Downtown Condos

[davelj]

Not at all surprised. That’s why I structured my contract the way I did.

I think prices will drop in most buildings to the point at which it’s a toss-up between buying and renting. Historically, that has been a very good time to buy in San Diego. I don’t see why it should be any different this time around. Depending on the building that would mean a 35%-60% drop from the peak. When you see those kinds of prices, demand will pick up. But that’s still a couple years off I think.

[patientlywaiting]

Ok, davelj, I trust your judgment. I’m in no rush at all so I’ll wait ’till 2010 to buy my pied a terre in the city. 🙂

[patientlywaiting]

Ok, davelj, I trust your judgment. I’m in no rush at all so I’ll wait ’till 2010 to buy my pied a terre in the city. 🙂

[patientlywaiting]

Ok, davelj, I trust your judgment. I’m in no rush at all so I’ll wait ’till 2010 to buy my pied a terre in the city. 🙂

[patientlywaiting]

Ok, davelj, I trust your judgment. I’m in no rush at all so I’ll wait ’till 2010 to buy my pied a terre in the city. 🙂

[patientlywaiting]

Ok, davelj, I trust your judgment. I’m in no rush at all so I’ll wait ’till 2010 to buy my pied a terre in the city. 🙂

[davelj]

A short follow-up to my last post. Something to keep in mind…

It’s almost impossible to bottom-tick a market. I’m sure I didn’t do it, even the way my contract was structured. I may still lose a little money “on paper” for a while after all is said and done. But I don’t really care. I really like the place I bought and I’d like to buy a second place as well, so if the price declines are greater than I anticipated, no big deal.

I think many people here get a bit obsessed with “buying at the bottom.” I think (perhaps) a better way to look at a home purchase is to wait until you find a property that you really like that makes sense financially… and then buy it. That may sound ridiculously simplistic – and it is – but a lot of people get caught up in trying to buy at the absolute lowest price and end up ultimately unhappy. (This applies to a lot more than houses.) Again, when rents and ownership payments on a condo are comparable, at worst you’re probably buying within 10%-15% of the bottom. Maybe I’m crazy but that doesn’t seem so bad to me. It’s a place to live, after all, not an investment.

[davelj]

A short follow-up to my last post. Something to keep in mind…

It’s almost impossible to bottom-tick a market. I’m sure I didn’t do it, even the way my contract was structured. I may still lose a little money “on paper” for a while after all is said and done. But I don’t really care. I really like the place I bought and I’d like to buy a second place as well, so if the price declines are greater than I anticipated, no big deal.

I think many people here get a bit obsessed with “buying at the bottom.” I think (perhaps) a better way to look at a home purchase is to wait until you find a property that you really like that makes sense financially… and then buy it. That may sound ridiculously simplistic – and it is – but a lot of people get caught up in trying to buy at the absolute lowest price and end up ultimately unhappy. (This applies to a lot more than houses.) Again, when rents and ownership payments on a condo are comparable, at worst you’re probably buying within 10%-15% of the bottom. Maybe I’m crazy but that doesn’t seem so bad to me. It’s a place to live, after all, not an investment.

[davelj]

A short follow-up to my last post. Something to keep in mind…

It’s almost impossible to bottom-tick a market. I’m sure I didn’t do it, even the way my contract was structured. I may still lose a little money “on paper” for a while after all is said and done. But I don’t really care. I really like the place I bought and I’d like to buy a second place as well, so if the price declines are greater than I anticipated, no big deal.

I think many people here get a bit obsessed with “buying at the bottom.” I think (perhaps) a better way to look at a home purchase is to wait until you find a property that you really like that makes sense financially… and then buy it. That may sound ridiculously simplistic – and it is – but a lot of people get caught up in trying to buy at the absolute lowest price and end up ultimately unhappy. (This applies to a lot more than houses.) Again, when rents and ownership payments on a condo are comparable, at worst you’re probably buying within 10%-15% of the bottom. Maybe I’m crazy but that doesn’t seem so bad to me. It’s a place to live, after all, not an investment.

[davelj]

A short follow-up to my last post. Something to keep in mind…

It’s almost impossible to bottom-tick a market. I’m sure I didn’t do it, even the way my contract was structured. I may still lose a little money “on paper” for a while after all is said and done. But I don’t really care. I really like the place I bought and I’d like to buy a second place as well, so if the price declines are greater than I anticipated, no big deal.

I think many people here get a bit obsessed with “buying at the bottom.” I think (perhaps) a better way to look at a home purchase is to wait until you find a property that you really like that makes sense financially… and then buy it. That may sound ridiculously simplistic – and it is – but a lot of people get caught up in trying to buy at the absolute lowest price and end up ultimately unhappy. (This applies to a lot more than houses.) Again, when rents and ownership payments on a condo are comparable, at worst you’re probably buying within 10%-15% of the bottom. Maybe I’m crazy but that doesn’t seem so bad to me. It’s a place to live, after all, not an investment.

[davelj]

A short follow-up to my last post. Something to keep in mind…

It’s almost impossible to bottom-tick a market. I’m sure I didn’t do it, even the way my contract was structured. I may still lose a little money “on paper” for a while after all is said and done. But I don’t really care. I really like the place I bought and I’d like to buy a second place as well, so if the price declines are greater than I anticipated, no big deal.

I think many people here get a bit obsessed with “buying at the bottom.” I think (perhaps) a better way to look at a home purchase is to wait until you find a property that you really like that makes sense financially… and then buy it. That may sound ridiculously simplistic – and it is – but a lot of people get caught up in trying to buy at the absolute lowest price and end up ultimately unhappy. (This applies to a lot more than houses.) Again, when rents and ownership payments on a condo are comparable, at worst you’re probably buying within 10%-15% of the bottom. Maybe I’m crazy but that doesn’t seem so bad to me. It’s a place to live, after all, not an investment.

[condogrrl]

Since I follow the downtown condo market too, I am concerned with the financial health of the HOAs in these buildings with foreclosures. How many owners are not paying their HOA assessments? Certainly, if they are behind on their mortgages, they are not paying their HOA. And when a foreclosed condo is sold by the bank, does the bank pay the HOA for dues owed by the previous owner?

I once owned in a building whose HOA was almost broke. That’s the main reason I sold in 2005 and have rented ever since.

[condogrrl]

Since I follow the downtown condo market too, I am concerned with the financial health of the HOAs in these buildings with foreclosures. How many owners are not paying their HOA assessments? Certainly, if they are behind on their mortgages, they are not paying their HOA. And when a foreclosed condo is sold by the bank, does the bank pay the HOA for dues owed by the previous owner?

I once owned in a building whose HOA was almost broke. That’s the main reason I sold in 2005 and have rented ever since.

[condogrrl]

Since I follow the downtown condo market too, I am concerned with the financial health of the HOAs in these buildings with foreclosures. How many owners are not paying their HOA assessments? Certainly, if they are behind on their mortgages, they are not paying their HOA. And when a foreclosed condo is sold by the bank, does the bank pay the HOA for dues owed by the previous owner?

I once owned in a building whose HOA was almost broke. That’s the main reason I sold in 2005 and have rented ever since.

[condogrrl]

Since I follow the downtown condo market too, I am concerned with the financial health of the HOAs in these buildings with foreclosures. How many owners are not paying their HOA assessments? Certainly, if they are behind on their mortgages, they are not paying their HOA. And when a foreclosed condo is sold by the bank, does the bank pay the HOA for dues owed by the previous owner?

I once owned in a building whose HOA was almost broke. That’s the main reason I sold in 2005 and have rented ever since.

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