Park Mesa Condos in Linda Vista by Mesa College, HOA 415

[ljinvestor]

[quote=SDisGreat]i can’t believe that they underfunded their account, now the current homeowners are definitely feeling it in lower sale prices…

the purchasing power on $415/month is roughly 60k…

so what happens when units like these have too many foreclosures and short sales and owners don’t make their monthly dues? i am assuming the currently homeowners have to pick up the monthly losses in increase HOA fees….[/quote]

Many large condo associations in San Diego have underfunded accts because of either poor planning and/or foreclosures

Purchase power closer to 75k with the current 30yr rate @ 5%

Yes, current homeowners eventually get stuck with the bill.

[sdrealtor]

Not quite 75K. First thrown in the insurance you would have to buy on the structure for an SFR of about $70/month. Then add the water bill of say $40/month plus trash of $20/month. Dont forget maintaining the landscaping of your SFR which is about $100/month. Then there is the value of any amenties you get (pool/spa/tennis/clubhouse/parks/gym if any) which can easily run you $60 to $70/month for a couple/family. We are already pushing close to $300/month. Then you have the costs of exterior maintenance over the life of your house (painting, stucco repairs, roofing etc) and that can easily average another $100 to $200/month over the long haul.

Not to say that HOA fees arent expensive but its not as if you arent getting anything for them. Of course there are benefits of flexibility, peace and privacy one can get with an SFR and not a condo but all these things need to be weighed against each other. Its a folly to say one is simply giving up $75K of purchasing power when there is so much more to consider.

[sdrealtor]

Not quite 75K. First thrown in the insurance you would have to buy on the structure for an SFR of about $70/month. Then add the water bill of say $40/month plus trash of $20/month. Dont forget maintaining the landscaping of your SFR which is about $100/month. Then there is the value of any amenties you get (pool/spa/tennis/clubhouse/parks/gym if any) which can easily run you $60 to $70/month for a couple/family. We are already pushing close to $300/month. Then you have the costs of exterior maintenance over the life of your house (painting, stucco repairs, roofing etc) and that can easily average another $100 to $200/month over the long haul.

Not to say that HOA fees arent expensive but its not as if you arent getting anything for them. Of course there are benefits of flexibility, peace and privacy one can get with an SFR and not a condo but all these things need to be weighed against each other. Its a folly to say one is simply giving up $75K of purchasing power when there is so much more to consider.

[sdrealtor]

Not quite 75K. First thrown in the insurance you would have to buy on the structure for an SFR of about $70/month. Then add the water bill of say $40/month plus trash of $20/month. Dont forget maintaining the landscaping of your SFR which is about $100/month. Then there is the value of any amenties you get (pool/spa/tennis/clubhouse/parks/gym if any) which can easily run you $60 to $70/month for a couple/family. We are already pushing close to $300/month. Then you have the costs of exterior maintenance over the life of your house (painting, stucco repairs, roofing etc) and that can easily average another $100 to $200/month over the long haul.

Not to say that HOA fees arent expensive but its not as if you arent getting anything for them. Of course there are benefits of flexibility, peace and privacy one can get with an SFR and not a condo but all these things need to be weighed against each other. Its a folly to say one is simply giving up $75K of purchasing power when there is so much more to consider.

[sdrealtor]

Not quite 75K. First thrown in the insurance you would have to buy on the structure for an SFR of about $70/month. Then add the water bill of say $40/month plus trash of $20/month. Dont forget maintaining the landscaping of your SFR which is about $100/month. Then there is the value of any amenties you get (pool/spa/tennis/clubhouse/parks/gym if any) which can easily run you $60 to $70/month for a couple/family. We are already pushing close to $300/month. Then you have the costs of exterior maintenance over the life of your house (painting, stucco repairs, roofing etc) and that can easily average another $100 to $200/month over the long haul.

Not to say that HOA fees arent expensive but its not as if you arent getting anything for them. Of course there are benefits of flexibility, peace and privacy one can get with an SFR and not a condo but all these things need to be weighed against each other. Its a folly to say one is simply giving up $75K of purchasing power when there is so much more to consider.

[sdrealtor]

Not quite 75K. First thrown in the insurance you would have to buy on the structure for an SFR of about $70/month. Then add the water bill of say $40/month plus trash of $20/month. Dont forget maintaining the landscaping of your SFR which is about $100/month. Then there is the value of any amenties you get (pool/spa/tennis/clubhouse/parks/gym if any) which can easily run you $60 to $70/month for a couple/family. We are already pushing close to $300/month. Then you have the costs of exterior maintenance over the life of your house (painting, stucco repairs, roofing etc) and that can easily average another $100 to $200/month over the long haul.

Not to say that HOA fees arent expensive but its not as if you arent getting anything for them. Of course there are benefits of flexibility, peace and privacy one can get with an SFR and not a condo but all these things need to be weighed against each other. Its a folly to say one is simply giving up $75K of purchasing power when there is so much more to consider.

[bearishgurl]

[quote=sdrealtor]Not quite 75K. First thrown in the insurance you would have to buy on the structure for an SFR of about $70/month. Then add the water bill of say $40/month plus trash of $20/month. Dont forget maintaining the landscaping of your SFR which is about $100/month. Then there is the value of any amenties you get (pool/spa/tennis/clubhouse/parks/gym if any) which can easily run you $60 to $70/month for a couple/family. We are already pushing close to $300/month. Then you have the costs of exterior maintenance over the life of your house (painting, stucco repairs, roofing etc) and that can easily average another $100 to $200/month over the long haul.

Not to say that HOA fees arent expensive but its not as if you arent getting anything for them. Of course there are benefits of flexibility, peace and privacy one can get with an SFR and not a condo but all these things need to be weighed against each other. Its a folly to say one is simply giving up $75K of purchasing power when there is so much more to consider.[/quote]

Not trying to “nitpick” here, but Allied Waste charges $14 month for weekly pickup of the smallest trash cart (40 gal). Yard waste is $2 mo for unlimited carts/receptacles and recycle pickup is free. Not sure what Edco charges.

It does not cost anywhere near $100 mo (consistently) to “maintain” landscaping unless the homeowner:

1) hires out lawnmowing/gardening svcs;

2) owns at least a dozen producing fruit trees; and/or

2) owns a parcel in excess of 1 AC.

The YMCA is $48 mo for a parent/child and about $70 for two parents/child. Verified low-income households get a $10-$20 mo discount. This includes circuit training, swimming, hot tub and all classes.

All the repairs that a homeowner puts into their property adds to or maintains its value (yes, even a new roof or new hot water heater). The “flexibility” that an owner of an SFR has over a an owner of a condo is a HUGE issue, IMO. For instance, if an SFR owner doesn’t want to repair a cracked pool deck until a better year, they don’t have to. A condo assn will be afraid someone will trip on the crack and sue them, so will specially assess all the owners if they don’t have the reserve funds to pay for the replacement to be done ASAP.

Theoretically, if the homeowner occupying their own SFR is having a bad year financially and their pool pump or lawnmower breaks, they can just drain the pool and let the grass grow in back where no one sees it. If there is no neighborhood HOA, they can seal roof leaks with creosote, even if this method is not as attractive as a new roof. They can also let their stucco and fascia peel, esp. on sides of the house that aren’t visible to the street.

There are always (handy) tenants and/or those with large pets who will rent an SFR that has not been modernized or needs yard work … for a lesser monthly rent or rent credits for labor. For the reason of the lack of control over HOA dues rate hikes, over how the dues are spent and frequency/amount of special assessments and the fact that I see no value (intrinsic or otherwise) in owning a “fractional interest” or “airspace,” I believe SFRs are better investments and financially easier to hang onto for the “long haul” homeowner/landlord.

[bearishgurl]

[quote=sdrealtor]Not quite 75K. First thrown in the insurance you would have to buy on the structure for an SFR of about $70/month. Then add the water bill of say $40/month plus trash of $20/month. Dont forget maintaining the landscaping of your SFR which is about $100/month. Then there is the value of any amenties you get (pool/spa/tennis/clubhouse/parks/gym if any) which can easily run you $60 to $70/month for a couple/family. We are already pushing close to $300/month. Then you have the costs of exterior maintenance over the life of your house (painting, stucco repairs, roofing etc) and that can easily average another $100 to $200/month over the long haul.

Not to say that HOA fees arent expensive but its not as if you arent getting anything for them. Of course there are benefits of flexibility, peace and privacy one can get with an SFR and not a condo but all these things need to be weighed against each other. Its a folly to say one is simply giving up $75K of purchasing power when there is so much more to consider.[/quote]

Not trying to “nitpick” here, but Allied Waste charges $14 month for weekly pickup of the smallest trash cart (40 gal). Yard waste is $2 mo for unlimited carts/receptacles and recycle pickup is free. Not sure what Edco charges.

It does not cost anywhere near $100 mo (consistently) to “maintain” landscaping unless the homeowner:

1) hires out lawnmowing/gardening svcs;

2) owns at least a dozen producing fruit trees; and/or

2) owns a parcel in excess of 1 AC.

The YMCA is $48 mo for a parent/child and about $70 for two parents/child. Verified low-income households get a $10-$20 mo discount. This includes circuit training, swimming, hot tub and all classes.

All the repairs that a homeowner puts into their property adds to or maintains its value (yes, even a new roof or new hot water heater). The “flexibility” that an owner of an SFR has over a an owner of a condo is a HUGE issue, IMO. For instance, if an SFR owner doesn’t want to repair a cracked pool deck until a better year, they don’t have to. A condo assn will be afraid someone will trip on the crack and sue them, so will specially assess all the owners if they don’t have the reserve funds to pay for the replacement to be done ASAP.

Theoretically, if the homeowner occupying their own SFR is having a bad year financially and their pool pump or lawnmower breaks, they can just drain the pool and let the grass grow in back where no one sees it. If there is no neighborhood HOA, they can seal roof leaks with creosote, even if this method is not as attractive as a new roof. They can also let their stucco and fascia peel, esp. on sides of the house that aren’t visible to the street.

There are always (handy) tenants and/or those with large pets who will rent an SFR that has not been modernized or needs yard work … for a lesser monthly rent or rent credits for labor. For the reason of the lack of control over HOA dues rate hikes, over how the dues are spent and frequency/amount of special assessments and the fact that I see no value (intrinsic or otherwise) in owning a “fractional interest” or “airspace,” I believe SFRs are better investments and financially easier to hang onto for the “long haul” homeowner/landlord.

[bearishgurl]

[quote=sdrealtor]Not quite 75K. First thrown in the insurance you would have to buy on the structure for an SFR of about $70/month. Then add the water bill of say $40/month plus trash of $20/month. Dont forget maintaining the landscaping of your SFR which is about $100/month. Then there is the value of any amenties you get (pool/spa/tennis/clubhouse/parks/gym if any) which can easily run you $60 to $70/month for a couple/family. We are already pushing close to $300/month. Then you have the costs of exterior maintenance over the life of your house (painting, stucco repairs, roofing etc) and that can easily average another $100 to $200/month over the long haul.

Not to say that HOA fees arent expensive but its not as if you arent getting anything for them. Of course there are benefits of flexibility, peace and privacy one can get with an SFR and not a condo but all these things need to be weighed against each other. Its a folly to say one is simply giving up $75K of purchasing power when there is so much more to consider.[/quote]

Not trying to “nitpick” here, but Allied Waste charges $14 month for weekly pickup of the smallest trash cart (40 gal). Yard waste is $2 mo for unlimited carts/receptacles and recycle pickup is free. Not sure what Edco charges.

It does not cost anywhere near $100 mo (consistently) to “maintain” landscaping unless the homeowner:

1) hires out lawnmowing/gardening svcs;

2) owns at least a dozen producing fruit trees; and/or

2) owns a parcel in excess of 1 AC.

The YMCA is $48 mo for a parent/child and about $70 for two parents/child. Verified low-income households get a $10-$20 mo discount. This includes circuit training, swimming, hot tub and all classes.

All the repairs that a homeowner puts into their property adds to or maintains its value (yes, even a new roof or new hot water heater). The “flexibility” that an owner of an SFR has over a an owner of a condo is a HUGE issue, IMO. For instance, if an SFR owner doesn’t want to repair a cracked pool deck until a better year, they don’t have to. A condo assn will be afraid someone will trip on the crack and sue them, so will specially assess all the owners if they don’t have the reserve funds to pay for the replacement to be done ASAP.

Theoretically, if the homeowner occupying their own SFR is having a bad year financially and their pool pump or lawnmower breaks, they can just drain the pool and let the grass grow in back where no one sees it. If there is no neighborhood HOA, they can seal roof leaks with creosote, even if this method is not as attractive as a new roof. They can also let their stucco and fascia peel, esp. on sides of the house that aren’t visible to the street.

There are always (handy) tenants and/or those with large pets who will rent an SFR that has not been modernized or needs yard work … for a lesser monthly rent or rent credits for labor. For the reason of the lack of control over HOA dues rate hikes, over how the dues are spent and frequency/amount of special assessments and the fact that I see no value (intrinsic or otherwise) in owning a “fractional interest” or “airspace,” I believe SFRs are better investments and financially easier to hang onto for the “long haul” homeowner/landlord.

[bearishgurl]

[quote=sdrealtor]Not quite 75K. First thrown in the insurance you would have to buy on the structure for an SFR of about $70/month. Then add the water bill of say $40/month plus trash of $20/month. Dont forget maintaining the landscaping of your SFR which is about $100/month. Then there is the value of any amenties you get (pool/spa/tennis/clubhouse/parks/gym if any) which can easily run you $60 to $70/month for a couple/family. We are already pushing close to $300/month. Then you have the costs of exterior maintenance over the life of your house (painting, stucco repairs, roofing etc) and that can easily average another $100 to $200/month over the long haul.

Not to say that HOA fees arent expensive but its not as if you arent getting anything for them. Of course there are benefits of flexibility, peace and privacy one can get with an SFR and not a condo but all these things need to be weighed against each other. Its a folly to say one is simply giving up $75K of purchasing power when there is so much more to consider.[/quote]

Not trying to “nitpick” here, but Allied Waste charges $14 month for weekly pickup of the smallest trash cart (40 gal). Yard waste is $2 mo for unlimited carts/receptacles and recycle pickup is free. Not sure what Edco charges.

It does not cost anywhere near $100 mo (consistently) to “maintain” landscaping unless the homeowner:

1) hires out lawnmowing/gardening svcs;

2) owns at least a dozen producing fruit trees; and/or

2) owns a parcel in excess of 1 AC.

The YMCA is $48 mo for a parent/child and about $70 for two parents/child. Verified low-income households get a $10-$20 mo discount. This includes circuit training, swimming, hot tub and all classes.

All the repairs that a homeowner puts into their property adds to or maintains its value (yes, even a new roof or new hot water heater). The “flexibility” that an owner of an SFR has over a an owner of a condo is a HUGE issue, IMO. For instance, if an SFR owner doesn’t want to repair a cracked pool deck until a better year, they don’t have to. A condo assn will be afraid someone will trip on the crack and sue them, so will specially assess all the owners if they don’t have the reserve funds to pay for the replacement to be done ASAP.

Theoretically, if the homeowner occupying their own SFR is having a bad year financially and their pool pump or lawnmower breaks, they can just drain the pool and let the grass grow in back where no one sees it. If there is no neighborhood HOA, they can seal roof leaks with creosote, even if this method is not as attractive as a new roof. They can also let their stucco and fascia peel, esp. on sides of the house that aren’t visible to the street.

There are always (handy) tenants and/or those with large pets who will rent an SFR that has not been modernized or needs yard work … for a lesser monthly rent or rent credits for labor. For the reason of the lack of control over HOA dues rate hikes, over how the dues are spent and frequency/amount of special assessments and the fact that I see no value (intrinsic or otherwise) in owning a “fractional interest” or “airspace,” I believe SFRs are better investments and financially easier to hang onto for the “long haul” homeowner/landlord.

[bearishgurl]

[quote=sdrealtor]Not quite 75K. First thrown in the insurance you would have to buy on the structure for an SFR of about $70/month. Then add the water bill of say $40/month plus trash of $20/month. Dont forget maintaining the landscaping of your SFR which is about $100/month. Then there is the value of any amenties you get (pool/spa/tennis/clubhouse/parks/gym if any) which can easily run you $60 to $70/month for a couple/family. We are already pushing close to $300/month. Then you have the costs of exterior maintenance over the life of your house (painting, stucco repairs, roofing etc) and that can easily average another $100 to $200/month over the long haul.

Not to say that HOA fees arent expensive but its not as if you arent getting anything for them. Of course there are benefits of flexibility, peace and privacy one can get with an SFR and not a condo but all these things need to be weighed against each other. Its a folly to say one is simply giving up $75K of purchasing power when there is so much more to consider.[/quote]

Not trying to “nitpick” here, but Allied Waste charges $14 month for weekly pickup of the smallest trash cart (40 gal). Yard waste is $2 mo for unlimited carts/receptacles and recycle pickup is free. Not sure what Edco charges.

It does not cost anywhere near $100 mo (consistently) to “maintain” landscaping unless the homeowner:

1) hires out lawnmowing/gardening svcs;

2) owns at least a dozen producing fruit trees; and/or

2) owns a parcel in excess of 1 AC.

The YMCA is $48 mo for a parent/child and about $70 for two parents/child. Verified low-income households get a $10-$20 mo discount. This includes circuit training, swimming, hot tub and all classes.

All the repairs that a homeowner puts into their property adds to or maintains its value (yes, even a new roof or new hot water heater). The “flexibility” that an owner of an SFR has over a an owner of a condo is a HUGE issue, IMO. For instance, if an SFR owner doesn’t want to repair a cracked pool deck until a better year, they don’t have to. A condo assn will be afraid someone will trip on the crack and sue them, so will specially assess all the owners if they don’t have the reserve funds to pay for the replacement to be done ASAP.

Theoretically, if the homeowner occupying their own SFR is having a bad year financially and their pool pump or lawnmower breaks, they can just drain the pool and let the grass grow in back where no one sees it. If there is no neighborhood HOA, they can seal roof leaks with creosote, even if this method is not as attractive as a new roof. They can also let their stucco and fascia peel, esp. on sides of the house that aren’t visible to the street.

There are always (handy) tenants and/or those with large pets who will rent an SFR that has not been modernized or needs yard work … for a lesser monthly rent or rent credits for labor. For the reason of the lack of control over HOA dues rate hikes, over how the dues are spent and frequency/amount of special assessments and the fact that I see no value (intrinsic or otherwise) in owning a “fractional interest” or “airspace,” I believe SFRs are better investments and financially easier to hang onto for the “long haul” homeowner/landlord.

[sdrealtor]

Thank you for missing the point. It wasnt that there are advantages or disadvantages to each or that the costsd will vary, it was simply that there are HARD COSTS a homeowner of an SFR pays that a condo owner pays through HOA. As a condo owner you share in those costs while a homeonwer bears the brunt themselves. A new roof can easily be $20K. Painting the exterior of a home can easily exceed $3000. We know your opinions but many of us dont agree. It is simply not true that an SFR is preferably to a condo for everyone. Each person has their own needs/wants to factor in.

FWIW, everyone in my hood pays $100 or more to maintain their yards if they dont do it themselves. Most lots are around 7500 sq ft (some larger some smaller). Driving to YMCA is different than walking 30 yds to community amenties also. You can put whatever value you want on them but there is value there.

[sdrealtor]

Thank you for missing the point. It wasnt that there are advantages or disadvantages to each or that the costsd will vary, it was simply that there are HARD COSTS a homeowner of an SFR pays that a condo owner pays through HOA. As a condo owner you share in those costs while a homeonwer bears the brunt themselves. A new roof can easily be $20K. Painting the exterior of a home can easily exceed $3000. We know your opinions but many of us dont agree. It is simply not true that an SFR is preferably to a condo for everyone. Each person has their own needs/wants to factor in.

FWIW, everyone in my hood pays $100 or more to maintain their yards if they dont do it themselves. Most lots are around 7500 sq ft (some larger some smaller). Driving to YMCA is different than walking 30 yds to community amenties also. You can put whatever value you want on them but there is value there.

[sdrealtor]

Thank you for missing the point. It wasnt that there are advantages or disadvantages to each or that the costsd will vary, it was simply that there are HARD COSTS a homeowner of an SFR pays that a condo owner pays through HOA. As a condo owner you share in those costs while a homeonwer bears the brunt themselves. A new roof can easily be $20K. Painting the exterior of a home can easily exceed $3000. We know your opinions but many of us dont agree. It is simply not true that an SFR is preferably to a condo for everyone. Each person has their own needs/wants to factor in.

FWIW, everyone in my hood pays $100 or more to maintain their yards if they dont do it themselves. Most lots are around 7500 sq ft (some larger some smaller). Driving to YMCA is different than walking 30 yds to community amenties also. You can put whatever value you want on them but there is value there.

[sdrealtor]

Thank you for missing the point. It wasnt that there are advantages or disadvantages to each or that the costsd will vary, it was simply that there are HARD COSTS a homeowner of an SFR pays that a condo owner pays through HOA. As a condo owner you share in those costs while a homeonwer bears the brunt themselves. A new roof can easily be $20K. Painting the exterior of a home can easily exceed $3000. We know your opinions but many of us dont agree. It is simply not true that an SFR is preferably to a condo for everyone. Each person has their own needs/wants to factor in.

FWIW, everyone in my hood pays $100 or more to maintain their yards if they dont do it themselves. Most lots are around 7500 sq ft (some larger some smaller). Driving to YMCA is different than walking 30 yds to community amenties also. You can put whatever value you want on them but there is value there.

[Author]

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