Home › Forums › Housing › cannot wait anymore, buying a condo now instead of a house at 4S Ranch, and wait to buy a bigger house later?
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an.
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August 30, 2007 at 11:09 PM #82711August 30, 2007 at 11:10 PM #82712
JWM in SD
Participant“JWM, we actually meet the 3 conditions you stated.”
Again, you are not paying attention.
The key is to continue to meet those criteria over the next several years not just meet them right now. Right now doesn’t matter…3 years from now is what matters.
August 30, 2007 at 11:14 PM #82713ParticipantSorry SD Realtor, but I’m entitled to my opinion just as much as you are to yours. He doesn’t have to take any of my advice if he doesn’t want to.
But seriously, what is she going to do if he says no? Really, what? Divorce him? Maybe, but not likely.
You may not like the tone I take, but someone in that relationship has to take the responsibility for making sound decisions based on logic as opposed to emotion and obviously it’s not his wife.
August 30, 2007 at 11:16 PM #82714Anonymous
GuestI agree with JWM, grow some balls dude. Who earns the money in the household? If she does, then let her buy the condo. But if you are bringing home the bacon, you should call the shots, bottom line.
August 30, 2007 at 11:23 PM #82718mgubnyc1
Participantseeing as George is going to have me help this dude pay his mortgage soon, for god sakes someone has to tell it like it is!! oh unless your a realtor and you need the money! they just tell them what they want to hear.
August 30, 2007 at 11:25 PM #82722wantobuy
ParticipantSD R, I got a good laugh at your humorous words…
August 30, 2007 at 11:26 PM #82716HereWeGo
ParticipantAsk her if she would still want the condo if she knew that it would be worth 300K by July 08. There’s a very good chance of that sort of depreciation in the condo market.
August 30, 2007 at 11:27 PM #82723ParticipantWe both work, have no debt, and have decent savings for down payment. Looking forward to hearing some constructive suggestions.
August 30, 2007 at 11:32 PM #82726SD Realtor
ParticipantI agree we all are entitled to our opinions JWM and I certainly didn’t say anything about people should hold back.
This is not like a new poster or anything like that. The guy has been on Piggington for awhile. I don’t agree with his buying either. The absolute best thing for him to do fiscally is to simply continue to rent. Buying a little little less expensive turd rather then a big expensive turd is still buying a turd…
No I am sure she will not divorce the guy for not buying. However I think that every situation is different and what is presented here is a sliver of what some people go through. He clearly stated they can afford 4S now if they wanted and he clearly stated that they are thinking of a long horizon. Even with that I don’t agree with the decision to buy.
Sound logic would dictate not to have children either. They are a pain in the ass, they are expensive as all hell, they crap all over, pee everywhere, hurl and drool and they have the uncanny knack to wait until you have just changed clothes to leave you with a huge goober, they take every freeking minute of your time until they are old enough to tell you to butt out of their life, and then they leave. Is it logical to want those? Are you kidding me? More then half of my friends who are married are like, no chance we will ever have kids… in this world? There is no logic to that. Granted it is a poor analogy but life is not all about sound logic to every person.
Your tone is okay, you are passionate about the beliefs and you are not trying to be hurtful, you are just trying to pound logic into people because it amazes you that they even consider making the purchase. That is why I think you come down hard with the hammer. It makes sense and in the end you are just trying to save this guy some hard earned money which is actually kind hearted. I do think you easily swat away any other personal issues because in your opinion they are of no consequence whatsoever.
I am trying just as hard not to counter the fiscal argument but to at the very least consider that life is not all sound logic for some people.
SD Realtor
August 30, 2007 at 11:33 PM #82727Participantwanttobuy! then buy, we gave you constructive suggestions, you don’t like them, so buy!
hey by the way, I have a bridge for sale with a tole booth and its just off the 95 tpike going into N.Y.C would you like to buy it? I’ll give you a good deal, as you don’t have any dept, have cash and decent savings your a perfect mark!August 30, 2007 at 11:33 PM #82729Participanta big typo on my part, the price of a 3/2 condo in RB we’re looking at is $330K, not $380K in my first post.
August 30, 2007 at 11:37 PM #82730
CoronitaParticipantwantobuy,
I'm confused. You used 0% down and "can afford 4S" in the same post.Do you have a downpayment for both a townhome now and the future home? Let's say you're upside-down on the condo 2 years for now, you might not be able to "upgrade".
Also, did you factor in HOA on a condo, insurance, Mello Ruse(I don't think there is any in RB, but double check) ?
Do you have kids? If not, why must you by a 3-bed unit, and not 2? Just suggesting if you "need" to buy and buy 2 years later, at least try to minimize the purchase now.
August 30, 2007 at 11:40 PM #82732ParticipantWantobuy the most constructive suggestion I have would be to run the numbers out in all three cases. Buying the condo, buying the home, and not buying either. In each case run out a few depreciation scenarios so that you actually have some numbers in front of you to analyze. Hopefully by showing your wife some potential savings of tens (or maybe even hundreds) of thousands of dollars, that could help her to realize the reticent feelings you have regarding the home purchase. Usually with couples their is always one person who wants and one who doesn’t. The one who doesn’t rarely has gone through the troubles to illustrate the financial reasoning on paper. Usually it is a one sided argument with the one who doesn’t want to buy sitting there saying, I am telling you the market will go down. Meanwhile the one who does want to buy points out that homes in the area he/she wants to buy in have depreciated by smaller margins in the neighborhoods they want to buy in, then in all the other neighbordhoods that have fallen 30%. This is all to common. It is a pain in the ass to run numbers out on a spreadsheet but it really may help.
SD Realtor
August 30, 2007 at 11:44 PM #82731waiting hawk
ParticipantIf you want to see what investors are saying about condos right now then read this, “TELL HER TO SELL NOW!!
She can do a MLS list in San Diego for $99 (Private Message HiddenMarket on this board)
She is renting a room, and still cannot afford it? I am assuming this condo is in SD. I don’t know if you have been looking at condo prices, but I can tell you they are falling like a ton of rocks. Condos that were selling for $275-300k at the peak are now going for $165-180k. What are the chances that this won’t continue for the next three to five years?
As far as being creative, you need to list the info rlc and others have requested to get some feedback. ”
http://www.websitetoolbox.com/tool/post/sdcia/vpost?id=2122658
Use your head.
If you want to see my early 2006 post about wanting to buy send me an email and ill send you the link so you can see how great that worked out for me.
August 31, 2007 at 12:21 AM #82736ParticipantFLU I think the reasoning on the IO loan is to conserve cash for dp on the detached home down the road. It is not a question of being upside down in the future, he will be upside down and most likely not be a little. However the condo will be kept and turned into a rental. The problem there is negative cash flow which indeed could be more substantial then at first glance. This is by far one of the largest underestimations first time landlords make.
One other disturbing thing about condos that “may” occur. Given a large complex that will undergo severe depreciation and may see substantial foreclosures that will have a potentially severe effect on HOA reserves. Remaining homeowners “may” indeed face assessments or reserve requirements payments due to the fact of shortfalls from higher vacancies….I doubt that a lender pays HOA dues for an empty condo, perhaps I am wrong. It is speculative to mention this but it certainly is not out of the realm of possibility.
SD Realtor
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