sell house with equity and use this to buy?

[2pleasemywife]

first of all, thank you so much for this blog!

we are planning to move to palos verdes (i know not sd, but we appreciate any advice). we now own a house that we could sell and gain about $250,000 profit. we like a house in palos verdes that we think is a good deal (might be a short sale) and obviously use our equity. is this a good time for us to sell our house and buy (considering equity in the house we own will keep on decreasing in a downslope housing market?)

thanks.

[Coronita]

I have relatives live in P.V. Nice and expensive area, with lots of old wealth people. Personally, I haven't seen prices fall that much yet.

 

When you refer to P.V., are you refering to

Rancho Palos Verdes,

Rolling Hills Estates,

Palos Verdes Estates,

or the unincorporated area (Miraleste/San Pedro Area).

 

(Yes, it matters. If you have the actual street name, I can probably tell you a little about the neighborhood).

 

I was actually kicking myself. Because when they were developing those homes near Donald Trump's new golf course, there was time when homes there were in the $2million range with real ocean views (I mean not San Diego definition of an ocean view in which is a sliver of ocean viewable from the bathroom. But end to end ocean view) and no one was buying (think it was 2003). I believe these homes are in the $4m+ now.  

[Coronita]

I have relatives live in P.V. Nice and expensive area, with lots of old wealth people. Personally, I haven't seen prices fall that much yet.

 

When you refer to P.V., are you refering to

Rancho Palos Verdes,

Rolling Hills Estates,

Palos Verdes Estates,

or the unincorporated area (Miraleste/San Pedro Area).

 

(Yes, it matters. If you have the actual street name, I can probably tell you a little about the neighborhood).

 

I was actually kicking myself. Because when they were developing those homes near Donald Trump's new golf course, there was time when homes there were in the $2million range with real ocean views (I mean not San Diego definition of an ocean view in which is a sliver of ocean viewable from the bathroom. But end to end ocean view) and no one was buying (think it was 2003). I believe these homes are in the $4m+ now.  

[2pleasemywife]

2pleasemywife

it’s in rancho palos verdes, along pv drive east. (those houses near trump’s golf course do look grand with great coastline views)
thanks.

[2pleasemywife]

2pleasemywife

it’s in rancho palos verdes, along pv drive east. (those houses near trump’s golf course do look grand with great coastline views)
thanks.

[Coronita]

2pleasemywife,

 

Without the home address or stats on the size and I can't really comment on the house itself. If you want to provide some more details, I could give you an opinion(price,sqft,bedrms etc).

 

However, if it's along PV drive east, this home (though in RPV), is closer on the side closer to Miraleste, unless it's at the south end of PV drive east. One thing I would double check is what school district that home has access too. Folks that live near the Miraleste area have always had some issues related to districting school lines, as parts of this side of was incorporated in RPV much later than other areas.

 

It's just my opinion, but if you really want to live on the Hill, than live on the Hill closer to the coast on the west side. I'm not saying go live in PVE or RHE because those areas are incredibly expensive., although those would be my personal preference along with the homes along Trump's golf course…But if you live in RPV closer to the west coast lines, the ammenities are more readily available. Easier access to the malls, PVPHS, etc. You're already going to pay a premium to live in this area. You might as well live in an area that is more convenient and more popular in PV.

Linky to google map of PV (90275)

http://maps.google.com/maps?f=q&hl=en&geocode=&time=&date=&ttype=&q=90275&ie=UTF8&z=12&om=1

My personal preference would be along PV Drive West. Though the homes are a lot older, it's traditionally true PV.

 

I don't think homes in PV have drastically fallen yet. Things have slowed down, but generally most of the areas have yet to have a price correction, as I believe there aren't many homes in the RPV,RHE,PVE zip code below $1million. Torrance, though has started to correct quite a bit. If I were a new buyer, I would say you might want to wait to see if you get can a better location in PV at what your currently willing to pay. Prices in PV have corrected in the last real estate correction, only it started slower than other areas. I was a kid when I saw $800k homes drop to $500k in the 80ies. Not saying if this is definitely going to happen (though if I were to bet, I would think so). But I just think buying into PV right now may still be too early. If you're really daring, sell your place first and rent and sit it out for another year or two. But I know in practice, that's easier said than done.

 

 

 

Hope this was helpful.

 

 

[Coronita]

2pleasemywife,

 

Without the home address or stats on the size and I can't really comment on the house itself. If you want to provide some more details, I could give you an opinion(price,sqft,bedrms etc).

 

However, if it's along PV drive east, this home (though in RPV), is closer on the side closer to Miraleste, unless it's at the south end of PV drive east. One thing I would double check is what school district that home has access too. Folks that live near the Miraleste area have always had some issues related to districting school lines, as parts of this side of was incorporated in RPV much later than other areas.

 

It's just my opinion, but if you really want to live on the Hill, than live on the Hill closer to the coast on the west side. I'm not saying go live in PVE or RHE because those areas are incredibly expensive., although those would be my personal preference along with the homes along Trump's golf course…But if you live in RPV closer to the west coast lines, the ammenities are more readily available. Easier access to the malls, PVPHS, etc. You're already going to pay a premium to live in this area. You might as well live in an area that is more convenient and more popular in PV.

Linky to google map of PV (90275)

http://maps.google.com/maps?f=q&hl=en&geocode=&time=&date=&ttype=&q=90275&ie=UTF8&z=12&om=1

My personal preference would be along PV Drive West. Though the homes are a lot older, it's traditionally true PV.

 

I don't think homes in PV have drastically fallen yet. Things have slowed down, but generally most of the areas have yet to have a price correction, as I believe there aren't many homes in the RPV,RHE,PVE zip code below $1million. Torrance, though has started to correct quite a bit. If I were a new buyer, I would say you might want to wait to see if you get can a better location in PV at what your currently willing to pay. Prices in PV have corrected in the last real estate correction, only it started slower than other areas. I was a kid when I saw $800k homes drop to $500k in the 80ies. Not saying if this is definitely going to happen (though if I were to bet, I would think so). But I just think buying into PV right now may still be too early. If you're really daring, sell your place first and rent and sit it out for another year or two. But I know in practice, that's easier said than done.

 

 

 

Hope this was helpful.

 

 

[2pleasemywife]

2pleasemywife

thanks f_l_u for your insightful comments. they were helpful. our dream really is the lunda bay/malaga cove area but definitely out of our price range.

[2pleasemywife]

2pleasemywife

thanks f_l_u for your insightful comments. they were helpful. our dream really is the lunda bay/malaga cove area but definitely out of our price range.

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