Been following 2 bedroom condos in Telega for 3 years. Saw as low as 249,999 last winter. Now 0 available under 350,000 and several pending. This would seem like a turnaround. Then I receive daily listings for coastal area from San Clemente to Newport Beach and there are 400 new listings in last 7 days (Truila) I always wanted to buy one and sit on it until it goes back up to 500k. Any advice like wait till Feb? Help me figure out how to get back the 500k I have lost on paper in Michigan on real estate. Motown
How did you lose money in Motown? What and when did you buy?
My cousin bought a retirement place at Laguna Woods (55+). She had retired to Florida but could not stand the rednecks and aligators anymore. So she’s back in CA.
Those aligators are really a nusiance in Florida. They are every where and they are lousy drivers too. Worst of all they prefer to eat dinner before 5 and exacerbate the already long lines at all the early bird specials.
I had house #1 paid for @40 yrs old-1990 value-275k.
I qualified for a mortgage and bought a 2500sf condo for 230k. My wife said 2 years later we need more room. I again qualified for a second mortgage but failed to get asking price for condo so I rented it for 2k a month.Bought current house 2003 289k.
So in 2003, House 1 rent pays mortgage on condo,and rent from condo pays mortgage on principal residence. All of a sudden I control 3-300k properties, and have no payment now i am underwater on 2 of 3.
So in 2003, House 1 rent pays mortgage on condo,and rent from condo pays mortgage on principal residence. All of a sudden I control 3-300k properties, and have no payment now i am underwater on 2 of 3.
As long as you can live rent-free and fee-free, who cares if they’re underwater? You’re in a better situation than 90% of Americans.
And I’m sure that the printing of Bernanke Bucks will cause them to NOT be underwater in the next decade or so.
Yes correct , I am on plan b now. Hold everything for 21 years until they are paid off. But really love San Clemente, and wonder about Talega future demand/supply.
Motown
Talega update – 10 repeat 10 homes on market 399k to 430k 2 br 3 br 450k to 489k . Seems to have cooled off from June 2012 when there were none. I still think it would be a great place to retire.A builder bought my rental which in turn I used the proceeds to pay off my residence. My other condo rental went back above water by 100k. I am sitting on 400k in Motown property (red hot due to 16,000,0000 cars next 5 years.) I wonder if I should ride out the boom making my 180k for 3-5 yrs and then dump and if healthy at 67 buy Talega, or should I get in now and try to qualify for another 500k loan based on my 15k month income and 1800 mo debt, then rent it. Buy now or wait? Don’t want to miss a chance. Motown
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