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  • January 27, 2011 at 11:43 PM #18450
    jimminycrikut
    Participant

    Hi everyone, I’m a newbie here and would like opinions from the Piggs.

    I’m thinking of bidding 500K for a Venzano home by San Elijo Hills.

    This is an auction home. There will be additional fees on top of the bidding price. This home is in excellent condition but the backyard is small, ~500 sqft. Plus, there are power towers nearby, approximately 1500ft away from this home.

    Am I overbidding? Or is this a reasonable offer for the size of the home(~3200sqft)?

    There are too many factors that may lead to more downward pressure in price: interest rates, double-dip recession, shadow inventory. Or will there be high inflation?

    Any suggestions/feedback is greatly appreciated.

    January 28, 2011 at 12:05 AM #658933
    Eugene
    Participant

    1500 ft is not nearby, it’s quite far. What is the Mello Roos rate, is it 1.7%?

    It’s been a while since I looked at prices in San Elijo, but 500K for 3200 sq ft seems okay to me, unless there are problems with location (e.g. backing up to a busy road). Sure, the backyard is small, but all backyards in all tract houses built in the county since 2000 are small.

    January 28, 2011 at 12:05 AM #658995
    Eugene
    Participant

    1500 ft is not nearby, it’s quite far. What is the Mello Roos rate, is it 1.7%?

    It’s been a while since I looked at prices in San Elijo, but 500K for 3200 sq ft seems okay to me, unless there are problems with location (e.g. backing up to a busy road). Sure, the backyard is small, but all backyards in all tract houses built in the county since 2000 are small.

    January 28, 2011 at 12:05 AM #659598
    Eugene
    Participant

    1500 ft is not nearby, it’s quite far. What is the Mello Roos rate, is it 1.7%?

    It’s been a while since I looked at prices in San Elijo, but 500K for 3200 sq ft seems okay to me, unless there are problems with location (e.g. backing up to a busy road). Sure, the backyard is small, but all backyards in all tract houses built in the county since 2000 are small.

    January 28, 2011 at 12:05 AM #660064
    Eugene
    Participant

    1500 ft is not nearby, it’s quite far. What is the Mello Roos rate, is it 1.7%?

    It’s been a while since I looked at prices in San Elijo, but 500K for 3200 sq ft seems okay to me, unless there are problems with location (e.g. backing up to a busy road). Sure, the backyard is small, but all backyards in all tract houses built in the county since 2000 are small.

    January 28, 2011 at 12:05 AM #659736
    Eugene
    Participant

    1500 ft is not nearby, it’s quite far. What is the Mello Roos rate, is it 1.7%?

    It’s been a while since I looked at prices in San Elijo, but 500K for 3200 sq ft seems okay to me, unless there are problems with location (e.g. backing up to a busy road). Sure, the backyard is small, but all backyards in all tract houses built in the county since 2000 are small.

    January 28, 2011 at 9:58 AM #659022
    jimminycrikut
    Participant

    The tax rate is 1.5%. Mello Roos is ~$3300/yr and HOA is ~$60/mnth. Total monthly fees would be ~$340.

    The auction fee would be 5% of bidding price so technically it’ll be 525K for this home. This home is not backing up to a busy road. There’s openland south and east of Venzano – a very quiet neighborhood.
    Would I be better off waiting a few more months and see where the market is (in terms of interest rates, home prices, etc). Or are there better deals out there (short sales, REO(not through auction), etc).

    How much more can the Venzano home drop? 10%?

    January 28, 2011 at 9:58 AM #659085
    jimminycrikut
    Participant

    The tax rate is 1.5%. Mello Roos is ~$3300/yr and HOA is ~$60/mnth. Total monthly fees would be ~$340.

    The auction fee would be 5% of bidding price so technically it’ll be 525K for this home. This home is not backing up to a busy road. There’s openland south and east of Venzano – a very quiet neighborhood.
    Would I be better off waiting a few more months and see where the market is (in terms of interest rates, home prices, etc). Or are there better deals out there (short sales, REO(not through auction), etc).

    How much more can the Venzano home drop? 10%?

    January 28, 2011 at 9:58 AM #660154
    jimminycrikut
    Participant

    The tax rate is 1.5%. Mello Roos is ~$3300/yr and HOA is ~$60/mnth. Total monthly fees would be ~$340.

    The auction fee would be 5% of bidding price so technically it’ll be 525K for this home. This home is not backing up to a busy road. There’s openland south and east of Venzano – a very quiet neighborhood.
    Would I be better off waiting a few more months and see where the market is (in terms of interest rates, home prices, etc). Or are there better deals out there (short sales, REO(not through auction), etc).

    How much more can the Venzano home drop? 10%?

    January 28, 2011 at 9:58 AM #659688
    jimminycrikut
    Participant

    The tax rate is 1.5%. Mello Roos is ~$3300/yr and HOA is ~$60/mnth. Total monthly fees would be ~$340.

    The auction fee would be 5% of bidding price so technically it’ll be 525K for this home. This home is not backing up to a busy road. There’s openland south and east of Venzano – a very quiet neighborhood.
    Would I be better off waiting a few more months and see where the market is (in terms of interest rates, home prices, etc). Or are there better deals out there (short sales, REO(not through auction), etc).

    How much more can the Venzano home drop? 10%?

    January 28, 2011 at 9:58 AM #659826
    jimminycrikut
    Participant

    The tax rate is 1.5%. Mello Roos is ~$3300/yr and HOA is ~$60/mnth. Total monthly fees would be ~$340.

    The auction fee would be 5% of bidding price so technically it’ll be 525K for this home. This home is not backing up to a busy road. There’s openland south and east of Venzano – a very quiet neighborhood.
    Would I be better off waiting a few more months and see where the market is (in terms of interest rates, home prices, etc). Or are there better deals out there (short sales, REO(not through auction), etc).

    How much more can the Venzano home drop? 10%?

    January 28, 2011 at 11:09 AM #659871
    outtamojo
    Participant

    Have you checked out the Terrazas by Lennar? The are smaller but the MR is about 600/year.

    January 28, 2011 at 11:09 AM #660199
    outtamojo
    Participant

    Have you checked out the Terrazas by Lennar? The are smaller but the MR is about 600/year.

    January 28, 2011 at 11:09 AM #659733
    outtamojo
    Participant

    Have you checked out the Terrazas by Lennar? The are smaller but the MR is about 600/year.

    January 28, 2011 at 11:09 AM #659130
    outtamojo
    Participant

    Have you checked out the Terrazas by Lennar? The are smaller but the MR is about 600/year.

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