what about condos in the 400K range?
Are you joking?
We SOLD our 4S Ranch condo at $405k, after watching it fall in value from $425k. In 2 yrs since, its price has fallen below $350k and the decline in price is accelerating.
That was a 3BR, 2BTH, 1250 sq ft, nice unit with view and very sunny.
Over HALF of the hundreds of units in many 4S condo complex are speculator-owned and rented. You know what that means. They turned tail and dumped ’em on the market as soon as they got nervous. Next we got the mortgage resets kicking in.
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