How is Chula Vista as a place to live? Why such massive drop in price?

[Josh]

I am thinking about buying an investment property. I found that there are nice properties listing in the mid to high 200k’s that used to be around $500k. Why the drop in price in Chula Vista is much more than other San Diego neighborhoods?

Can you give me some background on the neighborhood such as demographics, schools, and crime rate?

thanks,

[bearishgurl]

Chula Vista has a population of 273K in 5 zip codes. I’m not sure where you’re referring to here.

I can’t give you any background until I have more specifics, Josh. And if you are buying “investment property” why is your main concern “demographics, schools and crime rate?” ALL of the city is safe in these respects and all of the schools are good and some are excellent. About half the tenants in Chula Vista don’t have any kids or their kids are adults. All the tenants I know in Chula Vista grew up within 5 miles of where they are currently renting.

If I was looking at investment property, I would be focused on the amount of rent it would fetch and what it would take in rehab/repair costs to fetch a particular amount of rent on a consistent basis and what my target tenant audience would be for that property. “Demographics, schools and crime rate” would not be my primary concern. Those things are the concern of the prospective tenant, IF they wish to concern themselves with them.

I don’t know if you have ever been a landlord, Josh, but you can’t legally choose a tenant based solely upon their demographic or family makeup. Rental investments are businesses.

[svelte]

Aren’t you the guy who was saying “we are broke” and need a roommate just 3 months ago?

http://piggington.com/neighbor_dislikes_that_i_have_a_roommate

And now you want to buy an investment property?

[scaredyclassic]

The economy is looking up.

Some days I feel broker than others

[Coronita]

[quote=svelte]Aren’t you the guy who was saying “we are broke” and need a roommate just 3 months ago?

http://piggington.com/neighbor_dislikes_that_i_have_a_roommate

And now you want to buy an investment property?[/quote]

http://piggington.com/will_the_bank_let_me_borrow_for_an_investment_property

Sorry Josh, but I think if you go down this route, you’re going to be committing financial suicide 101….

[svelte]

Good catch, flu. I missed that thread.

I agree with flu, Josh. Borrowing $75K for a down payment and only having $10K cash sounds like bad juju to me.

Managing a rental is fraught with peril – need to have better reserves before jumping in.

[CAwireman]

Also, read Rich’s post about SD property values hitting a new post bubble low.

I bought in early 2011, and I don’t regret it (so far…). But, had I waited, I could have bought for the same price or even less by waiting.

Buying now isn’t a guarantee value will go up if you hope to sell it at a profit, or even break even in the foreseeable future.

Another cost that’s important to look at is rent for a given area (like BG mentioned) and what the direction of rents in that area has been doing.

A blunder would be to buy a property, and for both the value of the home, and rents to decline. You’d be left with a monthly mort payment that’s fixed, but your options would be limited – may not be able to sell it and break even, much less a profit. And the rent you bring in might not cover your monthly costs. You’d potentially join the ranks of foreclosed upon….

[sdrealtor]

To answer the OP question….it sucks

[an]

[quote=sdrealtor]To answer the OP question….it sucks[/quote]
Nice 🙂

[sdrealtor]

I have a question for any Chula Vista experts around here as to what certain improvements add to the value of a home.

How much value does adding a drug smuggling tunnel under your house add? Is it worth more if its permitted?

Is it better to convert your garage into 2 large bedrooms or 4 small bedrooms for housing undocumented immigrants? Do I need a permit to add 3 porta potties for them in the backyard?

What is the weight limit for pit bulls in the typical Chula Vista condo?

[ocrenter]

[quote=sdrealtor]To answer the OP question….it sucks[/quote]

Oh boy, look for a 3 page rebuttal complete with bolded paragraphs for emphasis from the resident Chula Vista booster upcoming.

[bearishgurl]

[quote=sdrealtor]. . . How much value does adding a drug smuggling tunnel under your house add? Is it worth more if its permitted? . . . [/quote]

You’ll have to ask your “lunch buddies” at the NTF and DEA. They left their longtime leased digs in National City and built new modern HQs all for themselves in Nirvana to be closer to all the action :=]

[sdrealtor]

or because the top brass couldnt bear to work in that environment on a daily basis and they chose to work closer to where they wanted to live.

[bearishgurl]

[quote=ocrenter][quote=sdrealtor]To answer the OP question….it sucks[/quote]

Oh boy, look for a 3 page rebuttal complete with bolded paragraphs for emphasis from the resident Chula Vista booster upcoming.[/quote]

Nah, I don’t need to. I just consider the source and realize its coming from complete ignorance.

Don’t you reside in “4-closure Ranch,” ocrenter? I’m waiting to see a thread started by a 4-closure Ranch resident polling their “neighbor Piggs” on amounts of home equity each currently has (or “negative equity,” as the case may be), or comparing brands of sheets in their windows :=0

Oh, well, you know what they say . . . if you’re underwater and you know you’re gonna be there for awhile, take swimming lessons … or get a snorkel!!

[bearishgurl]

[quote=sdrealtor]or because the top brass couldnt bear to work in that environment on a daily basis and they chose to work closer to where they wanted to live.[/quote]

They were there for 32 years, lol . . .

[Author]

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