Expatriate from France to San Diego. Where and when to buy a home?

[edouard]

Hello,

My name is Edouard and I am new to this forum.
My family and I arrived in San Diego about 3 months ago.
Before, we always lived in Paris, France (we are French) but I had a great opportunity to work in San Diego with the same company but in a new position.

Anyway, we sold our Parisian appartment earlier this year and moved to San Diego with just the basics. My company offered me a great relocation package. Currently, we live in a furnished 2000 sq foot condo in the UTC area and my company takes care of all the expenses.
However, starting March 1st, we need to move and get our own place.
We are thinking about buying a home within 15 miles of UTC (were I work).

We will most likely pay the house cash if we can find something in our price range. We sold our appartment in Paris for about 500,000 euros which convert into $720,000.
So our budget for the house is about $700K but we would prefer something closer to $650.

The question we are asking ourselves is: should we buy now or should we first rent and purchase a home when the price gets more interesting.
I have three kids and my wife is a painter so we need at least 4 bedrooms and an extra room for my wife’s activity.

Where can we find a decent home in the $600-$700K price range, with at least 3,000 sq feet?

We have started looking around but it’s either too expensive (Del Mar, La Jolla) or too old and ugly (Clairemont, University City)?

We drove the car last weekend in Santaluz area which we really like because it reminds us of Provence but we could not visit any property (it’s gated everywhere and we had no appointment).
But I looked online and it looks extremely pricey. Any chance Santaluz will one day fall in our price range?

Also, we went to Del Sur (expansive) and 4S Ranch (more affordable).
4S Ranch was the kind of community we were trying to avoid because it’s all fake, there is no history and nothing to do.
We have developments like this in France, they just build thousand of homes glued to each other and they call that a community, trying to pretend that there is a history behind it while it’s actually 100% artificial.
We were thinking that until we visited a place inside and were pleasantly surprised. We went to Maybeck, they have 3 or 4 models with over 3,000 sq ft. It is in great in the inside and we thought it would be a great home for the kids.
But it is still very pricey for what it is ($650 to $750k). I mean it would be a very good deal if there were a large backyard.

Any way, if you have any advice on what to visit, how long to wait before purchasing, that would be vert helpful.
The reason why we want to pay cash is because we don’t have any credit history here in the US (we’re just starting).
My company will help with a mortgage (they pay half the interests for the first 3 years) but we would prefer not to borrow money or just very little.

Thank you!

Edouard.

[drunkle]

hold your euros for another year, rent in the meantime. when your euros convert to 1 mil usd, you can buy whatever you want and not worry about it. plus, prices will be down even more by then so you get a double bonus.

btw, do you still get paid in euros?

[drunkle]

hold your euros for another year, rent in the meantime. when your euros convert to 1 mil usd, you can buy whatever you want and not worry about it. plus, prices will be down even more by then so you get a double bonus.

btw, do you still get paid in euros?

[drunkle]

hold your euros for another year, rent in the meantime. when your euros convert to 1 mil usd, you can buy whatever you want and not worry about it. plus, prices will be down even more by then so you get a double bonus.

btw, do you still get paid in euros?

[drunkle]

hold your euros for another year, rent in the meantime. when your euros convert to 1 mil usd, you can buy whatever you want and not worry about it. plus, prices will be down even more by then so you get a double bonus.

btw, do you still get paid in euros?

[Diego Mamani]

Edouard, ça va?

I’m afraid you came to the wrong forum to ask this question. Most people here think that buying real estate at this point in the market cycle is financially insane.

The best advice I can give is to invest your EUR 500K in Euro-denominated assets, not all of it in equities, not all of it in bonds, some in CDs, etc. Then use part of your dollar income to rent a nice, comfortable house (not an apartment) like the Maybeck one you like.

Unfortunately, it looks like you have made up your mind about buying. I can only hope that reading this blog as well as the thehousingbubbleblog.com will help you change your mind. House prices were ridiculously inflated in 2002-2005 (until 2006 in some other ares of California), and only recently we started the adjustment process.

House prices are awfully sticky on the way down, so prices won’t go down to reality in a year or two: it’ll take at least half a decade from the peaks in 2005 for prices to reach bottom. You may go ahead and pay $600K-$700K today, but when you decide to go back to Europe in 5 years, you’ll find that you can’t sell your house for what you paid for it. Worse yet, you’ll be paid in dollars that will be severely depreciated against the Euro.

Why would a European who can easily invest in Euro-denominated assets be interested in purchasing an asset (a California house) that is expected to depreciate in dollars, and more so in Euros? It makes no sense.

Bonne chance.

[jimmyle]

Did you check out Sorrento Valley? This is very close to UTC. I am not sure about the schools though.

http://www.sdlookup.com/MLS-076079350-6172_Sunset_Crest_Way_San_Diego_CA_92121

http://www.sdlookup.com/MLS-076064088-5960_Oceanview_Ridge_Ln_San_Diego_CA_92121

[jimmyle]

Did you check out Sorrento Valley? This is very close to UTC. I am not sure about the schools though.

http://www.sdlookup.com/MLS-076079350-6172_Sunset_Crest_Way_San_Diego_CA_92121

http://www.sdlookup.com/MLS-076064088-5960_Oceanview_Ridge_Ln_San_Diego_CA_92121

[jimmyle]

Did you check out Sorrento Valley? This is very close to UTC. I am not sure about the schools though.

http://www.sdlookup.com/MLS-076079350-6172_Sunset_Crest_Way_San_Diego_CA_92121

http://www.sdlookup.com/MLS-076064088-5960_Oceanview_Ridge_Ln_San_Diego_CA_92121

[jimmyle]

Did you check out Sorrento Valley? This is very close to UTC. I am not sure about the schools though.

http://www.sdlookup.com/MLS-076079350-6172_Sunset_Crest_Way_San_Diego_CA_92121

http://www.sdlookup.com/MLS-076064088-5960_Oceanview_Ridge_Ln_San_Diego_CA_92121

[sdrealtor]

Edouard,
The issue of timing when to buy is your own however I would advise looking into Encinitas. the is a very active art community there and alot of hisory relative to other parts of SD you might consider.

sdr

[SD Realtor]

Edouard,

I think Diego had a very insightful post. It will take awhile for prices to come down to the level that you want if indeed you are looking for a 3000 sf home that is newer. sdrealtor had a good recommendation regarding Encinitas as well as you may find a little more bang for your buck up there compared to Carmel Valley. Again, if you are really stuck on 3000 sf then you may have a challenge finding what you want in the near term.

Your taste in what type of home and location is an extremely important consideration. If you want newer homes and that square footage in that 700k range I would bet a place like Stonebridge will be at that pricing in another two years. Those are newer homes and they are big but they sold for close to 7 figures back in 04 and have been falling fast. This is but one example, even some of the nicer areas of Carmel Valley you have investigated may get there but it will take more time.

My recommendation would be to REALLY scrutinize the incentive package and line that up against the possibility of some different depreciation scenarios over the next few years. If the incentive packages outweigh most of the depreciation scenarios then perhaps you should consider buying. Remember though, once you do buy, do not think you will be able to resell in a year or two if you do not like the home without taking a hit. If you do buy make sure it is a home and a community you really are ready to live in for awhile.

I am not trying to scare you out of buying. People buy homes for more then economic reasons. However, just be careful. At the very least time is on your side… the likelihood of prices racing up again are remote if not nil. We may (in my opinion will) see a little price jump in the spring due to seasonal growth in activity that ALWAYS occurs in spring but it will be short lived. Don’t panic if that happens.

SD Realtor

[SD Realtor]

Edouard,

I think Diego had a very insightful post. It will take awhile for prices to come down to the level that you want if indeed you are looking for a 3000 sf home that is newer. sdrealtor had a good recommendation regarding Encinitas as well as you may find a little more bang for your buck up there compared to Carmel Valley. Again, if you are really stuck on 3000 sf then you may have a challenge finding what you want in the near term.

Your taste in what type of home and location is an extremely important consideration. If you want newer homes and that square footage in that 700k range I would bet a place like Stonebridge will be at that pricing in another two years. Those are newer homes and they are big but they sold for close to 7 figures back in 04 and have been falling fast. This is but one example, even some of the nicer areas of Carmel Valley you have investigated may get there but it will take more time.

My recommendation would be to REALLY scrutinize the incentive package and line that up against the possibility of some different depreciation scenarios over the next few years. If the incentive packages outweigh most of the depreciation scenarios then perhaps you should consider buying. Remember though, once you do buy, do not think you will be able to resell in a year or two if you do not like the home without taking a hit. If you do buy make sure it is a home and a community you really are ready to live in for awhile.

I am not trying to scare you out of buying. People buy homes for more then economic reasons. However, just be careful. At the very least time is on your side… the likelihood of prices racing up again are remote if not nil. We may (in my opinion will) see a little price jump in the spring due to seasonal growth in activity that ALWAYS occurs in spring but it will be short lived. Don’t panic if that happens.

SD Realtor

[SD Realtor]

Edouard,

I think Diego had a very insightful post. It will take awhile for prices to come down to the level that you want if indeed you are looking for a 3000 sf home that is newer. sdrealtor had a good recommendation regarding Encinitas as well as you may find a little more bang for your buck up there compared to Carmel Valley. Again, if you are really stuck on 3000 sf then you may have a challenge finding what you want in the near term.

Your taste in what type of home and location is an extremely important consideration. If you want newer homes and that square footage in that 700k range I would bet a place like Stonebridge will be at that pricing in another two years. Those are newer homes and they are big but they sold for close to 7 figures back in 04 and have been falling fast. This is but one example, even some of the nicer areas of Carmel Valley you have investigated may get there but it will take more time.

My recommendation would be to REALLY scrutinize the incentive package and line that up against the possibility of some different depreciation scenarios over the next few years. If the incentive packages outweigh most of the depreciation scenarios then perhaps you should consider buying. Remember though, once you do buy, do not think you will be able to resell in a year or two if you do not like the home without taking a hit. If you do buy make sure it is a home and a community you really are ready to live in for awhile.

I am not trying to scare you out of buying. People buy homes for more then economic reasons. However, just be careful. At the very least time is on your side… the likelihood of prices racing up again are remote if not nil. We may (in my opinion will) see a little price jump in the spring due to seasonal growth in activity that ALWAYS occurs in spring but it will be short lived. Don’t panic if that happens.

SD Realtor

[SD Realtor]

Edouard,

I think Diego had a very insightful post. It will take awhile for prices to come down to the level that you want if indeed you are looking for a 3000 sf home that is newer. sdrealtor had a good recommendation regarding Encinitas as well as you may find a little more bang for your buck up there compared to Carmel Valley. Again, if you are really stuck on 3000 sf then you may have a challenge finding what you want in the near term.

Your taste in what type of home and location is an extremely important consideration. If you want newer homes and that square footage in that 700k range I would bet a place like Stonebridge will be at that pricing in another two years. Those are newer homes and they are big but they sold for close to 7 figures back in 04 and have been falling fast. This is but one example, even some of the nicer areas of Carmel Valley you have investigated may get there but it will take more time.

My recommendation would be to REALLY scrutinize the incentive package and line that up against the possibility of some different depreciation scenarios over the next few years. If the incentive packages outweigh most of the depreciation scenarios then perhaps you should consider buying. Remember though, once you do buy, do not think you will be able to resell in a year or two if you do not like the home without taking a hit. If you do buy make sure it is a home and a community you really are ready to live in for awhile.

I am not trying to scare you out of buying. People buy homes for more then economic reasons. However, just be careful. At the very least time is on your side… the likelihood of prices racing up again are remote if not nil. We may (in my opinion will) see a little price jump in the spring due to seasonal growth in activity that ALWAYS occurs in spring but it will be short lived. Don’t panic if that happens.

SD Realtor

[sdrealtor]

Edouard,
The issue of timing when to buy is your own however I would advise looking into Encinitas. the is a very active art community there and alot of hisory relative to other parts of SD you might consider.

sdr

[sdrealtor]

Edouard,
The issue of timing when to buy is your own however I would advise looking into Encinitas. the is a very active art community there and alot of hisory relative to other parts of SD you might consider.

sdr

[sdrealtor]

Edouard,
The issue of timing when to buy is your own however I would advise looking into Encinitas. the is a very active art community there and alot of hisory relative to other parts of SD you might consider.

sdr

[Diego Mamani]

Edouard, ça va?

I’m afraid you came to the wrong forum to ask this question. Most people here think that buying real estate at this point in the market cycle is financially insane.

The best advice I can give is to invest your EUR 500K in Euro-denominated assets, not all of it in equities, not all of it in bonds, some in CDs, etc. Then use part of your dollar income to rent a nice, comfortable house (not an apartment) like the Maybeck one you like.

Unfortunately, it looks like you have made up your mind about buying. I can only hope that reading this blog as well as the thehousingbubbleblog.com will help you change your mind. House prices were ridiculously inflated in 2002-2005 (until 2006 in some other ares of California), and only recently we started the adjustment process.

House prices are awfully sticky on the way down, so prices won’t go down to reality in a year or two: it’ll take at least half a decade from the peaks in 2005 for prices to reach bottom. You may go ahead and pay $600K-$700K today, but when you decide to go back to Europe in 5 years, you’ll find that you can’t sell your house for what you paid for it. Worse yet, you’ll be paid in dollars that will be severely depreciated against the Euro.

Why would a European who can easily invest in Euro-denominated assets be interested in purchasing an asset (a California house) that is expected to depreciate in dollars, and more so in Euros? It makes no sense.

Bonne chance.

[Diego Mamani]

Edouard, ça va?

I’m afraid you came to the wrong forum to ask this question. Most people here think that buying real estate at this point in the market cycle is financially insane.

The best advice I can give is to invest your EUR 500K in Euro-denominated assets, not all of it in equities, not all of it in bonds, some in CDs, etc. Then use part of your dollar income to rent a nice, comfortable house (not an apartment) like the Maybeck one you like.

Unfortunately, it looks like you have made up your mind about buying. I can only hope that reading this blog as well as the thehousingbubbleblog.com will help you change your mind. House prices were ridiculously inflated in 2002-2005 (until 2006 in some other ares of California), and only recently we started the adjustment process.

House prices are awfully sticky on the way down, so prices won’t go down to reality in a year or two: it’ll take at least half a decade from the peaks in 2005 for prices to reach bottom. You may go ahead and pay $600K-$700K today, but when you decide to go back to Europe in 5 years, you’ll find that you can’t sell your house for what you paid for it. Worse yet, you’ll be paid in dollars that will be severely depreciated against the Euro.

Why would a European who can easily invest in Euro-denominated assets be interested in purchasing an asset (a California house) that is expected to depreciate in dollars, and more so in Euros? It makes no sense.

Bonne chance.

[Diego Mamani]

Edouard, ça va?

I’m afraid you came to the wrong forum to ask this question. Most people here think that buying real estate at this point in the market cycle is financially insane.

The best advice I can give is to invest your EUR 500K in Euro-denominated assets, not all of it in equities, not all of it in bonds, some in CDs, etc. Then use part of your dollar income to rent a nice, comfortable house (not an apartment) like the Maybeck one you like.

Unfortunately, it looks like you have made up your mind about buying. I can only hope that reading this blog as well as the thehousingbubbleblog.com will help you change your mind. House prices were ridiculously inflated in 2002-2005 (until 2006 in some other ares of California), and only recently we started the adjustment process.

House prices are awfully sticky on the way down, so prices won’t go down to reality in a year or two: it’ll take at least half a decade from the peaks in 2005 for prices to reach bottom. You may go ahead and pay $600K-$700K today, but when you decide to go back to Europe in 5 years, you’ll find that you can’t sell your house for what you paid for it. Worse yet, you’ll be paid in dollars that will be severely depreciated against the Euro.

Why would a European who can easily invest in Euro-denominated assets be interested in purchasing an asset (a California house) that is expected to depreciate in dollars, and more so in Euros? It makes no sense.

Bonne chance.

[Raybyrnes]

I don’t want any negative feedback about the Yanks telling you to buy anything but I would say that the following might be a good starting point.

You can probably vie the floorplans at Standard Pacific Website

Bridgewalk at Del Sur

Please see the attached flyer for this beautiful homesite. JUSTREDUCED TO $599,900!! This spectacular home is turn-key!! Includeswasher/dryer, window coverings, refrigerator, stainless steelappliances, beautiful hardwood flooring and much, much more!! This home is available for a 30-45 day move-in. Come by and take a look,it will be open all week!! Purchase this week and receive anadditional $10,000 Lender Credit for Closing Costs! Please contactthe Bridgewalk Sales Gallery at (858) 759-3264 for more information.

[Raybyrnes]

I don’t want any negative feedback about the Yanks telling you to buy anything but I would say that the following might be a good starting point.

You can probably vie the floorplans at Standard Pacific Website

Bridgewalk at Del Sur

Please see the attached flyer for this beautiful homesite. JUSTREDUCED TO $599,900!! This spectacular home is turn-key!! Includeswasher/dryer, window coverings, refrigerator, stainless steelappliances, beautiful hardwood flooring and much, much more!! This home is available for a 30-45 day move-in. Come by and take a look,it will be open all week!! Purchase this week and receive anadditional $10,000 Lender Credit for Closing Costs! Please contactthe Bridgewalk Sales Gallery at (858) 759-3264 for more information.

[Raybyrnes]

I don’t want any negative feedback about the Yanks telling you to buy anything but I would say that the following might be a good starting point.

You can probably vie the floorplans at Standard Pacific Website

Bridgewalk at Del Sur

Please see the attached flyer for this beautiful homesite. JUSTREDUCED TO $599,900!! This spectacular home is turn-key!! Includeswasher/dryer, window coverings, refrigerator, stainless steelappliances, beautiful hardwood flooring and much, much more!! This home is available for a 30-45 day move-in. Come by and take a look,it will be open all week!! Purchase this week and receive anadditional $10,000 Lender Credit for Closing Costs! Please contactthe Bridgewalk Sales Gallery at (858) 759-3264 for more information.

[Raybyrnes]

I don’t want any negative feedback about the Yanks telling you to buy anything but I would say that the following might be a good starting point.

You can probably vie the floorplans at Standard Pacific Website

Bridgewalk at Del Sur

Please see the attached flyer for this beautiful homesite. JUSTREDUCED TO $599,900!! This spectacular home is turn-key!! Includeswasher/dryer, window coverings, refrigerator, stainless steelappliances, beautiful hardwood flooring and much, much more!! This home is available for a 30-45 day move-in. Come by and take a look,it will be open all week!! Purchase this week and receive anadditional $10,000 Lender Credit for Closing Costs! Please contactthe Bridgewalk Sales Gallery at (858) 759-3264 for more information.

[nostradamus]

Hi Edouard, Hang on to those euros! They hit record highs against the dollar every day and it just keeps on going. San Diego is tough, I don't think there is any one place that has all the things you are looking for. I live in Sorrento Valley but there is nothing to do there and nothing to eat. So I go to Clairemont or Hillcrest to eat but I wouldn't want to live in either of those places. When I want something to do I go to the beach or downtown or La Jolla, none of which are very close to where I live.

Why do you need a 3000sf house? Didn't you get used to small living in Paris? Check out this house, for me it's huge and it has a huge lot right on a canyon in a nice neighborhood close to UTC (near where I live):

nice house

Also check out this intro to urban sprawl, of which I think San Diego suffers:

urban sprawl

[nostradamus]

Hi Edouard, Hang on to those euros! They hit record highs against the dollar every day and it just keeps on going. San Diego is tough, I don't think there is any one place that has all the things you are looking for. I live in Sorrento Valley but there is nothing to do there and nothing to eat. So I go to Clairemont or Hillcrest to eat but I wouldn't want to live in either of those places. When I want something to do I go to the beach or downtown or La Jolla, none of which are very close to where I live.

Why do you need a 3000sf house? Didn't you get used to small living in Paris? Check out this house, for me it's huge and it has a huge lot right on a canyon in a nice neighborhood close to UTC (near where I live):

nice house

Also check out this intro to urban sprawl, of which I think San Diego suffers:

urban sprawl

[nostradamus]

Hi Edouard, Hang on to those euros! They hit record highs against the dollar every day and it just keeps on going. San Diego is tough, I don't think there is any one place that has all the things you are looking for. I live in Sorrento Valley but there is nothing to do there and nothing to eat. So I go to Clairemont or Hillcrest to eat but I wouldn't want to live in either of those places. When I want something to do I go to the beach or downtown or La Jolla, none of which are very close to where I live.

Why do you need a 3000sf house? Didn't you get used to small living in Paris? Check out this house, for me it's huge and it has a huge lot right on a canyon in a nice neighborhood close to UTC (near where I live):

nice house

Also check out this intro to urban sprawl, of which I think San Diego suffers:

urban sprawl

[nostradamus]

Hi Edouard, Hang on to those euros! They hit record highs against the dollar every day and it just keeps on going. San Diego is tough, I don't think there is any one place that has all the things you are looking for. I live in Sorrento Valley but there is nothing to do there and nothing to eat. So I go to Clairemont or Hillcrest to eat but I wouldn't want to live in either of those places. When I want something to do I go to the beach or downtown or La Jolla, none of which are very close to where I live.

Why do you need a 3000sf house? Didn't you get used to small living in Paris? Check out this house, for me it's huge and it has a huge lot right on a canyon in a nice neighborhood close to UTC (near where I live):

nice house

Also check out this intro to urban sprawl, of which I think San Diego suffers:

urban sprawl

[bsrsharma]

Edouard: Even if you put 500K Euros in a simple bank deposit at 5% p.a., you get 25K Euros interest = $36K p.a. I think you can rent a pretty nice place for $3000 p.m. and still keep your powder dry. Of course, you can always add another couple of thousand $ from your salary and get a really nice place for $5000 p.m. Why do you want to rush and buy real estate in a foreign country when the locals are too scared? I left San Diego on a job transfer and that is what I am doing here in Portland, Oregon. If you read this and other housing blogs, you will realize how much systemic instability we have in real estate & economy. Waiting another year is entirely sane.

[bsrsharma]

Edouard: Even if you put 500K Euros in a simple bank deposit at 5% p.a., you get 25K Euros interest = $36K p.a. I think you can rent a pretty nice place for $3000 p.m. and still keep your powder dry. Of course, you can always add another couple of thousand $ from your salary and get a really nice place for $5000 p.m. Why do you want to rush and buy real estate in a foreign country when the locals are too scared? I left San Diego on a job transfer and that is what I am doing here in Portland, Oregon. If you read this and other housing blogs, you will realize how much systemic instability we have in real estate & economy. Waiting another year is entirely sane.

[bsrsharma]

Edouard: Even if you put 500K Euros in a simple bank deposit at 5% p.a., you get 25K Euros interest = $36K p.a. I think you can rent a pretty nice place for $3000 p.m. and still keep your powder dry. Of course, you can always add another couple of thousand $ from your salary and get a really nice place for $5000 p.m. Why do you want to rush and buy real estate in a foreign country when the locals are too scared? I left San Diego on a job transfer and that is what I am doing here in Portland, Oregon. If you read this and other housing blogs, you will realize how much systemic instability we have in real estate & economy. Waiting another year is entirely sane.

[bsrsharma]

Edouard: Even if you put 500K Euros in a simple bank deposit at 5% p.a., you get 25K Euros interest = $36K p.a. I think you can rent a pretty nice place for $3000 p.m. and still keep your powder dry. Of course, you can always add another couple of thousand $ from your salary and get a really nice place for $5000 p.m. Why do you want to rush and buy real estate in a foreign country when the locals are too scared? I left San Diego on a job transfer and that is what I am doing here in Portland, Oregon. If you read this and other housing blogs, you will realize how much systemic instability we have in real estate & economy. Waiting another year is entirely sane.

[gold_dredger_phd]

Personally, I would wait until Nuclear 9/11 before buying a house.

[gold_dredger_phd]

Personally, I would wait until Nuclear 9/11 before buying a house.

[gold_dredger_phd]

Personally, I would wait until Nuclear 9/11 before buying a house.

[gold_dredger_phd]

Personally, I would wait until Nuclear 9/11 before buying a house.

[gold_dredger_phd]

How long are you going to be living here? It’s a good place, but buying now would be like catching a falling knife. I bought into a 3000 square foot house in 2002 for $715K and sold my portion of it later.

The peak was in 2005 or 2006 depending on who you ask and what neighborhood it was in.

Real estate cycles are 16 to 20 years and the trough will still be a few years away.

I would save the Euros since the dollar, and housing prices in the US, have further to fall.

[gold_dredger_phd]

How long are you going to be living here? It’s a good place, but buying now would be like catching a falling knife. I bought into a 3000 square foot house in 2002 for $715K and sold my portion of it later.

The peak was in 2005 or 2006 depending on who you ask and what neighborhood it was in.

Real estate cycles are 16 to 20 years and the trough will still be a few years away.

I would save the Euros since the dollar, and housing prices in the US, have further to fall.

[gold_dredger_phd]

How long are you going to be living here? It’s a good place, but buying now would be like catching a falling knife. I bought into a 3000 square foot house in 2002 for $715K and sold my portion of it later.

The peak was in 2005 or 2006 depending on who you ask and what neighborhood it was in.

Real estate cycles are 16 to 20 years and the trough will still be a few years away.

I would save the Euros since the dollar, and housing prices in the US, have further to fall.

[gold_dredger_phd]

How long are you going to be living here? It’s a good place, but buying now would be like catching a falling knife. I bought into a 3000 square foot house in 2002 for $715K and sold my portion of it later.

The peak was in 2005 or 2006 depending on who you ask and what neighborhood it was in.

Real estate cycles are 16 to 20 years and the trough will still be a few years away.

I would save the Euros since the dollar, and housing prices in the US, have further to fall.

[Sea2SanD]

Whether or not to buy depends on how long you plan on staying. You need to understand that you won’t see any meaningful appreciation for at least 5 years and you’ll see serious depreciation (at least 10%) in the next 12-18 months.

So, I’d personally rent for at least a year and then start looking if you think you’ll be here at least 5 years. But be very selective as it will be a buyer’s market for some time to come. Also, you won’t have any problem getting a mortgage at the best rates with 30% down and a job, no matter how bad the credit crunch gets and/or prices continue to decline. But I think a mortgage is DEFINITELY the way to go. Unless you have a bunch more money, I wouldn’t be so quick to dump all my money into the real estate market. Diversify.

As for the “keep your euros” sentiment, the dollar won’t get much worse, probably just a $1.50. But that’s a long way from $0.87 where it was just a few years ago. Enjoy the purchasing power while you have it.

[(former)FormerSanDiegan]

Ed –

I wouldn’t paint all of Clairemont with the “too ugly” brush.
If you look at the western portions (including also Bay Ho and Bay Park) you are likely to find custom homes with Bay Views in your price range if not now, certainly by this time next year.

[NotCranky]

“We have developments like this in France, they just build thousand of homes glued to each other and they call that a community, trying to pretend that there is a history behind it while it’s actually 100% artificial.”

That is funny …that is similiar to how people are made here.

[zzz]

Rustico- I laughed so hard at your comment about people here. So tragically true about some people in So Cal

[zzz]

Rustico- I laughed so hard at your comment about people here. So tragically true about some people in So Cal

[zzz]

Rustico- I laughed so hard at your comment about people here. So tragically true about some people in So Cal

[zzz]

Rustico- I laughed so hard at your comment about people here. So tragically true about some people in So Cal

[NotCranky]

“We have developments like this in France, they just build thousand of homes glued to each other and they call that a community, trying to pretend that there is a history behind it while it’s actually 100% artificial.”

That is funny …that is similiar to how people are made here.

[NotCranky]

“We have developments like this in France, they just build thousand of homes glued to each other and they call that a community, trying to pretend that there is a history behind it while it’s actually 100% artificial.”

That is funny …that is similiar to how people are made here.

[NotCranky]

“We have developments like this in France, they just build thousand of homes glued to each other and they call that a community, trying to pretend that there is a history behind it while it’s actually 100% artificial.”

That is funny …that is similiar to how people are made here.

[(former)FormerSanDiegan]

Ed –

I wouldn’t paint all of Clairemont with the “too ugly” brush.
If you look at the western portions (including also Bay Ho and Bay Park) you are likely to find custom homes with Bay Views in your price range if not now, certainly by this time next year.

[(former)FormerSanDiegan]

Ed –

I wouldn’t paint all of Clairemont with the “too ugly” brush.
If you look at the western portions (including also Bay Ho and Bay Park) you are likely to find custom homes with Bay Views in your price range if not now, certainly by this time next year.

[(former)FormerSanDiegan]

Ed –

I wouldn’t paint all of Clairemont with the “too ugly” brush.
If you look at the western portions (including also Bay Ho and Bay Park) you are likely to find custom homes with Bay Views in your price range if not now, certainly by this time next year.

[Sea2SanD]

Whether or not to buy depends on how long you plan on staying. You need to understand that you won’t see any meaningful appreciation for at least 5 years and you’ll see serious depreciation (at least 10%) in the next 12-18 months.

So, I’d personally rent for at least a year and then start looking if you think you’ll be here at least 5 years. But be very selective as it will be a buyer’s market for some time to come. Also, you won’t have any problem getting a mortgage at the best rates with 30% down and a job, no matter how bad the credit crunch gets and/or prices continue to decline. But I think a mortgage is DEFINITELY the way to go. Unless you have a bunch more money, I wouldn’t be so quick to dump all my money into the real estate market. Diversify.

As for the “keep your euros” sentiment, the dollar won’t get much worse, probably just a $1.50. But that’s a long way from $0.87 where it was just a few years ago. Enjoy the purchasing power while you have it.

[Sea2SanD]

Whether or not to buy depends on how long you plan on staying. You need to understand that you won’t see any meaningful appreciation for at least 5 years and you’ll see serious depreciation (at least 10%) in the next 12-18 months.

So, I’d personally rent for at least a year and then start looking if you think you’ll be here at least 5 years. But be very selective as it will be a buyer’s market for some time to come. Also, you won’t have any problem getting a mortgage at the best rates with 30% down and a job, no matter how bad the credit crunch gets and/or prices continue to decline. But I think a mortgage is DEFINITELY the way to go. Unless you have a bunch more money, I wouldn’t be so quick to dump all my money into the real estate market. Diversify.

As for the “keep your euros” sentiment, the dollar won’t get much worse, probably just a $1.50. But that’s a long way from $0.87 where it was just a few years ago. Enjoy the purchasing power while you have it.

[Sea2SanD]

Whether or not to buy depends on how long you plan on staying. You need to understand that you won’t see any meaningful appreciation for at least 5 years and you’ll see serious depreciation (at least 10%) in the next 12-18 months.

So, I’d personally rent for at least a year and then start looking if you think you’ll be here at least 5 years. But be very selective as it will be a buyer’s market for some time to come. Also, you won’t have any problem getting a mortgage at the best rates with 30% down and a job, no matter how bad the credit crunch gets and/or prices continue to decline. But I think a mortgage is DEFINITELY the way to go. Unless you have a bunch more money, I wouldn’t be so quick to dump all my money into the real estate market. Diversify.

As for the “keep your euros” sentiment, the dollar won’t get much worse, probably just a $1.50. But that’s a long way from $0.87 where it was just a few years ago. Enjoy the purchasing power while you have it.

[34f3f3f]

Bonjour Edouard

Firstly, congratulations on your perfect written English, which makes me wonder whether perhaps you are not new to the US. As a fellow European, I can understand the difficulties with cultural issues concerning community and housing developments. The Roman town planning of “Il Centro” doesn’t exist here much, rather suburbia with emphasis on convenience pervades.

You have asked the right questions, and have come to the right place to ask them. As many have suggested, hold onto your Euros, and wait for house prices to come down. I am in the same situation. If the dollar starts to gain ground before house prices bottom out, I might be tempted to exchange at the best rate I can, and then sit on the dollars until I’m ready to buy.

I personally like Encinitas because it’s village-like, on the coast, with small restaurants and local wine. The areas just east of it towards Rancho Santa Fe (trop chere) is nice for a drive. You will be aware of the huge fires, and I believe there will an updated map of fire prone areas in 2008. This may be a consideration.

Although very expensive, La Jolla is nice, with swimmable beaches, restaurants perched on a cliff overlooking the sea, and a small community of shops. How much cheaper or what the areas next to it are like, I’m not certain, but having somewhere like La Jolla close by might make the transition smoother.

I have bumped into several French people living in San Diego, so perhaps there is an French association or club you could join, and ask your fellow countrymen’s advise.

[CardiffBaseball]

Speaking of Frenchmen, whatever happened to PerryChase?

[CardiffBaseball]

Speaking of Frenchmen, whatever happened to PerryChase?

[CardiffBaseball]

Speaking of Frenchmen, whatever happened to PerryChase?

[CardiffBaseball]

Speaking of Frenchmen, whatever happened to PerryChase?

[34f3f3f]

Bonjour Edouard

Firstly, congratulations on your perfect written English, which makes me wonder whether perhaps you are not new to the US. As a fellow European, I can understand the difficulties with cultural issues concerning community and housing developments. The Roman town planning of “Il Centro” doesn’t exist here much, rather suburbia with emphasis on convenience pervades.

You have asked the right questions, and have come to the right place to ask them. As many have suggested, hold onto your Euros, and wait for house prices to come down. I am in the same situation. If the dollar starts to gain ground before house prices bottom out, I might be tempted to exchange at the best rate I can, and then sit on the dollars until I’m ready to buy.

I personally like Encinitas because it’s village-like, on the coast, with small restaurants and local wine. The areas just east of it towards Rancho Santa Fe (trop chere) is nice for a drive. You will be aware of the huge fires, and I believe there will an updated map of fire prone areas in 2008. This may be a consideration.

Although very expensive, La Jolla is nice, with swimmable beaches, restaurants perched on a cliff overlooking the sea, and a small community of shops. How much cheaper or what the areas next to it are like, I’m not certain, but having somewhere like La Jolla close by might make the transition smoother.

I have bumped into several French people living in San Diego, so perhaps there is an French association or club you could join, and ask your fellow countrymen’s advise.

[34f3f3f]

Bonjour Edouard

Firstly, congratulations on your perfect written English, which makes me wonder whether perhaps you are not new to the US. As a fellow European, I can understand the difficulties with cultural issues concerning community and housing developments. The Roman town planning of “Il Centro” doesn’t exist here much, rather suburbia with emphasis on convenience pervades.

You have asked the right questions, and have come to the right place to ask them. As many have suggested, hold onto your Euros, and wait for house prices to come down. I am in the same situation. If the dollar starts to gain ground before house prices bottom out, I might be tempted to exchange at the best rate I can, and then sit on the dollars until I’m ready to buy.

I personally like Encinitas because it’s village-like, on the coast, with small restaurants and local wine. The areas just east of it towards Rancho Santa Fe (trop chere) is nice for a drive. You will be aware of the huge fires, and I believe there will an updated map of fire prone areas in 2008. This may be a consideration.

Although very expensive, La Jolla is nice, with swimmable beaches, restaurants perched on a cliff overlooking the sea, and a small community of shops. How much cheaper or what the areas next to it are like, I’m not certain, but having somewhere like La Jolla close by might make the transition smoother.

I have bumped into several French people living in San Diego, so perhaps there is an French association or club you could join, and ask your fellow countrymen’s advise.

[34f3f3f]

Bonjour Edouard

Firstly, congratulations on your perfect written English, which makes me wonder whether perhaps you are not new to the US. As a fellow European, I can understand the difficulties with cultural issues concerning community and housing developments. The Roman town planning of “Il Centro” doesn’t exist here much, rather suburbia with emphasis on convenience pervades.

You have asked the right questions, and have come to the right place to ask them. As many have suggested, hold onto your Euros, and wait for house prices to come down. I am in the same situation. If the dollar starts to gain ground before house prices bottom out, I might be tempted to exchange at the best rate I can, and then sit on the dollars until I’m ready to buy.

I personally like Encinitas because it’s village-like, on the coast, with small restaurants and local wine. The areas just east of it towards Rancho Santa Fe (trop chere) is nice for a drive. You will be aware of the huge fires, and I believe there will an updated map of fire prone areas in 2008. This may be a consideration.

Although very expensive, La Jolla is nice, with swimmable beaches, restaurants perched on a cliff overlooking the sea, and a small community of shops. How much cheaper or what the areas next to it are like, I’m not certain, but having somewhere like La Jolla close by might make the transition smoother.

I have bumped into several French people living in San Diego, so perhaps there is an French association or club you could join, and ask your fellow countrymen’s advise.

[pbnative]

Welcome to San Diego! I loved Paris, and hope to go back someday soon.

Some info for you: I live in Pacific Beach, the town just south of La Jolla. Some people think of drunken fights when they think of PB, and that’s not wrong. There are lots of college students and lots of bars for them to drink and get drunk. But, if you are a few blocks north of Garnet Ave, on a single-family block, it can be very nice. The important part is the SF block, and that the next block isn’t condos/apartments — you want a few surrounding blocks of SF homes. We’re getting some great coffee shops and restaurants on the north-west end of PB (The Fishery is very good), and it’s definitely more relaxed than being near Garnet. One nice thing about lving south of UTC and your office, is that you would be close to downtown.

Other than PB, I have also lived in La Jolla, one block off the Cove. (And a year on a small island off the coast of Belize, but their real estate market is nuts.) I loved LJ, walking on the beach, diving at the cove, restaurants, coffee shops, book stores, etc. The scenery is inspiring. I might still be there, but I don’t like condos and can’t afford a SF house there. However, I met my husband while I lived there and he thought it was too pretentious and does not want to live there.

Also, my husband works in Solana Beach, which is just south of Encinitas, and we love to go to that area. It’s much more attractive than PB (I wish we handled our commercial areas like they do), and has a great vibe. It’s interesting, with good food and bookstores, etc., without the nose-in-the-air feel of a ‘new money’ area. The main annoyance there would be that commuting south is painful. Of course, if your commute in Paris was worse, maybe it wouldn’t phase you.

A side note: I bought my PB house in Oct ’03 (1 block from kate sessions, old house, 1375sf, $550k), and I’m fascinated to see whether I’ll be underwater at some point. Luckily I have no plan to sell, and also did very well with other real estate during the bubble, so I can’t complain for a second. But I’m very curious!

[I lurked here for a bit, first comment.]

[pbnative]

Welcome to San Diego! I loved Paris, and hope to go back someday soon.

Some info for you: I live in Pacific Beach, the town just south of La Jolla. Some people think of drunken fights when they think of PB, and that’s not wrong. There are lots of college students and lots of bars for them to drink and get drunk. But, if you are a few blocks north of Garnet Ave, on a single-family block, it can be very nice. The important part is the SF block, and that the next block isn’t condos/apartments — you want a few surrounding blocks of SF homes. We’re getting some great coffee shops and restaurants on the north-west end of PB (The Fishery is very good), and it’s definitely more relaxed than being near Garnet. One nice thing about lving south of UTC and your office, is that you would be close to downtown.

Other than PB, I have also lived in La Jolla, one block off the Cove. (And a year on a small island off the coast of Belize, but their real estate market is nuts.) I loved LJ, walking on the beach, diving at the cove, restaurants, coffee shops, book stores, etc. The scenery is inspiring. I might still be there, but I don’t like condos and can’t afford a SF house there. However, I met my husband while I lived there and he thought it was too pretentious and does not want to live there.

Also, my husband works in Solana Beach, which is just south of Encinitas, and we love to go to that area. It’s much more attractive than PB (I wish we handled our commercial areas like they do), and has a great vibe. It’s interesting, with good food and bookstores, etc., without the nose-in-the-air feel of a ‘new money’ area. The main annoyance there would be that commuting south is painful. Of course, if your commute in Paris was worse, maybe it wouldn’t phase you.

A side note: I bought my PB house in Oct ’03 (1 block from kate sessions, old house, 1375sf, $550k), and I’m fascinated to see whether I’ll be underwater at some point. Luckily I have no plan to sell, and also did very well with other real estate during the bubble, so I can’t complain for a second. But I’m very curious!

[I lurked here for a bit, first comment.]

[pbnative]

Welcome to San Diego! I loved Paris, and hope to go back someday soon.

Some info for you: I live in Pacific Beach, the town just south of La Jolla. Some people think of drunken fights when they think of PB, and that’s not wrong. There are lots of college students and lots of bars for them to drink and get drunk. But, if you are a few blocks north of Garnet Ave, on a single-family block, it can be very nice. The important part is the SF block, and that the next block isn’t condos/apartments — you want a few surrounding blocks of SF homes. We’re getting some great coffee shops and restaurants on the north-west end of PB (The Fishery is very good), and it’s definitely more relaxed than being near Garnet. One nice thing about lving south of UTC and your office, is that you would be close to downtown.

Other than PB, I have also lived in La Jolla, one block off the Cove. (And a year on a small island off the coast of Belize, but their real estate market is nuts.) I loved LJ, walking on the beach, diving at the cove, restaurants, coffee shops, book stores, etc. The scenery is inspiring. I might still be there, but I don’t like condos and can’t afford a SF house there. However, I met my husband while I lived there and he thought it was too pretentious and does not want to live there.

Also, my husband works in Solana Beach, which is just south of Encinitas, and we love to go to that area. It’s much more attractive than PB (I wish we handled our commercial areas like they do), and has a great vibe. It’s interesting, with good food and bookstores, etc., without the nose-in-the-air feel of a ‘new money’ area. The main annoyance there would be that commuting south is painful. Of course, if your commute in Paris was worse, maybe it wouldn’t phase you.

A side note: I bought my PB house in Oct ’03 (1 block from kate sessions, old house, 1375sf, $550k), and I’m fascinated to see whether I’ll be underwater at some point. Luckily I have no plan to sell, and also did very well with other real estate during the bubble, so I can’t complain for a second. But I’m very curious!

[I lurked here for a bit, first comment.]

[pbnative]

Welcome to San Diego! I loved Paris, and hope to go back someday soon.

Some info for you: I live in Pacific Beach, the town just south of La Jolla. Some people think of drunken fights when they think of PB, and that’s not wrong. There are lots of college students and lots of bars for them to drink and get drunk. But, if you are a few blocks north of Garnet Ave, on a single-family block, it can be very nice. The important part is the SF block, and that the next block isn’t condos/apartments — you want a few surrounding blocks of SF homes. We’re getting some great coffee shops and restaurants on the north-west end of PB (The Fishery is very good), and it’s definitely more relaxed than being near Garnet. One nice thing about lving south of UTC and your office, is that you would be close to downtown.

Other than PB, I have also lived in La Jolla, one block off the Cove. (And a year on a small island off the coast of Belize, but their real estate market is nuts.) I loved LJ, walking on the beach, diving at the cove, restaurants, coffee shops, book stores, etc. The scenery is inspiring. I might still be there, but I don’t like condos and can’t afford a SF house there. However, I met my husband while I lived there and he thought it was too pretentious and does not want to live there.

Also, my husband works in Solana Beach, which is just south of Encinitas, and we love to go to that area. It’s much more attractive than PB (I wish we handled our commercial areas like they do), and has a great vibe. It’s interesting, with good food and bookstores, etc., without the nose-in-the-air feel of a ‘new money’ area. The main annoyance there would be that commuting south is painful. Of course, if your commute in Paris was worse, maybe it wouldn’t phase you.

A side note: I bought my PB house in Oct ’03 (1 block from kate sessions, old house, 1375sf, $550k), and I’m fascinated to see whether I’ll be underwater at some point. Luckily I have no plan to sell, and also did very well with other real estate during the bubble, so I can’t complain for a second. But I’m very curious!

[I lurked here for a bit, first comment.]

[Anonymous]

I had to make a comment, being French myself. I moved to san Diego just over a year ago from NYC. I have been in the US for about 10 years, so I like to think I know the market relatively well.

My first advise is in line with everybody else: do not buy now.

Here are different remarks:

First, I am guessing you have an expatriate contract, which has a timeline associated to it. From the information you are giving, you may have a 3-year contract, which is the standard expat contract length. If you buy now, you will lose money when you try to sell your house at the end of your contract.

Secondly, you have never lived outside of France. You do not know if you will like living in the US. It is 1 thing to come on vacation. It is completely different when you live here. You may like it, but your wife or your kids may not like it. You probably do not know if you are here for the long run. If you are only here for 3 years, you are waisting your money

Third, you mention that your company will pay part of the interests if you buy a house. As you mentioned, you have no credit history, so you will not qualify for a loan, especially in the current environment. Why not negotiate that they subsidize part of your monthly rent, maybe $1,000. This will be less than what they would pay in interest, and this is a good deal for you.

Finally, keep the profit you made on your sale in Paris. You got out of the market on time. The real estate market in Europe is slowing down, there will be a contagion of the US decline all over the world. The real estate bubble was not an American thing, but happened in most markets.

I sold my place in NYC before moving to San Diego end of 06, made 30% profit in 2 years. I am now renting a place for 30% less in monthly payments than it would cost me to buy it.

[NotCranky]

Yes golfgal sometimes it does reach tragic proportions but really I think most of the “living to be seen” types are doing O.K. Otherwise, I wouldn’t poke fun. They must be doing better than the homeless? Sometimes I do wonder if it is not a close call.

[NotCranky]

Yes golfgal sometimes it does reach tragic proportions but really I think most of the “living to be seen” types are doing O.K. Otherwise, I wouldn’t poke fun. They must be doing better than the homeless? Sometimes I do wonder if it is not a close call.

[NotCranky]

Yes golfgal sometimes it does reach tragic proportions but really I think most of the “living to be seen” types are doing O.K. Otherwise, I wouldn’t poke fun. They must be doing better than the homeless? Sometimes I do wonder if it is not a close call.

[NotCranky]

Yes golfgal sometimes it does reach tragic proportions but really I think most of the “living to be seen” types are doing O.K. Otherwise, I wouldn’t poke fun. They must be doing better than the homeless? Sometimes I do wonder if it is not a close call.

[Anonymous]

I had to make a comment, being French myself. I moved to san Diego just over a year ago from NYC. I have been in the US for about 10 years, so I like to think I know the market relatively well.

My first advise is in line with everybody else: do not buy now.

Here are different remarks:

First, I am guessing you have an expatriate contract, which has a timeline associated to it. From the information you are giving, you may have a 3-year contract, which is the standard expat contract length. If you buy now, you will lose money when you try to sell your house at the end of your contract.

Secondly, you have never lived outside of France. You do not know if you will like living in the US. It is 1 thing to come on vacation. It is completely different when you live here. You may like it, but your wife or your kids may not like it. You probably do not know if you are here for the long run. If you are only here for 3 years, you are waisting your money

Third, you mention that your company will pay part of the interests if you buy a house. As you mentioned, you have no credit history, so you will not qualify for a loan, especially in the current environment. Why not negotiate that they subsidize part of your monthly rent, maybe $1,000. This will be less than what they would pay in interest, and this is a good deal for you.

Finally, keep the profit you made on your sale in Paris. You got out of the market on time. The real estate market in Europe is slowing down, there will be a contagion of the US decline all over the world. The real estate bubble was not an American thing, but happened in most markets.

I sold my place in NYC before moving to San Diego end of 06, made 30% profit in 2 years. I am now renting a place for 30% less in monthly payments than it would cost me to buy it.

[Anonymous]

I had to make a comment, being French myself. I moved to san Diego just over a year ago from NYC. I have been in the US for about 10 years, so I like to think I know the market relatively well.

My first advise is in line with everybody else: do not buy now.

Here are different remarks:

First, I am guessing you have an expatriate contract, which has a timeline associated to it. From the information you are giving, you may have a 3-year contract, which is the standard expat contract length. If you buy now, you will lose money when you try to sell your house at the end of your contract.

Secondly, you have never lived outside of France. You do not know if you will like living in the US. It is 1 thing to come on vacation. It is completely different when you live here. You may like it, but your wife or your kids may not like it. You probably do not know if you are here for the long run. If you are only here for 3 years, you are waisting your money

Third, you mention that your company will pay part of the interests if you buy a house. As you mentioned, you have no credit history, so you will not qualify for a loan, especially in the current environment. Why not negotiate that they subsidize part of your monthly rent, maybe $1,000. This will be less than what they would pay in interest, and this is a good deal for you.

Finally, keep the profit you made on your sale in Paris. You got out of the market on time. The real estate market in Europe is slowing down, there will be a contagion of the US decline all over the world. The real estate bubble was not an American thing, but happened in most markets.

I sold my place in NYC before moving to San Diego end of 06, made 30% profit in 2 years. I am now renting a place for 30% less in monthly payments than it would cost me to buy it.

[Anonymous]

I had to make a comment, being French myself. I moved to san Diego just over a year ago from NYC. I have been in the US for about 10 years, so I like to think I know the market relatively well.

My first advise is in line with everybody else: do not buy now.

Here are different remarks:

First, I am guessing you have an expatriate contract, which has a timeline associated to it. From the information you are giving, you may have a 3-year contract, which is the standard expat contract length. If you buy now, you will lose money when you try to sell your house at the end of your contract.

Secondly, you have never lived outside of France. You do not know if you will like living in the US. It is 1 thing to come on vacation. It is completely different when you live here. You may like it, but your wife or your kids may not like it. You probably do not know if you are here for the long run. If you are only here for 3 years, you are waisting your money

Third, you mention that your company will pay part of the interests if you buy a house. As you mentioned, you have no credit history, so you will not qualify for a loan, especially in the current environment. Why not negotiate that they subsidize part of your monthly rent, maybe $1,000. This will be less than what they would pay in interest, and this is a good deal for you.

Finally, keep the profit you made on your sale in Paris. You got out of the market on time. The real estate market in Europe is slowing down, there will be a contagion of the US decline all over the world. The real estate bubble was not an American thing, but happened in most markets.

I sold my place in NYC before moving to San Diego end of 06, made 30% profit in 2 years. I am now renting a place for 30% less in monthly payments than it would cost me to buy it.

[Author]

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