temecula condo – bad idea?

[kirsten]

Thanks everyone. 🙂

Temeculaguy – I really like those ones, I hadn’t considered them because we would prefer to be closer to the freeway (my husband will be commuting to Fallbrook), but I think I’ll take a second look.

Rent is $1450 for the DR Horton townhomes. I stopped by today, and the asking price for the same plan is $235k (3 story, 2bd/2ba). It backs up to a park and they’ve built about 1/3 of the development so far. Taxes are 1.4%, HOA is $199. While I was talking to them today, they offered to pay 3% towards the down pmt., $8k towards closing costs, one year of HOA fees, and include the washer/dryer and fridge – about $20k in incentives according to their calculations. The payment that I calculated is about $1900 unless I put down more (which I really don’t want to do, because I’d rather pay down some other debt and increase our savings).

We’re not selling because of a short sale – our property just needs a TON of work, and my husband and I realized that neither of us are interested in maintaining a large property. My husband’s elderly father has also been living in our guest house and the utilities costs combined with the expenses of caring for his father were more than we wanted, so we decided to simplify our situation. Our plan is to rent or buy and stay there for a few years while we look for a lot in Fallbrook and build a home.

As for savings, we have about $40k saved, as well as a healthy CalSTRS pension (I’ve been triple-contributing for the past few years). We would like to build our savings and investments even more though, and that’s another reason why we are selling our home and downsizing.

My gut feeling is that we should rent for a year or so. It sounds like prices are still falling in Temec., and I would probably be irritated if we bought and then the prices went significantly lower.

[Ren]

Yeah, what he said. You’ll get FAR more for your money buying a house, and even more later this year. I’m seeing 1,700-2,000 sq ft detached houses in the mid 200’s, many built only a few years ago. My wife and I will be pulling the trigger this winter on a newer 4/2.5 in Redhawk, which we’ll live in for a few years, and then rent at about $400-$500/mo positive cash flow, assuming 11 month/year occupancy. Not bad at all.

That said, good condos do exist. The key is to make sure they were built to “condo specs” with thick walls between units (although this doesn’t ensure you won’t hear the neighbors – some are more soundproof than others) and get in a multi-level townhome style so you don’t have upstairs or downstairs neighbors. We currently rent a solid 2/2.5 in Carmel Valley and we CANNOT hear our neighbors, ever, on either side. We also have a 3-month-old baby and they can’t hear him.

[Ren]

Yeah, what he said. You’ll get FAR more for your money buying a house, and even more later this year. I’m seeing 1,700-2,000 sq ft detached houses in the mid 200’s, many built only a few years ago. My wife and I will be pulling the trigger this winter on a newer 4/2.5 in Redhawk, which we’ll live in for a few years, and then rent at about $400-$500/mo positive cash flow, assuming 11 month/year occupancy. Not bad at all.

That said, good condos do exist. The key is to make sure they were built to “condo specs” with thick walls between units (although this doesn’t ensure you won’t hear the neighbors – some are more soundproof than others) and get in a multi-level townhome style so you don’t have upstairs or downstairs neighbors. We currently rent a solid 2/2.5 in Carmel Valley and we CANNOT hear our neighbors, ever, on either side. We also have a 3-month-old baby and they can’t hear him.

[Ren]

Yeah, what he said. You’ll get FAR more for your money buying a house, and even more later this year. I’m seeing 1,700-2,000 sq ft detached houses in the mid 200’s, many built only a few years ago. My wife and I will be pulling the trigger this winter on a newer 4/2.5 in Redhawk, which we’ll live in for a few years, and then rent at about $400-$500/mo positive cash flow, assuming 11 month/year occupancy. Not bad at all.

That said, good condos do exist. The key is to make sure they were built to “condo specs” with thick walls between units (although this doesn’t ensure you won’t hear the neighbors – some are more soundproof than others) and get in a multi-level townhome style so you don’t have upstairs or downstairs neighbors. We currently rent a solid 2/2.5 in Carmel Valley and we CANNOT hear our neighbors, ever, on either side. We also have a 3-month-old baby and they can’t hear him.

[Ren]

Yeah, what he said. You’ll get FAR more for your money buying a house, and even more later this year. I’m seeing 1,700-2,000 sq ft detached houses in the mid 200’s, many built only a few years ago. My wife and I will be pulling the trigger this winter on a newer 4/2.5 in Redhawk, which we’ll live in for a few years, and then rent at about $400-$500/mo positive cash flow, assuming 11 month/year occupancy. Not bad at all.

That said, good condos do exist. The key is to make sure they were built to “condo specs” with thick walls between units (although this doesn’t ensure you won’t hear the neighbors – some are more soundproof than others) and get in a multi-level townhome style so you don’t have upstairs or downstairs neighbors. We currently rent a solid 2/2.5 in Carmel Valley and we CANNOT hear our neighbors, ever, on either side. We also have a 3-month-old baby and they can’t hear him.

[Ren]

Yeah, what he said. You’ll get FAR more for your money buying a house, and even more later this year. I’m seeing 1,700-2,000 sq ft detached houses in the mid 200’s, many built only a few years ago. My wife and I will be pulling the trigger this winter on a newer 4/2.5 in Redhawk, which we’ll live in for a few years, and then rent at about $400-$500/mo positive cash flow, assuming 11 month/year occupancy. Not bad at all.

That said, good condos do exist. The key is to make sure they were built to “condo specs” with thick walls between units (although this doesn’t ensure you won’t hear the neighbors – some are more soundproof than others) and get in a multi-level townhome style so you don’t have upstairs or downstairs neighbors. We currently rent a solid 2/2.5 in Carmel Valley and we CANNOT hear our neighbors, ever, on either side. We also have a 3-month-old baby and they can’t hear him.

[hipmatt]

I’ve said this all before, but i say it again. In this area, I feel rents are falling, housing prices are falling, and condo prices will fall too.

Personally, I don’t like that location due to its proximity to Pechanga and I just would rather avoid south Temecula, but that is just me, and I know I am in the minority here with that viewpoint. I’m sure you could rent a condo or even a home in Harveston, which also is close to the freeway for less…. http://inlandempire.craigslist.org/apa/628624722.html

I wouldn’t pay that type of money to rent a condo, there are too many homes for the same amount that offer way privacy and space. I’ve seen some fixer 3/2 homes IN Temecula for under 200k, and I expect to see MANY more in 6 months or so. I’d say hold off and rent, and drive a hard bargain too.

[hipmatt]

I’ve said this all before, but i say it again. In this area, I feel rents are falling, housing prices are falling, and condo prices will fall too.

Personally, I don’t like that location due to its proximity to Pechanga and I just would rather avoid south Temecula, but that is just me, and I know I am in the minority here with that viewpoint. I’m sure you could rent a condo or even a home in Harveston, which also is close to the freeway for less…. http://inlandempire.craigslist.org/apa/628624722.html

I wouldn’t pay that type of money to rent a condo, there are too many homes for the same amount that offer way privacy and space. I’ve seen some fixer 3/2 homes IN Temecula for under 200k, and I expect to see MANY more in 6 months or so. I’d say hold off and rent, and drive a hard bargain too.

[hipmatt]

I’ve said this all before, but i say it again. In this area, I feel rents are falling, housing prices are falling, and condo prices will fall too.

Personally, I don’t like that location due to its proximity to Pechanga and I just would rather avoid south Temecula, but that is just me, and I know I am in the minority here with that viewpoint. I’m sure you could rent a condo or even a home in Harveston, which also is close to the freeway for less…. http://inlandempire.craigslist.org/apa/628624722.html

I wouldn’t pay that type of money to rent a condo, there are too many homes for the same amount that offer way privacy and space. I’ve seen some fixer 3/2 homes IN Temecula for under 200k, and I expect to see MANY more in 6 months or so. I’d say hold off and rent, and drive a hard bargain too.

[hipmatt]

I’ve said this all before, but i say it again. In this area, I feel rents are falling, housing prices are falling, and condo prices will fall too.

Personally, I don’t like that location due to its proximity to Pechanga and I just would rather avoid south Temecula, but that is just me, and I know I am in the minority here with that viewpoint. I’m sure you could rent a condo or even a home in Harveston, which also is close to the freeway for less…. http://inlandempire.craigslist.org/apa/628624722.html

I wouldn’t pay that type of money to rent a condo, there are too many homes for the same amount that offer way privacy and space. I’ve seen some fixer 3/2 homes IN Temecula for under 200k, and I expect to see MANY more in 6 months or so. I’d say hold off and rent, and drive a hard bargain too.

[hipmatt]

I’ve said this all before, but i say it again. In this area, I feel rents are falling, housing prices are falling, and condo prices will fall too.

Personally, I don’t like that location due to its proximity to Pechanga and I just would rather avoid south Temecula, but that is just me, and I know I am in the minority here with that viewpoint. I’m sure you could rent a condo or even a home in Harveston, which also is close to the freeway for less…. http://inlandempire.craigslist.org/apa/628624722.html

I wouldn’t pay that type of money to rent a condo, there are too many homes for the same amount that offer way privacy and space. I’ve seen some fixer 3/2 homes IN Temecula for under 200k, and I expect to see MANY more in 6 months or so. I’d say hold off and rent, and drive a hard bargain too.

[temeculaguy]

It pains me to say this, if fact I vomitted a little bit in my mouth just thinking about it, but I agree with matt. Just rent for a year, sfr’s are coming down, you’ll be able to get a 1500 sq fter in paloma or vail ranch by summers end at that price that wont be a fixer.

Where matt is completely wrong is telling someone who is commuting South to live in harveston, matt you hate it there anyway, I’ll give you the fact that you have costco and harry’s pacific grill is filled with hotties every day, other than that, there’s no reason to go north of rancho cal. The traffic for the 7 or 8 miles from Rainbow canyon road to Winchester will double your commute, it always sucks but the ride to the rainbow exit is usually 70 mph and since he is driving to fallbrook he only has to go on the freeway for one offramp (mission to rainbow canyon) that’s hardly a commute. I could go into a diatribe about the quality of the people in the north vs south debate and how I’ve spent years on both sides but I’ll just put it to you this way, who would you live by? TG or Matt? End of debate.

[temeculaguy]

It pains me to say this, if fact I vomitted a little bit in my mouth just thinking about it, but I agree with matt. Just rent for a year, sfr’s are coming down, you’ll be able to get a 1500 sq fter in paloma or vail ranch by summers end at that price that wont be a fixer.

Where matt is completely wrong is telling someone who is commuting South to live in harveston, matt you hate it there anyway, I’ll give you the fact that you have costco and harry’s pacific grill is filled with hotties every day, other than that, there’s no reason to go north of rancho cal. The traffic for the 7 or 8 miles from Rainbow canyon road to Winchester will double your commute, it always sucks but the ride to the rainbow exit is usually 70 mph and since he is driving to fallbrook he only has to go on the freeway for one offramp (mission to rainbow canyon) that’s hardly a commute. I could go into a diatribe about the quality of the people in the north vs south debate and how I’ve spent years on both sides but I’ll just put it to you this way, who would you live by? TG or Matt? End of debate.

[temeculaguy]

It pains me to say this, if fact I vomitted a little bit in my mouth just thinking about it, but I agree with matt. Just rent for a year, sfr’s are coming down, you’ll be able to get a 1500 sq fter in paloma or vail ranch by summers end at that price that wont be a fixer.

Where matt is completely wrong is telling someone who is commuting South to live in harveston, matt you hate it there anyway, I’ll give you the fact that you have costco and harry’s pacific grill is filled with hotties every day, other than that, there’s no reason to go north of rancho cal. The traffic for the 7 or 8 miles from Rainbow canyon road to Winchester will double your commute, it always sucks but the ride to the rainbow exit is usually 70 mph and since he is driving to fallbrook he only has to go on the freeway for one offramp (mission to rainbow canyon) that’s hardly a commute. I could go into a diatribe about the quality of the people in the north vs south debate and how I’ve spent years on both sides but I’ll just put it to you this way, who would you live by? TG or Matt? End of debate.

[temeculaguy]

It pains me to say this, if fact I vomitted a little bit in my mouth just thinking about it, but I agree with matt. Just rent for a year, sfr’s are coming down, you’ll be able to get a 1500 sq fter in paloma or vail ranch by summers end at that price that wont be a fixer.

Where matt is completely wrong is telling someone who is commuting South to live in harveston, matt you hate it there anyway, I’ll give you the fact that you have costco and harry’s pacific grill is filled with hotties every day, other than that, there’s no reason to go north of rancho cal. The traffic for the 7 or 8 miles from Rainbow canyon road to Winchester will double your commute, it always sucks but the ride to the rainbow exit is usually 70 mph and since he is driving to fallbrook he only has to go on the freeway for one offramp (mission to rainbow canyon) that’s hardly a commute. I could go into a diatribe about the quality of the people in the north vs south debate and how I’ve spent years on both sides but I’ll just put it to you this way, who would you live by? TG or Matt? End of debate.

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