[mixxalot]

UTC ripoffs

Here are two I recently saw at an open house:

#1. MLS# 066101739 listed at 785,000 a 2 bedroom/2bath condo!!!

#2. MLS # 0661103046 listed at 795,000 another 2bedroom/2bath condo.

Seriously, who in their right mind would pay these prices when one can get a real home nearby in Rancho Bernardo or Poway for same or less price? Condos suck. It is like renting a large apartment with a tax break thats all. I am waiting for the sellers and greedy agents to come back to earth and the market to correct itself. I like the strategic location of the UTC area and low crime rate but thats really about it. Places like Pacific Beach are more fun for single guys to live and party on weekends. Poway has the schools and safety for new families.

[mixxalot]

What is so great about UTC area?
Other than being close to Sorrento Valley companies? I find it no better than Mission Valley or La Mesa. Way way overpriced and wish it would fall a lot faster.
Case in point, I checked out 2 town homes only 2 bedroom/2 bath with 2 car garage and about 1900 sq feet. They want about 790k for these places!!!! Ridiculous I say!

[mixxalot]

Overpriced and Overrated

Is how I describe Newport Beach and coastal OC/San Diego. I do not understand why anyone would pay this much when it is possible to buy ocean front places in the Caribean or South America for half as much money. Think about it: you can afford half a million and have half a million in the bank why not do this? I guess that Americans are fixed in belief that the USA is the best place to live on the planet.

[mixxalot]

Why would anyone live in La Mesa?

Its so far from anywheres that I need or want to go to in San Diego county!!!

Most work at least for technology jobs is in the UTC, Kearny Mesa or Sorrento Valley area or north in Carlsbad areas. These are far from La Mesa. Same goes for places like Chula Vista. It boggles my mind why to pay a lot for a place in either place. Now once a time if they were dirt cheap to buy that would explain the massive traffic heading west in the morning and east on the 8 freeway for the suckers who bought way out in La Mesa and El Cajon!!!

Unless you have a home business it makes zero sense to live in La Mesa!

[mixxalot]

What it really takes to live big

I agree.. I see a lot of fake rich people who think they are rich and show off a flashy expensive car or SUV and act big when they really are not and just deeply up to their eyeballs in debt. Look at the elite like Warren Buffett- he drives an old car and is one of the richest guys on the planet! For me, I am working on building side business and keeping my new job yeah it pays only 98k compared to the freelance 200k project that got yanked from me but hopefully more stable and I can get add on side work to make more cash and wait out the housing crash.

[mixxalot]

Playing with Statistics

I call it playing with statistics and bad analysis. Its easy to fudge numbers and statistics to present a biased view of data. This is what the real estate con artists are doing right now.

[mixxalot]

Great discussion on what constitutes wealth. For me its a balance of good health, friends, family and lots of financial resources- freedom in that sense.

Now why did the late Pope John Paul criticize Eastern faiths? Nothing is wrong with Buddhism. It is far older than Christian beliefs and offers much to people. I am not against Christianity or Catholicism but why would the late Pope be so anti other faiths?

[mixxalot]

Now buying a home worries me

With the shoddy build quality and inflated prices.

I almost bought a place 2 years ago in Sacramento and found a lot of problems and backed out of the deal. It ticked off the agent but I was angry that she would sell me a piece of crap for 390k at the time.

[mixxalot]

Well my friends rent in UTC went up recently from $1100 to $1300 a month. We were looking at places in UTC and amazed at the ridiculous rents for a 1 bedroom like between $1400 and $1600!!! Who can pay these rents and whats so great about UTC area besides being close to UCSD and the UTC mall???

As for me, I saw some places for rent in OB and Point Loma for around $875-$950 so will move next summer to save money.

[mixxalot]

The problem is that criminals are not effectively punished in America. That and many gang bangers under 18 who murder are let go with a slap on the wrist.

I think that if the city was able to deal with the endemic corruption and financial mismanagement then more police and other services would be addressed. More cops on street beats walking around these high crime areas would do a lot to intimidate criminals IF real punishment was meted out to these punks.

San Diego has a very bad drug and gang problem that is has not dealth with in an effective manner yet. I would never buy downtown or in Hillcrest/Northpark with the massive amount of gang activity and theft. Same counts for places in North County like Oceanside and Vista.

[mixxalot]

I work in Kearny Mesa and so Point Loma/OB is close to the new job. Homes are way overpriced in Point Loma/OB and just waiting for the prices to go down. I just want a small 3 bedroom home with a nice small yard and garage. But these cost current 700-900k here! And thats still a mile from the beach. I also like Encinitas a lot but its kinda far from work and more expensive than even OB and Point Loma. Guess will take several years til prices drop. I like PB but its too hard to get into and out of in the mornings that and PB and La Jolla are wicked obscene expensive. Then again all San Diego real estate needs to drop another 200k for normal people to buy once again.

[mixxalot]

I had a lucrative contract with the Navy in Ventura that was supposed to last 3-5 years. However, for some queer reason, the manager (a female) did not like me and canned me from the project. No valid reason was given and it was not performance because all work was completed accurately and on time. It was political and since I was a contractor and not government employee they were able to can me on the spot. I hated Ventura anyways. Well fast forward to now. It took me 2 months to find another technology job and fortunately I was able to keep my place in San Diego while away in Ventura and move back to my apartment. I start the new job next week so should hopefully be more stable. Just shows no job is secure and one must have savings in layoffs and terminations. I wont buy a place for several more years until market corrects as the fundamentals do not support current inflated prices. After all, how can a family or household with 90k income pay half a million for a sandbox? It does not add up.

[mixxalot]

I usually max out my 401k and Roth IRA so yeah thats true. For me, I do not want to depend on living on 900 a month social security payments when I retire.

So yeah it means I probably wont be able to buy even a crappy condo for at least several more years until major correction hits the San Diego market. It is taking a real long time to hit people though. Too many sheeple still have the fantasy that real estate never goes down. I guess we will know toward the end of 2008 what really is happening with real estate prices.

[mixxalot]

Here is what irks me about real estate prices and mortgage companies in San Diego:

Assuming an annual salary of 90k per year:

2 bedroom condo price between 200-400k in most places San Diego county
down payment of 40k

Mortgage would cost between 2-4k per month (tax, insurance, mortgage)

My take home pay would be 4600 per month.

How can anyone afford such insane mortgage? This for a condo and not the overpriced 900k homes in foreclosure ranch (4S) or San Elijo hills.

My rent is 1100/month and seems better to keep renting even if I throw money away on rent and not on a home.

[mixxalot]

Florida sucks. I hate humidity and spent a week in Tampa in the winter and between the giant sized bugs and death like humid sticky heat would never buy let alone live there. But some people like humid weather and Miami is a fun party town and the beach is right there and no income taxes are nice I guess.

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