Buying a house at the new top of the market?

[an]

[quote=bearishgurl][quote=sdcellar]AN, I’d be less than happy if I took a 20% loss on this place, especially if you mean in real dollars. The monthly payment would be a third of what it’d be today and put me that much closer to owning it outright. Of course, that’d open up my options in a lot of other ways as well. That said, I honestly don’t see that happening with this property. Could happen, but just doesn’t seem likely. . . This is a settle down house. The only signficant risk to that is marital status and we seem pretty good on that front.[/quote](emphasis added)

sdcellar, this further bolsters my assertion that if this is the place for you and your family, then I wish you well on your offer. Keep us posted!![/quote]
I agree with that. A home is first and foremost, a home. I find it funny that if I said the same thing, sdcellar would be the first to cast me as a consistent bull and my rationalizing my purchase. How does it feel to be on the rationalizing side sdcellar?

[bearishgurl]

[quote=sdcellar]Okay, so we’ve got an offer in on a bank owned property that seems to be a pretty good value to us, but I can’t fight the sinking feeling that we’re at the precipice of another leg down. . . That said, it’s still going to need work (most notably windows), so it seems like just a little bit more patience might be rewarded with a more turnkey property.

That that said, we almost always are going to want to do things to flooring, bathrooms and kitchens anyway, so I’m not sure how much to hope for. Regardless, there are almost certainly properties we’ve seen that we’d do less to, they’ve just been priced higher. But if those come down, this one probably comes down too. . .[/quote](emphasis added)

sdcellar, if your offer is accepted, I would urge you to replace the windows first, before any other improvement, esp. if they still have “alum. sliders.” Lowe’s has excellent sales on in-stock or special order “Pella” windows twice a year. The new windows will save you SO MUCH $$ on utilities in the winter. (If you will be coastal, you will not have a heat problem in the summer). THIS IS SUCH A SMALL “DEFECT” if the rest of the property meets your needs 90%+. In addition, there are Federal tax credits avail. up for $1,500 (for a $5K) purchase for energy-saving replacement doors, windows and insulation for 2010, for purchases (not delivery) made before the end of the year.

Maybe if you study the amount of distressed property inventory in your chosen zip on sdlookup.com as compared with another zip you are interested in, it will help you feel better about your offer. When you do so, print it out and line out all the condos as they are irrelevant to your study. Then count the SFR’s only.

[bearishgurl]

[quote=sdcellar]Okay, so we’ve got an offer in on a bank owned property that seems to be a pretty good value to us, but I can’t fight the sinking feeling that we’re at the precipice of another leg down. . . That said, it’s still going to need work (most notably windows), so it seems like just a little bit more patience might be rewarded with a more turnkey property.

That that said, we almost always are going to want to do things to flooring, bathrooms and kitchens anyway, so I’m not sure how much to hope for. Regardless, there are almost certainly properties we’ve seen that we’d do less to, they’ve just been priced higher. But if those come down, this one probably comes down too. . .[/quote](emphasis added)

sdcellar, if your offer is accepted, I would urge you to replace the windows first, before any other improvement, esp. if they still have “alum. sliders.” Lowe’s has excellent sales on in-stock or special order “Pella” windows twice a year. The new windows will save you SO MUCH $$ on utilities in the winter. (If you will be coastal, you will not have a heat problem in the summer). THIS IS SUCH A SMALL “DEFECT” if the rest of the property meets your needs 90%+. In addition, there are Federal tax credits avail. up for $1,500 (for a $5K) purchase for energy-saving replacement doors, windows and insulation for 2010, for purchases (not delivery) made before the end of the year.

Maybe if you study the amount of distressed property inventory in your chosen zip on sdlookup.com as compared with another zip you are interested in, it will help you feel better about your offer. When you do so, print it out and line out all the condos as they are irrelevant to your study. Then count the SFR’s only.

[bearishgurl]

[quote=sdcellar]Okay, so we’ve got an offer in on a bank owned property that seems to be a pretty good value to us, but I can’t fight the sinking feeling that we’re at the precipice of another leg down. . . That said, it’s still going to need work (most notably windows), so it seems like just a little bit more patience might be rewarded with a more turnkey property.

That that said, we almost always are going to want to do things to flooring, bathrooms and kitchens anyway, so I’m not sure how much to hope for. Regardless, there are almost certainly properties we’ve seen that we’d do less to, they’ve just been priced higher. But if those come down, this one probably comes down too. . .[/quote](emphasis added)

sdcellar, if your offer is accepted, I would urge you to replace the windows first, before any other improvement, esp. if they still have “alum. sliders.” Lowe’s has excellent sales on in-stock or special order “Pella” windows twice a year. The new windows will save you SO MUCH $$ on utilities in the winter. (If you will be coastal, you will not have a heat problem in the summer). THIS IS SUCH A SMALL “DEFECT” if the rest of the property meets your needs 90%+. In addition, there are Federal tax credits avail. up for $1,500 (for a $5K) purchase for energy-saving replacement doors, windows and insulation for 2010, for purchases (not delivery) made before the end of the year.

Maybe if you study the amount of distressed property inventory in your chosen zip on sdlookup.com as compared with another zip you are interested in, it will help you feel better about your offer. When you do so, print it out and line out all the condos as they are irrelevant to your study. Then count the SFR’s only.

[bearishgurl]

[quote=sdcellar]Okay, so we’ve got an offer in on a bank owned property that seems to be a pretty good value to us, but I can’t fight the sinking feeling that we’re at the precipice of another leg down. . . That said, it’s still going to need work (most notably windows), so it seems like just a little bit more patience might be rewarded with a more turnkey property.

That that said, we almost always are going to want to do things to flooring, bathrooms and kitchens anyway, so I’m not sure how much to hope for. Regardless, there are almost certainly properties we’ve seen that we’d do less to, they’ve just been priced higher. But if those come down, this one probably comes down too. . .[/quote](emphasis added)

sdcellar, if your offer is accepted, I would urge you to replace the windows first, before any other improvement, esp. if they still have “alum. sliders.” Lowe’s has excellent sales on in-stock or special order “Pella” windows twice a year. The new windows will save you SO MUCH $$ on utilities in the winter. (If you will be coastal, you will not have a heat problem in the summer). THIS IS SUCH A SMALL “DEFECT” if the rest of the property meets your needs 90%+. In addition, there are Federal tax credits avail. up for $1,500 (for a $5K) purchase for energy-saving replacement doors, windows and insulation for 2010, for purchases (not delivery) made before the end of the year.

Maybe if you study the amount of distressed property inventory in your chosen zip on sdlookup.com as compared with another zip you are interested in, it will help you feel better about your offer. When you do so, print it out and line out all the condos as they are irrelevant to your study. Then count the SFR’s only.

[bearishgurl]

[quote=sdcellar]Okay, so we’ve got an offer in on a bank owned property that seems to be a pretty good value to us, but I can’t fight the sinking feeling that we’re at the precipice of another leg down. . . That said, it’s still going to need work (most notably windows), so it seems like just a little bit more patience might be rewarded with a more turnkey property.

That that said, we almost always are going to want to do things to flooring, bathrooms and kitchens anyway, so I’m not sure how much to hope for. Regardless, there are almost certainly properties we’ve seen that we’d do less to, they’ve just been priced higher. But if those come down, this one probably comes down too. . .[/quote](emphasis added)

sdcellar, if your offer is accepted, I would urge you to replace the windows first, before any other improvement, esp. if they still have “alum. sliders.” Lowe’s has excellent sales on in-stock or special order “Pella” windows twice a year. The new windows will save you SO MUCH $$ on utilities in the winter. (If you will be coastal, you will not have a heat problem in the summer). THIS IS SUCH A SMALL “DEFECT” if the rest of the property meets your needs 90%+. In addition, there are Federal tax credits avail. up for $1,500 (for a $5K) purchase for energy-saving replacement doors, windows and insulation for 2010, for purchases (not delivery) made before the end of the year.

Maybe if you study the amount of distressed property inventory in your chosen zip on sdlookup.com as compared with another zip you are interested in, it will help you feel better about your offer. When you do so, print it out and line out all the condos as they are irrelevant to your study. Then count the SFR’s only.

[bearishgurl]

[quote=AN]I agree with that. A home is first and foremost, a home. I find it funny that if I said the same thing, sdcellar would be the first to cast me as a consistent bull and my rationalizing my purchase. How does it feel to be on the rationalizing side sdcellar?[/quote]

AN, I am not a bull but a BEAR, in its most grizzly form! HOWEVER, IMO certain niche micro-areas of SD County which have unique properties and environments are exempt from all the underwater problems which have plagued the rest of the county in recent years.

This assertion follows sdr’s “mantra” that “the best properties are in the strongest hands.” Getting your hands on one of them could possibly be the chance of a lifetime!

[bearishgurl]

[quote=AN]I agree with that. A home is first and foremost, a home. I find it funny that if I said the same thing, sdcellar would be the first to cast me as a consistent bull and my rationalizing my purchase. How does it feel to be on the rationalizing side sdcellar?[/quote]

AN, I am not a bull but a BEAR, in its most grizzly form! HOWEVER, IMO certain niche micro-areas of SD County which have unique properties and environments are exempt from all the underwater problems which have plagued the rest of the county in recent years.

This assertion follows sdr’s “mantra” that “the best properties are in the strongest hands.” Getting your hands on one of them could possibly be the chance of a lifetime!

[bearishgurl]

[quote=AN]I agree with that. A home is first and foremost, a home. I find it funny that if I said the same thing, sdcellar would be the first to cast me as a consistent bull and my rationalizing my purchase. How does it feel to be on the rationalizing side sdcellar?[/quote]

AN, I am not a bull but a BEAR, in its most grizzly form! HOWEVER, IMO certain niche micro-areas of SD County which have unique properties and environments are exempt from all the underwater problems which have plagued the rest of the county in recent years.

This assertion follows sdr’s “mantra” that “the best properties are in the strongest hands.” Getting your hands on one of them could possibly be the chance of a lifetime!

[bearishgurl]

[quote=AN]I agree with that. A home is first and foremost, a home. I find it funny that if I said the same thing, sdcellar would be the first to cast me as a consistent bull and my rationalizing my purchase. How does it feel to be on the rationalizing side sdcellar?[/quote]

AN, I am not a bull but a BEAR, in its most grizzly form! HOWEVER, IMO certain niche micro-areas of SD County which have unique properties and environments are exempt from all the underwater problems which have plagued the rest of the county in recent years.

This assertion follows sdr’s “mantra” that “the best properties are in the strongest hands.” Getting your hands on one of them could possibly be the chance of a lifetime!

[bearishgurl]

[quote=AN]I agree with that. A home is first and foremost, a home. I find it funny that if I said the same thing, sdcellar would be the first to cast me as a consistent bull and my rationalizing my purchase. How does it feel to be on the rationalizing side sdcellar?[/quote]

AN, I am not a bull but a BEAR, in its most grizzly form! HOWEVER, IMO certain niche micro-areas of SD County which have unique properties and environments are exempt from all the underwater problems which have plagued the rest of the county in recent years.

This assertion follows sdr’s “mantra” that “the best properties are in the strongest hands.” Getting your hands on one of them could possibly be the chance of a lifetime!

[an]

[quote=bearishgurl]AN, I am not a bull but a BEAR, in its most grizzly form! HOWEVER, IMO certain niche micro-areas of SD County which have unique properties and environments are exempt from all the underwater problems which have plagued the rest of the county in recent years.

This assertion follows sdr’s “mantra” that “the best properties are in the strongest hands.” Getting your hands on one of them could possibly be the chance of a lifetime![/quote]
I completely agree with you and sdr on this point. Except I think it’s more niche than just micro area, I think it’s certain house/lot. I’m hoping to have my chance at one of these property at the price I want someday. Beyond those few lots, I think older areas, 25+ years old, are much more likely to have long term owners who do not want to move, even in tract home areas. Example would be my tract. In the last year and a half, only 5 have been sold and none of them are the smallest or the largest plan. So if you like one of those 2 floor plans and want to buy into this tract for whatever reason, you can’t. This is just your average middle class area too, nothing fancy at all.

I myself am neither a bear or a bull. I like to crunch numbers and estimate risks. It’s just that whenever I say stuff that’s even remotely bull, sdcellar would jump in and tell me I’m a consistent bull and that I’m just rationalizing my purchase.

[an]

[quote=bearishgurl]AN, I am not a bull but a BEAR, in its most grizzly form! HOWEVER, IMO certain niche micro-areas of SD County which have unique properties and environments are exempt from all the underwater problems which have plagued the rest of the county in recent years.

This assertion follows sdr’s “mantra” that “the best properties are in the strongest hands.” Getting your hands on one of them could possibly be the chance of a lifetime![/quote]
I completely agree with you and sdr on this point. Except I think it’s more niche than just micro area, I think it’s certain house/lot. I’m hoping to have my chance at one of these property at the price I want someday. Beyond those few lots, I think older areas, 25+ years old, are much more likely to have long term owners who do not want to move, even in tract home areas. Example would be my tract. In the last year and a half, only 5 have been sold and none of them are the smallest or the largest plan. So if you like one of those 2 floor plans and want to buy into this tract for whatever reason, you can’t. This is just your average middle class area too, nothing fancy at all.

I myself am neither a bear or a bull. I like to crunch numbers and estimate risks. It’s just that whenever I say stuff that’s even remotely bull, sdcellar would jump in and tell me I’m a consistent bull and that I’m just rationalizing my purchase.

[an]

[quote=bearishgurl]AN, I am not a bull but a BEAR, in its most grizzly form! HOWEVER, IMO certain niche micro-areas of SD County which have unique properties and environments are exempt from all the underwater problems which have plagued the rest of the county in recent years.

This assertion follows sdr’s “mantra” that “the best properties are in the strongest hands.” Getting your hands on one of them could possibly be the chance of a lifetime![/quote]
I completely agree with you and sdr on this point. Except I think it’s more niche than just micro area, I think it’s certain house/lot. I’m hoping to have my chance at one of these property at the price I want someday. Beyond those few lots, I think older areas, 25+ years old, are much more likely to have long term owners who do not want to move, even in tract home areas. Example would be my tract. In the last year and a half, only 5 have been sold and none of them are the smallest or the largest plan. So if you like one of those 2 floor plans and want to buy into this tract for whatever reason, you can’t. This is just your average middle class area too, nothing fancy at all.

I myself am neither a bear or a bull. I like to crunch numbers and estimate risks. It’s just that whenever I say stuff that’s even remotely bull, sdcellar would jump in and tell me I’m a consistent bull and that I’m just rationalizing my purchase.

[an]

[quote=bearishgurl]AN, I am not a bull but a BEAR, in its most grizzly form! HOWEVER, IMO certain niche micro-areas of SD County which have unique properties and environments are exempt from all the underwater problems which have plagued the rest of the county in recent years.

This assertion follows sdr’s “mantra” that “the best properties are in the strongest hands.” Getting your hands on one of them could possibly be the chance of a lifetime![/quote]
I completely agree with you and sdr on this point. Except I think it’s more niche than just micro area, I think it’s certain house/lot. I’m hoping to have my chance at one of these property at the price I want someday. Beyond those few lots, I think older areas, 25+ years old, are much more likely to have long term owners who do not want to move, even in tract home areas. Example would be my tract. In the last year and a half, only 5 have been sold and none of them are the smallest or the largest plan. So if you like one of those 2 floor plans and want to buy into this tract for whatever reason, you can’t. This is just your average middle class area too, nothing fancy at all.

I myself am neither a bear or a bull. I like to crunch numbers and estimate risks. It’s just that whenever I say stuff that’s even remotely bull, sdcellar would jump in and tell me I’m a consistent bull and that I’m just rationalizing my purchase.

[Author]

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