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Participant[quote=SK in CV][quote=ocrenter]
ok, forever is a slight exaggeration. 🙂long term as in 10+ years would be a no brainer to pay off the MR. mid term as in 5+ years the numbers could still work.[/quote]
My apologies for thread jacking, this is a bit off-topic from the OP, but I have to question the whole pay off MR thing…
My understanding, and maybe some RE professionals can chime in here, is that paid off MR doesn’t generally bring a higher sales price.
I suspect that the interest rate on MR bonds are probably a few points higher than prevailing mortgage rates, so on a $60K MR liability, the interest differential might be $1800 a year.
From what I’ve read here, paying off MR early does eliminate future increases in MR assessments, though I’m a bit confused exactly why this is so.
But for a homeowner who has a mortgage, why wouldn’t it be better to pay off a big chunk of mortgage debt rather than paying off MR? Paying off mortgage debt is a guaranteed increase in equity, and paying off MR may generate zero increase in equity, and the interest savings compared to equity build is pretty minimal. Are any of my assumptions way off? What am I missing?[/quote]
If you assume another 30 years of MR the effective interest rate for MR is 9%+, and that is if MR was flat (in theory it can be flat or get reduced, but in practice it increases the maximum allowed 2%/year every year).
Also, if you prepay the principal today you won’t see the effects until you pay off the mortgage or sell the house. If you pay off your MR your monthly expenses go down almost immediately.
Participant[quote=ocrenter]
that’s odd. I took it for granted that all new homes, especially in Stonebridge, have sprinker system installed. we have ones that are hidden from view with small white circular covers on the ceiling. ’05 is not that much older and should have included the sprinkler system.[/quote]
City of SD changed the code to require residential fire sprinklers in 2010. The county already had that requirement, that’s why 4S houses built 10+ years ago have it.
Retrofit is not required unless you are doing remodel and significantly expanding the current square footage.
Participant[quote=SD Realtor]I will present some data tonight that shows a slowdown in a few submarkets for certain types of properties.[/quote]
Any updates on the #’s?
Participant[quote=GotFear]Wow, some of you folks responding on this thread has some serious Chinese xenophobia going on….
One of you even went as far as suggesting the only ones buying from China must be corrupt government officials….WTF? Sounds totally like a redneck baffoon to say…
I’m surprised more people haven’t thought that maybe the reason someone people are buying homes with cash (irrespective of race, gender,etc) is, oh I don’t know, maybe they earned it and/or have more wealth than you do?
Just because someone has the financial ability to do something you can’t do doesn’t mean whatever they did was illegal or “corrupt”, Making such a suggestion is nothing more than a personal reflection of your own fear, jealousy, etc of whatever financial shortcomings you apparently think you have.[/quote]
According to a recent study 68% of San Diego cash buyers are corrupt Chinese officials.
June 18, 2013 at 2:47 PM in reply to: Another excellent Economist Mag article on the terrible state pension issues #762962Participant[quote=bearishgurl][quote=all]The point was the fact that you don’t take advantage of particular service does not mean a thing. I have no use for retrofitting sidewalks to accommodate disabled and elderly, airplane carriers and campsites. Few services are universally appreciated which is the reason MR exists – people who want to pay for extras can buy in the area where the extras are offered.[/quote]
craptcha, FWIW, my kid(s) and I DID take advantage of the library for a long time. But its late fees have quadrupled in recent years and they have resorted to hard-handed tactics to collect money when all they would have had to do is call me or send me a notice that I still had the book and I would have brought it in and paid the late charges.
If your “new, modern, high-tech” library was paid for with MR bond money, keep it mind that it is staffed (salaries) and run (utilities/maintenance) with ALL of our property tax money if it is county-run and ALL of the property tax money collected by a city if it is city-run. This includes money collected from parcels not lying within the CFD(s) the library was built to serve. Thus, it cannot discriminate in who they issue library cards to, as long as they reside within the City or County where the library is situated. And the library is open to any individual who wishes to use it.
Public facilities lying within CFDs cost ALL local taxpayers dearly in public salaries, utilities and maintenance even if they were built with MR bond money.[/quote]
People living in CFD areas are not excused from paying the sales and property taxes. It is more likely that the sales & property taxes collected in my area sponsor your facilities than the other way around.
I’m fine with scaling back the taxes and the services for everyone and then empowering communities to decide if they want their libraries open or closed.
June 18, 2013 at 2:21 PM in reply to: Another excellent Economist Mag article on the terrible state pension issues #762959Participant[quote=bearishgurl][quote=all][quote=bearishgurl]For instance, I’m finding that the vast majority of residents don’t really give a damn (incl myself) if the library is only open 4-5 days per week for 2-3 hours per day. Less employees can now work in two or more local libraries to get at/ least 32 hours per week and thus keep their benefits. Each library can stagger their opening hours to coincide with other local libraries’ closing hours.[/quote]
That is a function of your lifestyle. Our local library is busy place with lots of people taking advantage of the programs and resources offered there.[/quote]
craptcha, per chance was your library paid for with MR bond money? (CAT 5 wiring, kiosks, community meeting areas, etc) Just wondering …
And if your library is run by the county, the county hasn’t had to cut back their library hours as much as some cities have had to, such as Chula Vista. Why has ChulaV had to cut back its services so much? Because they (stupidly) issued tens of thousands more residential permits than they should have during the millenium boom. When all those *newer* subdivisions went bust starting in 2007, so many of their homeowners applied for assessment appeals that the county had to bring in three FT appraisers to its (closed for biz except to collect taxes 2X annually) South County Assessor’s Office to reassess downward ALL the parcels in those *newer* subdivisions. Yes, ALL of them.
The MR bonds in were only used to BUILD all that mess (along with ancillary street improvements). They didn’t and don’t pay for maintenance or city services for all those new residents. The property taxes are supposed to but the city has gotten so much less for its portion from the state because the parcel tax collected was in many cases 50% less than the tax collected prior to the bust.
When a CA county assessor collects property tax (not incl MR or agency/school bond fees), the ad-valoreum portion of the tax bill collected reverts to the state for later distribution to the jurisdictions from whence it came.
No matter how much property tax is recovered by a city for any given fiscal year, it STILL needs to provide for basic law enforcement, fire and municipal services.[/quote]
The point was the fact that you don’t take advantage of particular service does not mean a thing. I have no use for retrofitting sidewalks to accommodate disabled and elderly, airplane carriers and campsites. Few services are universally appreciated which is the reason MR exists – people who want to pay for extras can buy in the area where the extras are offered.
June 18, 2013 at 1:20 PM in reply to: Another excellent Economist Mag article on the terrible state pension issues #762953Participant[quote=bearishgurl]
For instance, I’m finding that the vast majority of residents don’t really give a damn (incl myself) if the library is only open 4-5 days per week for 2-3 hours per day. Less employees can now work in two or more local libraries to get at least 32 hours per week and thus keep their benefits. Each library can stagger their opening hours to coincide with other local libraries’ closing hours.[/quote]That is a function of your lifestyle. Our local library is busy place with lots of people taking advantage of the programs and resources offered there.
Participant[quote=spdrun]Simple solution: limit working hours to 35 per week + 4 weeks mandatory vacation + holidays for most W-2 employees. Combine that with national health insurance for all, so that employers would have to provide very minimal benefits — cost of hiring goes down.
[/quote]How is that working for France?
June 10, 2013 at 6:14 PM in reply to: Which public schools are better: Carmel Valley or La Jolla #762594Participant[quote=bearishgurl] I get to call ALL the shots and there’s a LOT to be said for that in my book.
[/quote]It’s great that you get to call all the shots after all the abuse by your incompetent bosses that you had to endure. It would make me and my hard flushing neighbor very sad if that was not the case. 60% equity in one of Chula Vista’s prime properties is just icing on the cake.
Participant[quote=XBoxBoy]
Here’s the part that saddens me. I too think it’s good that he drew attention to this matter, but my cynicism tells me that six months from now all the controversy will have blown over. [/quote]There is no controversy, just like there was no controversy around Manning. Majority says the war on terror should include unlimited surveillance. No politician will be voted out because of this (and arguing against would be used by your opponents to take you down when the next attack happens because you “don’t want to protect our children”).
Ellsberg succeeded because the upside for the people was tangible. Snowden is not that lucky.
June 10, 2013 at 4:22 PM in reply to: Which public schools are better: Carmel Valley or La Jolla #762579Participant[quote=njtosd]…I would add that bearishgurl has a case of sour grapes that almost borders on hallucination.[/quote]
Show some sympathy – she had to walk through bad neighborhoods in order to be abused by her incompetent bosses for years and ended up in Chula Vista. Agreeing with you would mean accepting that all the sacrifice was for nothing.
Participant[quote=xgliu128]Is original 2002 bond ($55 per $100K = tax rate 0.055% ) for all properties in PUSD?
[/quote]No. The areas covered by Mello Roos don’t pay that tax.
[quote=xgliu128]
Will it be able to cover the Prop C-Ser B 2011 bond total payment 1 billion dollar by extending 11-14 years?[/quote]No idea.
Participant[quote=SK in CV][quote=xgliu128]found an interesting presentation from PUSD about bonds issued.
http://www.powayusd.com/news/PDF_Files/2012-13/BondMeasurePresentation_Aug202012.pdfslides page 49 contains might be the most controvercial bond
Prop C-Ser. B 2011
principle: $105,000,150 terms: 40-Years
total payment: $981,362,327 payment ratio:9.3463anyone knows which item in tax bill is for this bond?[/quote]
Unlikely it would appear on a tax bill. It’s a general obligation bond of the school district, not tied to any property.[/quote]
It’s funded by extending the payout of the original 2002 bond ($55 per $100K) for another 11-14 years.
Participant[quote=bearishgurl] I would guess that many (most?) mortgage lenders don’t use MR and HOA monthly expense (BOTH can be exorbitant) when calculating monthly PITI in front end/back end ratios for qualification purposes.[/quote]
Guess again.
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