Are homeowners rejoicing?

[kev374]

Housing values skyrocketing up and at the same time those that bought a few years ago at the low with ultra low interest rates have locked in low low housing payments.

Contrast this with renters like us – I just got a notice of a 10.5% increase in my rent and this is the 2nd such notice in the last 12 months, last increase was 10 months ago and was 5%, absolutely ridiculous.

What are we renters to do about the skyrocketing rental costs? We are trapped because obviously moving every 12 months is not only expensive but very painful and buying is no longer an option as prices have already skyrocketed 30-40%!!

The reason for my rental increase is that my complex has been acquired by an investor/hedge fund or something like that. They are going on a rent increase binge. I wish these greedy pigs lose everything in the near future!

[UCGal]

I hope they gave you 60 day notice of the rent increase – it’s more than 10%
If they didn’t – you can tell them the law, and get at least one more month at the lower rent.

[spdrun]

I’ve done moderately well with what I own. I’m rejoicing because I’m getting good solid rents (actually under market, but still solid). And also rejoicing because the area surrounding where I live (NY/NJ) is still riddled with decent properties ripe for the picking. Market has slowed down nicely this fall, thank the magic interest-rate, taper-fear, and delayed-foreclosure fairies 🙂 🙂 🙂 And it never went up as much as SD in the spring (though it also never fell as far in the first place).

[CA renter]

I feel so badly for renters right now. Mr. CAR and I were talking about this the other day; if we were still renting and watching what’s been happening, we’d be pulling our hair out.

Still think you need to ride this out. People out there are seriously hitting the bubble crack pipe, again (will we ever learn?). Higher interest rates will likely be your best friend.

[flyer]

As someone who owns rentals, I understand how you must feel about the market in CA. The situation is hitting a lot of people very hard–especially young people who are just starting out–and I hope you will find a solution that is in your best interest.

As far as rejoicing over increasing CA property values, I hope people realize that what is great for current homeowners might not be so great for their children and grandchildren–should they end up being priced out of ever owning a home of their own. If we hadn’t invested in property for our kids years ago, this could have happened to them.

Multi-generational living is also becoming more and more prevalent, and may be the way of the future–especially in states like CA.

[Coronita]

imho it’s only going to get worse.

[spdrun]

Still think you need to ride this out. People out there are seriously hitting the bubble crack pipe, again (will we ever learn?). Higher interest rates will likely be your best friend.

I’d say that the crack turned to cyanide somewhere around August of this year. Hopefully, we’ll end up with a milder (or not) version of the hangover after the 2010 credit.

[NotCranky]

I worry about my kids housing/shelter prospects for the the future as much as college . How about a double whammy , an expensive investment of time and money into college and then poor job prospects, leading to very limited choices on where to live?

Sometimes, I think if it is a matter of having to choose between helping them with college or housing, the more prudent choice is housing. Having established shelter with low carrying costs early on could be more valuable. There are more avenues for accessing college than for accessing housing.

This doesn’t really apply to me because I had zero support, but generally speaking our parents generation didn’t have to worry about job prospects or housing variables to near the degree. I think it would be wise to consider making adjustments.

[spdrun]

Help them get a duplex or triplex once they graduate. If they have other people paying their “rent” and can live basically rent-free, then student loans become much easier to pay.

[NotCranky]

The idea of multi-generational household living doesn’t bother me…I think it is potentially great. I just don’t wouldn’t want it to be an unnecessary quality of life issue for my kids. I have visited friends in countries where it has been very common for a long time. Many immigrants here can tell you all about how their families at home live. We have a terribly judgmental attitude about it. That is going to be a hard transition for some people to make. Making it one of many acceptable paths for consideration is healthy at this point…compared to hating the idea and fighting it.

[scaredyclassic]

I’m joicing. I don’t know.

I think it’s best to not be happy if things are going well not be too sad if things go poorly. It’s all very fragile and temporary and fleeting.

Things are in flux. Don’t get too attached to paper gains paper losses or any gain or loss.

move forward fearlessly.

[paramount]

Kev, while you don’t mention where you live ( or I missed it) I have a solution for you: Temecula.

Yes, Temecula.

You can probably buy up here.

San Diego is a bad value, and as scaredy has mentioned San Diego and San Francisco are great if you’re rich or bought a long time ago. Temecula is great for the 99%ers.

Low crime
Great schools
Clean air
Affordable housing
Temecula is a well run city
New hospital
Wine country is growing and gets better every year
Nice old town area

Come on up, take a look and fall in love with Temevula.

[scaredyclassic]

[quote=paramount]Kev, while you don’t mention where you live ( or I missed it) I have a solution for you: Temecula.

Yes, Temecula.

You can probably buy up here.

San Diego is a bad value, and as scaredy has mentioned San Diego and San Francisco are great if you’re rich or bought a long time ago. Temecula is great for the 99%ers.

Low crime
Great schools
Clean air
Affordable housing
Temecula is a well run city
New hospital
Wine country is growing and gets better every year
Nice old town area

Come on up, take a look and fall in love with Temevula.[/quote]

we were at the outdoor mall in Carlsbad buying insanely overpriced women’s clothing at free people and anthropologie. This local young pretty clerk said her favorite place to go party on weekends was…old town temecula!!!! My wife and I were in shock.

[spdrun]

Aren’t you exaggerating a bit? Common charges and property taxes in SD are still pretty low. What’s wrong with a two or three bedroom condo? Come to think of it, I saw a 3-bedroom house with 1 bedroom guest cottage (rental income) in back for just north of $400k recently in a pretty good area.

[paramount]

[quote=spdrun]Aren’t you exaggerating a bit? Common charges and property taxes in SD are still pretty low. What’s wrong with a two or three bedroom condo? Come to think of it, I saw a 3-bedroom house with 1 bedroom guest cottage (rental income) in back for just north of $400k recently in a pretty good area.[/quote]

Depends on your situation IMO; if you have kids in public schools San Diego can be a gamble.

Yes, you might get that 3 bedroom house for 400k (will probably bid up), but most likely the schools are questionable.

[Author]

Posts