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bearishgurl
Participant[quote=AN]So you think places that has dropped 50%+ from peak and are at ~2000 nominal price is a worse investment than a house in NCC that’s west of the 5? I beg to differ.[/quote]
AN, I can’t go around and around about this, but you still gotta sell that property someday that just sunk to +-2000 lows. What will it bring in 2015? 2020? What kind of profit can you make fixing it up and selling it as opposed to a well-located property in NCC west of the 5??
More fundamentally, why did its neighborhood sink to “2000 lows” in the first place?? Ask yourself that question before you make an offer. If you are buying for appreciation from “sweat equity,” then think twice before making an offer. If you are buying for cash flow and will never live there, then examine the local rents and if it cash-flows after PITI, then BUY IT! Bear in mind the calibur of tenants you will attract, because, after all, the ‘hood has “sunk to 2000 lows.”
A property in a neighborhood that has sunk to “2000 lows” is NOT a “keeper” in the way that sdcellar is referring to. It is a property purchased for rental income or a leg-up for a moderate-income first-time buyer family that needs a stable home for their kids.
Think about it.
Participant[quote=AN]So you think places that has dropped 50%+ from peak and are at ~2000 nominal price is a worse investment than a house in NCC that’s west of the 5? I beg to differ.[/quote]
AN, I can’t go around and around about this, but you still gotta sell that property someday that just sunk to +-2000 lows. What will it bring in 2015? 2020? What kind of profit can you make fixing it up and selling it as opposed to a well-located property in NCC west of the 5??
More fundamentally, why did its neighborhood sink to “2000 lows” in the first place?? Ask yourself that question before you make an offer. If you are buying for appreciation from “sweat equity,” then think twice before making an offer. If you are buying for cash flow and will never live there, then examine the local rents and if it cash-flows after PITI, then BUY IT! Bear in mind the calibur of tenants you will attract, because, after all, the ‘hood has “sunk to 2000 lows.”
A property in a neighborhood that has sunk to “2000 lows” is NOT a “keeper” in the way that sdcellar is referring to. It is a property purchased for rental income or a leg-up for a moderate-income first-time buyer family that needs a stable home for their kids.
Think about it.
Participant[quote=AN][quote=bearishgurl]. . . This assertion follows sdr’s “mantra” that “the best properties are in the strongest hands.” Getting your hands on one of them could possibly be the chance of a lifetime![/quote]
I completely agree with you and sdr on this point. Except I think it’s more niche than just micro area, I think it’s certain house/lot. I’m hoping to have my chance at one of these property at the price I want someday. Beyond those few lots, I think older areas, 25+ years old, are much more likely to have long term owners who do not want to move, even in tract home areas. . .
[/quote]AN, I think I posted somewhere that I have been (not consistently) fixated on several properties on four sts. for the last 30 years (3 in Fleetridge 92106 and one in La Playa 92106). Yes, I’m sure properties I was interested in changed hands over that period of time when I was “asleep at the switch.” But I also was not in a position to “act,” except once, where I lost the opportunity due to a recalcitrant spouse.
sdcellar is in a place in his life where he is able to ACT!! I can’t emphasize enough that if a Pigg should see their dream property become available in THIS MARKET and they are able to ACT UPON IT, THEY SHOULD. IMO, the present conditions will NOT last forever and IF THEY JUST HAPPEN TO COINCIDE with the sudden avail. of a property you have long had your eye on, then THIS is a once-in-a-lifetime opportunity. Last time I looked, folks on their deathbeds never begrudged acting on their once-in-a-lifetime opportunity, if it presented itself.
Participant[quote=AN][quote=bearishgurl]. . . This assertion follows sdr’s “mantra” that “the best properties are in the strongest hands.” Getting your hands on one of them could possibly be the chance of a lifetime![/quote]
I completely agree with you and sdr on this point. Except I think it’s more niche than just micro area, I think it’s certain house/lot. I’m hoping to have my chance at one of these property at the price I want someday. Beyond those few lots, I think older areas, 25+ years old, are much more likely to have long term owners who do not want to move, even in tract home areas. . .
[/quote]AN, I think I posted somewhere that I have been (not consistently) fixated on several properties on four sts. for the last 30 years (3 in Fleetridge 92106 and one in La Playa 92106). Yes, I’m sure properties I was interested in changed hands over that period of time when I was “asleep at the switch.” But I also was not in a position to “act,” except once, where I lost the opportunity due to a recalcitrant spouse.
sdcellar is in a place in his life where he is able to ACT!! I can’t emphasize enough that if a Pigg should see their dream property become available in THIS MARKET and they are able to ACT UPON IT, THEY SHOULD. IMO, the present conditions will NOT last forever and IF THEY JUST HAPPEN TO COINCIDE with the sudden avail. of a property you have long had your eye on, then THIS is a once-in-a-lifetime opportunity. Last time I looked, folks on their deathbeds never begrudged acting on their once-in-a-lifetime opportunity, if it presented itself.
Participant[quote=AN][quote=bearishgurl]. . . This assertion follows sdr’s “mantra” that “the best properties are in the strongest hands.” Getting your hands on one of them could possibly be the chance of a lifetime![/quote]
I completely agree with you and sdr on this point. Except I think it’s more niche than just micro area, I think it’s certain house/lot. I’m hoping to have my chance at one of these property at the price I want someday. Beyond those few lots, I think older areas, 25+ years old, are much more likely to have long term owners who do not want to move, even in tract home areas. . .
[/quote]AN, I think I posted somewhere that I have been (not consistently) fixated on several properties on four sts. for the last 30 years (3 in Fleetridge 92106 and one in La Playa 92106). Yes, I’m sure properties I was interested in changed hands over that period of time when I was “asleep at the switch.” But I also was not in a position to “act,” except once, where I lost the opportunity due to a recalcitrant spouse.
sdcellar is in a place in his life where he is able to ACT!! I can’t emphasize enough that if a Pigg should see their dream property become available in THIS MARKET and they are able to ACT UPON IT, THEY SHOULD. IMO, the present conditions will NOT last forever and IF THEY JUST HAPPEN TO COINCIDE with the sudden avail. of a property you have long had your eye on, then THIS is a once-in-a-lifetime opportunity. Last time I looked, folks on their deathbeds never begrudged acting on their once-in-a-lifetime opportunity, if it presented itself.
Participant[quote=AN][quote=bearishgurl]. . . This assertion follows sdr’s “mantra” that “the best properties are in the strongest hands.” Getting your hands on one of them could possibly be the chance of a lifetime![/quote]
I completely agree with you and sdr on this point. Except I think it’s more niche than just micro area, I think it’s certain house/lot. I’m hoping to have my chance at one of these property at the price I want someday. Beyond those few lots, I think older areas, 25+ years old, are much more likely to have long term owners who do not want to move, even in tract home areas. . .
[/quote]AN, I think I posted somewhere that I have been (not consistently) fixated on several properties on four sts. for the last 30 years (3 in Fleetridge 92106 and one in La Playa 92106). Yes, I’m sure properties I was interested in changed hands over that period of time when I was “asleep at the switch.” But I also was not in a position to “act,” except once, where I lost the opportunity due to a recalcitrant spouse.
sdcellar is in a place in his life where he is able to ACT!! I can’t emphasize enough that if a Pigg should see their dream property become available in THIS MARKET and they are able to ACT UPON IT, THEY SHOULD. IMO, the present conditions will NOT last forever and IF THEY JUST HAPPEN TO COINCIDE with the sudden avail. of a property you have long had your eye on, then THIS is a once-in-a-lifetime opportunity. Last time I looked, folks on their deathbeds never begrudged acting on their once-in-a-lifetime opportunity, if it presented itself.
Participant[quote=AN][quote=bearishgurl]. . . This assertion follows sdr’s “mantra” that “the best properties are in the strongest hands.” Getting your hands on one of them could possibly be the chance of a lifetime![/quote]
I completely agree with you and sdr on this point. Except I think it’s more niche than just micro area, I think it’s certain house/lot. I’m hoping to have my chance at one of these property at the price I want someday. Beyond those few lots, I think older areas, 25+ years old, are much more likely to have long term owners who do not want to move, even in tract home areas. . .
[/quote]AN, I think I posted somewhere that I have been (not consistently) fixated on several properties on four sts. for the last 30 years (3 in Fleetridge 92106 and one in La Playa 92106). Yes, I’m sure properties I was interested in changed hands over that period of time when I was “asleep at the switch.” But I also was not in a position to “act,” except once, where I lost the opportunity due to a recalcitrant spouse.
sdcellar is in a place in his life where he is able to ACT!! I can’t emphasize enough that if a Pigg should see their dream property become available in THIS MARKET and they are able to ACT UPON IT, THEY SHOULD. IMO, the present conditions will NOT last forever and IF THEY JUST HAPPEN TO COINCIDE with the sudden avail. of a property you have long had your eye on, then THIS is a once-in-a-lifetime opportunity. Last time I looked, folks on their deathbeds never begrudged acting on their once-in-a-lifetime opportunity, if it presented itself.
Participant[quote=AN]I don’t think you’re that bearish at all if you think some areas are immune. At least not when you compare yourself to some of the real bears in here.[/quote]
I don’t think some areas are “immune” but I DO think some areas, such as NCC (presumably west of the 5), where sdcellar has placed an offer, are MUCH BETTER investments than other zips within the county.
If you have a young family (like sdcellar) and *NEED* to buy right now, interest rates are at record lows. This is coming from a bear who purchased properties using P.M. loans with 7%, 9.25% and 10.5% interest-rates when MY NEED was there.
Participant[quote=AN]I don’t think you’re that bearish at all if you think some areas are immune. At least not when you compare yourself to some of the real bears in here.[/quote]
I don’t think some areas are “immune” but I DO think some areas, such as NCC (presumably west of the 5), where sdcellar has placed an offer, are MUCH BETTER investments than other zips within the county.
If you have a young family (like sdcellar) and *NEED* to buy right now, interest rates are at record lows. This is coming from a bear who purchased properties using P.M. loans with 7%, 9.25% and 10.5% interest-rates when MY NEED was there.
Participant[quote=AN]I don’t think you’re that bearish at all if you think some areas are immune. At least not when you compare yourself to some of the real bears in here.[/quote]
I don’t think some areas are “immune” but I DO think some areas, such as NCC (presumably west of the 5), where sdcellar has placed an offer, are MUCH BETTER investments than other zips within the county.
If you have a young family (like sdcellar) and *NEED* to buy right now, interest rates are at record lows. This is coming from a bear who purchased properties using P.M. loans with 7%, 9.25% and 10.5% interest-rates when MY NEED was there.
Participant[quote=AN]I don’t think you’re that bearish at all if you think some areas are immune. At least not when you compare yourself to some of the real bears in here.[/quote]
I don’t think some areas are “immune” but I DO think some areas, such as NCC (presumably west of the 5), where sdcellar has placed an offer, are MUCH BETTER investments than other zips within the county.
If you have a young family (like sdcellar) and *NEED* to buy right now, interest rates are at record lows. This is coming from a bear who purchased properties using P.M. loans with 7%, 9.25% and 10.5% interest-rates when MY NEED was there.
Participant[quote=AN]I don’t think you’re that bearish at all if you think some areas are immune. At least not when you compare yourself to some of the real bears in here.[/quote]
I don’t think some areas are “immune” but I DO think some areas, such as NCC (presumably west of the 5), where sdcellar has placed an offer, are MUCH BETTER investments than other zips within the county.
If you have a young family (like sdcellar) and *NEED* to buy right now, interest rates are at record lows. This is coming from a bear who purchased properties using P.M. loans with 7%, 9.25% and 10.5% interest-rates when MY NEED was there.
Participant[quote=AN]I agree with that. A home is first and foremost, a home. I find it funny that if I said the same thing, sdcellar would be the first to cast me as a consistent bull and my rationalizing my purchase. How does it feel to be on the rationalizing side sdcellar?[/quote]
AN, I am not a bull but a BEAR, in its most grizzly form! HOWEVER, IMO certain niche micro-areas of SD County which have unique properties and environments are exempt from all the underwater problems which have plagued the rest of the county in recent years.
This assertion follows sdr’s “mantra” that “the best properties are in the strongest hands.” Getting your hands on one of them could possibly be the chance of a lifetime!
Participant[quote=AN]I agree with that. A home is first and foremost, a home. I find it funny that if I said the same thing, sdcellar would be the first to cast me as a consistent bull and my rationalizing my purchase. How does it feel to be on the rationalizing side sdcellar?[/quote]
AN, I am not a bull but a BEAR, in its most grizzly form! HOWEVER, IMO certain niche micro-areas of SD County which have unique properties and environments are exempt from all the underwater problems which have plagued the rest of the county in recent years.
This assertion follows sdr’s “mantra” that “the best properties are in the strongest hands.” Getting your hands on one of them could possibly be the chance of a lifetime!
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