[Carlsbadliving]

I don’t see rates rising that much. Here’s an example of them rising slightly.

A house today $500,000
20% down, loan of $400,000
interet rate 6.25% = 2,462/month

A house next year $400,000
20% down, loan of $320,000
interest rate 7.50% = 2,237/month

Plus if you choose to put down 20% in both cases you’ve saved $20,000.

I think you’re always better off to pay less for a house. You can always refinance later on.

[Carlsbadliving]

That house was brand new construction and then put up for sale. I drive by it all the time, I’d be curious to see what it sold for.

[Carlsbadliving]

However I am still somewhat bothered by the fact that at “some point” prior to the 50% drop, there will be a positive cash flow potential for investors due to higher rental costs.

SD Realtor,

I’ve thought about this as well. However, isn’t it a possiblity that housing prices could drop enough to overshoot current rental rates and actually drive rental prices down? This would keep investors at bay making it harder to make a positive cash flow.

[Carlsbadliving]

I’m waiting on the sidelines. I’ve wanted to buy but resisted the urge and new things would start to come back to earth. There’s got to be a reasonable amount of people like me who have never owned, could have owned (but chose not to), and are waiting for prices to settle.

I don’t think you can say “everyone who wanted to buy has done so”.

[Carlsbadliving]

30. When my neighbor down the street (the construction worker) has an Escalade and a Mercedes suddenly appear in the driveway.. HERE IS A SIGN

[Carlsbadliving]

If you check out Santa Luz drive a little further north and check out Del Sur. That place is a ghost town.

[Carlsbadliving]

If you purchase an existing home, the Coastal Commission has ZERO jurisdiction over you, UNLESS you decide to do something that would necisitate a Coastal Development Permit. (tear down & rebuild, addition). This is not unusual though, a large percentage of existing homes are legally non-conforming (everywhere, not just within the Coastal Zone). Meaning that they no longer meet setback requirements, height requirements, etc. This is because regulations continue to toughen.

These are always things that should be considered when buying a house. But if you are happy with an existing home, there’s no need to worry about what you can plant, etc. (unless you have HOA regulations, etc). Clearing brush can be tricky but that can be tricky anywhere, not just with Coastal.

[Carlsbadliving]

If you’re looking to buy an existing home within the jurisdiction of the Coastal Commission, you won’t have have any problems. Unless you were planning to tear down and rebuild. If you buy a vacant lot and hope to develop, it just means that you’d have to get approval from the Coastal Commission.

If the Malibu Local Coastal Program isn’t yet approved by the Coastal Commission then any projects go to a Coastal Commission hearing, if the Local Coastal Program is approved then the City has the authority to hand out Coastal Development Permits.

[Carlsbadliving]

1) Rent
2) have never owned (29 yrs old)
3) N/A
4) Kinda just figured since I make good coin and still can’t touch anything that things were out of whack, then stumbled upon Pigginton last fall.
5) Most likely to move out of San Diego in about a year.
6) N/A
7) Yes, have been priced out. Would like to pay about 300k for a nice 3 bed/2 bath home either here in SD or somewhere else on the west coast.

[Carlsbadliving]

AHP does provide a recommendation on rental rates at the end of the lease …

I think this is where things went wrong in our case. Our house was fairly cheap for the area because it is very rundown. We knew that and felt we could deal with that for the price. When it came time to renew our lease I think that AHP looked at comps in the area and made their recommendation, which was a substantial rent increase. Well guess what, they never once came by to look at the house. They didn’t know that it had been at a lower price than the rest of the area for a reason. It just seemed like they didn’t take the time to figure out the situation.

[Carlsbadliving]

F-S-D,
I understand that many of our problems have come from having a non-responsive homeowner. But on several occasions we will contact AHP to put in an order. A week goes by and we call the same person again and they don’t even remember having the conversation with us. It would be different if they said that they were waiting to hear back from the homeowner, but instead they say “what did you want again” or “you called here last week?”.

In regards to the rent increases: if it is up to the greedy landlord what role does AHP have in helping them set it. I’m an existing tenant and the landlord (from Texas) says raise the rent 15%. At what point does AHP say that’s out of line and not representative of the rental market in the area?

I just think that AHP has gotten too big and doesn’t seem to care if a few tenants get treated poorly or mishandled here or there. Especially if they aren’t having any problems renting homes.

Just the perspective from this lowly renter…

[Carlsbadliving]

One thing I’ve done is use ZipRealty to track about a dozen homes in my neighborhood. I can watch the reductions roll in. I’ll also keep track of the total inventory for the zip code.

[Carlsbadliving]

I actually rent through American Heritage Properties (AHP)right now. They seem fairly competent but some of the staff have horrible followup skills. I’ll have to call several times to get a maintenance issue resolved.

I was also dissatisfied with how they priced the house. We had rented the house for one year and when it came time to sign a new lease we were informed that the rent was going to increase. We felt the increase was rather steep. AHP said that they were just raising it to what the owner wanted (who happens to live in Texas) and that it wasn’t negoitable. Well, later on the owner actually contacted us directly and we found out that he had instructed AHP to raise the rent a reasonable amount to be in line with the local market. He left it up to them since he had no clue about the SD market. So, AHP had lied to us about it and after calling them on it they ended up lowering the increase.

[Carlsbadliving]

Where do I sign up?

You’d have to pay me $185,000 to live there.

[Carlsbadliving]

It’s not you. They’re not working.

[Author]

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