VILLA TAVIANA & BALBOA RIDGE

[bow_legs]

Villa Taviana – Rancho Bernardo

Employer relocated me to SD in Jan 07. Relocation package good for two years. To get settled in right away, I simply rented (1 yr lease) an apt in Mira Mesa (1br 1b) for $1065/mo. Seven months later I’m settled in.

I found two condos I really, really liked. Villa Taviana and Balboa Ridge. In May Villa Taviana’s (Bellini plan 686 sq ft) 1br 1b was $253,990. Balboa Ridge in Clairemont 1br 1b was a $269,900.

Can anyone please tell me anything about these two projects? My lease is up in January and I am debating if I should buy at that time, or sign another lease.

bowlegs

[bow_legs]

SD Realtor

I’m a big fan of yours. Can you please advise.

bow legs

[bow_legs]

SD Realtor

I’m a big fan of yours. Can you please advise.

bow legs

[Arraya]

You need to get a little more familar with this site I think…

Nobody here would advise buying property here for quite some time.

[Arraya]

You need to get a little more familar with this site I think…

Nobody here would advise buying property here for quite some time.

[temeculaguy]

What is the total price to own and how much more is it compared to your $1065. I took this from a forbes article on msnbc, they used San Diego as the owrst case scenario about rent to purchase ratio. Both those are about 100k away from being within fundamental rent to mortgage ratios. also 700 sq ft will likely be outgrown real quick and you job isn’t locked in for more than another year, I wouldn’t buy in your situation even if prices were stable.

“Consider house hunters in San Diego. There, the single-family home market is experiencing a significant price correction. In 2006, the market dropped 4.5 percent. Renters pay 38 percent of the cost of an owner’s mortgage payment, according to data from Torto Wheaton Research, a research firm owned by CB Richard Ellis. That’s compared with 79 percent nationwide.”

[temeculaguy]

What is the total price to own and how much more is it compared to your $1065. I took this from a forbes article on msnbc, they used San Diego as the owrst case scenario about rent to purchase ratio. Both those are about 100k away from being within fundamental rent to mortgage ratios. also 700 sq ft will likely be outgrown real quick and you job isn’t locked in for more than another year, I wouldn’t buy in your situation even if prices were stable.

“Consider house hunters in San Diego. There, the single-family home market is experiencing a significant price correction. In 2006, the market dropped 4.5 percent. Renters pay 38 percent of the cost of an owner’s mortgage payment, according to data from Torto Wheaton Research, a research firm owned by CB Richard Ellis. That’s compared with 79 percent nationwide.”

[Anonymous]

DONT EVEN THINK ABOUT BUYING A ONE BDR CONDO!!!!!
Seriously, that is the worst investment you could possibly make in a falling (soon to be crashing) real estate market. Condos tank worse than houses, and 1bdr are by far least desirable.

You are living in a cave if you are even thinking of buying anything now. Secondly, you are clearly a real estate novice if you would even consider purchasing a 1bdr. If you insist on buying, at least wait until you can afford 2bdr. That’s straight out of homebuying 101.

[Anonymous]

DONT EVEN THINK ABOUT BUYING A ONE BDR CONDO!!!!!
Seriously, that is the worst investment you could possibly make in a falling (soon to be crashing) real estate market. Condos tank worse than houses, and 1bdr are by far least desirable.

You are living in a cave if you are even thinking of buying anything now. Secondly, you are clearly a real estate novice if you would even consider purchasing a 1bdr. If you insist on buying, at least wait until you can afford 2bdr. That’s straight out of homebuying 101.

[SD Realtor]

Hi bow_legs –

I have a client who I worked with about 18 months ago. Sold her condo down in the south bay and she did very well and wanted to buy into one of the conversions in Clairemont. I discouraged her and she has been renting ever since. I would absolutely agree that you will be better off renting for another few years, (if you can put up with it) especially for a condo in this area. About 2 months ago I sold off my 1/1 in Mission Valley to my tenant. While I gave her a very nice deal below market I do believe that the condo market will continue to lead the charge in the market depreciation cycle. So unless you can build in a relo package that buffers you sufficiently for the depreciation potential, I think it would be wise to pass.

One thing though… as always, run the numbers and see. Alot of people have discussed and posted about rent verses buy calculators, (and it is pretty easy to just put together an excel sheet) See if it works out for you.

Another big reason for the hesitancy is that this would not be a final or long term purchase by any means. It would be most likely the first in a ladder of purchases as you move ahead. So the likelihood that this will pencil out as a rental, (when you do move out) is low at that price. Similarly I think you will most likely be ready to move prior to the market going down and getting back up to where the home would provide at least a break even.

SD Realtor

[SD Realtor]

Hi bow_legs –

I have a client who I worked with about 18 months ago. Sold her condo down in the south bay and she did very well and wanted to buy into one of the conversions in Clairemont. I discouraged her and she has been renting ever since. I would absolutely agree that you will be better off renting for another few years, (if you can put up with it) especially for a condo in this area. About 2 months ago I sold off my 1/1 in Mission Valley to my tenant. While I gave her a very nice deal below market I do believe that the condo market will continue to lead the charge in the market depreciation cycle. So unless you can build in a relo package that buffers you sufficiently for the depreciation potential, I think it would be wise to pass.

One thing though… as always, run the numbers and see. Alot of people have discussed and posted about rent verses buy calculators, (and it is pretty easy to just put together an excel sheet) See if it works out for you.

Another big reason for the hesitancy is that this would not be a final or long term purchase by any means. It would be most likely the first in a ladder of purchases as you move ahead. So the likelihood that this will pencil out as a rental, (when you do move out) is low at that price. Similarly I think you will most likely be ready to move prior to the market going down and getting back up to where the home would provide at least a break even.

SD Realtor

[bow_legs]

Thank you so much, SD Realtor. I appreciate you!

bow legs

[bow_legs]

Thank you so much, SD Realtor. I appreciate you!

bow legs

[Author]

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