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(former)FormerSanDiegan
Participant[quote=4plexowner]”for those making 100K or more”
just curious – how many families making $100K or more are interested in living in the $400K Clairemont house?
we’re most likely talking 3/1, 1000 SQFT with 1 car garage – built in 1950’s and most likely needs serious updating
to each their own[/quote]
Count me in as one of those who would buy there at that income level. (Well, an historical version me anyway).
When we bought a 3/1 1100 sf house in Clairemont back in the mid 1990’s we made a combined 80K (probably the equivalent of 120 K in today’s dollars). When we moved out in 2000 we made well above 100K, but still felt comfortable there.
Regarding areas, Mount Streets are actually pretty nice in many respects. West Clairemont in areas adjacent to Bay Ho and Bay Park can be quite nice as well. Some areas are indeed “ghetto”.
One major downer is the local high school. I wouldn’t plan on staying in public school beyond 5th grade.
Participant[quote=ibjames][quote=sdduuuude]I’d say not yet in Clairemont.
A basic, 3BR, 2BA, 2CG at 1200 sq. ft. on a 5500-6000 Sq. ft lot with dated interior is going to run about 410 K +/- 30K depending on the location. I suspect they would rent for about 2K/month +/- $200.
Also – keep a watchful eye on rents and run some “what if” scenarios to see what lower rents would do to your your plans.[/quote]
The one thing that bothers me in Clairemont is the 3/1 bath places, you would think they would go down in price much faster
[/quote]If you can buy a place in Clairemont for 400K with 20% down at 5.5% interest, it is roughly equivalent to rent at $1900 per month or less for those making 100K or more.
I think it can make sense at those levels for owner occupied.
Participant[quote=ibjames][quote=sdduuuude]I’d say not yet in Clairemont.
A basic, 3BR, 2BA, 2CG at 1200 sq. ft. on a 5500-6000 Sq. ft lot with dated interior is going to run about 410 K +/- 30K depending on the location. I suspect they would rent for about 2K/month +/- $200.
Also – keep a watchful eye on rents and run some “what if” scenarios to see what lower rents would do to your your plans.[/quote]
The one thing that bothers me in Clairemont is the 3/1 bath places, you would think they would go down in price much faster
[/quote]If you can buy a place in Clairemont for 400K with 20% down at 5.5% interest, it is roughly equivalent to rent at $1900 per month or less for those making 100K or more.
I think it can make sense at those levels for owner occupied.
Participant[quote=ibjames][quote=sdduuuude]I’d say not yet in Clairemont.
A basic, 3BR, 2BA, 2CG at 1200 sq. ft. on a 5500-6000 Sq. ft lot with dated interior is going to run about 410 K +/- 30K depending on the location. I suspect they would rent for about 2K/month +/- $200.
Also – keep a watchful eye on rents and run some “what if” scenarios to see what lower rents would do to your your plans.[/quote]
The one thing that bothers me in Clairemont is the 3/1 bath places, you would think they would go down in price much faster
[/quote]If you can buy a place in Clairemont for 400K with 20% down at 5.5% interest, it is roughly equivalent to rent at $1900 per month or less for those making 100K or more.
I think it can make sense at those levels for owner occupied.
Participant[quote=ibjames][quote=sdduuuude]I’d say not yet in Clairemont.
A basic, 3BR, 2BA, 2CG at 1200 sq. ft. on a 5500-6000 Sq. ft lot with dated interior is going to run about 410 K +/- 30K depending on the location. I suspect they would rent for about 2K/month +/- $200.
Also – keep a watchful eye on rents and run some “what if” scenarios to see what lower rents would do to your your plans.[/quote]
The one thing that bothers me in Clairemont is the 3/1 bath places, you would think they would go down in price much faster
[/quote]If you can buy a place in Clairemont for 400K with 20% down at 5.5% interest, it is roughly equivalent to rent at $1900 per month or less for those making 100K or more.
I think it can make sense at those levels for owner occupied.
Participant[quote=ibjames][quote=sdduuuude]I’d say not yet in Clairemont.
A basic, 3BR, 2BA, 2CG at 1200 sq. ft. on a 5500-6000 Sq. ft lot with dated interior is going to run about 410 K +/- 30K depending on the location. I suspect they would rent for about 2K/month +/- $200.
Also – keep a watchful eye on rents and run some “what if” scenarios to see what lower rents would do to your your plans.[/quote]
The one thing that bothers me in Clairemont is the 3/1 bath places, you would think they would go down in price much faster
[/quote]If you can buy a place in Clairemont for 400K with 20% down at 5.5% interest, it is roughly equivalent to rent at $1900 per month or less for those making 100K or more.
I think it can make sense at those levels for owner occupied.
ParticipantAside from any possible moral issues … legally you are required to pay your rent. If he receives rent and does not use it to pay mortgage he may be in violation of rent-skimming laws.
I would only cease making payment if I was very near the end of my lease, so as to minimize any potential negative ramification of breaking my lease.
The owner may be in NOD status as a strategy to work out a short sale, or a work out. Properties often times receive NODs, then are brought back to date and then receive another NOD down the road. I would not expect to be in imminent danger of being evicted as a result of foreclosure in April.
When does your lease end ?
ParticipantAside from any possible moral issues … legally you are required to pay your rent. If he receives rent and does not use it to pay mortgage he may be in violation of rent-skimming laws.
I would only cease making payment if I was very near the end of my lease, so as to minimize any potential negative ramification of breaking my lease.
The owner may be in NOD status as a strategy to work out a short sale, or a work out. Properties often times receive NODs, then are brought back to date and then receive another NOD down the road. I would not expect to be in imminent danger of being evicted as a result of foreclosure in April.
When does your lease end ?
ParticipantAside from any possible moral issues … legally you are required to pay your rent. If he receives rent and does not use it to pay mortgage he may be in violation of rent-skimming laws.
I would only cease making payment if I was very near the end of my lease, so as to minimize any potential negative ramification of breaking my lease.
The owner may be in NOD status as a strategy to work out a short sale, or a work out. Properties often times receive NODs, then are brought back to date and then receive another NOD down the road. I would not expect to be in imminent danger of being evicted as a result of foreclosure in April.
When does your lease end ?
ParticipantAside from any possible moral issues … legally you are required to pay your rent. If he receives rent and does not use it to pay mortgage he may be in violation of rent-skimming laws.
I would only cease making payment if I was very near the end of my lease, so as to minimize any potential negative ramification of breaking my lease.
The owner may be in NOD status as a strategy to work out a short sale, or a work out. Properties often times receive NODs, then are brought back to date and then receive another NOD down the road. I would not expect to be in imminent danger of being evicted as a result of foreclosure in April.
When does your lease end ?
ParticipantAside from any possible moral issues … legally you are required to pay your rent. If he receives rent and does not use it to pay mortgage he may be in violation of rent-skimming laws.
I would only cease making payment if I was very near the end of my lease, so as to minimize any potential negative ramification of breaking my lease.
The owner may be in NOD status as a strategy to work out a short sale, or a work out. Properties often times receive NODs, then are brought back to date and then receive another NOD down the road. I would not expect to be in imminent danger of being evicted as a result of foreclosure in April.
When does your lease end ?
Participant[quote=peterb]The best we’ve gotten so far on this technical bounce has been 9000. From a low of 7400. The record bad news just keeps rolling in. I’m with Chris on this one. The worst is yet to come. The govt is gearing up to spend $3T. Amazing!! Lay-offs are coming in waves. The Dow at 8000 seems too high given the economic devistation at hand and increasing. Historically, credit contractions of this magnitude are very rare and devistating events. One year into a contraction of this level, seem way too early for a bottom.[/quote]
That’s why I suggested dollar cost-averaging into this market over the next couple years rather than dumping in a lump sum.
Participant[quote=peterb]The best we’ve gotten so far on this technical bounce has been 9000. From a low of 7400. The record bad news just keeps rolling in. I’m with Chris on this one. The worst is yet to come. The govt is gearing up to spend $3T. Amazing!! Lay-offs are coming in waves. The Dow at 8000 seems too high given the economic devistation at hand and increasing. Historically, credit contractions of this magnitude are very rare and devistating events. One year into a contraction of this level, seem way too early for a bottom.[/quote]
That’s why I suggested dollar cost-averaging into this market over the next couple years rather than dumping in a lump sum.
Participant[quote=peterb]The best we’ve gotten so far on this technical bounce has been 9000. From a low of 7400. The record bad news just keeps rolling in. I’m with Chris on this one. The worst is yet to come. The govt is gearing up to spend $3T. Amazing!! Lay-offs are coming in waves. The Dow at 8000 seems too high given the economic devistation at hand and increasing. Historically, credit contractions of this magnitude are very rare and devistating events. One year into a contraction of this level, seem way too early for a bottom.[/quote]
That’s why I suggested dollar cost-averaging into this market over the next couple years rather than dumping in a lump sum.
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