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CoronitaParticipantIs it okay that I have heat and a/c in the leather seats as long as I paid cash and have zero debt?
Sure, as long as you don't come back and complain that you can't afford a house.
CoronitaParticipantIs it okay that I have heat and a/c in the leather seats as long as I paid cash and have zero debt?
Sure, as long as you don't come back and complain that you can't afford a house.
CoronitaParticipantA small story…When I was a kid, my dad wanted to get me a BMW bike. So he asked what I wanted. Not knowing any better and knowing my parents were very conservative in spending, I thought what the heck, get me the $60 Team Murray bike from Kmart. Brought it to school the next day, and for the rest of the two years had to endure just about every single ridicule imaginable from every other stupid kid, because their parents had bought them $250+ BMX bikes. Personally, I didn’t understand what the big deal with. A bike for all purposes took me from point A to B after school, and none of the other kids ever raced. But it was hell for me. Never told my parents about it, because I didn’t want them to feel bad, but I felt pretty crappy about it…. Until I got older and realized that my parents basically gave me food, shelter, the opportunity to attend a great college, and everything else I needed to succeed. To this day, my dad still doesn’t understand why I won’t throw away that red bike that’s hanging in his garage.
The issue is that American kids are mean and stupid. It becomes a popularity/fad contest, and their parents feed into this culture buy spending unnecessarily on trendy things. The entire comparing to the Jones down the street happens when we’re kids. And it gets more ridiculous as we progress. Can you imagine a 5th grade teacher telling students to make sure to turn off all cell phones before class starts? That’s just ridiculous. I see so many parents with their kids feeding into the trendy thing. And I take a look at them, and I can’t imagine they have the income that can sustain this.
Now in my 30ies, with a decent career and where money isn’t really a probably for most things (except possibly a McMansion in La Jolla shores), I guess I have my parents to thank for the fact that I’m so conservative in spending. And thankfully my spouse is exactly like me. But living in CV doesn’t help because while I really don’t want to be like so many other CV folks, I really don’t want my kid to grow up with esteem issues that may happen if I don’t at least partly play the game. So, I’m going to have to figure out this one.
As far as people that are financing their way to ruins. Well, they really won’t get much sympathy from me. Folks like that already gave me enough grief when I was a kid. And I frankly won’t have a problem taking their assets away from them if they’re reckless and irresponsible.
CoronitaParticipantA small story…When I was a kid, my dad wanted to get me a BMW bike. So he asked what I wanted. Not knowing any better and knowing my parents were very conservative in spending, I thought what the heck, get me the $60 Team Murray bike from Kmart. Brought it to school the next day, and for the rest of the two years had to endure just about every single ridicule imaginable from every other stupid kid, because their parents had bought them $250+ BMX bikes. Personally, I didn’t understand what the big deal with. A bike for all purposes took me from point A to B after school, and none of the other kids ever raced. But it was hell for me. Never told my parents about it, because I didn’t want them to feel bad, but I felt pretty crappy about it…. Until I got older and realized that my parents basically gave me food, shelter, the opportunity to attend a great college, and everything else I needed to succeed. To this day, my dad still doesn’t understand why I won’t throw away that red bike that’s hanging in his garage.
The issue is that American kids are mean and stupid. It becomes a popularity/fad contest, and their parents feed into this culture buy spending unnecessarily on trendy things. The entire comparing to the Jones down the street happens when we’re kids. And it gets more ridiculous as we progress. Can you imagine a 5th grade teacher telling students to make sure to turn off all cell phones before class starts? That’s just ridiculous. I see so many parents with their kids feeding into the trendy thing. And I take a look at them, and I can’t imagine they have the income that can sustain this.
Now in my 30ies, with a decent career and where money isn’t really a probably for most things (except possibly a McMansion in La Jolla shores), I guess I have my parents to thank for the fact that I’m so conservative in spending. And thankfully my spouse is exactly like me. But living in CV doesn’t help because while I really don’t want to be like so many other CV folks, I really don’t want my kid to grow up with esteem issues that may happen if I don’t at least partly play the game. So, I’m going to have to figure out this one.
As far as people that are financing their way to ruins. Well, they really won’t get much sympathy from me. Folks like that already gave me enough grief when I was a kid. And I frankly won’t have a problem taking their assets away from them if they’re reckless and irresponsible.
CoronitaParticipantfat_lazy_union, why do you say Del Sur is a ghost town? can you elaborate on this? Another related question: which plave is better, Del Sur or 4S? I visited both communities recently, and Del Sur is more expensive than 4S. Do you know why? thanks.
http://bubbletracking.blogspot.com/2007/05/weeds-of-del-sur.html http://www.signonsandiego.com/news/business/20070513-9999-1b13develop.html
CoronitaParticipantfat_lazy_union, why do you say Del Sur is a ghost town? can you elaborate on this? Another related question: which plave is better, Del Sur or 4S? I visited both communities recently, and Del Sur is more expensive than 4S. Do you know why? thanks.
http://bubbletracking.blogspot.com/2007/05/weeds-of-del-sur.html http://www.signonsandiego.com/news/business/20070513-9999-1b13develop.html
CoronitaParticipantwaittobuy, When prices go down, the less desirable areas go down first. This is why ocrenter said the following: "Assuming $24,000 loss in rent, had we bought in 4S, we would have been looking at $100,000 loss in equity over the same period. had we bought in Temecula like a friend of mine did, that $24,000 loss in rent would be comparable to $200,000 loss in equity." This is because Temecula is much less desirable than 4S. Relatively, 4S is less desirable than Carmel Valley. This is why prices in CV have held up better than 4S. When the dust settles, all areas (desirable or not) will have gone down by the same percentage. The difference is that the least desirable areas will hit the "bottom" first. With that said, CV is further from the "bottom" than 4S. So, if you must buy right now, 4S is probably better b/c it is closer to the bottom. You'll still lose a lot of money because 4S is still a long way from the bottom. ocrenter made an excellent point. Financially speaking, the decision to buy does NOT depend on the rent vs. the mortgage payment. It depends on the money spend on rent vs. the equity loss. I would suspect that: ocrenter would have paid $3k/month to rent that same house because the $36k spent on rent would still be far less than the equity loss. "we think the biggest yearly drop in price in this cycle has happened" Real estate is the ultimate momentum market. The price declines of the last 18 months has only began to pickup speed. So, the biggest yearly drop in price has not happened yet.
I sort of disagree with this. One other big difference is has the cities infrastructure been rolled out… I don't think the 4S ranch infrastructure is anywhere near say old CV or rancho penisquito. if there is a deluge of foreclosures in newer areas, you're going to get hit twice. Ist in your property value, second in terms of the infrastructure your city won't have. Take a look at Del Sur for example. It's a ghost town there.
CoronitaParticipantwaittobuy, When prices go down, the less desirable areas go down first. This is why ocrenter said the following: "Assuming $24,000 loss in rent, had we bought in 4S, we would have been looking at $100,000 loss in equity over the same period. had we bought in Temecula like a friend of mine did, that $24,000 loss in rent would be comparable to $200,000 loss in equity." This is because Temecula is much less desirable than 4S. Relatively, 4S is less desirable than Carmel Valley. This is why prices in CV have held up better than 4S. When the dust settles, all areas (desirable or not) will have gone down by the same percentage. The difference is that the least desirable areas will hit the "bottom" first. With that said, CV is further from the "bottom" than 4S. So, if you must buy right now, 4S is probably better b/c it is closer to the bottom. You'll still lose a lot of money because 4S is still a long way from the bottom. ocrenter made an excellent point. Financially speaking, the decision to buy does NOT depend on the rent vs. the mortgage payment. It depends on the money spend on rent vs. the equity loss. I would suspect that: ocrenter would have paid $3k/month to rent that same house because the $36k spent on rent would still be far less than the equity loss. "we think the biggest yearly drop in price in this cycle has happened" Real estate is the ultimate momentum market. The price declines of the last 18 months has only began to pickup speed. So, the biggest yearly drop in price has not happened yet.
I sort of disagree with this. One other big difference is has the cities infrastructure been rolled out… I don't think the 4S ranch infrastructure is anywhere near say old CV or rancho penisquito. if there is a deluge of foreclosures in newer areas, you're going to get hit twice. Ist in your property value, second in terms of the infrastructure your city won't have. Take a look at Del Sur for example. It's a ghost town there.
CoronitaParticipantRegarding attached condos in MYKONOS LANE. can anyone shed some light on this. I see a lot of activity in that complex. comps show lots of sales, too many. I assume that they must be foreclosed or repo by bank???, but then why are there so many foreclosures in such a short time? Too many speculators/investors/poorly financed people buying and unloading at the same time?? or a single investor unloading all of them??
These units are apartment home converts. But unlike most converts, these are actually pretty nice, which your own garage parking..They are just way overpriced back in 2005.
I believe some of these that are selling must be from the apartment owner, and not individuals. (could be wrong though).
CoronitaParticipantRegarding attached condos in MYKONOS LANE. can anyone shed some light on this. I see a lot of activity in that complex. comps show lots of sales, too many. I assume that they must be foreclosed or repo by bank???, but then why are there so many foreclosures in such a short time? Too many speculators/investors/poorly financed people buying and unloading at the same time?? or a single investor unloading all of them??
These units are apartment home converts. But unlike most converts, these are actually pretty nice, which your own garage parking..They are just way overpriced back in 2005.
I believe some of these that are selling must be from the apartment owner, and not individuals. (could be wrong though).
CoronitaParticipantA 2bed/2bath/1car/1211sqft/1 car garage at $400k seems pretty steep for 4s ranch area.
As far as the attached market. I’ve monitored the condo/townhome market in Carmel Valley starting since 2004. Prices have declined..It seems like recently, it’s happening at a faster rate (seeing more foreclosure/ short sales even in Carmel Valley )
1) A lot of people bought attached homes here on marginal financing.
2) A lot of places in CV converted from apartments to owner occupied==> lot of inventory.To put things in perspective, Here’s a foreclosure in a relatively nice attached community.
http://sandiego.houserebate.com/search/homeview.asp?id=1649155&p3=-1&ix=85
1)
3762 MYKONOS LANE 89 (Andalucia)
2/2.5 1231 Sqft, TWO car garage
Plus located walking distance to a good elementary school, torrey pines middle school, a shopping mall with a movie theater, a city recreation center with a lap pool and playground.
$447k.You might also compare the HOA/mello-ruse/property tax of this unit to what the 4s ranch unit is (NOTE 3762 MyKonos should have MellosRuse also, even though house rebate doesn’t list it).
Obviously, a property marketed at this price (still high imho) doesn’t help these folks(or possibly condo-convert owner) trying to unload roughly $36k-72k higher
2) http://sandiego.houserebate.com/search/homeview.asp?id=1649098&p3=-1&ix=84
3806 MYKONOS LANE 15, San Diego
$483,9003)
http://sandiego.houserebate.com/search/homeview.asp?id=1621579&p3=-1&ix=80
3792 MYKONOS LANE 35, San Diego
$507,9004)
http://sandiego.houserebate.com/search/homeview.asp?id=1635965&p3=-1&ix=82
3716 MYKONOS LANE 159, San Diego
$519,900You might also be interested in how much this buyers paid for this unit
307 022 39 11
Property Location:
03762#89 MYKONOS LN
Purchase Price: $581,645
Living Area: 1,202
No. Bedrooms: 2
No. Bathrooms: 3
Document Date: 12/23/2005It’s not a question of whether prices are falling for the attached market. It’s pretty clear it’s happening. Unfortunately, these were probably purchased with the least financially stable people during the peak.
CoronitaParticipantA 2bed/2bath/1car/1211sqft/1 car garage at $400k seems pretty steep for 4s ranch area.
As far as the attached market. I’ve monitored the condo/townhome market in Carmel Valley starting since 2004. Prices have declined..It seems like recently, it’s happening at a faster rate (seeing more foreclosure/ short sales even in Carmel Valley )
1) A lot of people bought attached homes here on marginal financing.
2) A lot of places in CV converted from apartments to owner occupied==> lot of inventory.To put things in perspective, Here’s a foreclosure in a relatively nice attached community.
http://sandiego.houserebate.com/search/homeview.asp?id=1649155&p3=-1&ix=85
1)
3762 MYKONOS LANE 89 (Andalucia)
2/2.5 1231 Sqft, TWO car garage
Plus located walking distance to a good elementary school, torrey pines middle school, a shopping mall with a movie theater, a city recreation center with a lap pool and playground.
$447k.You might also compare the HOA/mello-ruse/property tax of this unit to what the 4s ranch unit is (NOTE 3762 MyKonos should have MellosRuse also, even though house rebate doesn’t list it).
Obviously, a property marketed at this price (still high imho) doesn’t help these folks(or possibly condo-convert owner) trying to unload roughly $36k-72k higher
2) http://sandiego.houserebate.com/search/homeview.asp?id=1649098&p3=-1&ix=84
3806 MYKONOS LANE 15, San Diego
$483,9003)
http://sandiego.houserebate.com/search/homeview.asp?id=1621579&p3=-1&ix=80
3792 MYKONOS LANE 35, San Diego
$507,9004)
http://sandiego.houserebate.com/search/homeview.asp?id=1635965&p3=-1&ix=82
3716 MYKONOS LANE 159, San Diego
$519,900You might also be interested in how much this buyers paid for this unit
307 022 39 11
Property Location:
03762#89 MYKONOS LN
Purchase Price: $581,645
Living Area: 1,202
No. Bedrooms: 2
No. Bathrooms: 3
Document Date: 12/23/2005It’s not a question of whether prices are falling for the attached market. It’s pretty clear it’s happening. Unfortunately, these were probably purchased with the least financially stable people during the peak.
CoronitaParticipantSD Realtor,
I have a question about Realtor rebating commision back to buyers. Is it a common practice for the Realtor to send you a 1099 for the rebate?
Back in 2004, we used the same Realtor to sell and buy a home. As such, she rebated us back a good part of her commision on both transactions. The weird part was that we received a 1099 from her at the end of the year.
CoronitaParticipantSD Realtor,
I have a question about Realtor rebating commision back to buyers. Is it a common practice for the Realtor to send you a 1099 for the rebate?
Back in 2004, we used the same Realtor to sell and buy a home. As such, she rebated us back a good part of her commision on both transactions. The weird part was that we received a 1099 from her at the end of the year.
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