FLU strikes out again in CarmelV.

[an]

bg, seriously, give it up on the SE SD. It was used as an example of an area where some people thinks is decent while others doesn’t. Is it really that hard to understand? We have no idea where spdrun’s condo is and flu’s trying to find that out. Until spdrun tells us where his condo is (at least wrt zip code) there’s no point delving into supply of SE SD or anywhere else.

[spdrun]

Here’s one condo listed at $125k that I saw last month, but didn’t make an offer on. HOA = $265/mo, 2 bedroom, 2.5 bath, decently maintained complex.

http://www.trulia.com/property/3105956930-3916-60th-St-105-San-Diego-CA-92115

There have been others.

[Coronita]

[quote=spdrun]Here’s one condo listed at $125k that I saw last month, but didn’t make an offer on. HOA = $265/mo, 2 bedroom, 2.5 bath, decently maintained complex.

http://www.trulia.com/property/3105956930-3916-60th-St-105-San-Diego-CA-92115

There have been others.[/quote]

Ah. Ok. Down there….Thanks for sharing. FWIW: just comparing notes……We’ll how things turn out down there :)….

Any other area not near there?

[an]

There we have it. Those are the area spdrun considers decent.

[bearishgurl]

[quote=spdrun]Here’s one condo listed at $125k that I saw last month, but didn’t make an offer on. HOA = $265/mo, 2 bedroom, 2.5 bath, decently maintained complex.

http://www.trulia.com/property/3105956930-3916-60th-St-105-San-Diego-CA-92115

There have been others.[/quote]

Wow, those units have really been “freshened up” in light colors!

Nice that it has a 2-car garage and am surmising that one of the baths is only a half-bath.

Just north of the fmr College Grove shopping center which is now primarily big box stores.

Note: 1981-82 was at the height of the era of the use of PBT plumbing in SD construction.

Maybe this complex was part of the class-action suit against the plumbing mfr and already fixed most of their plumbing.

We can only hope :=0

[spdrun]

There we have it. Those are the area spdrun considers decent.

One of several.

[Coronita]

[quote=flu][quote=spdrun]Here’s one condo listed at $125k that I saw last month, but didn’t make an offer on. HOA = $265/mo, 2 bedroom, 2.5 bath, decently maintained complex.

http://www.trulia.com/property/3105956930-3916-60th-St-105-San-Diego-CA-92115

There have been others.[/quote]

Ah. Ok. Down there….Thanks for sharing. FWIW: just comparing notes……We’ll how things turn out down there :)….

Any other area not near there?[/quote]

sdrun, I see you’ve done some homework…Anything else besides 92115? Just comparing notes…

[bearishgurl]

Unless the property is right on top of or next to the known duck-pond-slash-fmr-landfill in Rolando (and doesn’t still have PBT plumbing of course), it is okay. This complex may even attract SDSU students but I wouldn’t rent to them.

AN, that other “decent” area called MM has subdivisions which also were “victims” of PBT plumbing.

But of course, you know that already. You are there.

spdrun’s listing, a lg two bdrm condo with a 2-car garage, will attract the exact same quality of tenant as a similarly-sized one in MM would, IMO.

There is plenty of shopping around there to satisfy anyone’s taste. And Horton Plaza is about ~5 miles.

Not bad, spdrun . . . depending …

[bearishgurl]

flu, can I just inquire as to which zip code in SD County you would expect to find a ~$100K condo that you would make an offer on?

[an]

[quote=bearishgurl]
AN, that other “decent” area called MM has subdivisions which also were “victims” of PBT plumbing. [/quote]
I’ve told you this before but I’ll repeat again. The houses on the west side of MM uses copper pipes, not PBT. I know because I’ve seen them. How do you know MM is victims of PBT plumbing?

[earlyretirement]

[quote=flu]Well it’s not too late for the ronald mcdonald house of charity…
http://sdraffle.com/Overview.aspx

🙂

Might put me in RSF….or not… Oh wait, heavens forbid if I were to win the house, I’d still need to pay taxes on it… never mind…

Oh well.. Ok, need to go work smarter/harder now….

(end vent).[/quote]

Ha, ha. Funny. I bought a few of those tickets. I figured it was a good cause no matter what. If I won, I’d definitely take the cash. Although that house looks really beautiful. (Did you get in on the early bird round flu? I did! 😛 )

Flu, I wouldn’t get too discouraged. Things move in cycles. Nothing moves in a straight line. There are lots and lots of problems still out there.

Lots of this cash seems to also be people that did very well the past few years in the stock market. Several of my clients have cashed out a big chunk of it before December 31. Just cash sitting around not earning much interest. So several of them have picked up investment properties in desirable areas.

Like you mentioned, I don’t see too much downside risk if you have tons of cash on the sidelines sinking it in a LONG-TERM real estate holding where you plan to hold it for the foreseeable future. Even if prices fall again in the next few years, it’s not like you can’t rent it out and earn cash flow.

I’d much rather own a free and clear home in a desirable area of NCC (or a few miles inland) vs. a stock portfolio. Stocks can and do sometimes go to $0. (I know from experience buying Washington Mutual 2 days before they went under…. I tried to catch a falling knife and got my hands VERY bloody). Desirable real estate will never go to $0.

I don’t know the real estate market here in Coastal California like some of you pros, but I’m comfortable in saying you buy real estate in a desirable area of San Diego in an excellent school district and over the long-haul you will do fine even at today’s prices. We WILL see peak prices again here in San Diego.

I thought it might take up to 15 years to see it but now I’m not sure it will take too long. I would have MUCH preferred to see prices go up steadily and take longer. I don’t think what we’re seeing is healthy. Granted, I much prefer it to the last go around with no-doc loans and anyone with a heart beat getting a mortgage.

But I don’t see too much risk for people buying with cash in great areas in great school districts IF they plan to hold for the long term. I own a fairly good sized real estate portfolio and own several properties in several different countries.

They are all non-leveraged and paid off. I don’t really care too much what is going on with real estate prices (Ok..maybe I do a bit… LOL) but I don’t plan to sell them. And they easily rent out and have cash flow each month.

Even if the real estate sales prices fall which they do during some point in the “cycle”, I don’t stress about it. Buying in desirable neighborhoods with good school districts typically will always be easier to rent. I don’t care how bad the economy is. One thing I’ve learned is you will always have wealthy people looking for a roof over their heads.

Yeah it’s conservative saving up and paying cash for a property but over the long haul I don’t see too much risk if it’s truly for the long-term. Obviously you need to see what the rental yields are before buying.

Right now I’ll just wait from the sidelines as things are moving much faster than I thought it would. I don’t think anyone predicted prices and inventory to do what they are doing so quickly.

[Coronita]

[quote=earlyretirement][quote=flu]Well it’s not too late for the ronald mcdonald house of charity…
http://sdraffle.com/Overview.aspx

🙂

Might put me in RSF….or not… Oh wait, heavens forbid if I were to win the house, I’d still need to pay taxes on it… never mind…

Oh well.. Ok, need to go work smarter/harder now….

(end vent).[/quote]

Ha, ha. Funny. I bought a few of those tickets. I figured it was a good cause no matter what. If I won, I’d definitely take the cash. Although that house looks really beautiful. (Did you get in on the early bird round flu? I did! 😛 )

[/quote]

Actually, I didn’t buy any…In fact I never buy a lotto ticket for myself… In all seriousness, I never thought it would be “earned” income if I were to win anyway, so it’s not exactly something I would be proud of…Hence, it would be a waste of money for me… I would buy a lotto ticket for other people for fun, not myself..

The interesting thing about the ronald mcd charity is it’s interesting how it works. The house being “gifted” is actually someone’s house. I think what happens is someone would normally sell a house, but instead opts to do be the prize for mcd charity… The charity gives a free promotion to the house, but rarely do they sell enough tickets to actually make good on the buying the house. And most people ,even if they win, wouldn’t take the house anyway, because they would have to pay taxes on the house, and I’m pretty sure most people wouldnt’ be able to afford the taxes on it. So what ends up happening is the winner gets takes the cash price (which is considerably less), the owner of the house gets a free promotion on the house (and houses like these don’t sell quickly anyway), and ronald mcd get’s its promotion of a raffle….In fact, if this were for profit, I’m pretty sure ronald mcd would actually make money off of these raffles…Just saying you know….Unfortunately, buying these raffle tickets has a huge disadvantage…They aren’t tax deductible…Better off just really donating to the charity (with no returned benefit) and getting the tax deduction..At $150 a raffle ticket (use to be $100), a little to rich for my blood if I don’t get any tax benefit…

[earlyretirement]

[quote=spdrun]Here’s one condo listed at $125k that I saw last month, but didn’t make an offer on. HOA = $265/mo, 2 bedroom, 2.5 bath, decently maintained complex.

http://www.trulia.com/property/3105956930-3916-60th-St-105-San-Diego-CA-92115

There have been others.[/quote]

Just out of curiosity what does a place in this area REALISTICALLY rent for?

[carlsbadworker]

[quote=paramount]flu: Over the years I’ve learned a lot from your posts, and you’re way smarter than I am.

Let’s face it, there’s a reason I live in Temecula and you live in CV (or other 1%er area).

That being said, I could rattle off an impressive list of names and institutions saying we will likely be in a recession by the end of the year – maybe severe.

As has been said, if you think the Obama recovery sucked, just wait until the Obama crash hits.

Or is an area like CV essentially immune from economic contraction?[/quote]

Wait a minute. You live in Temecula? I thought you already rent out your place. Don’t tell me after all years of ranting against Temecula, you bought another one here?

[earlyretirement]

[quote=flu][quote=earlyretirement][quote=flu]Well it’s not too late for the ronald mcdonald house of charity…
http://sdraffle.com/Overview.aspx

🙂

Might put me in RSF….or not… Oh wait, heavens forbid if I were to win the house, I’d still need to pay taxes on it… never mind…

Oh well.. Ok, need to go work smarter/harder now….

(end vent).[/quote]

Ha, ha. Funny. I bought a few of those tickets. I figured it was a good cause no matter what. If I won, I’d definitely take the cash. Although that house looks really beautiful. (Did you get in on the early bird round flu? I did! 😛 )

[/quote]

Actually, I didn’t buy any…In fact I never buy a lotto ticket for myself… In all seriousness, I never thought it would be “earned” income if I were to win anyway, so it’s not exactly something I would be proud of…Hence, it would be a waste of money for me… I would buy a lotto ticket for other people for fun, not myself..

The interesting thing about the ronald mcd charity is it’s interesting how it works. The house being “gifted” is actually someone’s house. I think what happens is someone would normally sell a house, but instead opts to do be the prize for mcd charity… The charity gives a free promotion to the house, but rarely do they sell enough tickets to actually make good on the buying the house. And most people ,even if they win, wouldn’t take the house anyway, because they would have to pay taxes on the house, and I’m pretty sure most people wouldnt’ be able to afford the taxes on it. So what ends up happening is the winner gets takes the cash price (which is considerably less), the owner of the house gets a free promotion on the house (and houses like these don’t sell quickly anyway), and ronald mcd get’s its promotion of a raffle….In fact, if this were for profit, I’m pretty sure ronald mcd would actually make money off of these raffles…Just saying you know….Unfortunately, buying these raffle tickets has a huge disadvantage…They aren’t tax deductible…Better off just really donating to the charity (with no returned benefit) and getting the tax deduction..At $150 a raffle ticket (use to be $100), a little to rich for my blood if I don’t get any tax benefit…[/quote]

Oh I didn’t buy it expecting to win. I don’t look at this as a lotto type of thing. It’s a GREAT cause and charity. They do wonderful things. Many people I know make donations that aren’t tax deductible. I know we sure do. I don’t even donate for the tax deductions and more so the cause many times.

I do think you nailed it exactly on the set up. Has anyone ever taken the house in this thing? Also out of curiosity does anyone know the actual address of this house or the APN number?

[Author]

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