[bearishgurl]

[quote=FlyerInHi]I predict a health care crisis.

I know a 61 yo guy who finds it hard to bend down to put clothes into the washer/dryer. He needs pedestals to raise up the machines.[/quote]

I predict a health crisis among the 10-20 yo set. I’m seeing pre-teens and teens who have got to be borderline diabetic (or actually diabetic) and likely already have clogged arteries. Some of them have a hard time just walking across the street to their bus stop.

Nevermind gym class.

Why do parents keep a lot of “junk” food around their houses and give their school-age kids “spending money” for more junk food during the day? Are they stupid??

These dumb parents are sending their kids to an early grave and making their young lives miserable (by proxy).

Even the majority of the 21-30 yo set is somewhat heavier than most of their parents.

It’s a good thing we now have expanded Medi-Cal in this state.

brian, your “friend” should get laundry machines in which the washer is top loading. They still exist. Even I wouldn’t buy those low-to-the-ground side-loading machines and I’m on the thin side and work out 5x week. They don’t do as good of a job washing/drying as the “old-school” styles and they’re too hard on the back. And who wants to spend an extra $350++ for “pedestals?” That “gimmick” seems like a huge waste of money to me … a pure profit center for the appliance companies, since they don’t have any moving parts to “break.”

[bearishgurl]

[quote=scaredyclassic]High comedy, as seen from above[/quote]

Lol, scaredy. These deadbeats who “won” their FC lawsuit still to this day have their 5+ years of nonpayment of mortgage on their credit reports. And, as stated above, these thwarted mortgage lenders have other remedies to pursue to obtain some or all of their back interest owed.

These incompetent lenders (ex: the failed Countrywide Funding, nka B of A) did it to themselves.

I would be surprised if any of these “embattled” home”owners” who eventually “won” their FC lawsuits on a technicality even have a credit score of above 500 today.

As they say in a certain flyover state … “they don’t have a pot to p__ in.”

[bearishgurl]

[quote=The-Shoveler][quote=Hobie]Flyer gets the point for calling the retirement issue here first. 100%agree this will soon trump student loans and dare I say foreign policy issues.

With personal saving at such lows and non-existant pentions for private sector careers I bet we will see a huge increase in (fraudlent)disability claims to support people in retirement with no savings. Sad.[/quote]

This does not sound like “any” of the boomers I know.

Most have several hundred thousand in 401k’s and own their home out right.
But maybe I run with a small crowd.[/quote]Same here, shoveler. I run with the same “crowd” you do but it is not small. Not only do they have 401K assets, but IRA’s, business and real estate income and jumbo CD’s everywhere. This includes the senior citizens I know as well (those currently at least 70 years old).

When you bought your personal residence in San Diego (or almost anywhere in SoCal) for $4K to $34K once upon a time, still own it and live in it, worked steadily FT for a minimum of 30 years, earned a pension (and in more than half the cases, your spouse ALSO earned a pension), this is a no-brainer. Even the majority of those who bought their first home in SD County as late as 1986 (for ~$50K to $170K) are doing just fine today.

The problem with at least half of Gen X and all of Gen Y is that their expectations for everything material are much higher than that of the boomers and beyond so they are more of an “instant gratification, throwaway society.” Yes, I will admit my own kid(s) show these traits. Even when making enough to have already saved a downpayment and qualify for a mortgage, they tend to spend their earnings on stuff that depreciates, instead. In addition, less of a percentage of today’s Gen X and Y parents are in the full-time workforce today than when boomer-parents were in their prime working years.

Boomers, for the most part, kept their heads down ALL of their working years, showing up at 6-8 am every morning like clockwork (dressed and groomed), five days per week for decades. I know because I was there every day along with my brethren who arrived at their homes at 5:30 pm situated in the likes of (gasp!), East and SE SD, Lemon Grove and Spring Valley. Some of the “moms” I worked with had up to five minor children still attending (K-12) school or in the FT care of daycare providers and/or relatives. 90% of new moms came back to work FT 6-8 weeks post-partum.

Well people, I’d say 65-75% of these “boomers,” now mostly “retired” are still residing in these same (now long paid-off) homes on two pensions and SS, if eligible (but many have “filed and suspended” their SS benefits, because they “don’t need” the income right now). A sub-portion of these SD County boomers (30%?) also have a military pension for life and Tricare for Life (deeply discounted Medicare Part B/D coverage deducted from their pensions).

I’ve posted before here that I know retired teachers and police officers who still own 4-44 (sometimes in partnership with longtime co-workers and family members) rental SFRs in San Diego County, most of which are completely paid off. (Yes, I meant “garden variety” retired public schoolteachers and law enforcement officers here.) Not to mention the lawyers and judges I know who are longtime owners of multiple SFRs and multifamily units either on or within 2 blocks from the beach (OB/PB). Some have formed REITS to attract more investors and hire professional mgmt for them.

So, please don’t feel sorry for the boomers …. most of us are “golden.” Those of you trying to find a decent home in an established, urban community in SD or an established SD suburban city (or anywhere in coastal CA counties) should feel sorry for yourselves. All of the above are the biggest reasons why there is so little inventory out there to choose from today. And the situation won’t get any better because, uhh, hello? … these boomer-and-beyond owners aren’t going anywhere. They will hold until their deaths and then these properties will be passed onto their heirs at their current, ultra-low assessments. We all have Props 13, 58 and 193 still on CA’s books to thank for this.

In CA, whoever’s family of origin is established the longest and held their RE assets without managing to re-mortgage them wins. It has little to do with an individual’s educational attainment or lifetime earning power. Based upon flyer’s previous posts, he appears to be in this category and as such, is most fortunate.

Just ask one of those low-key longtime slumlords in SF who own a handful of “rent-controlled” buildings how they’re doing, financially. You may find that they are set for life (as will be their children and grandchildren). Some of them undoubtedly never even finished HS, a fact of which is completely irrelevant to their lifetime financial security.

[bearishgurl]

[quote=rockingtime]Cash in chase investment account and their conservative model pay almost 4-5%/year, their moderate model pays almost 7%/year.
The money is liquid.
One can always argue there are better options but I am not aware of any. I chose chase as I bank with them primarily.[/quote]

Is that with the JP Morgan Private Bank? I’m somewhat familiar with their conservative model.

I’ll check into that, rockingtime. You can pm me if you wish with more info. Thanks.

[bearishgurl]

[quote=spdrun]1300 sf is big assuming the number doesn’t include garage floor space. Average house size was under 1000 sf in the early 1970s. If you have another 9000 sf of outdoor space for hobbies, entertaining, and play, five people living in 1300 sf is a non-issue.

With 1300 sf, you end up using 450 sf for four bedrooms (one master), 100 sf for kitchen, another 150 sf for 1.5 baths, 300 sf for living/dining, 100 sf for hallways, 200 sf for porch. Perfectly adequate for everyone to have their own private space.[/quote]

I agree that 1300 sf was perfectly adequate for a family of five in the 1970’s and prior, spdrun. As I mentioned before on this thread, families didn’t typically own all the consumer goods back then that they do now or even the amount of vehicles and “toys” that today’s famillies have.

I do realize some of the mid and lower-priced coops and walkups in Manhattan, NY (where you reside) and its burroughs are in the 1000 – 1600 sf range for a 3-bdrm owned dwelling, which may or may not have a garage and that these types of dwellings are commonplace. But out west, most young families typically have newer housing with more space to live in unless they are renting an apt.

In CA, garage space isn’t included as in the square footage when appraising a residence or marketing it.

[bearishgurl]

flu, I know this is probably a foreign concept for you, but why don’t you try to cram 5 people (3 growing) and 3 dogs into 1300 sf for several years and give us a status report on how the 95%ers live in SD County?

You assume a lot about me that isn’t true and never was true. Among other fallacies, after I explained here why I purchased and reside in Chula Vista, you are now claiming that it is my preference to live there. Nothing could be further from the truth. Given my choice, I would MUCH RATHER live in urban SD (south of I-8) or in my choice NorCal counties. I’ve owned my latest property for nearly 14 years. A LOT has changed since then … including the City’s quality of life and my own circumstances.

It IS material that the OP has a 10K sf lot. I have no doubt that this size lot is an anomaly in their area, especially in the tracts with smaller housing. It’s actually what makes the $330K price “worth it,” along with the absence of MR and HOA on their small pocket/tract, IMO. They just lucked out. There are a few small isolated pockets like this elsewhere in the county which were developed long after being subdivided.

It is what it is.

[bearishgurl]

I purchased Netgear extender WN3000RP in late 2013 when I got a notice in the mail that Cox was installing fibre optic in the neighborhood to “upgrade” our service and telling us to upgrade our modem and router to a wireless “N” or above to get the best results from the upgrade.

When the upgraded service was complete, I couldn’t get wifi in a part of my house so purchased a new Netgear CMD31T modem, WNDRMACv2 router and extender (above). I am very happy with the service now (we don’t yet have buried cable around here).

[bearishgurl]

[quote=rockingtime]Since you have lot of money for cash down, I’d say invest in some good relatively safe place to get you 4-5% return….[/quote]

Uuh, maybe I’m ignorant but can you make some suggestions in this regard?

[bearishgurl]

I just got a snail mail offer of 1.2% on a 12-month CD at Synchrony Bank (NJ). $2K minimum; offer code CCD19. They are FDIC insured to $250K.

[bearishgurl]

I’ve posted this before here, but CFDs in Eastlake Shores (Chula Vista) were actually the first CFD’s created in SD County (first sold in 1987) with the City of Poway coming in second (not sure of the subdivision). Eastlake Shores subdivisions on the north and west side of the lake (five, I think, incl one condo complex) were the debut CFDs in San Diego County.

Eastlake Hills was developed in tandem to Eastlake Shores and immediately after, with one subdivision having 20 year bonds (instead of the typical 30 years). Those bonds were retired between May and August 2007, depending on phase number of the tract.

[bearishgurl]

[quote=lpjohnso]Hi all, I’m popping in to read the new posts. Thank you all so much. 🙂

House was built in 1992. 10,000+ square foot lot. It is in a section of Discovery Hills that DOES NOT have mello roos or an HOA. We were shocked about that when we bought it. There are homes just one block away that look very similar and built around the same time, and they DO have fees. For whatever reason, we don’t, and we aren’t complaining![/quote]

Good for YOU, lp! Glad you got that 10K sf lot for your kids (and pets)! Your lot must have been in a group of lots which were actually subdivided in 1987 or PRIOR and held by the developer or another party they eventually purchased it from.

Your 10K sf lot somewhat negates the fact that you have a smallish house. A larger lot covers a lot of drawbacks of a smaller dwelling, imho.

[bearishgurl]

[quote=flu][quote=bearishgurl]It is really immaterial whether the OP resides in SEH … or not, svelte. My point was that they are paying (entirely voluntary) MR and HOA dues because they had/have many housing choices in this county.

Here’s a “random” article for you to chew on:

San Marcos Mello-Roos

All homes in San Marcos built between 1988 and present are part of a Mello Roos District (aka Community Facilities District, CFD). A Mello-Roos District/CFD is an area of homes in which homeowners are obligated to pay a special property tax on top of a standard property tax. This special tax is used to help pay for a lot of the same facilities and services that a standard property tax pays for, such as streets, water, sewage and drainage, electricity, infrastructure, schools, parks and police/fire protection.

(emphasis mine)

Property Tax & Mello-Roos

Instead of chastising me, why don’t you give the Piggs a ballpark estimate of the OP’s monthly MR + HOA dues? After all, you are our “resident expert” on SM, no?

As an “uninformed observer,” I’ll just take a random stab at what the total monthly nut is and you let me know how close I am, okay?

For the OP’s size house:

$225 mo MR and $150 mo HOA dues, totaling a $375 mo dent in their strained budget.

I haven’t even tried to find any listings around there … this is just my guess.

How am I doing, svelte??[/quote]

I don’t know why you keep grinding the axe on homes with HOA or Mello Roos. It’s beside the point of this thread. The person already made the home purchase, and at this point the OP’s financial situation is not the issue, it’s all the other debt that’s the issue. It’s hardly helpful to tell the OP everything he/she should have done 3-4 years ago in as much as people who keep telling you that you should have bought rental property 3-4 years ago.

Looking at the OP’s financial strain, HOA and Mello Roos is the least of their worries. I don’t understand why you continue to try to convince others on your personal preference to live in home that doesn’t have HOA or Mello Roos. Because that’s what it is…Personal preference.

But since this is already unrelated to the OP’s post, I think a post ago, I already shown that if I purchased a $1million home in some parts of SD without mello roos versus in Carmel Valley, my property taxes would actually end up being more than a home in Carmel Valley.

Yes, Mello Roos for my home in Carmel Valley exists. But it’s a flat fee. Other parts of SD pay all these extra bond initiatives that are a % of assessed value. My rentals in Mira Mesa are such an example that have all these ridiculous bond initiatives that don’t exist in Carmel Valley. So for a high cost home, it’s actually less in Carmel Valley than say Mira Mesa if one buys a $1million home in both places.

Don’t believe me? Look it up yourself.

And lastly, to pre-empt what you might say about the deductibility of mello-roos on your taxes, the IRS already ruled that Mello-Roos is deductible years ago, and since CA follows the IRS, it’s deductible as well on your state taxes. Of course, if you’re like me and get hit with AMT every year, it doesn’t matter since for AMT, property taxes paid don’t count.[/quote]

Carmel Valley residents just haven’t voted in any recent bond issues, yet, flu. Most of that bond indebtedness in certain tracts’ tax bills is due to school construction bonds. Just wait until your gargantuan rental/condo complex is built and all those tenants move in and want *new* schools because their kids are sitting on the floor in your existing schools! Tenants will vote in bond issues because they don’t get tax bills and don’t really know or care how much it is.

I agree that MR is likely tax deductible and that is good for “middle-class” and upper MC homeowners. HOWEVER, for “moderate income families” (the OP’s? … again, just guessing) whose annual household income =<$100K, how much writeoff do they really need when they have three kids to use for the standard deduction, totaling five exemptions plus the child tax credit?

$8K? year mortgage interest
$3800? year property taxes
$2700? MR payments

Does the OP in this example have even more deductions than this and can they really use them all?

My mtg interest is currently <$5K per year and my property taxes are ~$4K. I have always had a low/moderate income for 1-3 people and have never taken more than 2 exemptions in any one year (and some years just myself) and I have never been able to use all my deductions, with or without my deductible medical insurance premiums in the mix.

What’s the point of having another tax deduction if you don’t need it?

[bearishgurl]

[quote=scaredyclassic][quote=Jazzman][quote=wallers]ok thanks everyone! great info. I think I am going to rent and see how this all plays out.

From all the info here and everywhere generally speaking it seems prices will either remain somewhat the same/maybe a bit up for sometime and things will trudge along or go down. So financially it might be prudent to wait and see with minimal risk of a continued large price increase (buy now or be priced out forever!). Plus there is the possibility of staying calm and being rewarded for waiting for lower prices.

On the personal side I like being a homeowner. But if I can’t get what I want perhaps than maybe it’s not a great idea to buy anyways.[/quote]

If I was in your shoes, I’d probably be doing the same. It’s a huge commitment so you have to be comfortable with it.[/quote]

people who actually think about things are unlikely to ever be really comfortable.[/quote]

Hahahahahaha, scaredy :=D. I well remember your months/years? of musings on here during your “overthinking” period before you finally purchased your current home.

I also remember all of Jazzman’s musings during and after his failed search up and down the state for a suitable CA retirement home. As I recall, 90% of his search occurred at the very bottom of the market (2010-2011?). As far as he’s told us, he still hasn’t purchased a CA home and I’m unclear if he still wants to. In any case, that train has long ago left the station.

[bearishgurl]

[quote=scaredyclassic]At under 1 percent interest for 5 y. It seemed reasonable to finance 100 percent of our cars.[/quote]Yes, scaredy, under 1% is a great rate on a new car loan (not avail on late-model “certified” used cars).

I can’t remember what the OP said their auto loan interest rate was (9-10%?) but it was much higher than <1%.

[bearishgurl]

It is really immaterial whether the OP resides in SEH … or not, svelte. My point was that they are paying (entirely voluntary) MR and HOA dues because they had/have many housing choices in this county.

Here’s a “random” article for you to chew on:

San Marcos Mello-Roos

All homes in San Marcos built between 1988 and present are part of a Mello Roos District (aka Community Facilities District, CFD). A Mello-Roos District/CFD is an area of homes in which homeowners are obligated to pay a special property tax on top of a standard property tax. This special tax is used to help pay for a lot of the same facilities and services that a standard property tax pays for, such as streets, water, sewage and drainage, electricity, infrastructure, schools, parks and police/fire protection.

(emphasis mine)

Property Tax & Mello-Roos

Instead of chastising me, why don’t you give the Piggs a ballpark estimate of the OP’s monthly MR + HOA dues? After all, you are our “resident expert” on SM, no?

As an “uninformed observer,” I’ll just take a random stab at what the total monthly nut is and you let me know how close I am, okay?

For the OP’s size house:

$225 mo MR and $150 mo HOA dues, totaling a $375 mo dent in their strained budget.

I haven’t even tried to find any listings around there … this is just my guess.

How am I doing, svelte??

[Author]

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