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bearishgurl
Participant[quote=sdduuuude][quote=bearishgurl]And if you don’t mind indulging me, I have several questions about these “theoretical” 4/3 2500 sf homes for ~$350K in PHX:[/quote]
Been in this house. For $325K plus another $20K in improvements, they are living in something nicer than the $900K places we are looking at in Carmel Valley AND it is a huge lot. Same type of location as CV, too, with one of the best school districts.
http://www.redfin.com/AZ/Phoenix/2106-E-Taxidea-Way-85048/home/28112471
The Pix are horrible, and it is updated now. Plus, they have seen appreciation. Probably $450K now.[/quote]
sdduuuude, I can’t see the pics because I don’t belong to Redfin. But you just made my point. The type of property the OP’s friend is looking for TODAY IN Phoenix proper (NOT out in the stix) is approx $450K.
Thus it is likely out of his price range.
…which leaves him back to consideration of Santee, Lakeside and Ramona, where “david” can freely park his boat :=]
Participant[quote=flu] . . . If you think it’s an opportunity to buy, pull the trigger and buy..If you don’t than don’t bother looking… I don’t get this, yes I think the opportunity is there to buy, but no I’m going to sit on my ass and not do anything. Or I don’t think it’s a good idea to do X, but gee people who do X are really dumb for doing X (despite it working out for X)…
Some people will always miss the boat through there own inaction.[/quote]
Agreed, flu. However, a buyer looking for a home for themselves and possibly their family members also (ESP FTB’s) need to be realistic or they will end up with ZERO.
With the mortgage qualification stds in place today (unlike the days of free-flowing “funny money”), these buyers are NOT going to get the “move-up” or “luxury” home that FTB’s “bought” (lol) in that “era.”
I think FTB’s and STB’s of today got used to seeing their peers live in areas that were never meant for FTB “consumption.”
Even after witnessing some of these people crash and burn over their RE “investments” (lol) gone horribly wrong, a lot of today’s buyers just don’t seem to understand that what they actually qualify to buy is in a “FTB area.”
That’s the way it was before the era of “easy-qual” purchase money and that’s the way it is now.
As I have posted here several times, SD County residential RE is arranged in a “caste system.” This will never change.
Participant[quote=AN]The other side of a blizzard… http://www.cnn.com/2013/02/09/us/northeast-blizzard/index.html yeah, I’ll let you have your four seasons :). Not jealous one bit while I deal with the harsh 60s and sunny.[/quote]
IIRC, didn’t you once post here that you were really impressed with Chicago, AN?
Or did that mean just to visit but not live there :=0
Participant[quote=Want_to_Retire][quote=bearishgurl]Want_to_Retire, thank you again for your post. This 2500 sf house *newer* house with pool for <=$350K seems to be about 18 miles northwest of town. Does the mid $200K to low $300K area you mentioned here have lots with RV pkg/access? Is this part of PHX or a suburb/exurb of PHX?[/quote] BG the houses at that price range are about 15 miles outside of central Phoenix, which I define as Central and Camelback. Going north you would be around the 101 loop – which is still Phoenix but with many new developments. Going west they would be in the burb cities. I’m partial to the eastern parts of the valley myself – closer to everything and much less traffic.
RV access depends on the lots. RVs are pretty popular from what I’ve seen and properties with bigger lots often have them. My rental, in north central Phoenix, has a 6400 sf lot and it has RV access because it’s on a single loaded corner. The next house doesn’t. I’ve even seen people build RV “hangers” in their yards (in older Phoenix and Scottsdale neighborhoods).[/quote]
The reason I asked is because the OP’s friend, “david,” stated he found *new* or *newer* homes for <=$350K in PHX which were 4-5/3/3 with a pool and RV pkg/access.
Sorry if I sound a bit repetitive here, but are new or newer homes available in PHX of this size and appointments for <=$350K, and if so, how far are they from the I-10/I-17 intersection and how big are the lots?
Obviously, an owner wouldn’t be able to build an “RV hangar” in a *newer* subdivision which has CC&R’s prohibiting this.
I realize this type of lot is far more common in the established areas (ESP with a ranch-style home built on it) but is not common in new or newer construction, which tends to be much further away from city centers.
Sorry for any confusion.
Participantspdrun, is your first xc skiing pic of a jogging trail in Central Park??
Participant[quote=spdrun]…I don’t see the 2-lane feeder roads as being much different than the non-freeway portions of 74/76/78 east of Fallbrook and San Juan Capistrano — it’s just a matter of what you’re used to I guess.[/quote]
These roads were from small towns as far away as Frederick County. They are considered “bdrm communities” to DC and the traffic volume on them is astounding! I’ve been on the (CA) SR-76 thru the avocado groves a few times and there is no way there are as many commuters/drivers on this road as there is in rural/semi-rural MD.
SR-78 is a 4-6 lane route and is a major fwy here. It is NOT a winding country road.
Participant[quote=spdrun]DC can’t really be appreciated unless you walk around. Fly into National next time, take the train in (about 10 min) and walk around the Mall and Southeast, then go to Georgetown and up along CT and WI Avenues….[/quote]
I have walked up and down the Capitol Mall and toured the Smithsonian and saw all the attractions a couple of times, including walking across the bridge to Arlington Cemetery.
I’ve also been there on “spring break” to the “Cherry Blossom Festival” where we were lucky enough to find street parking. It is was very beautiful!
I wanted to get off the tour bus at the south end of Georgetown, but we didn’t have time to catch another one that day.
A walking tour of Georgetown (and possibly Chevy Chase) is also on my “bucket list” 🙂
Participant[quote=spdrun]For what it’s worth … my friend paid high $200k’s in 2007 for a 3 bdr/2 bath house with garage and pool, due south of the Deer Valley airfield (and just inside the 101 beltway). I suspect it’s worth high $100s to low $200s right now, and it was built in the mid 90s.
No HOA thugs to harass her either, the neighborhood has no HOA nor deed covenants.[/quote]
This is what I fear most about buying property in all but the very best areas of AZ. Unless one paid cash in about the summer of 2010 and rec’d a very deep discount (likely from an “institutional” seller), I feel it would be so easy to lose money upon sale of one’s property investment there. And I don’t think the supply of reliable tenants is as endless there as it is in CA coastal counties.
Mostly, I don’t feel a buyer today could recover the cost of the improvements upon sale that they made to a typical AZ residential property, ESP in the $350K and below price range. Even properties a few years old need repairs and improvements, especially if they have had distressed owners or were past rentals.
There just isn’t the “captive audience” there that we are used to having here.
Participant[quote=spdrun]Coastal Maryland (too swampy) and DC area (too much traffic) definitely aren’t the finest parts of the Northeast, at least in my book. Much prefer parts of Mass, Vermont, and New Hampshire given a choice.[/quote]
Yes, I saw all the “swamps” from the air in the daytime 🙂
The MD countryside is nice, but the two-lane “hwys” taking you from town to town are winding with blind spots and a bit dangerous, I think, due to all the local traffic.
For this reason, I wouldn’t want to be a daily commuter between MD and DC.
In the few times I went to DC, we parked in an underground garage and got on a double-decker tour bus.
I love touring fall leaves in the rockies but will put a NE fall tour on my “bucket list.”
Participant[quote=spdrun]No plans to retire, far too young for that. Just building up enough rental property to be able to have a comfortable income while going to grad school in two years. I’m interested in being a student or going back into research, but not a broke-ass one with loans out the cornhole. In short, I have no interest in living the financially miserable life of the average American.
@bearishgurl – if you don’t move to New Mexico or wherever you were looking, you could do a lot worse than a small college town in northern New England. Pretty scenery, generally walkable/bikeable in summer, and civilized but not boring people.[/quote]Thanks, but I’ve only been to MD (Baltimore area) and DC a few times and both FL coasts. I’m not too crazy about the east coast as a place to live (except I luv the “crab cakes” and “hailing a `car'”) :=D
I’m going find me a nice ski-oriented community in the Sierras or Rockies to try out, the less permanent residents, the better :=]
Participant[quote=Want_to_Retire]…RV access is available for houses with bigger lots. I just bought a 3/2 – 1987 house as a rental – it has access for an RV because it’s on a corner lot. Most of the other houses at my price range didn’t.
….It’s above my own target market, but I would guess a 2500 sfr in a decent neighborhood, with pool, fairly new, good shape with a reasonably updated kitchen will rent for $1800 to $2400 depending on the neighborhood.
The area is about 8 miles east of I17 and 10 mies north of I10. It’s by the 51 and 101 FWYs. The 51 is the greatest as highways go – gets you south to central Phoenix in 10 minutes, and Tempe/Sky Harbor in 20. It’s also surprisingly quick to drive cross valley to the I17 on surface streets, about 15 minutes, lights and all.
…Going 15 miles north and west I would say a 2500 sf house, newer, pool sized lot, a nice neighborhood will go for mid $200,000 to low $300,000.[/quote]
Want_to_Retire, thank you again for your post. This 2500 sf house *newer* house with pool for <=$350K seems to be about 18 miles northwest of town. Does the mid $200K to low $300K area you mentioned here have lots with RV pkg/access? Is this part of PHX or a suburb/exurb of PHX? Not knowing about fwys other than the interstates and not having any navigation, I have "escaped" a stalled I-10 on the west side on several occasions and drove 14-20 mi north and then a few miles east to catch I-17 to meet my "late check in" in ABQ :) Unlike SD, the surface streets in PHX seemed to be flat and straight and lead to an expected destination without a map :) *************************** However, I still maintain that these FTB's can find a decent house in SD County with boat/RV pkg/access off the SR-52/SR-67 in Santee, Lakeside or even Ramona (and decent schools as well) for $350K (for example) and still make it to RB in 30 minutes. Acc to mapquest and using this address for a "work location": http://www.lbarealty.com/properties/san-diego/rancho-bernardo/san-diego/west-bernardo-business-park
Santee is 23 miles and 26 mins away, Lakeside is 20 miles and 30 mins away and Ramona is 20 miles and 32 mins away.
They could even find a suitable property in Esco for $350K with about the same length of drive to work!
"david" stated here that he was considering leaving SD County even though his spouse had a good job just because he couldn't find a house in or near RB for $350K! Uhh, what exactly was he expecting to find there??
And even if he COULD find a house in RB for ~$350K, most CC&R’s in 92127-28 strictly forbid a homeowner to park a boat in front of their fence line (front corner of house).
He could very well find the same restrictions in place in both the newer and established neighborhoods in PHX.
And WHY is “david” renting only 1000 sf for $2000 month and complaining here that his rent is causing them to live “paycheck to paycheck??” And is he paying for monthly boat storage in addition to that?
There are MUCH better deals than this ALL OVER this county. If he doesn’t like what he can buy for $350K, he might be shocked to learn that he can likely rent a 1400-1800 sf house with boat pkg/access in any of the above three towns/cities for $1400 – $1900 mo! His spouse can keep her job and he doesn’t have to move to AZ :=]
Dude could stay here and surf on wknds but he’s shopping (and renting) in the wrong place, IMO :=0
david, I’m just wondering if you and/or your spouse are native San Diegans ….
ParticipantAbsolutely gorgeous, spdrun!
Just don’t fall through any ponds 😉
I’m planning on “retiring” in a place with lots of snow 🙂
ParticipantI often wonder how former CA Senator Mike Roos feels today about the impact (for better or worse) on the unintended consequences(?) of his legislation on CA cities and counties across the state (introduced nearly 31 years ago).
His partner in crime, fmr Senator Henry Mello, must be rolling over in his grave by now :=0
Participant[quote=CA renter] . . .
7. This is an analysis of Stockton’s financial situation and how it got there. The cause of Stockton’s financial problems is not pensions, but the fact that growth rates in revenues, asset values, and investment earnings were grossly overstated (and future liabilities grossly understated, since they are tied together in many cases) because of the boom/bust nature of our economy. When things crashed it hit EVERYTHING at once, truly magnifying ALL of the problems that could possibly be experienced by a public entity at any given point in time.It is this drive for, and dependence on, excessive growth that I think needs to be addressed at a local and national level. . . .[/quote]
I downloaded and carefully skimmed over the report by cacs.org, entitled: “California Common Sense – How Stockton Went Bust.”
It dealt with the aftermath of the bad decisions by Stockton’s PTB, but it never addressed the crux of the problem, which is what I call, “the chicken and the egg syndrome.”
It mostly detailed the “promises” the city made to unions when they felt “rich” (from incoming property tax revenues and MR bond proceeds) and also addresses the steps they took to mitigate their financial problems when they “belatedly” (lol) discovered them, as detailed on pg 4:
By the time the city realized the severity of its crisis, it was too late to make any structural changes to its 2007-08 budget, but Stockton did respond quickly by initiating a hiring freeze for 90 open positions on May 15, 2008. But the city still ran a $5 million budget deficit for that year. The next year saw a $1 million deficit, followed by a $7.5 million deficit in 2010. To compensate for these deficits, Stockton depleted its already scant reserves.
I noticed that the report didn’t address OR lay the blame at the feet of the city council for its p!ss-poor judgment and horrendous mistakes it made (which were actually the catalyst setting off its long spiral into BK). This is exactly where it belongs.
Q: Why did Stockton’s PTB feel they had to hire so many new employees between 2001 and 2008?
Ans: Because the city grew exponentially.
Q: Why did it grow so much during those years?
Ans: Because there was a lot of new construction available there which was much cheaper than that in adjacent, more “close-in” counties.
Q: Why was there so much new construction in Stockton between 2001 and 2008?
Ans: Because its council allowed Big Development to develop several miles outside of the complete radius of the city.
Q: Why did they do that?
Ans: Since there were no fundamentals (such as local job creation) to support an influx of population, one is only left to surmise that they wanted the greater property tax revenue (bigger share of “teeter funds” from Sac) and MR bond revenue (for infrastructure) which would cause their “umbrella” (read: employee count) to be bigger to service these new areas, giving each of them (and all of them, collectively) more (perceived) regional “power.”
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How MUCH bigger of a workforce would the city’s leaders need to service these outlying subdivisions?
It is clear here that they really hadn’t thought this through. When approving new subdivisions right and left, it likely never occurred to any of them that the buyers of these far-inland exurban tracts were buying into them for just ONE reason (*new* construction cost far less than that in adjacent counties). In addition, these buyers were a population who had to commute a l-o-o-ong way to work (IF they were actually gainfully employed) and were undoubtedly accustomed to being heavy users of pubic services. The council simply slid by the seat of its pants approving new position after new position for the ensuing years (as they were sorely needed) to service their *new* population.
When all was said and done, 90% of these new “homeowners” ended up defaulting on their mortgages AND property taxes!
Duhhh …
This is just another instance of “unchecked greed” at the hands of yet another CA power-hungry city council. Without the “loose lending” practices of the “millenium boom” in place, Stockton’s new buyers would have never come as this area never generated enough *new jobs* (and in any case, its existing job base did not pay high enough) to even attract enough buyers for ONE small subdivision.
Stockton is NOT a scenic byway and/or cultural “retirement haven.” Newcomers (without access to “funny $$ purchase-money funds”) who move there do so for only two reasons: to be near/help out family members and to help out in the family biz.
The loss of much of Stockton’s fertile land and irrigation and increase in its watershed was all for naught.
Again, the blame for Stockton’s BK lies directly at the feet of the city council and no one else.
Had the city never allowed a large portion of their available agricultural land to be raped by Big Development, they would have never doubled their workforce and BK would have never happened.
Yes, even with an increase in healthcare costs for its existing (`00/`01) workforce … the BK would have NEVER happened.
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