East County SD v St George for gzz’s budget McMansion lifestyle

[gzz]

My main search is 0.5+ acres and 4+ baths. From there I can narrow things down manually.

St G is obviously cheaper than Point Loma or La Jolla. But not seeing any value versus East County. Same basic 250-450ppsf. St George is on average a bit newer, and the lots are flatter. But the idea you need to flee SD to get a cheap home is just not right.

In my search I was horrified by what may be the single most hideous house I’ve ever seem. And I enjoy checking in on McMansion Hell blog which is funny but over critical.

This thing looks like Gaudi’s untalented brother got really drunk and drew a castle. Looking at the exterior makes me dizzy, and every room inside is terrible in a different way. The overall vibe inside is a campy version of Mr. Burns’s castle on the Simpsons.

2836 S 2300 E, Saint George, UT 84790
https://www.realtor.com/realestateandhomes-detail/2836-S-2300-E_St-George_UT_84790_M20570-90803

[Coronita]

I thought you were going to move to
Rancho SD.

Interesting you are cross shopping Rancho SD versus LJ and Point Loma.

Feeling ok there, bud?

[Coronita]

Let’s take s poll… Where go we think gzz is eventually going to end up?

I would vote somewhere in Poway

And then we will call you powayowner.

Because there was once a powayseller here before she got banned.

[gzz]

I am pretty close to a deal in RSD. We’re 1.3% apart now on price.

I never looked at LJ proper, too expensive.

4S looks great online but I am looking for bigger lots and lower prices so never seriously looked. My search was generally in the 1.3-1.8 range. Even 2.0 doesn’t go very far in 4S right now. 4S there’s a premium price for location, new construction, and school district that I value less than others.

I did look at a lot of listings at University City canyon fronting homes, PL and Clairemont. I probably would have stretched my budget up to 2.2 if I had found a perfect place in UC or PL, but I didn’t.

Another thing is I find older suburban areas more cozy. Prior to moving to SD I grew up in 60s and 70s suburbs. So PL/UC/Clairemont feel somewhat like my midwestern burb hometowns, but with palm trees.

Other homes I was interested enough to go to showings included Ramona, 2x La Mesa, Spring Valley, and El Cajon.

This week I also had my first visit to Poway, it reminded me of Pasadena where I have spent a lot of time for work. I had a lot of Poway places bookmarked to view, but the RSD place just won my heart first.

I do have many refined and pretentious tastes, but in physical buildings to spend my time in my tastes are very middle class Midwest. The two story huge entry room thing in so many post-2000 lux homes I just don’t like.

[flyer]

I’ll vote RSD, since it sounds like gzz has found what he really wants there. My tastes are much different, especially when it comes to location. You can always make changes to the physical building(s), but, location, not so much. The main thing is that it fits the bill for gzz, and that’s what really matters.

[svelte]

1% aint squat when you’re talking about happiness. Suck it up and buy it.

[barnaby33]

It depends, 1% of what?
Josh

[sdrealtor]

[quote=barnaby33]It depends, 1% of what?
Josh[/quote]

No it doesn’t if it’s something you want. Let’s say it’s a 61 Haut Brion with pristine provenance. You think it’s worth $3000, you have the money and you’re willing to spend that. The guy says $3030 or no deal! Are you walking away? Really?

This is a situation of somebody trying to prove they are smart or they are right, not somebody looking to buy something they really want. Buy the bottle, drink the wine.

[an]

If you are willing to walk away from a deal because of 1%,then either you can’t afford it or you didn’t really want it.

[gzz]

They accepted my initial offer after I remade it. Their counteroffer was 25k higher, I said no, they took the initial.

I think the sale is a win all around. Sellers up about 500k, sliding right under the capgains exemption for a married couple. I am getting a place that’s about 10% below March 2022 peak price and perhaps 3% below market price, giving me a little safety cushion. I really don’t expect or care if I make money on this one, it is huge so will have high monthly expenses, and I don’t think RSD is especially well positioned for appreciation. (Santee and Mira Mesa are suburban areas that will outperform RSD in my opinion.)

I will probably end up with a 4.375% 7/30 Jumbo ARM.

Looking at my increased costs, my house in OB I believe will rent for about 4400. Net cost of the new place will be about 7000. 2600 a month isn’t peanuts, but if the new place appreciates 1.5% a year, then the appreciation makes this a break even, and anything more than 1.5% is profit.

As for the risk on the ARM, the interest savings will be about 30k before the rate resets. I am ok with the additional risk that in 7 years I will still have the mortgage and it will reset higher. Part of me being OK with this risk is that all my other debt is fixed at lower rates.

[flyer]

Congratulations!

I know you mentioned you had some specific housing needs for your family, including having your parents live on the property, and that’s not an easy bill to fill in this market. Glad you found what works well for all of you.

Everyone has different tastes and needs, so, it doesn’t really matter what others think. There are some areas people diss–that I kind of like–and other areas people rave about–many of which are areas I would never consider living–so it all boils down to individual needs and preferences. Keep RSF in mind as time goes on, because there are some properties around us that would be perfect for your needs.

When all is said and done, life is short, so simply enjoy!

[scaredyclassic]

[quote=svelte]1% aint squat when you’re talking about happiness. Suck it up and buy it.[/quote]

I will sacrifice happiness for 1%.

[scaredyclassic]

[quote=gzz]They accepted my initial offer after I remade it. Their counteroffer was 25k higher, I said no, they took the initial.

I think the sale is a win all around. Sellers up about 500k, sliding right under the capgains exemption for a married couple. I am getting a place that’s about 10% below March 2022 peak price and perhaps 3% below market price, giving me a little safety cushion. I really don’t expect or care if I make money on this one, it is huge so will have high monthly expenses, and I don’t think RSD is especially well positioned for appreciation. (Santee and Mira Mesa are suburban areas that will outperform RSD in my opinion.)

I will probably end up with a 4.375% 7/30 Jumbo ARM.

Looking at my increased costs, my house in OB I believe will rent for about 4400. Net cost of the new place will be about 7000. 2600 a month isn’t peanuts, but if the new place appreciates 1.5% a year, then the appreciation makes this a break even, and anything more than 1.5% is profit.

As for the risk on the ARM, the interest savings will be about 30k before the rate resets. I am ok with the additional risk that in 7 years I will still have the mortgage and it will reset higher. Part of me being OK with this risk is that all my other debt is fixed at lower rates.[/quote]
well done. I enjoy the way you (and me, and all of us) tell ourselves little stories about money, the pockets of it, where it goes and why it’s ok. Many many years ago when I worked as junior assistant bond counsel, I was in a meeting where the guy who put the bonds on the market (I forget what his role was called) was explaining to some governmental entity humans (the people who get the money, whatever they’re called) about how and why he did a spectacular job managing the money and getting the very best interest rate of that particular day. I still remember how beautifully he told the story. At the end I was like, man, this guy’s a financial genius! Now, I think, naah, not a financial genius, but I still think he was a type of genius; a storytelling genius.

Money is a story. I liked your story. While you may (or may not) be a genius, you did good. Also, you sound heroic to me for fighting for the 1%. Enjoy, to the extent possible, in this anxiety-ridden capitalist madhouse. Perhaps more important that enjoyment for some is the creation of a story that makes sense.

[sdrealtor]

Heavy odds favoring cancellation

[teaboy]

[quote=an]If you are willing to walk away from a deal because of 1%,then either you can’t afford it or you didn’t really want it.[/quote]

If you’d pay 1% more, then why not 2% more? If you’d pay 2% more, then why not 3% more, etc, etc, etc…

At some point you need to assess your BATNA, or draw a line somewhere, however arbitrary it may seem.

So, I reject your hypotheses, an & sdrealtor!

Amirite?
tb

and congrats on sealing the deal, gzz.

[Author]

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