Buying a house at the new top of the market?

[an]

[quote=bearishgurl]
More fundamentally, why did its neighborhood sink to “2000 lows” in the first place??…

A property in a neighborhood that has sunk to “2000 lows” is NOT a “keeper” in the way that sdcellar is referring to. It is a property purchased for rental income or a leg-up for a moderate-income first-time buyer family that needs a stable home for their kids.

Think about it.[/quote]
So, bearishgurl, what do you think about this property: http://www.sdlookup.com/MLS-100030431-14810_Las_Mananas_Rancho_Santa_Fe_CA_92067? It’s being listed at 4% above its 2000 nominal price. We’ll see what it closes at. Do you think this place is NOT a “keeper”?

[briansd1]

Yes, RSMountain, people used to have more than two kids.

But when people have fewer than two kids, unless there is significant immigration, the need for housing may decline over time. (I doubt that will happen because immigration and population growth will always be necessary for economic growth)

[briansd1]

Yes, RSMountain, people used to have more than two kids.

But when people have fewer than two kids, unless there is significant immigration, the need for housing may decline over time. (I doubt that will happen because immigration and population growth will always be necessary for economic growth)

[briansd1]

Yes, RSMountain, people used to have more than two kids.

But when people have fewer than two kids, unless there is significant immigration, the need for housing may decline over time. (I doubt that will happen because immigration and population growth will always be necessary for economic growth)

[briansd1]

Yes, RSMountain, people used to have more than two kids.

But when people have fewer than two kids, unless there is significant immigration, the need for housing may decline over time. (I doubt that will happen because immigration and population growth will always be necessary for economic growth)

[briansd1]

Yes, RSMountain, people used to have more than two kids.

But when people have fewer than two kids, unless there is significant immigration, the need for housing may decline over time. (I doubt that will happen because immigration and population growth will always be necessary for economic growth)

[jpinpb]

sdcellar – if the area you’re interested in is the area I’m thinking of, the distress is minimal. But I’ve seen NODs and foreclosures in LJ, so I’m not in the camp that any ZIP is immune. Have you checked if there are any NODs or foreclosures scheduled in the area? It is a little difficult to gauge lately since banks have been resistant to even file NODs nowadays.

This has been a very long and drawn out process and if this place is something that will work for you long term and you like it, then just go for it. I’m seeing so many places surfacing that had NODs in 2008 just now coming on the market. This is after they had foreclosure dates in 2009. Banks are just now getting around to taking them back and listing them.

So by the time TSHTF along the coast in the area you’re looking to buy, it could be another couple of years, IF that happens, IF the land tsunami theory happens.

So how much do you think it could come down, if that were to happen? Now, how much would your rent be for a couple of years? How much of a loss or savings would you come up with?

[jpinpb]

sdcellar – if the area you’re interested in is the area I’m thinking of, the distress is minimal. But I’ve seen NODs and foreclosures in LJ, so I’m not in the camp that any ZIP is immune. Have you checked if there are any NODs or foreclosures scheduled in the area? It is a little difficult to gauge lately since banks have been resistant to even file NODs nowadays.

This has been a very long and drawn out process and if this place is something that will work for you long term and you like it, then just go for it. I’m seeing so many places surfacing that had NODs in 2008 just now coming on the market. This is after they had foreclosure dates in 2009. Banks are just now getting around to taking them back and listing them.

So by the time TSHTF along the coast in the area you’re looking to buy, it could be another couple of years, IF that happens, IF the land tsunami theory happens.

So how much do you think it could come down, if that were to happen? Now, how much would your rent be for a couple of years? How much of a loss or savings would you come up with?

[jpinpb]

sdcellar – if the area you’re interested in is the area I’m thinking of, the distress is minimal. But I’ve seen NODs and foreclosures in LJ, so I’m not in the camp that any ZIP is immune. Have you checked if there are any NODs or foreclosures scheduled in the area? It is a little difficult to gauge lately since banks have been resistant to even file NODs nowadays.

This has been a very long and drawn out process and if this place is something that will work for you long term and you like it, then just go for it. I’m seeing so many places surfacing that had NODs in 2008 just now coming on the market. This is after they had foreclosure dates in 2009. Banks are just now getting around to taking them back and listing them.

So by the time TSHTF along the coast in the area you’re looking to buy, it could be another couple of years, IF that happens, IF the land tsunami theory happens.

So how much do you think it could come down, if that were to happen? Now, how much would your rent be for a couple of years? How much of a loss or savings would you come up with?

[jpinpb]

sdcellar – if the area you’re interested in is the area I’m thinking of, the distress is minimal. But I’ve seen NODs and foreclosures in LJ, so I’m not in the camp that any ZIP is immune. Have you checked if there are any NODs or foreclosures scheduled in the area? It is a little difficult to gauge lately since banks have been resistant to even file NODs nowadays.

This has been a very long and drawn out process and if this place is something that will work for you long term and you like it, then just go for it. I’m seeing so many places surfacing that had NODs in 2008 just now coming on the market. This is after they had foreclosure dates in 2009. Banks are just now getting around to taking them back and listing them.

So by the time TSHTF along the coast in the area you’re looking to buy, it could be another couple of years, IF that happens, IF the land tsunami theory happens.

So how much do you think it could come down, if that were to happen? Now, how much would your rent be for a couple of years? How much of a loss or savings would you come up with?

[jpinpb]

sdcellar – if the area you’re interested in is the area I’m thinking of, the distress is minimal. But I’ve seen NODs and foreclosures in LJ, so I’m not in the camp that any ZIP is immune. Have you checked if there are any NODs or foreclosures scheduled in the area? It is a little difficult to gauge lately since banks have been resistant to even file NODs nowadays.

This has been a very long and drawn out process and if this place is something that will work for you long term and you like it, then just go for it. I’m seeing so many places surfacing that had NODs in 2008 just now coming on the market. This is after they had foreclosure dates in 2009. Banks are just now getting around to taking them back and listing them.

So by the time TSHTF along the coast in the area you’re looking to buy, it could be another couple of years, IF that happens, IF the land tsunami theory happens.

So how much do you think it could come down, if that were to happen? Now, how much would your rent be for a couple of years? How much of a loss or savings would you come up with?

[DWCAP]

[quote=AN]
If you can afford to pass down a few hundred grand to your heirs, why wouldn’t you pass down a house instead, especially if you’re in CA. Just the prop 13 alone is enough reason to give your kids house(s) instead of cash.[/quote]

My parents did this. They bought many properties in Santa Barbara back in the day, with two houses (side by side) for their sons. My brother bought his in 2001, just before the market went on a tear.
Problem is, the house isnt huge, and two growing girls take up alot of it. (Not supprisingly the biggest problem they face in a house full of girls is that there isnt enough closet space.) But he is kinda stuck because he inherited my dads property tax. It is STUPID low. It wouldnt cash flow, would cause rifts in the family if sold, and is so damn cheap that moving makes almost no economic sense. He is litterally stuck. (it doesnt help that he is underwater on a condo he bought as a rental. It is sucking up his extra $$)

So maybe $$$ is a better option, as it would let people make personal decisions that better fit their situtation.

[DWCAP]

[quote=AN]
If you can afford to pass down a few hundred grand to your heirs, why wouldn’t you pass down a house instead, especially if you’re in CA. Just the prop 13 alone is enough reason to give your kids house(s) instead of cash.[/quote]

My parents did this. They bought many properties in Santa Barbara back in the day, with two houses (side by side) for their sons. My brother bought his in 2001, just before the market went on a tear.
Problem is, the house isnt huge, and two growing girls take up alot of it. (Not supprisingly the biggest problem they face in a house full of girls is that there isnt enough closet space.) But he is kinda stuck because he inherited my dads property tax. It is STUPID low. It wouldnt cash flow, would cause rifts in the family if sold, and is so damn cheap that moving makes almost no economic sense. He is litterally stuck. (it doesnt help that he is underwater on a condo he bought as a rental. It is sucking up his extra $$)

So maybe $$$ is a better option, as it would let people make personal decisions that better fit their situtation.

[DWCAP]

[quote=AN]
If you can afford to pass down a few hundred grand to your heirs, why wouldn’t you pass down a house instead, especially if you’re in CA. Just the prop 13 alone is enough reason to give your kids house(s) instead of cash.[/quote]

My parents did this. They bought many properties in Santa Barbara back in the day, with two houses (side by side) for their sons. My brother bought his in 2001, just before the market went on a tear.
Problem is, the house isnt huge, and two growing girls take up alot of it. (Not supprisingly the biggest problem they face in a house full of girls is that there isnt enough closet space.) But he is kinda stuck because he inherited my dads property tax. It is STUPID low. It wouldnt cash flow, would cause rifts in the family if sold, and is so damn cheap that moving makes almost no economic sense. He is litterally stuck. (it doesnt help that he is underwater on a condo he bought as a rental. It is sucking up his extra $$)

So maybe $$$ is a better option, as it would let people make personal decisions that better fit their situtation.

[DWCAP]

[quote=AN]
If you can afford to pass down a few hundred grand to your heirs, why wouldn’t you pass down a house instead, especially if you’re in CA. Just the prop 13 alone is enough reason to give your kids house(s) instead of cash.[/quote]

My parents did this. They bought many properties in Santa Barbara back in the day, with two houses (side by side) for their sons. My brother bought his in 2001, just before the market went on a tear.
Problem is, the house isnt huge, and two growing girls take up alot of it. (Not supprisingly the biggest problem they face in a house full of girls is that there isnt enough closet space.) But he is kinda stuck because he inherited my dads property tax. It is STUPID low. It wouldnt cash flow, would cause rifts in the family if sold, and is so damn cheap that moving makes almost no economic sense. He is litterally stuck. (it doesnt help that he is underwater on a condo he bought as a rental. It is sucking up his extra $$)

So maybe $$$ is a better option, as it would let people make personal decisions that better fit their situtation.

[Author]

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