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an
Participant[quote=jpinpb][quote=bearishgurl][10, 11 and 12: All new kitchen appls (bolded above). jp, since you are our “resident appliance lady,” why don’t you take a stab at this cost – I have no idea . . . lol.
[/quote]I would love to give a rough estimate on it, but quite honestly, it varies so greatly from different models. And also depends if they got lucky and found them at an outlet like Sears or even the Standard of Excellence outlet. It goes w/out saying that Jenn-Air and Fisher and Paykel are top-of-the-line appliances and the GE Profile/Monogram are their high end. They will have to pay someone to remove the old and install the new. I’d say the conservative low end estimate for all that would be in the 20k range at least.
The custom window replacements are not cheap. I think your estimate may be low on that if you consider install as well.
Lights and ceiling fans would be higher installed, as well.
Having just done a kitchen remodel, and doing a lot of work shopping around to get deals and negotiate w/people, I do not think that 39k is very high. Those cabinets even have glass in them. Some of those pull handles aren’t very cheap. We did so much of the work ourselves to save money. If they had to hire someone to do all the work, then 39k could actually be low. Those cabinets look like they might be Martha Stewart types.
I also just did my bath and again, BG, 5k is conservative. They have wainscoating on the walls and some very nice tyle design on the floor. This wasn’t lipstick on a pig.[/quote]
Wow, low end estimate for those appliance = $20k? I did a quick search and a similar Jenn-Air fridge seems to be going for ~$2k, the cook top is $1k, the dish washer is $1k, microwave is ~$500. Add that up and I expect those appliances to be around $5k. Am I missing something or is the local stores are marking things up by 3-4x?I didn’t do any of my kitchen remodel (contractor did 100% of the job), yet I think $39k is too high for that size kitchen. My kitchen have probably 2x the cabinets as this PL home(solid maple), granite counter, marble floors, and it cost me around $25-30k. We all know the cabinets are the most expensive part of the kitchen (mine cost 2/3 of the total cost).
Regarding bath, I just redid mine (retile (travertine shower floor to ceiling: ~$1.5k, 5 feet vanity (solid maple) + granite counter + Kohler sink and faucet; ~$2500, marble flooring: ~$500) add to total of ~$4.5k. If you add in $500 for wainscoting (which I think is quite generous) and it’ll be ~$5k. What are you doing JP to your bathroom that would make $5k be conservative?
ParticipantBG, I didn’t ask if the house got better, I asked if the street got better.
You said $100k+ for materials, but then add price include labor in your list of upgrades. Based on my personal experienced, labor is at least = the cost of materials. So, $100k+ in materials would be ~$200k installed. Do you still stand behind this statement?
[quote=bearishgurl]
I wouldn’t be surprised if the 2003 owners sunk 100K+ into the property in materials alone in ADDITION to labor costs and sales costs.[/quote]BTW, you grossly over estimate the cost of the kitchen, considering how small it is and the amount of cabinets. With that amount of cabinets, I would say the cost of the kitchen should be around $20k include labor. $39k would be the cost of a kitchen 2x as big and use Cherry not Maple.
I can’t comment on the windows, since I don’t know exactly how many windows they replaced. You seem to know, may I ask how?
Also, we all can agree 2003 price is not that great of a price. We’re talking about 2000-2001 as the price to shoot for. I’m sure you also know this and ignore it, but you NEVER recoup 100% of the remodel cost. Even HGTV, who are as bullish as you can get, do not claim 100% return for remodeling.
Participant[quote=bearishgurl]AN, it is obvious here that those 2003 buyers sunk a lot of $$ into it in the form of rehab costs. Thus the 2007 sold price of $925K (factoring in possible “easy mtg $$” and costs of sale).
It is clear from the recent sale price that some “very motivated” sellers either took a huge loss as to their OWN cash or it was a “short sale.”
I wouldn’t be surprised if the 2003 owners sunk 100K+ into the property in materials alone in ADDITION to labor costs and sales costs.
In spite of being “close” to the rising path, Plum is ONE of the BEST STREETS in Fleetridge.
AN, if you believe you will be able to get something for “mid to high $500k” in that hundred block on that street, it will either be a very heavy fixer or a razed view lot. And good luck to you!
A very interesting and unusual property with excellent curb appeal, jp! Thanks again for sharing this good buy!![/quote]
This is what the listing said: “Luxurious Point Loma home with extensive remodel the last three years…”. Last I checked, 3 years ago was 2008, which would mean the buyer who bought in 2007 did the remodeling, not the buyer who bought in 2003.
Where do you get the $100k+ from? Got data to back that up? I have to call BS on $100k+ in materials. I have first hand experience in buying materials of those quality for a house that’s bigger and have one extra bathroom and I can tell you it’s FAR from $100k+ in materials, unless they overpaid for everything.
Did this street got 20% better between 2003 and 2011?
Participant[quote=jpinpb]Another little reduction in PL. 2210 Plum sold for 750k. They originally listed it for 945k. They were thinking they could actually sell it for more than what they paid for it in 2007 (925k)
If you ask me, 750k is still a lot. But it is PL. But it is not too far from the airplane noise, which is a negative. But it is a very nice place. In any case, one more house that has sold for less in PL.[/quote]
20% above 2003 price of $625k. That’s nothing to be excited. Now, if it was sold for mid to high 500k, then it would be in a better range.Participant[quote=sunny88]Mira Mesa homes rents are between $2,000-2,300.
(http://sandiego.craigslist.org/search/apa?query=mira+mesa&srchType=A&minAsk=&maxAsk=&bedrooms=4&sort=priceasc).Even if renter/buyer belongs to higher tax bracket savings are substantial when renting. Also, I didn’t consider maintenance which could easily add another $ 3,000 a year.[/quote]
http://sandiego.craigslist.org/csd/apa/2622741143.html
This house would probably sell for mid 300k.
http://sandiego.craigslist.org/csd/apa/2620761636.html
This house would probably sell for low 400k.
http://sandiego.craigslist.org/csd/apa/2595302813.html
This one is a good deal (if you can put up with being backed to Calle Cristobal), probably sell for high $400k.
http://sandiego.craigslist.org/csd/apa/2620531747.html
This one is probably asking $100-200 too high. This probably would sell for low $400k.
http://sandiego.craigslist.org/csd/apa/2616947429.html
This one probably would sell for $420-$440k.
http://sandiego.craigslist.org/csd/apa/2622626512.html
This one probably would sell for $410-$430k.
http://sandiego.craigslist.org/csd/apa/2626054173.html
This one probably would sell for $440-$460k.I can go on, but you get the point.
Like I said, if you count in the 10% decline and assuming rate doesn’t rise over the next 5 years, then it’s a no-brainer that rent would be a better deal. If you don’t count in the 10% decline, the $3500/month number with 28/31% tax bracket, you’re looking at ~$2800-2900/month. Without the assumption of 10% decline, it’s not so black and white anymore. Also, after 5 years, you would have paid ~$53k in principal. Even if you have $15k in maintenance over 5 years (which I think is kinda high), the numbers is not as conclusive as it used to be in 2005.
BTW, these houses probably would probably sell for $700k or less.
http://sandiego.craigslist.org/nsd/apa/2627055125.html
http://sandiego.craigslist.org/nsd/apa/2612845743.html
http://sandiego.craigslist.org/nsd/apa/2618238518.html
http://sandiego.craigslist.org/csd/apa/2626315275.html
(This similar house: http://www.sdlookup.com/MLS-110028267-11118_Avenida_De_Los_Lobos_Rd_San_Diego_CA_92127 is asking for $460k)
http://sandiego.craigslist.org/csd/apa/2617682765.html
(Similar area but smaller by ~50 sq-ft, asking for $475k: http://www.sdlookup.com/MLS-110048176-10525_Hollingsworth_Way_San_Diego_CA_92127)
http://sandiego.craigslist.org/csd/apa/2607791460.html
(http://www.sdlookup.com/MLS-110037686-9919_Falcon_Bluff_St_San_Diego_CA_92127, 270 sq-ft smaller model)Participant[quote=sunny88]In this environment renting makes a lot of sense. Let’s do the math:
Home price $700k, down payment $150k, mortgage $550k at 4% (30 yr fixed), property tax $8k, MR 3k. Monthly payments $3,500.
Possible drop in value over next 5 years: 10%=$70k.
Annual drop $14k or about $1,200 a month.Actual cost of owning a $700k over next 5 years $4,700 per month.
Tax credit (25% bracket): $450 per month.
You can rent a comparable home for about $2,500-2,800 per month. Savings at least $1,400 per month or $80 k over 5 years.
Conclusion: Wait and buy a house in 5 years![/quote]
That’s some low rent numbers. Houses in the 400-500k range in Mira Mesa are renting between 2300-2500. Houses in the $700k range in Sorrento Valley with no HOA or MR are renting between 3000-3300/month. Are you sure those are the market rents? To truly afford a $700k house with those HOA + MR, shouldn’t those buyers be in the 28% or 31% bracket? You’d be stretched super thin if you’re in the 25% bracket at buy that type of house.The only good argument to wait in your post is the expectation of a 10% drop in 5 years. Hopefully rates doesn’t go up 10% to offset that 10% decrease in price.
Participant10% total unemployment. IIRC, unemployment for white collar (engineering specifically) jobs are around 4-5%.
More crowded public school = increasing value for private school.
Again, losing and finding job is all relative to which profession you’re in. With white collar (engineering specifically) unemployment around 4-5%, is that something to really worry about?
BTW, the article say “49 percent of respondents do not expect housing prices to rise back to 2007 levels for another nine years.” Assuming they’re right, do you think we’re going to stay at today’s level for 9 years and on 9 years + 1 day, price jumped to 2007 level?
So, why is it not good news if they’re right again?
ParticipantWhy isn’t this good news? IIRC, 2007 price was crazy high. 9 years is quite short to be expecting to get back to that level.
ParticipantI’m not a Bachmann’s supporter, yet I think she’s very decent. Anyone who open up their home and raised that many foster children is more decent than most people.
Participant[quote=patb][quote=AN][quote=briansd1]Elizabeth Warren is a decent, honest person. Nobody, even in opposition to her, would say that she’s a repugnant person. [/quote]
I’m sure Palin & Bachmann’s suporter would say the exact same thing about them as you say about Warren. I’m just pointing out the obvious that people usually only support someone they thing is decent and honest. You can disagree with them, and I’m sure they’ll disagree with you as well.
.[/quote]Actually Palin/Bachmann supporters use words like Strong or Hard or Tough. They never Describe Bush or Palin or Bachmann as Smart. They use words like She shares our Values.[/quote]
I just reread mine and Brian’s quotes that you included and neither of us said smart. We said decent and honest.Participant[quote=profhoff]I’m so frustrated with Obama. What a disappointment![/quote]
What could Obama have done to make him not be a disappointment?September 23, 2011 at 8:03 PM in reply to: Solar Energy, what is the actual cost and how long will it take to recoupe cost #729724ParticipantTo me, exceptional needs for generation is a plus, not a must. My main goal is to get a solution that will reduce my spending on energy. I actually don’t care about how green it is. I just want to spend less for energy. This is why I feel solar is not right for me at this moment with my current usage, since it takes 10+ years to break even.
September 23, 2011 at 9:22 AM in reply to: Solar Energy, what is the actual cost and how long will it take to recoupe cost #729696Participant[quote=Jacarandoso]You’re right, if you don’t have the roof or a large yard space, then there isn’t much you can do about that. What size back-up generator do you have now? Most people will tolerate no AC for the 5 hour black out rather than spend a fortune on a back-up generator, so that is pretty much an optional cost with grid-tied systems.[/quote]
I don’t have any right now. I’m just trying to get as close to apple to apple comparison as possible, since I’m in the market to reduce my energy cost. I’m not saying people won’t tolerate not having AC for 5 hours, but to be fair to both tech, you have to make it as close to apple vs apple as possible. If we lose power again and it happen to be during a heat wave, 5 hours w/out AC might not be much fun.The reason why I’m bringing up solar + battery pack/generator is because I want to compare cost with the same predictability. Lets say it’s cloudy, then if you have a solar system w/out battery pack, you would still have to depend on the cost of electricity from the grid. With FC, you are completely off the grid. As long as you have NG, you have power, rain or shine. So, when you add in the cost of NG for FC solution, you would have to either add in the cost of electricity for days/months where you don’t get very much direct sun light. Or, you would have to count in the cost of a backup generator that can produce enough power so you don’t have to change the way you use power when you’re on the generator.
One other + that I don’t think we can take advantage of it right now (or ever) is the amount of power it produces. 120kWh I would assume is enough power for at least 3 household. Can you imagine if we can get one of those unit and split with your other 2 neighbors to reduce your up front cost.
Participant[quote=briansd1]Elizabeth Warren is a decent, honest person. Nobody, even in opposition to her, would say that she’s a repugnant person. [/quote]
I’m sure Palin & Bachmann’s suporter would say the exact same thing about them as you say about Warren. I’m just pointing out the obvious that people usually only support someone they thing is decent and honest. You can disagree with them, and I’m sure they’ll disagree with you as well.[quote=briansd1]Tea Party policitians are deceitful and prey upon people’s fears and weaknesses. Compared to Warren, Palin is a trashy opportunist.
The 10 poorest states in the nation are the reddest. Is that evidence enough for you? No, I do think people in impoverished Mississippi know what they are voting for.
http://www.cnn.com/2011/09/21/opinion/martin-gop-poverty/index.html?hpt=hp_c1%5B/quote%5DWhat does being poor have anything to do with knowing what you want? By that same argument, hedge fund managers is better than teachers at knowing what you need. -
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