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bearishgurl
Participant[quote=UCGal]Not as big a problem in Pt Loma – it’s foggy/overcast a lot of the time. LOL.
(I lived in Pt. Loma in the 80’s – I remember….
I was in the back duplex of this house, the Portuguese Historical Society was in the front.)
http://www.sdlookup.com/MLS-100003586-2919-2921_Upshur_St_San_Diego_CA_92106
[/quote]Well, shades of Kellogg Beach, UCGal! Who cares about lot size when you can walk to all this??
How fun it must have been, LOL!
Participant[quote=UCGal]Not as big a problem in Pt Loma – it’s foggy/overcast a lot of the time. LOL.
(I lived in Pt. Loma in the 80’s – I remember….
I was in the back duplex of this house, the Portuguese Historical Society was in the front.)
http://www.sdlookup.com/MLS-100003586-2919-2921_Upshur_St_San_Diego_CA_92106
[/quote]Well, shades of Kellogg Beach, UCGal! Who cares about lot size when you can walk to all this??
How fun it must have been, LOL!
Participant[quote=AN]That’s a pretty broad generalization. I don’t think anyone here think tract homes are better than custom homes. However, most of us here can’t afford those $2M+ custom homes.[/quote]
[quote=bearishgurl]We had an opportunity to buy a “probate-fixer” (heirs in MO) on my most coveted st. in 1994 for only $273K.[/quote]
AN, good opportunities, as shown above, sometimes arrive only once in a lifetime (maybe twice, if you’re extremely lucky). This particular property sold again in 2004 for $1.85M WITHOUT ANY CHANGES TO THE FOOTPRINT AND NO PERMITS DRAWN!
You don’t need $2M or the ability to qualify for a jumbo loan. You need to be able to act fast on your feet and make a deal with the owner(s) before they list the property. You need to have adequate savings and business savvy to craft a deal with the owner(s). You need to be street-smart and be able to do an adequate inspection on your own. You need to be highly familiar with the topography of the area. You need to be very handy and know a list of carpenters and other tradesmen who are reasonable. You need to be willing to live in a fixer for an extended period, if need be. You need to be able to “think outside of the box.” And possess a host of other attributes which have to do with perserverance and frugality. [end of lecture]
[quote=AN]Are you not truly wealthy if you live in a lower MC area, but have a lot of $ in savings, investments, and a pension that’ll take care of you for life? Do you have to have lots of equity in valuable properties to be truly wealthy?[/quote]
Yes, I posted earlier that there are many in SD that never had any desire to upgrade their living quarters and have a fantastic passive income now. There’s nothing wrong with this. They ARE “wealthy.”
[Quote=AN]If you have $10M in the bank, even making 3-5% in interest will mean your yearly income is $300k-500k. That’s a lot of income. There are passive and active income, but they all are income.[/quote]
Yes, active income and passive income are both incomes. However, active income can be fleeting and out of one’s control. Properly planned passive income is always there.
[quote=AN]AFAIK, income is what allow people to accumulate assets, so you can’t have assets w/out either having current or prior income.[/quote]
In most cases, this is true, AN, but many tens of thousands of property owners in CA inherited valuable propery and are living in it on a relatively low income and oftentimes on government assistance or SS. Many of these heirs never went to college and some never worked. Because they own free and clear, they could be considered to have a high net worth. As long as Prop 13 stays on the books the way it is written, this phenomenon will remain.
Participant[quote=AN]That’s a pretty broad generalization. I don’t think anyone here think tract homes are better than custom homes. However, most of us here can’t afford those $2M+ custom homes.[/quote]
[quote=bearishgurl]We had an opportunity to buy a “probate-fixer” (heirs in MO) on my most coveted st. in 1994 for only $273K.[/quote]
AN, good opportunities, as shown above, sometimes arrive only once in a lifetime (maybe twice, if you’re extremely lucky). This particular property sold again in 2004 for $1.85M WITHOUT ANY CHANGES TO THE FOOTPRINT AND NO PERMITS DRAWN!
You don’t need $2M or the ability to qualify for a jumbo loan. You need to be able to act fast on your feet and make a deal with the owner(s) before they list the property. You need to have adequate savings and business savvy to craft a deal with the owner(s). You need to be street-smart and be able to do an adequate inspection on your own. You need to be highly familiar with the topography of the area. You need to be very handy and know a list of carpenters and other tradesmen who are reasonable. You need to be willing to live in a fixer for an extended period, if need be. You need to be able to “think outside of the box.” And possess a host of other attributes which have to do with perserverance and frugality. [end of lecture]
[quote=AN]Are you not truly wealthy if you live in a lower MC area, but have a lot of $ in savings, investments, and a pension that’ll take care of you for life? Do you have to have lots of equity in valuable properties to be truly wealthy?[/quote]
Yes, I posted earlier that there are many in SD that never had any desire to upgrade their living quarters and have a fantastic passive income now. There’s nothing wrong with this. They ARE “wealthy.”
[Quote=AN]If you have $10M in the bank, even making 3-5% in interest will mean your yearly income is $300k-500k. That’s a lot of income. There are passive and active income, but they all are income.[/quote]
Yes, active income and passive income are both incomes. However, active income can be fleeting and out of one’s control. Properly planned passive income is always there.
[quote=AN]AFAIK, income is what allow people to accumulate assets, so you can’t have assets w/out either having current or prior income.[/quote]
In most cases, this is true, AN, but many tens of thousands of property owners in CA inherited valuable propery and are living in it on a relatively low income and oftentimes on government assistance or SS. Many of these heirs never went to college and some never worked. Because they own free and clear, they could be considered to have a high net worth. As long as Prop 13 stays on the books the way it is written, this phenomenon will remain.
Participant[quote=AN]That’s a pretty broad generalization. I don’t think anyone here think tract homes are better than custom homes. However, most of us here can’t afford those $2M+ custom homes.[/quote]
[quote=bearishgurl]We had an opportunity to buy a “probate-fixer” (heirs in MO) on my most coveted st. in 1994 for only $273K.[/quote]
AN, good opportunities, as shown above, sometimes arrive only once in a lifetime (maybe twice, if you’re extremely lucky). This particular property sold again in 2004 for $1.85M WITHOUT ANY CHANGES TO THE FOOTPRINT AND NO PERMITS DRAWN!
You don’t need $2M or the ability to qualify for a jumbo loan. You need to be able to act fast on your feet and make a deal with the owner(s) before they list the property. You need to have adequate savings and business savvy to craft a deal with the owner(s). You need to be street-smart and be able to do an adequate inspection on your own. You need to be highly familiar with the topography of the area. You need to be very handy and know a list of carpenters and other tradesmen who are reasonable. You need to be willing to live in a fixer for an extended period, if need be. You need to be able to “think outside of the box.” And possess a host of other attributes which have to do with perserverance and frugality. [end of lecture]
[quote=AN]Are you not truly wealthy if you live in a lower MC area, but have a lot of $ in savings, investments, and a pension that’ll take care of you for life? Do you have to have lots of equity in valuable properties to be truly wealthy?[/quote]
Yes, I posted earlier that there are many in SD that never had any desire to upgrade their living quarters and have a fantastic passive income now. There’s nothing wrong with this. They ARE “wealthy.”
[Quote=AN]If you have $10M in the bank, even making 3-5% in interest will mean your yearly income is $300k-500k. That’s a lot of income. There are passive and active income, but they all are income.[/quote]
Yes, active income and passive income are both incomes. However, active income can be fleeting and out of one’s control. Properly planned passive income is always there.
[quote=AN]AFAIK, income is what allow people to accumulate assets, so you can’t have assets w/out either having current or prior income.[/quote]
In most cases, this is true, AN, but many tens of thousands of property owners in CA inherited valuable propery and are living in it on a relatively low income and oftentimes on government assistance or SS. Many of these heirs never went to college and some never worked. Because they own free and clear, they could be considered to have a high net worth. As long as Prop 13 stays on the books the way it is written, this phenomenon will remain.
Participant[quote=AN]That’s a pretty broad generalization. I don’t think anyone here think tract homes are better than custom homes. However, most of us here can’t afford those $2M+ custom homes.[/quote]
[quote=bearishgurl]We had an opportunity to buy a “probate-fixer” (heirs in MO) on my most coveted st. in 1994 for only $273K.[/quote]
AN, good opportunities, as shown above, sometimes arrive only once in a lifetime (maybe twice, if you’re extremely lucky). This particular property sold again in 2004 for $1.85M WITHOUT ANY CHANGES TO THE FOOTPRINT AND NO PERMITS DRAWN!
You don’t need $2M or the ability to qualify for a jumbo loan. You need to be able to act fast on your feet and make a deal with the owner(s) before they list the property. You need to have adequate savings and business savvy to craft a deal with the owner(s). You need to be street-smart and be able to do an adequate inspection on your own. You need to be highly familiar with the topography of the area. You need to be very handy and know a list of carpenters and other tradesmen who are reasonable. You need to be willing to live in a fixer for an extended period, if need be. You need to be able to “think outside of the box.” And possess a host of other attributes which have to do with perserverance and frugality. [end of lecture]
[quote=AN]Are you not truly wealthy if you live in a lower MC area, but have a lot of $ in savings, investments, and a pension that’ll take care of you for life? Do you have to have lots of equity in valuable properties to be truly wealthy?[/quote]
Yes, I posted earlier that there are many in SD that never had any desire to upgrade their living quarters and have a fantastic passive income now. There’s nothing wrong with this. They ARE “wealthy.”
[Quote=AN]If you have $10M in the bank, even making 3-5% in interest will mean your yearly income is $300k-500k. That’s a lot of income. There are passive and active income, but they all are income.[/quote]
Yes, active income and passive income are both incomes. However, active income can be fleeting and out of one’s control. Properly planned passive income is always there.
[quote=AN]AFAIK, income is what allow people to accumulate assets, so you can’t have assets w/out either having current or prior income.[/quote]
In most cases, this is true, AN, but many tens of thousands of property owners in CA inherited valuable propery and are living in it on a relatively low income and oftentimes on government assistance or SS. Many of these heirs never went to college and some never worked. Because they own free and clear, they could be considered to have a high net worth. As long as Prop 13 stays on the books the way it is written, this phenomenon will remain.
Participant[quote=AN]That’s a pretty broad generalization. I don’t think anyone here think tract homes are better than custom homes. However, most of us here can’t afford those $2M+ custom homes.[/quote]
[quote=bearishgurl]We had an opportunity to buy a “probate-fixer” (heirs in MO) on my most coveted st. in 1994 for only $273K.[/quote]
AN, good opportunities, as shown above, sometimes arrive only once in a lifetime (maybe twice, if you’re extremely lucky). This particular property sold again in 2004 for $1.85M WITHOUT ANY CHANGES TO THE FOOTPRINT AND NO PERMITS DRAWN!
You don’t need $2M or the ability to qualify for a jumbo loan. You need to be able to act fast on your feet and make a deal with the owner(s) before they list the property. You need to have adequate savings and business savvy to craft a deal with the owner(s). You need to be street-smart and be able to do an adequate inspection on your own. You need to be highly familiar with the topography of the area. You need to be very handy and know a list of carpenters and other tradesmen who are reasonable. You need to be willing to live in a fixer for an extended period, if need be. You need to be able to “think outside of the box.” And possess a host of other attributes which have to do with perserverance and frugality. [end of lecture]
[quote=AN]Are you not truly wealthy if you live in a lower MC area, but have a lot of $ in savings, investments, and a pension that’ll take care of you for life? Do you have to have lots of equity in valuable properties to be truly wealthy?[/quote]
Yes, I posted earlier that there are many in SD that never had any desire to upgrade their living quarters and have a fantastic passive income now. There’s nothing wrong with this. They ARE “wealthy.”
[Quote=AN]If you have $10M in the bank, even making 3-5% in interest will mean your yearly income is $300k-500k. That’s a lot of income. There are passive and active income, but they all are income.[/quote]
Yes, active income and passive income are both incomes. However, active income can be fleeting and out of one’s control. Properly planned passive income is always there.
[quote=AN]AFAIK, income is what allow people to accumulate assets, so you can’t have assets w/out either having current or prior income.[/quote]
In most cases, this is true, AN, but many tens of thousands of property owners in CA inherited valuable propery and are living in it on a relatively low income and oftentimes on government assistance or SS. Many of these heirs never went to college and some never worked. Because they own free and clear, they could be considered to have a high net worth. As long as Prop 13 stays on the books the way it is written, this phenomenon will remain.
Participant[quote=flyer]Many families, like ours, who have been in San Diego for many years have acquired true “gems” when it comes to property. We initially concentrated on properties in the Point Loma (Fleetridge, etc.) and Sunset Cliffs areas, and continued to purchase more all along the coast. Several family members are still in their original homes, others have passed their properties on to the next generation, and others are rentals.
Most of this had to do with being at the right place at the right time, and recognizing the potential of what used to simply be considered nothing more than a “Quiet Navy Town.”[/quote]
(emphasis added)
Flyer, you are very fortunate, indeed. Since the time we first got “lost” and somehow ended up on Hill St. on our way to the Over-the-Line Tournament (LOL) in the summer of ’78, I fell in love with Fleetridge and upper OB. We had an opportunity to buy a “probate-fixer” (heirs in MO) on my most coveted st. in 1994 for only $273K, but my spouse at the time had several rec. vehs. that had to be stored and the alley RV pkg. there was NOT paved, was NOT lg. enough for all and was 20+ feet below the BY, so he vetoed it. (He could have stored one or all of them at MCRD [1.5 mi. away] for $17 for ea. space per mo. for the rest of his life!) Alas, that was my last opportunity as choice fixers are VERY rare now and difficult to obtain, even if you have cash and send direct mail or knock on doors.
Yes, the properties in this area with a BY sit-down view of the SD skyline are a very finite commodity (esp. w/o SDGE/phone easement) and there hasn’t been any vacant lots in the entire zip for nearly 50 years (exc. for tear-downs).
Who was to know back then that two run-down quonset huts and 3-4 “tallish” bldgs would turn into what it is today??
You just explained I was trying to on this thread to poster(s) who seemed fixated on tract housing. Owners with lots of equity in valuable properties in SD are the truly wealthy. In my mind, wealth has almost NOTHING to do with income and everything to do with assets.
[quote=flyer]Since growing up here, my family (wife and kids) have lived many other places in the world, but we always seem to come back to San Diego. . .[/quote]
Yes, I too, have traveled nearly every road in CA and roads in 20 other states and have visited Asia, HI and MX. I do love mtns. also but there is no place that compares with SD and esp. Pt. Loma!
I do feel fortunate!
Participant[quote=flyer]Many families, like ours, who have been in San Diego for many years have acquired true “gems” when it comes to property. We initially concentrated on properties in the Point Loma (Fleetridge, etc.) and Sunset Cliffs areas, and continued to purchase more all along the coast. Several family members are still in their original homes, others have passed their properties on to the next generation, and others are rentals.
Most of this had to do with being at the right place at the right time, and recognizing the potential of what used to simply be considered nothing more than a “Quiet Navy Town.”[/quote]
(emphasis added)
Flyer, you are very fortunate, indeed. Since the time we first got “lost” and somehow ended up on Hill St. on our way to the Over-the-Line Tournament (LOL) in the summer of ’78, I fell in love with Fleetridge and upper OB. We had an opportunity to buy a “probate-fixer” (heirs in MO) on my most coveted st. in 1994 for only $273K, but my spouse at the time had several rec. vehs. that had to be stored and the alley RV pkg. there was NOT paved, was NOT lg. enough for all and was 20+ feet below the BY, so he vetoed it. (He could have stored one or all of them at MCRD [1.5 mi. away] for $17 for ea. space per mo. for the rest of his life!) Alas, that was my last opportunity as choice fixers are VERY rare now and difficult to obtain, even if you have cash and send direct mail or knock on doors.
Yes, the properties in this area with a BY sit-down view of the SD skyline are a very finite commodity (esp. w/o SDGE/phone easement) and there hasn’t been any vacant lots in the entire zip for nearly 50 years (exc. for tear-downs).
Who was to know back then that two run-down quonset huts and 3-4 “tallish” bldgs would turn into what it is today??
You just explained I was trying to on this thread to poster(s) who seemed fixated on tract housing. Owners with lots of equity in valuable properties in SD are the truly wealthy. In my mind, wealth has almost NOTHING to do with income and everything to do with assets.
[quote=flyer]Since growing up here, my family (wife and kids) have lived many other places in the world, but we always seem to come back to San Diego. . .[/quote]
Yes, I too, have traveled nearly every road in CA and roads in 20 other states and have visited Asia, HI and MX. I do love mtns. also but there is no place that compares with SD and esp. Pt. Loma!
I do feel fortunate!
Participant[quote=flyer]Many families, like ours, who have been in San Diego for many years have acquired true “gems” when it comes to property. We initially concentrated on properties in the Point Loma (Fleetridge, etc.) and Sunset Cliffs areas, and continued to purchase more all along the coast. Several family members are still in their original homes, others have passed their properties on to the next generation, and others are rentals.
Most of this had to do with being at the right place at the right time, and recognizing the potential of what used to simply be considered nothing more than a “Quiet Navy Town.”[/quote]
(emphasis added)
Flyer, you are very fortunate, indeed. Since the time we first got “lost” and somehow ended up on Hill St. on our way to the Over-the-Line Tournament (LOL) in the summer of ’78, I fell in love with Fleetridge and upper OB. We had an opportunity to buy a “probate-fixer” (heirs in MO) on my most coveted st. in 1994 for only $273K, but my spouse at the time had several rec. vehs. that had to be stored and the alley RV pkg. there was NOT paved, was NOT lg. enough for all and was 20+ feet below the BY, so he vetoed it. (He could have stored one or all of them at MCRD [1.5 mi. away] for $17 for ea. space per mo. for the rest of his life!) Alas, that was my last opportunity as choice fixers are VERY rare now and difficult to obtain, even if you have cash and send direct mail or knock on doors.
Yes, the properties in this area with a BY sit-down view of the SD skyline are a very finite commodity (esp. w/o SDGE/phone easement) and there hasn’t been any vacant lots in the entire zip for nearly 50 years (exc. for tear-downs).
Who was to know back then that two run-down quonset huts and 3-4 “tallish” bldgs would turn into what it is today??
You just explained I was trying to on this thread to poster(s) who seemed fixated on tract housing. Owners with lots of equity in valuable properties in SD are the truly wealthy. In my mind, wealth has almost NOTHING to do with income and everything to do with assets.
[quote=flyer]Since growing up here, my family (wife and kids) have lived many other places in the world, but we always seem to come back to San Diego. . .[/quote]
Yes, I too, have traveled nearly every road in CA and roads in 20 other states and have visited Asia, HI and MX. I do love mtns. also but there is no place that compares with SD and esp. Pt. Loma!
I do feel fortunate!
Participant[quote=flyer]Many families, like ours, who have been in San Diego for many years have acquired true “gems” when it comes to property. We initially concentrated on properties in the Point Loma (Fleetridge, etc.) and Sunset Cliffs areas, and continued to purchase more all along the coast. Several family members are still in their original homes, others have passed their properties on to the next generation, and others are rentals.
Most of this had to do with being at the right place at the right time, and recognizing the potential of what used to simply be considered nothing more than a “Quiet Navy Town.”[/quote]
(emphasis added)
Flyer, you are very fortunate, indeed. Since the time we first got “lost” and somehow ended up on Hill St. on our way to the Over-the-Line Tournament (LOL) in the summer of ’78, I fell in love with Fleetridge and upper OB. We had an opportunity to buy a “probate-fixer” (heirs in MO) on my most coveted st. in 1994 for only $273K, but my spouse at the time had several rec. vehs. that had to be stored and the alley RV pkg. there was NOT paved, was NOT lg. enough for all and was 20+ feet below the BY, so he vetoed it. (He could have stored one or all of them at MCRD [1.5 mi. away] for $17 for ea. space per mo. for the rest of his life!) Alas, that was my last opportunity as choice fixers are VERY rare now and difficult to obtain, even if you have cash and send direct mail or knock on doors.
Yes, the properties in this area with a BY sit-down view of the SD skyline are a very finite commodity (esp. w/o SDGE/phone easement) and there hasn’t been any vacant lots in the entire zip for nearly 50 years (exc. for tear-downs).
Who was to know back then that two run-down quonset huts and 3-4 “tallish” bldgs would turn into what it is today??
You just explained I was trying to on this thread to poster(s) who seemed fixated on tract housing. Owners with lots of equity in valuable properties in SD are the truly wealthy. In my mind, wealth has almost NOTHING to do with income and everything to do with assets.
[quote=flyer]Since growing up here, my family (wife and kids) have lived many other places in the world, but we always seem to come back to San Diego. . .[/quote]
Yes, I too, have traveled nearly every road in CA and roads in 20 other states and have visited Asia, HI and MX. I do love mtns. also but there is no place that compares with SD and esp. Pt. Loma!
I do feel fortunate!
Participant[quote=flyer]Many families, like ours, who have been in San Diego for many years have acquired true “gems” when it comes to property. We initially concentrated on properties in the Point Loma (Fleetridge, etc.) and Sunset Cliffs areas, and continued to purchase more all along the coast. Several family members are still in their original homes, others have passed their properties on to the next generation, and others are rentals.
Most of this had to do with being at the right place at the right time, and recognizing the potential of what used to simply be considered nothing more than a “Quiet Navy Town.”[/quote]
(emphasis added)
Flyer, you are very fortunate, indeed. Since the time we first got “lost” and somehow ended up on Hill St. on our way to the Over-the-Line Tournament (LOL) in the summer of ’78, I fell in love with Fleetridge and upper OB. We had an opportunity to buy a “probate-fixer” (heirs in MO) on my most coveted st. in 1994 for only $273K, but my spouse at the time had several rec. vehs. that had to be stored and the alley RV pkg. there was NOT paved, was NOT lg. enough for all and was 20+ feet below the BY, so he vetoed it. (He could have stored one or all of them at MCRD [1.5 mi. away] for $17 for ea. space per mo. for the rest of his life!) Alas, that was my last opportunity as choice fixers are VERY rare now and difficult to obtain, even if you have cash and send direct mail or knock on doors.
Yes, the properties in this area with a BY sit-down view of the SD skyline are a very finite commodity (esp. w/o SDGE/phone easement) and there hasn’t been any vacant lots in the entire zip for nearly 50 years (exc. for tear-downs).
Who was to know back then that two run-down quonset huts and 3-4 “tallish” bldgs would turn into what it is today??
You just explained I was trying to on this thread to poster(s) who seemed fixated on tract housing. Owners with lots of equity in valuable properties in SD are the truly wealthy. In my mind, wealth has almost NOTHING to do with income and everything to do with assets.
[quote=flyer]Since growing up here, my family (wife and kids) have lived many other places in the world, but we always seem to come back to San Diego. . .[/quote]
Yes, I too, have traveled nearly every road in CA and roads in 20 other states and have visited Asia, HI and MX. I do love mtns. also but there is no place that compares with SD and esp. Pt. Loma!
I do feel fortunate!
ParticipantJust noticed 2009Buyer’s article was from last year – LOL.
I did visit the portal and she must not have been charged with any crimes. There’s no case.
Appears that Baldwin finished it for Chevy Chase Bank (take-out lender??).
Also noticed from SDLookup link provided that Brown bought the land for $850K in 2003. In F/Y 08/09, the land portion of the tax bill was reassessed at $800K. The listing erroneously states the property is on 1.25 AC. It is on 2.25 AC.
I still think a good deal, even with fire danger. Article states it cost $13M to build. I believe it. It is an extraordinary property.
ParticipantJust noticed 2009Buyer’s article was from last year – LOL.
I did visit the portal and she must not have been charged with any crimes. There’s no case.
Appears that Baldwin finished it for Chevy Chase Bank (take-out lender??).
Also noticed from SDLookup link provided that Brown bought the land for $850K in 2003. In F/Y 08/09, the land portion of the tax bill was reassessed at $800K. The listing erroneously states the property is on 1.25 AC. It is on 2.25 AC.
I still think a good deal, even with fire danger. Article states it cost $13M to build. I believe it. It is an extraordinary property.
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