Bressi Ranch…16 new homes to be auctioned off 10/21/06

[PerryChase]

How many people can afford $700k to 900k houses? They are still selling, aren’t they?

Why do people cringe at $3000/mo rent but have no problem with with $3000/mo carrying cost on a purchase? I’d rather pay $3000 rent on a nice rental house than the same in interest on a crappy house I’d purchase.

$3000 carrying cost translates to something like a $500k townhouse in SD. And that’s if interest rates stay low. God saves us if interest rates go back to 10%.

[Anonymous]

For a single person with no dependents, you would need to make at least 130K salary to live well on $3000 rent in San Diego. You throw a couple kids on there, you’re going to have to be well over 150K. Again, how many San Diegans make that salary? A small percentage for sure..

[4runner]

Because with an amortizing $3000/month mortgage, some $600-$700 of that is a principal payment and the remainder (above the standard deduction) is tax deductible. Yes– you escape maintenance/repair costs by renting, but those costs are generally far below principal payments if you own.

As for the buying and selling of $700k to $900k homes, it looks like that is stopping too.

[sdrealtor]

Who cares what % make 150K or 200K? They only need 10 families. That is not a lot. Lots of people make that kind of money. Anyone with a decent job in white collar sales makes that and probably more. Any two income professional family makes that also. You people need to get out a little more.

[ibjames]

eeek.. my wife and I are a 2 income professional family and we don’t make that! 🙁 If that is the case I can’t imagine the prices in SD ever going down

[no_such_reality]

In the SD metro area, there are only 98,000 households making over 150K. Out of 1,040,000. Families do much better with 80,000 out of the 646,000 families. Nearly 40% carry homes with mortgages exceeding 35% of their income.

Census Factfinder Money

Census Factfinder Housing

[4runner]

Wow– thanks for the links.

One more stat of interest: only 93,000 out of 434,000 renters pay more than $1500/month gross rent.

[nla]

no_such_reality:

Do you think that this is accurate and not out of date? That’s less than 10%. It seems too low. Our household income falls into that category but we feel that most of San Diegans makes more money than us.

[sdrealtor]

NSR,
Here’s my take on your numbers. There are about 650,000 family households. My guess is that most of us never really come into contact with more than a 1/3rd of those households and that they are outside our everyday frame of reference. Understanding where most of us are in life, that leaves about 400,000 middle class and up familes that we would genereally relate to on some kind of a personal. 1 out of 5 of those familes with HH incomes of $150K+ sounds about right to me.

SDR

[no_such_reality]

Nla, they don’t. The numbers where for the 2005 Census followup statiscal sampling of the San Diego – Carlsbad – San Marcus Metro Area. Basically, they are 2005 income data collected by the Bereau.

I’m working on a followup posting today since I’m relaxing with a day off and supposedly getting my Christmas shopping done. It’ll have a drill down from the data showing rent and housing expense. It surprised me. And kind of scares me.

[ocrenter]

update:

8 out of 11 homes owned by Model Homes Partners LLC just got their NODs on 2/3/09. judging by the delinquency amount, looks like our LA/OC lawyers have been paying up until end of last year. which means these guys have been bleeding on 11 homes each sold around $1 million since Lennar ended its lease at end of 2005.

these guys paid 20% on all of the homes. so that’s good bye to 20% down on $11 million, and 3 years of carrying cost.

[ocrenter]

update:

8 out of 11 homes owned by Model Homes Partners LLC just got their NODs on 2/3/09. judging by the delinquency amount, looks like our LA/OC lawyers have been paying up until end of last year. which means these guys have been bleeding on 11 homes each sold around $1 million since Lennar ended its lease at end of 2005.

these guys paid 20% on all of the homes. so that’s good bye to 20% down on $11 million, and 3 years of carrying cost.

[ocrenter]

update:

8 out of 11 homes owned by Model Homes Partners LLC just got their NODs on 2/3/09. judging by the delinquency amount, looks like our LA/OC lawyers have been paying up until end of last year. which means these guys have been bleeding on 11 homes each sold around $1 million since Lennar ended its lease at end of 2005.

these guys paid 20% on all of the homes. so that’s good bye to 20% down on $11 million, and 3 years of carrying cost.

[ocrenter]

update:

8 out of 11 homes owned by Model Homes Partners LLC just got their NODs on 2/3/09. judging by the delinquency amount, looks like our LA/OC lawyers have been paying up until end of last year. which means these guys have been bleeding on 11 homes each sold around $1 million since Lennar ended its lease at end of 2005.

these guys paid 20% on all of the homes. so that’s good bye to 20% down on $11 million, and 3 years of carrying cost.

[ocrenter]

update:

8 out of 11 homes owned by Model Homes Partners LLC just got their NODs on 2/3/09. judging by the delinquency amount, looks like our LA/OC lawyers have been paying up until end of last year. which means these guys have been bleeding on 11 homes each sold around $1 million since Lennar ended its lease at end of 2005.

these guys paid 20% on all of the homes. so that’s good bye to 20% down on $11 million, and 3 years of carrying cost.

[Author]

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