El Cajon Condo Blowout! (-27% in 8 months)

[drunkle]

http://sandiego.craigslist.org/rfs/478859589.html

what’s the story on these? these are prefab homes? on kinda small for el cajon lots?

$664/mo in hoa? holy potatoes… do they repave the roads every year? provide maid service and breakfast in bed?

[drunkle]

http://sandiego.craigslist.org/rfs/478859589.html

what’s the story on these? these are prefab homes? on kinda small for el cajon lots?

$664/mo in hoa? holy potatoes… do they repave the roads every year? provide maid service and breakfast in bed?

[drunkle]

http://sandiego.craigslist.org/rfs/478859589.html

what’s the story on these? these are prefab homes? on kinda small for el cajon lots?

$664/mo in hoa? holy potatoes… do they repave the roads every year? provide maid service and breakfast in bed?

[Bugs]

Manufactured housing. The “lease” that they’re referring to is probably a land lease on the pad. Not counting the actual maintenance costs of the common elements for the park this is the equivalent of paying another $100,000 for a freestanding home on a subdivision or condo lot, assuming there are no escalation clauses in the lease.

If you’re looking at it from a housing standpoint it’s not necessarily a bad deal except that you never get away from those lease payments. From a wealth building standpoint it’s less appealing because at the end of the lease there probably isn’t anything left – you don’t own a lot that can be redeveloped.

[Bugs]

Manufactured housing. The “lease” that they’re referring to is probably a land lease on the pad. Not counting the actual maintenance costs of the common elements for the park this is the equivalent of paying another $100,000 for a freestanding home on a subdivision or condo lot, assuming there are no escalation clauses in the lease.

If you’re looking at it from a housing standpoint it’s not necessarily a bad deal except that you never get away from those lease payments. From a wealth building standpoint it’s less appealing because at the end of the lease there probably isn’t anything left – you don’t own a lot that can be redeveloped.

[Bugs]

Manufactured housing. The “lease” that they’re referring to is probably a land lease on the pad. Not counting the actual maintenance costs of the common elements for the park this is the equivalent of paying another $100,000 for a freestanding home on a subdivision or condo lot, assuming there are no escalation clauses in the lease.

If you’re looking at it from a housing standpoint it’s not necessarily a bad deal except that you never get away from those lease payments. From a wealth building standpoint it’s less appealing because at the end of the lease there probably isn’t anything left – you don’t own a lot that can be redeveloped.

[Bugs]

Manufactured housing. The “lease” that they’re referring to is probably a land lease on the pad. Not counting the actual maintenance costs of the common elements for the park this is the equivalent of paying another $100,000 for a freestanding home on a subdivision or condo lot, assuming there are no escalation clauses in the lease.

If you’re looking at it from a housing standpoint it’s not necessarily a bad deal except that you never get away from those lease payments. From a wealth building standpoint it’s less appealing because at the end of the lease there probably isn’t anything left – you don’t own a lot that can be redeveloped.

[drunkle]

glorified trailer home. thanks for the clarification.

[drunkle]

glorified trailer home. thanks for the clarification.

[drunkle]

glorified trailer home. thanks for the clarification.

[drunkle]

glorified trailer home. thanks for the clarification.

[drunkle]

glorified trailer home. thanks for the clarification.

[patientrenter]

Thanks for the update, Gary. I am glad for you that what you were hoping for is happening, and much more quickly than you expected.

I am hoping for soemthing similar up here in OC. It’s not moving as quickly as San Diego, but the last few months has seen some changes in the right direction. I’ve been tracking condos in Orange County. Like you, I set my sights low at first. Now that a few low-end condos are offered below my initial price threshold, I am setting my sights higher, again like you.

At first (a few months ago), I couldn’t find anything less than $200K. Now I routinely get a dozen or so, but they are still mostly in bad areas, or studios. Now I’ve raised my goal to a 2bdm with garage. There are several for less than $300K, but they are still only in bad areas.

I am very patient, and I hope to get a decent 2 bdrm with garage in a decent area before the market turns up again. We shall see. OC seems to be much more resilient than SD.

Patient renter in OC

[patientrenter]

Thanks for the update, Gary. I am glad for you that what you were hoping for is happening, and much more quickly than you expected.

I am hoping for soemthing similar up here in OC. It’s not moving as quickly as San Diego, but the last few months has seen some changes in the right direction. I’ve been tracking condos in Orange County. Like you, I set my sights low at first. Now that a few low-end condos are offered below my initial price threshold, I am setting my sights higher, again like you.

At first (a few months ago), I couldn’t find anything less than $200K. Now I routinely get a dozen or so, but they are still mostly in bad areas, or studios. Now I’ve raised my goal to a 2bdm with garage. There are several for less than $300K, but they are still only in bad areas.

I am very patient, and I hope to get a decent 2 bdrm with garage in a decent area before the market turns up again. We shall see. OC seems to be much more resilient than SD.

Patient renter in OC

[patientrenter]

Thanks for the update, Gary. I am glad for you that what you were hoping for is happening, and much more quickly than you expected.

I am hoping for soemthing similar up here in OC. It’s not moving as quickly as San Diego, but the last few months has seen some changes in the right direction. I’ve been tracking condos in Orange County. Like you, I set my sights low at first. Now that a few low-end condos are offered below my initial price threshold, I am setting my sights higher, again like you.

At first (a few months ago), I couldn’t find anything less than $200K. Now I routinely get a dozen or so, but they are still mostly in bad areas, or studios. Now I’ve raised my goal to a 2bdm with garage. There are several for less than $300K, but they are still only in bad areas.

I am very patient, and I hope to get a decent 2 bdrm with garage in a decent area before the market turns up again. We shall see. OC seems to be much more resilient than SD.

Patient renter in OC

[Author]

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