[earlyretirement]

[quote=asegal]sort of out of options… I agree with you about CV but a gem pops up once in a while. It’s definitely been a while since I’ve seen one and they are usually significantly pricier. 92127 corridor is full of mello-roos ranging from a few hundred to well over $1K p/month. That’s another $100K borrowing power for buyers. I’ve seen nice homes sell in the mid-800s to low 900s so I’m open to consideration there in low mello areas. You definitely caught the sweet spot in 2011. Sellers are pricing too aggressively right now charged by early signs of recovery and low inventory. If things don’t shape up, I’ll have to get comfortable renting. :)[/quote]

Yeah. I agree there are some gems sometimes but they seem to go very quickly. Yep, 92127 is full of Mello Roos taxes. I pre-paid both Mello Roos taxes last year so it’s good to be done with them. Paid off both the Poway USD and Santaluz CDF’s and it was a good feeling to pay them off.

I agree 2011 was a good time to buy. Inventory wasn’t so hot but at least there were several options to choose from. That’s far from the case today.

I haven’t seen all of the developments over in 4S Ranch as I haven’t looked since 2011 but definitely Davidson makes some great houses. Our house is a Davidson and I’m really happy with the quality minus a few very small things.

For example, I was really surprised when we bought that they didn’t put ceiling lights in all the bedrooms. You’d think on semi-custom homes they would have done that but it sounds like here in California that is more common here. So we put in ceiling lights in all the rooms. It wasn’t a big deal on the 2nd floor but I didn’t realize putting in ceiling lights required so much work on bottom floor levels.

Also, the toilets throughout the house were “contractor specials” type toilets. Very low end. I ended up changing out all 5 toilets for Toto higher end toilets.

All in all I’m really happy and I’m thrilled with the house and the area is great as well. What I like is you’re far enough inland to get the great sunny weather but avoid the higher temperatures of Poway and that area.

Sometimes when I leave the house and visit my friends in Poway the car registered a full 12 degrees more. And sometimes when it’s bright blue skies and sunny I’ll take the 10 minute car ride to Del Mar and it will be cloudy.

asegal, did you check out the Maricel development properties at all? I drive by there all the time. I’m not sure of price points but Davidson is the builder on them I believe. I think it’s still 92130 there. I thought I saw signs that said from the $700s?

[earlyretirement]

Yeah Flu. I guess we’ve just heard so many years after the bubble burst about all the negative equity in San Diego County that you get stuck into thinking about that side of it.

My buddy that lives in Lemon Grove mentioned that many of the people there are older and have owned their houses forever and long since paid off. Same as in parts of Point Loma and other neighborhoods.

Property here in San Diego used to be affordable. I just figured that more people played the home equity ATM machine game.

No, I didn’t see a breakdown of SFH’s, condos, etc. I assume it’s countywide.

[earlyretirement]

Wow EconProf. I’m really sorry to hear about this. As a property owner of many rental properties, this kind of thing is my worst nightmare.

You did the right thing being so honorable. I’m sure it was a nightmare for the rental tenant as well.

It IS important to note that there are some scam artists out there as well that try to lie about this in order to get free rent. I found this out first hand a few months ago.

In one property I own where I do high end short-term rentals I recently had a guest that tried to claim she got bit by bedbugs. I found it shocking since no one ever complained about anything let alone bedbugs. And I happened to use the property myself on a business trip and most definitely there weren’t any problems at all my entire 10 day stay.

She was demanding a full refund. I gave it to her but demanded she leave immediately so I could call a specialist. I gave her a full refund and the point I knew it was probably a scam was when she wanted to finish her stay in the apartment! She threatened to post online if I didn’t give her a refund so naturally I gave her a full refund.

When the specialist that dealt with bedbugs went in he did a full inspection and he said there wasn’t any bedbugs. He did a few things over the course of 2 days and he said definitely there were no bedbugs. It is a penthouse apartment with no neighbor next door either.

No subsequent tenants had any problem at all. I was prepared to totally change all the mattresses in the apartment if I needed to but I was relieved that it was only a scam.

Through it’s a small world, I spoke to another owner of a property they rented and they pulled the same scam on that owner.

The thing that really sucks is you’re so helpless as an owner. A tenant even hinting that you have bedbugs can totally kill your reputation and business and this lady knew it.

It was just a horrible feeling. I imagine there are probably people that go around scamming property owners and also hotels trying to claim this and trying to stay free.

[earlyretirement]

[quote=UCGal]

One family member, on my side, defaulted. Then he got upset with the parent involved would not issue a new loan. He didn’t get much sympathy from other family members when the parent presented a copy of the signed loan agreement of the previous loan – including payment records showing when it defaulted. He got over it because he knew he was in the wrong.

[/quote]

UCGal,

Just out of curiosity, did the parents have to force him out of the house? Or did he leave on his own? I have a friend that is dealing with an issue like this now. Everything is well documented and they have everything written but their son refuses to leave.

I can’t imagine how Thanksgivings are like around their house. LOL.

I know you said he “got over it” but did they have to resort to legal action to force him out? Inquiring minds want to know.

[earlyretirement]

[quote=UCGal]

One family member, on my side, defaulted. Then he got upset with the parent involved would not issue a new loan. He didn’t get much sympathy from other family members when the parent presented a copy of the signed loan agreement of the previous loan – including payment records showing when it defaulted. He got over it because he knew he was in the wrong.

[/quote]

UCGal,

Just out of curiosity, did the parents have to force him out of the house? Or did he leave on his own? I have a friend that is dealing with an issue like this now. Everything is well documented and they have everything written but their son refuses to leave.

I can’t imagine how Thanksgivings are like around their house. LOL.

I know you said he “got over it” but did they have to resort to legal action to force him out? Inquiring minds want to know.

[earlyretirement]

[quote=Essbee] Still, I’d rather see an adult / longtime San Diegan version of the same map. Lots of other fun stereotypes to poke fun at, I would think.[/quote]

You could always make a blank canvass and give us your adult version of it. I’d love to see that.

[earlyretirement]

Yeah, I saw it on another message board and thought it was pretty funny.

[earlyretirement]

I don’t think there is anything wrong at all to be proud of purchasing your home if it’s something that you can comfortably afford.

Of course I think you will really feel proud once you own your home free and clear from the bank. Because until then it’s the bank’s house not yours.

I don’t buy real estate (or stuff in general) to display them or look at it and think “man I’m smart”. I do own several properties and I am proud that I own them. I don’t think there is anything at all wrong to be proud of something that you work very hard and save up to purchase.

I think most people don’t buy real estate to feel clever about. Most people buy real estate to either (a) live in and it’s a home to them; or (b) for cash flow via rentals.

[earlyretirement]

[quote=SK in CV]
So none of them actually left because of the tax increase on very high income taxpayers.[/quote]

I know many people that have moved out of San Diego. Most of them were former college classmates. But quite honestly none of them moved out of California due to the high taxes. They moved out because they couldn’t find a good job where they could make as much as other places. I’m quite sure they would have stayed had they been able to find decent jobs for their experience/education.

And I have to say that most of them were living way above their means for many years. Many of them took out equity of their homes (using them as a virtual ATM machine) and eventually lost their houses.

But high taxes didn’t have anything to do with it.

[earlyretirement]

[quote=EconProf]Run, don’t walk, away from those friendly Chase bankers.
The article you cited gives a good explanation of why: bonds have had a great run for three decades because of declining interest rates. With interest rates now near zero, this can’t continue. If rates merely stay at their current level those bond funds won’t have the stellar rate of return they’ve had recently. If rates creep up, those bond funds will quickly generate very negative returns.
In effect, closed end bond funds have doubled down on their bet that interest rates will continue to fall. They have done this by using leverage plus being close-ended, such that their market value can exceed or be less than their face value of their holdings upon liquidation.
Does this mean you are stuck with near-zero rate of return (actually negative, considering inflation) on your liquidity until you need it? Yes. Thank you, Ben Bernanke.
There is growing evidence we are in a giant bond bubble, much like the housing bubble of 2006. One site pushing that theme is PrudentBear.com.[/quote]

I absolutely agree with EconProf regarding bonds and to run away.

As to the matter of loaning money to friends/family I’m in the camp totally against it. It will work out for many families/friends but I’ve seen WAY too many bad situations that didn’t turn out well and ruined relationships/friendships over it.

[quote=squat300]i think the right answer is, there is no safe way to get a totally safe 5% after tax (or pre-tax) return on money today.[/quote]

Exactly correct. Man I miss the days of CD’s paying above 5%. I look forward to those days again although it will take a few years.

[earlyretirement]

I’m not a big fan of 4S Ranch but the area is great. The inventory levels are horrible so I agree with you there. What price range are you looking at?

Carmel Valley (92130) is going to be more expensive vs. 4S Ranch and some of the communities are really horrible with almost no lots at all or houses so close all your neighbors can see inside of your house (think Pacific Highlands Ranch).

I’m really glad I bought when I did in mid 2011 as the inventory is really horrible now.

What price point are you looking at?

[earlyretirement]

[quote=zzz]Hi all, happy holidays. Need to get quite a bit of work done on our house, and looking for recommendations on

4. electrician

[/quote]

For a GREAT electrician I can highly recommend Heron at Comfort Electric. He is really great. He will come out to your place and give you a free estimate. I’ve used him for several things and he is very good and honest and totally dependable.

One time I had a problem and needed him to come out but he walked me through the problem over the phone and refused payment for the help. He’s a great guy. I highly recommend him.

He’s also a Super Service Provider on AngiesList.

Comfort Air & Electric Inc.

6116 Galante Place
San Diego CA 92130
(619) 929-8297
(619) 992-0720

[earlyretirement]

Reality TV is all fairly fake. All these shows. Especially those shows on HGTV.

[earlyretirement]

[quote=DelSurBird]
Can you please provide the link to where you read it online that the prepayment of Mello Roos could be denied in the near future?
[/quote]

I can’t remember off the top of my head the exact place that I read it. There was tons online but check out one of the links on this thread that had the detailed bond information.

I saw a few things but I mainly made special note of this clause:

“”PREPAYMENT OF ANNUAL SPECIAL TAXES

Notwithstanding the foregoing, no prepayment will be allowed unless the amount of Annual Special Taxes that may be levied on Taxable Property, net of Administrative Expenses, shall be at least 1.1 times the regularly scheduled annual interest and principal payments on all currently outstanding Bonds in each future Fiscal Year and such prepayment will not impair the security of all currently outstanding Bonds, as reasonably determined by the Board. Such determination shall include identifying all Assessor’s Parcels that are expected to become Exempt Property”.

There is a lot of technical jargon with these types of bonds. I NEVER like wording like “as reasonably determined by the Board”. What the Board considers “reasonable” and I consider “reasonable” are probably two totally different things.

Also, I agree with the comment about it not being good for the bondholders if everyone prepaid their Mello Roos ahead of time. However, I don’t think this is common. I’d be curious to know the % of people that prepay them but I get the distinct feeling that the % is VERY VERY low.

[earlyretirement]

[quote=ninaprincess]I thought I would quit buying from Amazon if they collect Tax. But no, I am still buying from Amazon. It is too convenient.[/quote]

I totally agree it’s so convenient. Last year I tried the Amazon Prime where you pay less than $99 and you get unlimited free 2 day shipping.

It’s hard to believe they can make money with people that get very low cost items delivered all the time.

It’s so darn easy to order stuff and many times they overnight things vs. 2 day shipping and it’s totally free. Like yesterday the tire pressure light went on in my SUV. I ordered a $10 tire pressure gauge and it is arriving tomorrow. No shipping.

I order tons of smaller items and can’t beat not having to drive to the store to pick it up. Amazon just makes it too easy. Especially with the Amazon Prime Membership and the free 2 day shipping.

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