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bearishgurl
Participant[quote=pri_dk][quote=bearishgurl]pri_dk, I’d just like to ask you a couple of $64M questions. Of course, you are free to choose to answer them . . . or not.
1. Are you against “big government” and all their “socialist programs” i.e. health and human services, etc?[/quote]
In general, no. And you know this. I actually am a strong believer in basic economic safety nets. But more for humanitarian reasons than for economic ones. They serve a humanitarian purpose, but come at a cost. And one of those costs is that they limit innovation. But I believe that committing a small portion of our resources toward protecting the needy is a worthwhile trade.
I also believe in strong government regulation for the purposes of consumer safety, environmental protections, etc.
But I am completely opposed to any system where the majority of economic activity and the allocation of capital is controlled by government bureaucrats.
In short, I actually understand the difference between socialism and capitalism, just like everyone else here that has a basic grasp of world history and economics.
[quote]2. Have you or any member of your immediate family ever benefited from any Federal or State programs at little or no cost to you??[/quote]
That’s an idiotic question. We all benefit from the government and we all pay taxes. I benefit, but I pay the costs as well.
Well, I did get a scholarship from the US Army “at no cost to me” – well except for those summers I spent crawling around in tick-infested woods of North Carolina and jumping out of airplanes in 100 degree Georgia heat or winter weekends spent freezing in the woods…
So are all government employees receiving their entire salary “at no cost to them?”
And now that you know about my “free ride,” how does this information alter the facts of this debate, or any debate, in any way?
[quote]I’ve been wondering this for awhile now …..[/quote]
Keep wondering, and don’t lose hope. Maybe someday you’ll get some ammunition to use on personal attacks against me or my family.
Although you do represent the bottom of the barrel for the Piggs, there’s always a chance that you’ll be able to lower the bar even further.
I have no doubt you’ll keep trying.[/quote]
Yes, I DO “know this,” pri_dk. I have no reason to “attack” you but I do find most of your posts about your perception of the role of all levels of government in all our lives (and its employees who make it function) to be somewhat disingenuous.
Ahem … your answer is trailing off, here. This makes we now want to ask you the $128M questions.
pri_dk wrote on March 8, 2012 – 11:58am.:
…The reason I have so much time during the day is that I choose to end my career early so that I could take care of my severely disabled son….http://piggington.com/otcontest_to_guess_the_occupant_of_beautiful_new_building_in_rsf
3. pri_dk, was your son disabled all or most of his life, and if so, who, besides his parents, have assisted him throughout his life? As you know, there are several public “safety nets” in place at all levels of government to assist “severely disabled” children and adults.
In other words, has your son received any public special education, rehabilitative services, speech therapy, transportation services, day school, medical equipment and/or devices, etc, over the years which cost your family little or nothing and/or was NOT covered by a private insurance plan? Does he receive social security benefits? If so, has he ever paid any FICA into the “system?”
4. If yes to any of the above, do you think any of the “bureaucrats” who rendered services to your son over the years have been “innovative” with him while he was in their class/care and also deserving of their pensions after 30 yrs of faithful service?
Help me find my way out of the “bottom of the barrel,” pri_dk, and shed some light on why you feel as you do about government’s role in society and the value of its employees. Inquiring minds want to know :=]
Participantpri_dk, I’d just like to ask you a couple of $64M questions. Of course, you are free to choose to answer them . . . or not.
1. Are you against “big government” and all their “socialist programs” i.e. health and human services, etc?
2. Have you or any member of your immediate family ever benefited from any Federal or State programs at little or no cost to you??
I’ve been wondering this for awhile now …..
Participant[quote=mike92104]We went through this as well. The sellers took a nice oven that we had stipulated would have to stay. They also took the really nice low flow toilet that was there when we first saw the house. I think they were betting that we would let it go since the short sale process took 9 months. They thought I was crazy when I refused to close, but they forked over $1000 for us to purchase a stove and toilet we wanted.[/quote]
Good for YOU in holding to your guns, mike92104! Some of these SS “sellers” are scumbags. Even after not making payments for multiple months/years, they feel “entitled” to remove items when they finally vacate which are legally appurtenant to their property (and in their contract to convey). This is often after they have removed all the cash they had in the property and then some in the form of refi cash-out/2nd, 3rd TD/HELOC. It disgusts me when these “opportunists” can successfully pull these shenanigans on an innocent buyer who is trying to do their credit score a favor, obviously AFTER they have already fleeced their lender(s) big time.
Again, the root cause is “lender malaise.”
Participant[quote=bobby]thanks for replies.
we are going to change our strategy a little. Our RE Agent is going the “early acceptance” route (to paraphrase college admission).
He is going to search out properties before they are listed and we are going to see if we can put in bids that will be satisfactory to the seller.
My wife’s nesting instinct is strong and I just want to keep her happy.[/quote]bobby, I wish you and your agent all the luck in the world. I did this sort of thing with a friend about three years ago who was seeking a fixer in a small, very well-located micro-area. All we got was, “No, I/we don’t want to sell,” even on properties that had been vacant for 3-6 years! The problem was that these owners owed $0-$32K on their properties and their tax rates were all “protected” under “Prop 13.” So, as long as they kept the weeds mowed down in front (in compliance with city code), the property could stay vacant into oblivion. Two of the properties were obvious storage for the owner’s “stuff.”
Honestly, if I was in a position to buy in my area of choice, I would knock on doors and “cold call,” just as your agent has stated he is planning on doing.
GOOD LUCK to you and keep the Piggs posted!!
Participant[quote=mike92104]If you’re lucky, you’ll find one with a solid foundation with the electrical and plumbing already upgraded.
If it has the original windows, make sure someone hasn’t painted the tracks. They’re supposed to be bare wood so they can expand and contract. Also check that the sash weights haven’t fallen. If it has replacement windows, check that they were done well and don’t leak.
The house we bought was built in 1940. I’m amazed at the craftsmanship. Every door in the house is perfectly square. Every angled cut is perfect. If we maintain it, it will last forever. We were lucky and found one that had the plumbing and electrical already done. It even has a 200 amp service![/quote]
I was lucky like you, mike. I got all of the things you mention here as well and those goodies were the primary reason I bought it aside from its excellent location! The replacement windows are top notch, the house was heavily remodeled very tastefully (I have the original prints signed by the architect) with rounded corners on the nicely textured drywall. In addition, I got a new central HVAC system.
I feel very fortunate indeed…
ParticipantFor the life of me, I don’t understand why FHA’s lending limit is higher than the FF conforming limit of $417K!
The FHA was put in place in 1934 specifically to aid FT homebuyers, including low and moderate-income households to offer 96.5% financing on 1-4 units (where the buyer is in residence) to give them a “leg up” into homeownership.
Nka “FHA 203b,” this MIP program was NEVER intended for move-up/luxury purchases or investment properties but that is what it is typically used for in SD County, what with a current $729,750 loan limit! Even though few applicants can likely qualify to borrow this amount, this is way too much money to loan someone who puts only 3.5% to 5% down, IMO.
The FHA loan limit in SD County should currently be set at $300K. This would allow for an approximate $312K purchase at 96.5% financing. THIS is the type of property the FHA was put in place to finance!! And prospective owner occupants who are shopping at this price point or below are the exact audience the program was put in place to serve.
Slightly OT: Ditto for VA loans. The VA loan limit should be lowered to $417K. The current $477K limit is asking for big trouble, due to the program having zero down (subject to qualifying) for up to $477K. The vast majority of military spouses stationed in SD (male or female) are very young, have little to no college under their belts, and are employed only part-time or unemployed. In addition, the typical active duty military family is subject to COS orders as little as every 24 months.
I think the VA limit should also be $417K for retired military, assuming they still have the benefit (if they used it at one time, it has been reinstated). More than half of military retirees live on their pensions plus “side jobs” or PT work. These are the ones who are native to the area and/or still have family here or purchased a family home long ago in SD, rented it out intermittently throughout their career and never took cash out or sold it. The majority of longtime spouses of retired personnel (if they still have one) never worked or only worked part-time. Most of the newly retired personnel who can’t find good jobs immediately after retirement in SD choose to have the military move their personal effects free back to the area where they first enlisted or any other place in the US where housing costs much less than here. The typical military family in SD lives in military housing complex(es) (which includes all utils but cable/cell phone paid) the entire time of their occupancy but has little to nothing saved upon retirement from the military. They have 30 days from the date of their retirement to vacate their military housing quarters or are cut off from their (now extremely generous) housing allowances within 30 days.
These families have no business borrowing $477K … or $417K for that matter.
This is coming from a person who has lived around a LOT of retired military for decades.
The reason why there have always been a lot of HUD/VA repos (yes, even when the limits were under $100K) is because of all of the above.
Participantby CalculatedRisk on 4/25/2012 08:35:00 PM
From the San Francisco Chronicle: S.F. rental market on a tear
…San Francisco rental-home owners and brokers say they are being deluged with applicants for apartments that would have barely gotten a nibble a year or two ago. Some property managers say they are boosting rental prices by 30% to 40% when units turn over…
The really sad thing is, most of these SF apt “owners” are either pre-April ’78 original owners or “inherited” the bldg from a parent. You guessed it, these enterprising LL’s are protected by “Prop 13.”
Participant[quote=outtamojo][quote=sdrealtor]Much better advice and he’s in the Bay Area so multiply times 10[/quote]
This is what he will deal need to deal with
http://www.calculatedriskblog.com/2012/04/san-francisco-rents-on-tear.html
[/quote]Good L@rd, outtamojo! That seems to be unbelievably tight housing conditions!
I’m glad my kids have had very long-term rentals where they get along well with their landlord! And they’re not “lackluster digs,” either. They are very spacious and one is very high on a hill with about a 270-degree view!
I certainly wouldn’t wanna be a “newcomer” to SF about right now!
Participant[quote=UCGal][quote=bearishgurl][quote=briansd1] . . . I love political conventions. There an energy about them. My first one was when Bob Dole was in San Diego. I was invited to a party back then and I love it even though I didn’t agree with the Republican crowd.[/quote]
My favorite times in politics were at SD “Election Central” in Golden Hall where many candidates would rent rooms for their parties for their campaign people and contributors. Some rented rooms in an adjacent hotel. Hopping from party to party until the wee hours of the morning was nothing less than exhilarating![/quote]
My mom worked for the Registrar of Voters and used to to run the Election Central as part of her job duties. Golden Hall, Kona Kai, and a few other venues. I remember sneaking into some great parties in high school. Lots of booze. If my mom ever knew why I was willing to go get the civics lessons on those nights. LOL.[/quote]Hope you were able to get some “HS credits” out of your “civics lessons,” UCGal!
Participant[quote=sdrealtor] . . . Pessimists always see the glass half empty. Optimists always see it half full. I just see half a glass that I’d like to drink.[/quote]
Isn’t it just a bit early in the day to be looking at “half a glass??” ;=]
Participant[quote=CA renter]“SOME time after the dotcom boom turned into a spectacular bust in 2000, bumper stickers began appearing in Silicon Valley imploring: “Please God, just one more bubble.” That wish has now been granted. Compared with the rest of America, Silicon Valley feels like a boomtown. Corporate chefs are in demand again, office rents are soaring and the pay being offered to talented folk in fashionable fields like data science is reaching Hollywood levels. And no wonder, given the prices now being put on web companies.”
http://www.economist.com/node/18681576
Yes, interest rates determine what people do with their money and change the risk/reward ratios. I would argue that low rates most certainly push people into all kinds of investments they normally wouldn’t make, and at prices they normally wouldn’t pay…including housing (for personal use and for investments), and other financial and non-financial assets.
It is what it is…[/quote]
Interesting article, CAR. I’m out of the stock market right now but I DO think there will be FB and Linkedin copycats who will try to cash in on the “irrational exuberance” of investors due to the huge IPO’s about to spin off. These two aren’t the only ones. One of my kid’s companies in the heart of SV is soon to spin off as well (unrelated to FB and Linkedin so has its own specialized mkt), and gave all their employees stock with an option to buy more shares.
In the OP’s case, I think it is sad that only mostly fairly nondescript 1100 to 1500 sf homes are available in his price range in their stated preferred 3 micro-areas. SV DID take a nosedive in value for about 1-3 yrs (2000-2003) and then its prices were back up again. In about 2007-2008, I was again seeing fixer 2000+ sf ranch houses with good bones on 1/3+ AC lots in Saratoga with asking prices of $475K – $550K. Those days are permanently gone, methinks. Like Fleetridge (SD), which has these same types of properties on slightly smaller lots, there are few to zero available now which have not already been remodeled. The cheapest (unremodeled) one I saw online about ten days ago had an asking price of $1.175M and is no doubt gone by now.
The OP is in a situation where he is “waterlocked” on two 45-mile sides. Save “Foster City” (encumbered by HOAs/CFDs) there hasn’t been any SFR tracts developed there in at least 40 years. He and his spouse must accept the inventory that is available to them in their price range and be happy that their daily “commute” will be =<20 mins.
The SF alternative might be worth looking into if they knew they would not have a family. It will likely NOT be a SFR. Cheaper alternatives are Daly City, Milbrae and San Bruno. Since they weren't too thrilled with what they already saw in their preferred areas, I can't see them liking what is likely on offer in these 3 small cities. Daly City, in particular, has many substandard (<5000 sf) lots.
The SJ/Morgan Hill alternative is would likely be a lengthy daily commute in heavy traffic for them, IMO.
The (bridge) alternative is having a completely different lifestyle entirely. It's not the same as commuting from 92028 Esco to Carlsbad. In the long term, it will likely prove to be unsustainable ... very tiring and "hardscrabble," IMHO, ESP if they start a family. It will likely eventually cause both of them to look for employment in their own county.
Given the choice, I'd make the best deal I possibly could on a 50's ranchette on as large a lot as I could get in one of my 3 preferred areas and be happy :=}
Overall, I'm bullish on SV, regardless of how "irrationally exuberant" it may sound to some. For many reasons, it has an extremely high quality of life which cannot be duplicated in SoCal or inland counties. One of which is very careful planning by the forefathers of its many jurisdictions. This is part of the reason for the higher values there which has nothing to do with the presence of tech companies.
ParticipantTG, I will neither quote you or bold your words. I just have a question for you, though. You state your (parent’s?) rental condos have increased in value faster than their rental homes. How long ago were these condos purchased?
I’m asking because, up until about ’84, many “investment grade” condos could be bought in SD County for $20K to $70K. Of course they would have increased in value by 300%-1000% by now! OTOH, investment-grade SFR’s were about $45K to $90K. So they wouldn’t have increased in value at the same percentage as condos.
You didn’t state in your post whether your family’s SFR rentals had more stable tenancy over the years (fewer vacancies) than their condos. I would be interested to know if this has been the case in your family’s experience.
If your family’s rental properties were located in a cheaper county than SD county, then the prices would have even been less than what I quoted. Perhaps the tenant-makeup of less expensive CA counties is different than SD County also.
In addition, I disagree that SFR’s w/o an HOA are attractive only to “bad” or “unreliable” tenants. Nothing could be further from the truth. The ones w/o HOA’s are situated in SD’s most convenient and upscale neighborhoods. I would agree that there are more SFR rentals in newer areas than older ones (due to “involuntary LL syndrome”) but many of the rentals that can be found in older areas likely rent for $3000 or more per month. Many tenants seeking SFR rentals in older areas (w/o HOA) are doing so because they have longtime family who lives nearby.
In this thread, we were (OT) comparing SFR/condo investments which were recently purchased or about to be purchased.
ROI wise, that’s not the same scenario as having purchased a newly-built 1 br/carport condo near SDSU in 1976 for $27K.
Participant[quote=briansd1] . . . I love political conventions. There an energy about them. My first one was when Bob Dole was in San Diego. I was invited to a party back then and I love it even though I didn’t agree with the Republican crowd.[/quote]
My favorite times in politics were at SD “Election Central” in Golden Hall where many candidates would rent rooms for their parties for their campaign people and contributors. Some rented rooms in an adjacent hotel. Hopping from party to party until the wee hours of the morning was nothing less than exhilarating!
Participantexample of brian’s “dream city:”
[img_assist|nid=16122|title=The Jetsons in Orbit City|desc=|link=node|align=left|width=320|height=219]
http://bcplanningblog.blogspot.com/2009/03/jetsons-and-new-urbanism.html
Lol!!
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