[Escoguy]

[quote=spdrun]$40k is out of the Medicaid/subsidized range for a single person, and most of the homeless people aren’t families. I think the job thing is more “unable to” — someone who’s been sleeping rough for a year or more doesn’t interview well. Connect them to services that will allow them to clean up, have a safe indoor place to shower, and become employable.

Again – how should this be FIXED other than warehousing people in jail, which isn’t a long-term solution?[/quote]

At 40K income, the ACA subsidy is:

You are likely eligible for financial help
Based on the information you provided, your income is equal to 311% of the poverty level. This means you are likely eligible for financial help through the Health Insurance Marketplace. An estimate of your cost for coverage and amount of financial help in 2022 are provided below. To find out your actual amount of financial help and to get coverage, you must go to Healthcare.gov or your state’s Health Insurance Marketplace.

Estimated financial help:
$103
per month ($1,237 per year) as a premium tax credit. This covers 33% of the monthly costs.
Your cost for a silver plan:
$209
per month ($2,504 per year) in premiums (which equals 6.26% of your household income).
The most you have to pay for a silver plan:
6.26%
of income for the second-lowest cost silver plan
Without financial help, your silver plan would cost:
$312
per month ($3,741 per year)

Health Insurance Marketplace Calculator

[Escoguy]

[quote=gzz]Wow that 10-year 2.75 sounds a ton better than 5% 30 year.

Maybe my plan for a cash-out refi isn’t as dead as I thought.[/quote]

A colleague recently got a 30 yr fixed at 3.6% (April).
I think he has over 50% equity.
The loan isn’t being sold and is kept on the banks books.

First Republic is the bank. They can be picky but I’ve found it’s often worth jumping through their hoops.

[Escoguy]

Hi,

I’m on the other side of this.

I gave my tenant 90 days written notice for a 20% increase.

SFH, owned by individual.

In my case, I hadn’t raised the rent past four years as the tenant had pleaded hardship etc and now that the circumstances have changed in the tenants family, it is time to adjust closer to market.

I’d say if the proper notice is given, there probably isn’t much you can do as far as strict legal recourse.

If you’ve been a good long term tenant with minimal maintenance, there could be a business case to make to keep the rent 5-10% below market as wear and tear is a real cost especially if there are larger families etc.

[Escoguy]

[quote=flyer]To each, his or her own wrt to their chosen expenditures, scaredy. If that is someone’s choice, that’s their choice. I’m sure there are worse things.

Also, I’ve never mentioned any concerns wrt our net worth in comparison to others, or being knocked out of the top wealthy class. Like most people on this board, it continues to grow more than we ever expected, so we should all be thrilled with that, as should all of the wealthy newbies moving to our area, and we should welcome them with open arms. Hopefully, they will contribute to sustaining our city at a level we may never have seen before.

We have friends and family who have less, and those who have more than we do–including a couple of billionaires–and neither situation has anything to do with the depth of the wonderful relationships we have built with these people over the years.

At any rate, my original post was simply to acknowledge the comment below wrt how mind-blowing the current state of the real estate market is in many locations in San Diego:

“OK, piggs. Are your minds officially blown yet? This C’bad big bomber just closed for $1m over list. Yup. ONE MILLION DOLLARS over list.”

The end.[/quote]

Was toying with the idea of listing one. Just for risk management, but when I see offers coming in 200K above list, then 1M, I realize even more may be happening beneath the surface than I realize.

FYI: Apple is doing more in Rancho Bernardo.
A company like that can create it’s own weather.

[Escoguy]

You can do an installment sale.

To minimize the interest rate risk, maybe do a split of 50/50 fixed and variable on the rate.

[Escoguy]

I assume there must be provisions for the primary home not to be included in this tax.

[Escoguy]

[quote=sdrealtor]Getting worse

New listings 7 (17) – just keeps getting tighter

New Pendings of 12 (34) – could sell 5X easily if we had it

Thats -5

Closed sales at 10 –

Price reductions at 0 –

Total houses for sale 26 (42) with median of $2.585M.

Single family under $1M firmly in rear view mirror. Everything under $2M currently on the market is less than one week and will sell as soon as they can sort through offers. Maybe next week[/quote]

In Greater SD county, 3BR 2000 sf+ under 1.2M only 44right now. My guess is, they will all be gone in a week.

For 4BR, only 34 SFHs.

(lowest) 800K gets you on the edge of Camp Peldelton off 76 or down in Chula Vista.

[Escoguy]

Navigation suggestion:

If the link on the forum could be configured to go to the last page of a thread, would be helpful.

[Escoguy]

A rental has opened up 4BR 2400 sf in 92027.

Listed last night, in 24 hours has 230 views and 17 saves.

I’m going up by 5% as in my view rents are already high.

if I’m going to have 10 applicants, just find the best one (steady job/knows and respects neighborhood/kids go to local school).

For some odd reason, there are exactly 17 4BR homes 2000+ sf below $4500/month between the 8 and the 76.

This is a larger area than I usually search against.

I don’t see the supply demand balancing out anytime soon.

[Escoguy]

[quote=sdrealtor]Ive seen what happened with the few properties that have hit the market so far. Its far from over[/quote]

I have one in 92078, owned now since 2014.

Same model as mine, just increased today by $154K and is pending at 1.45M.
3400 sf 5BR

While it does feel good to see these numbers, it isn’t entirely unexpected that this could happen (one day), the speed is the surprising factor.

So, yes, this market looks like it has a ways to go. The home had 136 saves and over 3000 views.

If all 136 of the saves are out of town buyers, then all sub 1.5M inventory could be gone soon.

[Escoguy]

[quote=carlsbadworker][quote=scaredyclassic]
Ok. I agree. Maybe old people are getting slower. Or wiser.

Personally I’ve been seeing a 4 perc annual gain in wisdom. At this rate, under current actuarial calculations, I should be enlightened right before dying, and I’m reasonably confident I have enough wisdom to last my lifespan through. Could run short though.[/quote]

I personally believe getting slower is wiser. Imagine how less worries life can be if we don’t have to react to many imaginative threats in our mind. Yes, once a while you did eventually encounter a real one…even Buddha died of food poison, but that’s probably one real one out of one hundred imaginative ones…and you don’t have to live in a constant fear of world-ending scenario. To me, that’s liberating…and wiser.

Besides, the world is doing just fine…and if it doesn’t, there isn’t much you can do about it anyway. Stop managing the universe. It doesn’t need your help.

Anyway, back to the OP, I searched the rental price and it looks like it is around $6K per month? So my math shows $2.3M/(6k*12) = 32. So that’s around 3.125% annual before-cost yield…in case you want to compare with other investment options.[/quote]

For San Diego, 3.25% is a low gross rental yield.
Prices are certainly much higher than a year ago.
If I had a 2.3M house, I would want at least 8K.
I get 4.1-4.5K easily on homes worth 1M for comparison.
That gets it closer to 5%.

[Escoguy]

[quote=jmw][img_assist|nid=27501|title=MM|desc=|link=node|align=left|width=100|height=78]
If you had told me 10 years ago one of the standard models in Mira Mesa would sell for $1m…[/quote]

When I see this, I realize my projection of 1400 sf in 4S at 1.2M isn’t far off.

[Escoguy]

On balance, I’d sell one 2.3M home and buy two for 1.2M.
Then you can have a place to live or two rentals.

I highly doubt you will get twice the rent for one.

Then you have more options: i.e. you can live one again or sell it.

Not all choices are black and white.

[Escoguy]

[quote=sdrealtor]Agree with both and I’d add that I would try to do it asap. With the pent up demand we are likely to see prices increasing this Spring. I know a few spots that fit your general criteria that are ripe to appreciate 10%. The benefit of buying early this year is assuming prices continue as they seem certain to do your 10 to 15% down payment will be 20% or more equity later this year. That will allow you to refi into a fully conventional prime loan without PMI or an adjustable 2nd subject to rising rates.[/quote]

When I survey greater North County (inland to the coast) it looks like the 1M to 1.2M will be the entry point for 4BR 2000 sf home soon.

The dearth of inventory is humbling and somewhat shocking.

That being said, there are many high paying jobs here, if both can work, even a mild downturn should be manageable.

I don’t see 2008 happening again.

[Escoguy]

[quote=scaredyclassic]For 2022, spring for real therapy.

I’m seeing 2 therapists…actually helping me. (Marriage and solo). Should’ve done this years ago.[/quote]

Thanks for sharing. I think I should take this up too:

Once I realized that I was at risk of bombarding my work colleagues with “my thoughts and feelings” and it would waste their time and mine.

Therapy may be more efficient as it keeps the day focused,

[Author]

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