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an
ParticipantI wouldn’t mind waiting for that 30% to drop from current price for one of the townhouse in Airoso. That would put it in the low 300k range.
ParticipantI don’t know about the other development, so I can’t really tell you. I just like Airoso for the location, price, and size. I work in Sorrento Valley and my wife work in La Jolla, so my top location is Sorrento Valley and Carmel Valley is second. Personally, I don’t want to live all the way down in Point Loma because we both would hit traffic on the way to work and home.
ps, for rental, I probably would use 120x rental multiplier, so that would put it around $252k. However, for my own personal resident, it’s a little different. I wouldn’t mind paying a little more for my home since i’ll be living there for a long while. I say $400k is the max I would pay, but at this rate, it might be lower by the time my rental lease is up.
ParticipantNo place is immune to this down turn. You showed Bressi Ranch is falling 9-13%. Just look how much Airoso is falling in Carmel Valley. My bet is somewhere between 15-20%. At this rate, next year will be a disaster.
ParticipantYeah, it’s unraveling much faster than I thought too. I just heard from my wife that her coworker just bought a plan 2 in Airoso for $465k. Plan 2 is listing @ $560k right now and it was $580-590k just beginning of this year. So that’s a little less than 20% from current asking and and over 20% from just 1/2 a year ago. Talk about free fall.
ParticipantI would consider $400k as fair price since rent for those will be around $2100/month. You’ll be breaking even after tax deduction if it’s $400k.
ParticipantAlso, is this break even after the tax deduction or before?
ParticipantI was hoping builders keep on building too. Less profit per house is still better than no profit. If this is the trend, the builder stocks will get hammer some more. Their PE won’t hold up if the E keep on dropping.
ParticipantPlease tell us where.
Participantduplicate post.
ParticipantIt’s also funny how right after the lady guest mentioned that if you plan to stay in a house 5-10 years, you’re 100% safe from the down turn, he mentioned that there’s a huge boom in the 1880s and it didn’t recover until 1970s. That just come to show nothing is a sure thing.
ParticipantIt’s also funny how right after the lady guest mentioned that if you plan to stay in a house 5-10 years, you’re 100% safe from the down turn, he mentioned that there’s a huge boom in the 1880s and it didn’t recover until 1970s. That just come to show nothing is a sure thing.
ParticipantYes, he have his own show. It was around 6-7PM, but now, I think it’s around 3-4PM but have rerun @ 6-7PM. He own Atvantage.com. He’s a developer. He mentioned he was burned the last crash. So we’ll see if he learned his lesson or not.
ParticipantI used to listen to Dan Holbrook everyday when I had to commute for work. Over the last year, his tone has change dramatically. Although he still hasn’t admit that RE is falling, last year, he was saying this is the best time to buy and he’s expecting 8-10% appreciation. Now, he’s saying don’t by RE retail, call him and he’ll show you how to buy it wholesale.
ParticipantI don’t believe all 1st time buyer have to be house poor when they first started. I know people who bought their first house, around 1600 sq-ft in Mira Mesa, around 1996 for $125k. They were able to pay for everything and have 4 kids on 1 income. Now, after they refi, their mortgage is only around 700-800/month. I think if you wait, that time will come again. I don’t know when that is, but like all cycles, good time to buy will come if you’re patient enough to wait.
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