Opinions please…

[davelj]

FWIW – which is exactly what you’re paying for it (nothing) – a couple of observations.

One, the low end went nuts first and is shitting the bed first and it will bottom out first. The high end followed the low end during the ascent and it is lagging the low in during the decline. I’d assume another 20% decline from here for $750K+ properties. Just a guesstimate, of course.

Having said that… (a) A lot of folks can live with a 20% decline due to their situation, and (b) rates are so low that if you’re going to stay in the place for a LONG time, the lower interest rate will offset a large portion of a 20% decline.

If you really like the place and the potential “loss” is a very small part of your net worth, then why not buy it… Don’t get me wrong, I like my money as much as the next person, but sometimes waiting for that last nickel (in relative terms, of course) just isn’t worth it to me (personally). Life’s too short.

Just my 2 cents.

[Coronita]

[quote=goblue]Thanks everyone for the feedback. There were a bunch of questions, that I thought I would address.

1. No, I do not work for a firm that received TARP funds. That is a nasty stigma these days, but you must remember 99% of the people in those firms are innocent bystanders who got hurt as well.

2. We currently live on a hill overlooking Birdrock now and really like the area. I work from home, so no commuting issues.

3. After 15 years in NYC, SD is a breath of fresh air. I actually love the small town feel and have no intentions of going back. I do miss my NY Giants games though.

4. I don’t know what your definition is of insanely wealthy is, but while I certaintly have no issues affording the home I don’t consider myself wealthy enough to blindy throw money away. This is a big decision for us and the difficult part is that it is a financial decision and a lifestyle decision. I am not approaching the home purchase as a personal ATM, which is partly what got the country into this mess in the first place. I would be more than happy with an average annual return of 1-2% over 10 years.

5. My wife wants the home because she believes we will happy there and after seeing 40 plus homes this was one of the only ones we liked. It also happened to be the least expensive. I on the other hand have a hard time in purchasing a depreciating asset, which is the reason for the original post. To be honest this whole dilemma is due to us having to vacate our current rental and our lack of interest in renting again.

6. SD Realtor – you stated that you believe I am overpaying. Is this belief on the current purchase price for a home in that area ($575 psf)or the speculation values will continue to decline? Because if you believe I am overpaying today and will have the furthur hit of a market decline that is a double whammy that will be tough to overcome.

Thanks again as I do value the insight.[/quote]

Your reason #5 is enough to use your wall street smarts to haggle over as much as you can over that house then. Again, provided you’re in your budget and expect that future returns may very well be very very very very very very (enough very) future, why not go after that home?

If you find a home you like, and aren’t going overboard, why not purchase? Can’t comment on the specific LJ home…You should probably wait for a response from the piggington realtors. You and I aren’t exactly looking in the same markets 🙂

Just double checking though…Are you sure you are planning to stay in SD? Some of my relatives were i-bankers from NYC who relocated to SF/Bay Area…And while they love visiting here to tee off, some of they definitely preferred SF/Bay Area…Not sure if you really looked around in CA yet.

[Coronita]

[quote=goblue]Thanks everyone for the feedback. There were a bunch of questions, that I thought I would address.

1. No, I do not work for a firm that received TARP funds. That is a nasty stigma these days, but you must remember 99% of the people in those firms are innocent bystanders who got hurt as well.

2. We currently live on a hill overlooking Birdrock now and really like the area. I work from home, so no commuting issues.

3. After 15 years in NYC, SD is a breath of fresh air. I actually love the small town feel and have no intentions of going back. I do miss my NY Giants games though.

4. I don’t know what your definition is of insanely wealthy is, but while I certaintly have no issues affording the home I don’t consider myself wealthy enough to blindy throw money away. This is a big decision for us and the difficult part is that it is a financial decision and a lifestyle decision. I am not approaching the home purchase as a personal ATM, which is partly what got the country into this mess in the first place. I would be more than happy with an average annual return of 1-2% over 10 years.

5. My wife wants the home because she believes we will happy there and after seeing 40 plus homes this was one of the only ones we liked. It also happened to be the least expensive. I on the other hand have a hard time in purchasing a depreciating asset, which is the reason for the original post. To be honest this whole dilemma is due to us having to vacate our current rental and our lack of interest in renting again.

6. SD Realtor – you stated that you believe I am overpaying. Is this belief on the current purchase price for a home in that area ($575 psf)or the speculation values will continue to decline? Because if you believe I am overpaying today and will have the furthur hit of a market decline that is a double whammy that will be tough to overcome.

Thanks again as I do value the insight.[/quote]

Your reason #5 is enough to use your wall street smarts to haggle over as much as you can over that house then. Again, provided you’re in your budget and expect that future returns may very well be very very very very very very (enough very) future, why not go after that home?

If you find a home you like, and aren’t going overboard, why not purchase? Can’t comment on the specific LJ home…You should probably wait for a response from the piggington realtors. You and I aren’t exactly looking in the same markets 🙂

Just double checking though…Are you sure you are planning to stay in SD? Some of my relatives were i-bankers from NYC who relocated to SF/Bay Area…And while they love visiting here to tee off, some of they definitely preferred SF/Bay Area…Not sure if you really looked around in CA yet.

[Coronita]

[quote=goblue]Thanks everyone for the feedback. There were a bunch of questions, that I thought I would address.

1. No, I do not work for a firm that received TARP funds. That is a nasty stigma these days, but you must remember 99% of the people in those firms are innocent bystanders who got hurt as well.

2. We currently live on a hill overlooking Birdrock now and really like the area. I work from home, so no commuting issues.

3. After 15 years in NYC, SD is a breath of fresh air. I actually love the small town feel and have no intentions of going back. I do miss my NY Giants games though.

4. I don’t know what your definition is of insanely wealthy is, but while I certaintly have no issues affording the home I don’t consider myself wealthy enough to blindy throw money away. This is a big decision for us and the difficult part is that it is a financial decision and a lifestyle decision. I am not approaching the home purchase as a personal ATM, which is partly what got the country into this mess in the first place. I would be more than happy with an average annual return of 1-2% over 10 years.

5. My wife wants the home because she believes we will happy there and after seeing 40 plus homes this was one of the only ones we liked. It also happened to be the least expensive. I on the other hand have a hard time in purchasing a depreciating asset, which is the reason for the original post. To be honest this whole dilemma is due to us having to vacate our current rental and our lack of interest in renting again.

6. SD Realtor – you stated that you believe I am overpaying. Is this belief on the current purchase price for a home in that area ($575 psf)or the speculation values will continue to decline? Because if you believe I am overpaying today and will have the furthur hit of a market decline that is a double whammy that will be tough to overcome.

Thanks again as I do value the insight.[/quote]

Your reason #5 is enough to use your wall street smarts to haggle over as much as you can over that house then. Again, provided you’re in your budget and expect that future returns may very well be very very very very very very (enough very) future, why not go after that home?

If you find a home you like, and aren’t going overboard, why not purchase? Can’t comment on the specific LJ home…You should probably wait for a response from the piggington realtors. You and I aren’t exactly looking in the same markets 🙂

Just double checking though…Are you sure you are planning to stay in SD? Some of my relatives were i-bankers from NYC who relocated to SF/Bay Area…And while they love visiting here to tee off, some of they definitely preferred SF/Bay Area…Not sure if you really looked around in CA yet.

[Coronita]

[quote=goblue]Thanks everyone for the feedback. There were a bunch of questions, that I thought I would address.

1. No, I do not work for a firm that received TARP funds. That is a nasty stigma these days, but you must remember 99% of the people in those firms are innocent bystanders who got hurt as well.

2. We currently live on a hill overlooking Birdrock now and really like the area. I work from home, so no commuting issues.

3. After 15 years in NYC, SD is a breath of fresh air. I actually love the small town feel and have no intentions of going back. I do miss my NY Giants games though.

4. I don’t know what your definition is of insanely wealthy is, but while I certaintly have no issues affording the home I don’t consider myself wealthy enough to blindy throw money away. This is a big decision for us and the difficult part is that it is a financial decision and a lifestyle decision. I am not approaching the home purchase as a personal ATM, which is partly what got the country into this mess in the first place. I would be more than happy with an average annual return of 1-2% over 10 years.

5. My wife wants the home because she believes we will happy there and after seeing 40 plus homes this was one of the only ones we liked. It also happened to be the least expensive. I on the other hand have a hard time in purchasing a depreciating asset, which is the reason for the original post. To be honest this whole dilemma is due to us having to vacate our current rental and our lack of interest in renting again.

6. SD Realtor – you stated that you believe I am overpaying. Is this belief on the current purchase price for a home in that area ($575 psf)or the speculation values will continue to decline? Because if you believe I am overpaying today and will have the furthur hit of a market decline that is a double whammy that will be tough to overcome.

Thanks again as I do value the insight.[/quote]

Your reason #5 is enough to use your wall street smarts to haggle over as much as you can over that house then. Again, provided you’re in your budget and expect that future returns may very well be very very very very very very (enough very) future, why not go after that home?

If you find a home you like, and aren’t going overboard, why not purchase? Can’t comment on the specific LJ home…You should probably wait for a response from the piggington realtors. You and I aren’t exactly looking in the same markets 🙂

Just double checking though…Are you sure you are planning to stay in SD? Some of my relatives were i-bankers from NYC who relocated to SF/Bay Area…And while they love visiting here to tee off, some of they definitely preferred SF/Bay Area…Not sure if you really looked around in CA yet.

[Coronita]

[quote=goblue]Thanks everyone for the feedback. There were a bunch of questions, that I thought I would address.

1. No, I do not work for a firm that received TARP funds. That is a nasty stigma these days, but you must remember 99% of the people in those firms are innocent bystanders who got hurt as well.

2. We currently live on a hill overlooking Birdrock now and really like the area. I work from home, so no commuting issues.

3. After 15 years in NYC, SD is a breath of fresh air. I actually love the small town feel and have no intentions of going back. I do miss my NY Giants games though.

4. I don’t know what your definition is of insanely wealthy is, but while I certaintly have no issues affording the home I don’t consider myself wealthy enough to blindy throw money away. This is a big decision for us and the difficult part is that it is a financial decision and a lifestyle decision. I am not approaching the home purchase as a personal ATM, which is partly what got the country into this mess in the first place. I would be more than happy with an average annual return of 1-2% over 10 years.

5. My wife wants the home because she believes we will happy there and after seeing 40 plus homes this was one of the only ones we liked. It also happened to be the least expensive. I on the other hand have a hard time in purchasing a depreciating asset, which is the reason for the original post. To be honest this whole dilemma is due to us having to vacate our current rental and our lack of interest in renting again.

6. SD Realtor – you stated that you believe I am overpaying. Is this belief on the current purchase price for a home in that area ($575 psf)or the speculation values will continue to decline? Because if you believe I am overpaying today and will have the furthur hit of a market decline that is a double whammy that will be tough to overcome.

Thanks again as I do value the insight.[/quote]

Your reason #5 is enough to use your wall street smarts to haggle over as much as you can over that house then. Again, provided you’re in your budget and expect that future returns may very well be very very very very very very (enough very) future, why not go after that home?

If you find a home you like, and aren’t going overboard, why not purchase? Can’t comment on the specific LJ home…You should probably wait for a response from the piggington realtors. You and I aren’t exactly looking in the same markets 🙂

Just double checking though…Are you sure you are planning to stay in SD? Some of my relatives were i-bankers from NYC who relocated to SF/Bay Area…And while they love visiting here to tee off, some of they definitely preferred SF/Bay Area…Not sure if you really looked around in CA yet.

[SD Realtor]

goblue my statement about overpaying was not based on any analysis of this particular home. It was more generic in the sense that I think birdrock ppsf will come down over the next two years. Sorry if I misled you on the posting. Right now, once more the local dynamics of many communities are pretty piss poor because of the inventory.

However, since this is a big concern to you, I would advise that you ask your realtor to run very in depth Birdrock comps to see how they look. It may be helpful to look at recent cancelled and expired to see how they compare to the solds.

Let me ask you this, what has your realtor told you and what are his/her thoughts about appreciation/depreciation potential? What about the market in Birdrock in general?

*****************

Anyways I think that if you have patience you will get a better deal. That is the bottom line. You may not get a better home though. I understand it is a tough call to make.

[SD Realtor]

goblue my statement about overpaying was not based on any analysis of this particular home. It was more generic in the sense that I think birdrock ppsf will come down over the next two years. Sorry if I misled you on the posting. Right now, once more the local dynamics of many communities are pretty piss poor because of the inventory.

However, since this is a big concern to you, I would advise that you ask your realtor to run very in depth Birdrock comps to see how they look. It may be helpful to look at recent cancelled and expired to see how they compare to the solds.

Let me ask you this, what has your realtor told you and what are his/her thoughts about appreciation/depreciation potential? What about the market in Birdrock in general?

*****************

Anyways I think that if you have patience you will get a better deal. That is the bottom line. You may not get a better home though. I understand it is a tough call to make.

[SD Realtor]

goblue my statement about overpaying was not based on any analysis of this particular home. It was more generic in the sense that I think birdrock ppsf will come down over the next two years. Sorry if I misled you on the posting. Right now, once more the local dynamics of many communities are pretty piss poor because of the inventory.

However, since this is a big concern to you, I would advise that you ask your realtor to run very in depth Birdrock comps to see how they look. It may be helpful to look at recent cancelled and expired to see how they compare to the solds.

Let me ask you this, what has your realtor told you and what are his/her thoughts about appreciation/depreciation potential? What about the market in Birdrock in general?

*****************

Anyways I think that if you have patience you will get a better deal. That is the bottom line. You may not get a better home though. I understand it is a tough call to make.

[SD Realtor]

goblue my statement about overpaying was not based on any analysis of this particular home. It was more generic in the sense that I think birdrock ppsf will come down over the next two years. Sorry if I misled you on the posting. Right now, once more the local dynamics of many communities are pretty piss poor because of the inventory.

However, since this is a big concern to you, I would advise that you ask your realtor to run very in depth Birdrock comps to see how they look. It may be helpful to look at recent cancelled and expired to see how they compare to the solds.

Let me ask you this, what has your realtor told you and what are his/her thoughts about appreciation/depreciation potential? What about the market in Birdrock in general?

*****************

Anyways I think that if you have patience you will get a better deal. That is the bottom line. You may not get a better home though. I understand it is a tough call to make.

[SD Realtor]

goblue my statement about overpaying was not based on any analysis of this particular home. It was more generic in the sense that I think birdrock ppsf will come down over the next two years. Sorry if I misled you on the posting. Right now, once more the local dynamics of many communities are pretty piss poor because of the inventory.

However, since this is a big concern to you, I would advise that you ask your realtor to run very in depth Birdrock comps to see how they look. It may be helpful to look at recent cancelled and expired to see how they compare to the solds.

Let me ask you this, what has your realtor told you and what are his/her thoughts about appreciation/depreciation potential? What about the market in Birdrock in general?

*****************

Anyways I think that if you have patience you will get a better deal. That is the bottom line. You may not get a better home though. I understand it is a tough call to make.

[flyer]

In reading your comments, it appears you and your wife really want this home, but that you are torn between what you want, and what you feel might be practical.

Over the past few years, and after losing several friends who were only in their 40’s, as I am, I have learned that life is extremely short, and EVERYTHING is temporary–so it is probably wise to enjoy each and every day.

On that basis, and since you both love the home, and since it appears this decision will bring you no financial hardship, I’d say–go for it!!

Our family made a decision over ten years ago, to move to a home we loved in Rancho Santa Fe, and it has been a dream come true for us. We’ve lived all over the world, but, for us, this is truly “home.”

Go with your heart, and enjoy your wonderful life!!!!

[flyer]

In reading your comments, it appears you and your wife really want this home, but that you are torn between what you want, and what you feel might be practical.

Over the past few years, and after losing several friends who were only in their 40’s, as I am, I have learned that life is extremely short, and EVERYTHING is temporary–so it is probably wise to enjoy each and every day.

On that basis, and since you both love the home, and since it appears this decision will bring you no financial hardship, I’d say–go for it!!

Our family made a decision over ten years ago, to move to a home we loved in Rancho Santa Fe, and it has been a dream come true for us. We’ve lived all over the world, but, for us, this is truly “home.”

Go with your heart, and enjoy your wonderful life!!!!

[flyer]

In reading your comments, it appears you and your wife really want this home, but that you are torn between what you want, and what you feel might be practical.

Over the past few years, and after losing several friends who were only in their 40’s, as I am, I have learned that life is extremely short, and EVERYTHING is temporary–so it is probably wise to enjoy each and every day.

On that basis, and since you both love the home, and since it appears this decision will bring you no financial hardship, I’d say–go for it!!

Our family made a decision over ten years ago, to move to a home we loved in Rancho Santa Fe, and it has been a dream come true for us. We’ve lived all over the world, but, for us, this is truly “home.”

Go with your heart, and enjoy your wonderful life!!!!

[flyer]

In reading your comments, it appears you and your wife really want this home, but that you are torn between what you want, and what you feel might be practical.

Over the past few years, and after losing several friends who were only in their 40’s, as I am, I have learned that life is extremely short, and EVERYTHING is temporary–so it is probably wise to enjoy each and every day.

On that basis, and since you both love the home, and since it appears this decision will bring you no financial hardship, I’d say–go for it!!

Our family made a decision over ten years ago, to move to a home we loved in Rancho Santa Fe, and it has been a dream come true for us. We’ve lived all over the world, but, for us, this is truly “home.”

Go with your heart, and enjoy your wonderful life!!!!

[Author]

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