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GoUSC
ParticipantI rent a 2000sf house in Bay Park for $2300 and feel like I got a great deal. I don’t see many homes in GOOD CONDITION on Craigslist renting for less than $2500 regardless of size in a central location like North Park.
ParticipantI rent a 2000sf house in Bay Park for $2300 and feel like I got a great deal. I don’t see many homes in GOOD CONDITION on Craigslist renting for less than $2500 regardless of size in a central location like North Park.
ParticipantMy point was to assume that this house would drop in value to $144k is plain ridiculous. I am as bearish as the next guy but a $144k home with $14k down has a $780 payment. That is way way way out of line with rents. A house like this would rent for around $2500. That equates to a home value around $425k (based on a $2500 mortgage payment & the same $14k down) that is a much more reasonable number to expect.
Sorry guys things are definately going to devalue but not to the extent where everyone can afford a house. This is still San Diego and if homes get to pricing like $144k for this, I’ll be buying them by the boatload.
ParticipantMy point was to assume that this house would drop in value to $144k is plain ridiculous. I am as bearish as the next guy but a $144k home with $14k down has a $780 payment. That is way way way out of line with rents. A house like this would rent for around $2500. That equates to a home value around $425k (based on a $2500 mortgage payment & the same $14k down) that is a much more reasonable number to expect.
Sorry guys things are definately going to devalue but not to the extent where everyone can afford a house. This is still San Diego and if homes get to pricing like $144k for this, I’ll be buying them by the boatload.
ParticipantYou guys are losing a fundamental here….You can’t price it below replacement cost. There is a fundamental bottom point in pricing and that’s the cost of the land plus the cost of the structures that sit on it. The land is worth more than $144k…significantly more.
ParticipantYou guys are losing a fundamental here….You can’t price it below replacement cost. There is a fundamental bottom point in pricing and that’s the cost of the land plus the cost of the structures that sit on it. The land is worth more than $144k…significantly more.
ParticipantRich,
Maybe consider having one of the more respected and active posters become a moderator that can help you police the site a bit.
I am happy you are making some changes. Seems ridiculous that there are discussions of religion on a site like this.
ParticipantRich,
Maybe consider having one of the more respected and active posters become a moderator that can help you police the site a bit.
I am happy you are making some changes. Seems ridiculous that there are discussions of religion on a site like this.
ParticipantAs I have decided to just sit on the sidelines now, pulling out of house hunting 100%, I am spending much more time looking at specific sales and purchases in the markets I want to live (Bay Ho, Bay Park, Point Loma, Mission Hills, North Park, etc.). It is absolutely mind boggling the amount of 95% and 100% financed properties. And what is really surprising it that it is not just condos and cheaper first time properties. I have seem numerous $1 mil plus homes with 100% financing. I saw one property in Mission Hills sell for $1.4 mil with 100% financing. That is a $9000/month mortgage payment on top of property taxes etc.
Just more people living at redline.
ParticipantAs I have decided to just sit on the sidelines now, pulling out of house hunting 100%, I am spending much more time looking at specific sales and purchases in the markets I want to live (Bay Ho, Bay Park, Point Loma, Mission Hills, North Park, etc.). It is absolutely mind boggling the amount of 95% and 100% financed properties. And what is really surprising it that it is not just condos and cheaper first time properties. I have seem numerous $1 mil plus homes with 100% financing. I saw one property in Mission Hills sell for $1.4 mil with 100% financing. That is a $9000/month mortgage payment on top of property taxes etc.
Just more people living at redline.
ParticipantZiprealty. They added a button for listing only Short Sales. It’s scary looking at many places around San Diego.
ParticipantZiprealty. They added a button for listing only Short Sales. It’s scary looking at many places around San Diego.
ParticipantI say present him the facts as you see them. Point him to some articles that discuss the situation and then get out of it and let him make his own decision. In general, you cannot influence people and pressuring them to make a decision that differs from their won’t get you anywhere. Not to say don’t be involved at all but don’t pressure him to see your way. It won’t work (typically).
ParticipantI say present him the facts as you see them. Point him to some articles that discuss the situation and then get out of it and let him make his own decision. In general, you cannot influence people and pressuring them to make a decision that differs from their won’t get you anywhere. Not to say don’t be involved at all but don’t pressure him to see your way. It won’t work (typically).
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