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PCinSD.
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July 20, 2007 at 9:31 PM #66866July 20, 2007 at 11:59 PM #66817
garysears
ParticipantYeah, I know. I actually agree. I’m not thrilled to even be living in SoCal. But then again I’m already currently renting in El Cajon. (There are other more objectionable places in S.D. county I’m sure). The bottom line to me is really the bottom line. At a certain price it will make more financial sense to buy rather than rent. More and more I am finding myself in the “total cost” camp when it comes to life’s expenses. A house is nothing more than a large expense that has to be paid at some point. I don’t view a house as an investment but I’m not stupid enough to buy if I believe it is going to depreciate.
I moved to El Cajon to stop paying 2k a month in rent in the San Carlos / Lake Murray area. I would rather be renting there but it became hard to justify double the monthly cost. Part of the move here was to get my finances in order in preparation for eventually buying.
Keep in mind people were giving almost 300k for this kind of condo crap in El(Los?) “Cajones” only a year ago. I too think 100K is a lot of money, but at current rental rates it is not. I would buy the apartment I am in now for 100K in a second.
I don’t want to be a slave to a big mortgage. I want to buy a basic place, pay it off quickly, and then go on from there if I desire a better standard of living. I want to secure a greatly reduced monthly cost of living first so I don’t have to presume on my future income. I don’t see any other way than to start with a true starter home. If I can pay it off completely I will gain a lot of financial freedom.
I think financial freedom is actually the American dream and not the “home ownership” championed the last few years by government. It has sounded strange to hear the President call home ownership the American dream and point to the all time record “ownership” levels as proof that life is getting better. Debt is slavery, even if it is called “ownership”. The new home ownership is only a form of renting from the bank where you greatly overpay and sacrifice your financial future for the privelage. That will change.
If I’m willing to rent in El Cajon than I certainly am willing to buy a 2bd/2ba condo for 100K.
July 20, 2007 at 11:59 PM #66881ParticipantYeah, I know. I actually agree. I’m not thrilled to even be living in SoCal. But then again I’m already currently renting in El Cajon. (There are other more objectionable places in S.D. county I’m sure). The bottom line to me is really the bottom line. At a certain price it will make more financial sense to buy rather than rent. More and more I am finding myself in the “total cost” camp when it comes to life’s expenses. A house is nothing more than a large expense that has to be paid at some point. I don’t view a house as an investment but I’m not stupid enough to buy if I believe it is going to depreciate.
I moved to El Cajon to stop paying 2k a month in rent in the San Carlos / Lake Murray area. I would rather be renting there but it became hard to justify double the monthly cost. Part of the move here was to get my finances in order in preparation for eventually buying.
Keep in mind people were giving almost 300k for this kind of condo crap in El(Los?) “Cajones” only a year ago. I too think 100K is a lot of money, but at current rental rates it is not. I would buy the apartment I am in now for 100K in a second.
I don’t want to be a slave to a big mortgage. I want to buy a basic place, pay it off quickly, and then go on from there if I desire a better standard of living. I want to secure a greatly reduced monthly cost of living first so I don’t have to presume on my future income. I don’t see any other way than to start with a true starter home. If I can pay it off completely I will gain a lot of financial freedom.
I think financial freedom is actually the American dream and not the “home ownership” championed the last few years by government. It has sounded strange to hear the President call home ownership the American dream and point to the all time record “ownership” levels as proof that life is getting better. Debt is slavery, even if it is called “ownership”. The new home ownership is only a form of renting from the bank where you greatly overpay and sacrifice your financial future for the privelage. That will change.
If I’m willing to rent in El Cajon than I certainly am willing to buy a 2bd/2ba condo for 100K.
July 21, 2007 at 9:15 AM #66825NotCranky
ParticipantHi Gary ,
You don’t have to justify your values. I think they are great ideas that you have.I always say “what you don’t spend you don’t have to earn”
My choice, when I first bought in 1992, was a shack in the Ghetto.My second choice was the same.I have always wanted to live as though it wouldn’t even matter if I lost my job.I personally had a great experience going that route and have many friends from that neighborhood. I stuck to those values and now have a wife that shares them. We are debt free including our nice house, not in the ghetto. I can not imagine working to pay for luxuries. Obviously other people don’t mind. “Different strokes” as they say. Had I stretched and struggled at the start I could have become a BK statistic instead. I have a friend that went the cheap condo route and stayed single. He has it made as he realised early on that all he needs is shelter for himself and his motorcycle. He can afford to spend a lot of time doing things and going places he would not be going to had he became a debt slave. Instead of spending time most of his time with his boss at work he spends more of it with whoever he wants to.On the condo note. There are entire condo conversion buildings where nobody got a good deal. One example, in your neck of the woods, is the Sunterra project at 589 N. Johnson.
There are 120 units, almost every if not all buyers are at least 40k-90k upside down.That wouldn’t be so bad but their payments are $2000-$2500 for places they could rent for $1000. I believe there are many crazy loans involved. Unless the banks intervene, it would seem that most of these are getting on the foreclosure train. This is scenario is happening all over the county.
Best wishes.July 21, 2007 at 9:15 AM #66889ParticipantHi Gary ,
You don’t have to justify your values. I think they are great ideas that you have.I always say “what you don’t spend you don’t have to earn”
My choice, when I first bought in 1992, was a shack in the Ghetto.My second choice was the same.I have always wanted to live as though it wouldn’t even matter if I lost my job.I personally had a great experience going that route and have many friends from that neighborhood. I stuck to those values and now have a wife that shares them. We are debt free including our nice house, not in the ghetto. I can not imagine working to pay for luxuries. Obviously other people don’t mind. “Different strokes” as they say. Had I stretched and struggled at the start I could have become a BK statistic instead. I have a friend that went the cheap condo route and stayed single. He has it made as he realised early on that all he needs is shelter for himself and his motorcycle. He can afford to spend a lot of time doing things and going places he would not be going to had he became a debt slave. Instead of spending time most of his time with his boss at work he spends more of it with whoever he wants to.On the condo note. There are entire condo conversion buildings where nobody got a good deal. One example, in your neck of the woods, is the Sunterra project at 589 N. Johnson.
There are 120 units, almost every if not all buyers are at least 40k-90k upside down.That wouldn’t be so bad but their payments are $2000-$2500 for places they could rent for $1000. I believe there are many crazy loans involved. Unless the banks intervene, it would seem that most of these are getting on the foreclosure train. This is scenario is happening all over the county.
Best wishes.July 21, 2007 at 9:33 AM #66831PerryChase
ParticipantGary and Rustico, you guys have good values. I agree that the American Dream is about financial freedom. Don’t overstretch and do what you want to do. Life is an adventure. Discover it your own way and enjoy it. That’s the life.
July 21, 2007 at 9:33 AM #66896ParticipantGary and Rustico, you guys have good values. I agree that the American Dream is about financial freedom. Don’t overstretch and do what you want to do. Life is an adventure. Discover it your own way and enjoy it. That’s the life.
July 21, 2007 at 9:52 AM #66835bsrsharma
Participant“more objectionable places in S.D. county”
Besides El Cajon, what other places can be counted in that? I can think of parts Oceanside, Lemon Grove, National City – Chula Vista – San Ysidro. Anything else?
July 21, 2007 at 9:52 AM #66900Participant“more objectionable places in S.D. county”
Besides El Cajon, what other places can be counted in that? I can think of parts Oceanside, Lemon Grove, National City – Chula Vista – San Ysidro. Anything else?
July 21, 2007 at 10:53 AM #66841ParticipantSpring Valley is one of my least favorite places in SD. All of these locations have some desirable aspects relative to peoples different personalities and values and the costs and benefits of living there,except National City :).
July 21, 2007 at 10:53 AM #66906ParticipantSpring Valley is one of my least favorite places in SD. All of these locations have some desirable aspects relative to peoples different personalities and values and the costs and benefits of living there,except National City :).
July 21, 2007 at 10:58 AM #66843jeeman
Participantkill the italics. This is a test. Oh well, couldn’t do it.
July 21, 2007 at 10:58 AM #66908Participantkill the italics. This is a test. Oh well, couldn’t do it.
July 21, 2007 at 3:59 PM #66875ParticipantWhat is the best free internet out there that lists historical sales data? Is there a really good pay site that is worth the money?
I found you can now search the last 24 months of sales data on the San Diego County Assessors site. I’m sure most people on this site have a better way of getting relevant info but maybe someone will find this useful:
http://arcc.co.san-diego.ca.us/arcc/services/propsales_search.aspx
The Assessor/Recorder/County Clerk’s Office is providing a sales listing for those who are applying for an appeal of their assessed value with the Clerk of The Board of Supervisors. This listing is being provided as a public service and consists of the most recent 24 months of property transfers. The file is updated by the seventh of each month.
July 21, 2007 at 3:59 PM #66939ParticipantWhat is the best free internet out there that lists historical sales data? Is there a really good pay site that is worth the money?
I found you can now search the last 24 months of sales data on the San Diego County Assessors site. I’m sure most people on this site have a better way of getting relevant info but maybe someone will find this useful:
http://arcc.co.san-diego.ca.us/arcc/services/propsales_search.aspx
The Assessor/Recorder/County Clerk’s Office is providing a sales listing for those who are applying for an appeal of their assessed value with the Clerk of The Board of Supervisors. This listing is being provided as a public service and consists of the most recent 24 months of property transfers. The file is updated by the seventh of each month.
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