pulled the trigger on this 4S – Davidson Reunion house (shortsale)

This topic has 18 replies, 11 voices, and was last updated 12 years, 3 months ago by UCGal.

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December 12, 2011 at 5:09 PM #19352

2012 turns around
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Rookie pigg’s first post (but by no means I am new to this site and I am reg visitor here for the last 2-3 yrs). After shopping since 2008/09 for my move-up home from Carmel Mtn Ranch and I pulled the trigger for this 4S Davidson built (Reunion) house on short sale (approved and first buyer fell thru so I jumped in after so much deliberation). House looks good and comes with lot of upgrades as well. No issues with inspection etc. Lotsize? not so bad (and it is like 6900 or so) like other sardine-cans nearby. Location is near Water park.

Price is about $169/sqft (4150 sqft). Due to close next week. Locked in with 3.875%/30 yrs (not a jumbo). Should I be happy?. Housing may still be bottoming out, but my thoughts are that with this low rate and the fact that I am prepared to stay in this house for many years to come, I should absorb any shock due to value trending downwards that may come in next few yrs.

December 13, 2011 at 7:43 AM #734547

ocrenter
Participant

congrats! good job on the purchase, less than $170/sqft on a Davidson home in a good area is more than anyone can ask. sub 4% interest rate is icing on the cake.

homes in this tract went for upward of $1.1 million at the peak of the market in ’05-’06.

and even though on the surface you only reaped a 30% discount from the peak, the difference in the amount financed plus the 2% difference in mortgage interest rate and also accounting for inflation means your monthly obligation is at 50% discount from peak.

I’m sure you’ve seen this prior thread on the subject:

http://piggington.com/4s_ranch_reo_still_too_high

I think consensus here was mid $600k as the bottom for the high 3000 sqft models back in ’09. but of course that did not account for inflation and the ultra low interest rate.

December 13, 2011 at 9:36 AM #734556

recordsclerk
Participant

Congrats on locking in a great contract. This is what I’ve been saying all along about Short Sale deals. While other buyers with less patience are paying $200sqft, you were able to lock down a great deal. Even if prices were to fall another 10%, with this exceptional deal you are already hedged against it. Also looks like you got some good upgrades and yard looks finished.

January 2, 2012 at 6:33 AM #735308

2012 turns around
Participant

Thanks for the comments. Closed the escrow on the day after Christmas and plan moving in after new year. It is a just a nice year gift.

January 2, 2012 at 11:28 AM #735319

SD Realtor
Participant

I agree with you recordsclerk. For all the poo pooing we hear about short sales, if you do have patience many of them do come through. I also congratulate the op!

January 2, 2012 at 12:58 PM #735323

briansd1
Guest

[quote=SD Realtor]I agree with you recordsclerk. For all the poo pooing we hear about short sales, if you do have patience many of them do come through. I also congratulate the op![/quote]

I agree that short sales can be subtantially better deals than REO.

I’m bidding on a short sale myself. I have unlimited patience, and it won’t break my heart if I don’t get it.

I think that the emotional nature of homebuying makes short-sale unappealing to buyers who must plan their moves within certain time frames.

January 2, 2012 at 4:03 PM #735325

paramount
Participant

[quote=vasans]Should I be happy?[/quote]

That depends IMO.

If you have young kids (<15) can one parent stay at home after buying this house?

January 2, 2012 at 4:51 PM #735329

scaredyclassic
Participant

I always advise being happy independent of all other conditions.

January 3, 2012 at 1:21 PM #735350

2012 turns around
Participant

Can’t me more merrier. Yes for both 😉
Btw, changing my username to been bottom fishing.

January 3, 2012 at 4:37 PM #735354

sdduuuude
Participant

how about “done bottom fishing” ?

bottom catcher ?

January 3, 2012 at 5:03 PM #735355

paramount
Participant

[quote=walterwhite]I always advise being happy independent of all other conditions.[/quote]\

That’s because your self-centered like so many other shallow southern californian’s.

January 3, 2012 at 9:30 PM #735373

UCGal
Participant

[quote=paramount][quote=walterwhite]I always advise being happy independent of all other conditions.[/quote]\

That’s because your self-centered like so many other shallow southern californian’s.[/quote]
Wow…
How can you find fault with finding happiness from within?

It’s a lot harder to be a good spouse, a good parent, a good neighbor… if you are miserable and wallowing.

January 4, 2012 at 2:28 AM #735384

CA renter
Participant

[quote=2012 turns around]Can’t me more merrier. Yes for both 😉
Btw, changing my username to been bottom fishing.[/quote]

Congratulations on your new house. Nicely done!

January 4, 2012 at 5:37 AM #735386

2012 turns around
Participant

Thank you all for your advice, outlook and positive attitude.

January 4, 2012 at 6:29 PM #735421

paramount
Participant

[quote=UCGal][quote=paramount][quote=walterwhite]I always advise being happy independent of all other conditions.[/quote]\

That’s because your self-centered like so many other shallow southern californian’s.[/quote]
Wow…
How can you find fault with finding happiness from within?

It’s a lot harder to be a good spouse, a good parent, a good neighbor… if you are miserable and wallowing.[/quote]

uh, life is not that simple – not to me anyway.

How are you finding that happiness “from within”?

Does your happiness come at the expense of someone else’s?

If not great…
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