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Nancy_s soothsayer
Participantjztz, I have the same question. Looking at a particular house in 4-Closure Ranch bought in 12/23/2005: 17014 Sienna Ridge Dr. (Zip 92127) through the Grantor/Grantee index of the county, it would seem that purchase price of $922,215 has been all paid off, although the POS carried a “Mechanics Lien”. I’m confused whether it (over $900k!) is really all paid off, or if it still carries an outstanding mortgage. Total property taxes including melloroos and supplemental taxes for year 2006-2007 amounted to $18,397.18. What a fool to take on such huge yearly property taxes.
ParticipantCut to the chase ->> County of San Diego, 50% off from Aug’05 high, after Oct.2009.
ParticipantTotally agree with jg. Who says you can’t go back and re-apply again at a better law school in 3, 5, or 10 years just in case the government job and Mizzou do not pan out?
If you decline the government job, you will miss out watching the California housing implosion from a safe and financially secure distance. In succeeding months, load up on midwestern popcorn while watching your savings and bank accounts grow in Mizzou and while blog-reading about the financial destruction of foolish and delusional San Diegans. The law degree can wait for now, methinks. That govt. job may not wait for you.ParticipantBased on my experience, after leaving San Diego and now after almost a year of living in a suburb of Austin, I can now 100% claim that San Diego is waaaaaaaaayyyyy OVERRATED. In addition, more than fifty percent of people living in San Diego are waaaaaayyyyyy DELUSIONAL. If we ever get bored living in the Austin area, we can always choose to go anywhere or even go back to San Diego, but at this point in time, San Diego is becoming a distant memory. We visited Corpus Christi (less than 4 hours away drive) and that place felt like Coronado islands in San Diego except that Corpus Christi has tons and tons of fishing, crabbing, shrimping, and oystering. I made up my mind recently that for retirement purposes, Corpus Christi is the one for me.
ParticipantThis is what we have done: Sold the house in San Diego in 2005 and cashed in the $500K equity out of it. Bought and fully paid a brand new house in Texas for cash. Banked remaining chunk of cash in CD’s and bought EuroPacific stocks for the rest. Husband looked for equivalent job and pay in Texas (was very successful at that) and no longer pays the state income tax. New job will allow him to get Ssbi top secret clearance which will open so many more doors. Wife (me!) became a Stepford wife wearing pearls, making “wearable art” jewelry and cooking delicious meals everyday. Wow. Just like what I had always dreamt when I was a young kid. Personal anecdotes to answer thread question would probably carry some weight, maybe?
ParticipantThe pendings won’t all materialize into “solds”. These wanna-be homedebtors won’t pass through the tougher lending guidelines this time around. They better bring a big chunk of downpayment to the table.
ParticipantI am guessing that the cockroaches who committed the Temecula $1.5-Billion+ fraud have already fully paid up front their hideout mansions in the Philippines and the lifetime maids who will serve them hand-and-foot. Who knows if they have all bailed out from the US already. From where they originally came from, under a system of total free market capitalism with zero checks and balances (because there, you can bribe almost anyone including the judges), they were thoroughly schooled in the Academies of Ponzi Schemes and Corruption, and now are going back to showcase how stellar their accomplishments were in the US. How do I know that? My parents were victimized by the same cockroaches back in the old country. So disgusting – my blood boiled when I read that the perps are Filipinos. I hope they all rot in hell.
December 21, 2006 at 9:58 PM in reply to: nesting young 4s Ranch experiences and puzzling questions #42238ParticipantI just skipped over your data. I did not do detail calculation to arrive at specific numbers, but don’t forget something: The tax savings are not dollar-for-dollar federal tax credits in calculating income taxes. Basically you have to spend three dollars to get one dollar tax benefit – that’s the gist. Also, with the monthly rental payment, you get shelter. The principal paydown should be factored in(not ignored or deducted) because it still adds to money coming out of your wallet, though you are getting shelter (altghough cheaper) as equivalent benefit.
Counting all the excess fluff as all consumer expense, to simplify the whole thing, principal paydown should also be added as consumer expense, not an “investment”. Don’t ignore it because it adds to your pain.
In addition, Mello-roos is not tax deductible. But everyone does it. Since you are high-earner, you start to pray you would not get audited so that you would not get exposed.
I don’t know if I am making sense to anyone – no big deal to me coz I get it. (And today I am lazy, excuse me.)
Participantgold_dredger_phd,
Two years from now you would be eating those words. San Diego residents would be feeling so depressed by 2008. The economy would be in the tank by then. Crystal ball says that.
December 10, 2006 at 9:33 AM in reply to: How can someone get loans on multiple houses at once? #41418ParticipantWith internet access, I don’t remember how I came up with the following published public data from Zillow and a local journal. An example of the topic of this thread is as follows:
A couple, worked as regular employees (not CEO’s) at local government, bought the following houses (dates given):
1. Bought 10/27/1999 for $368,000 – 9×0 Palencia Pl, Chula Vista, CA 91910. Remained unsold, 2005 property tax was $6,203.
2. Bought 06/10/04 for $798,000 – 7×0 Crooked Path Pl, Chula Vista, CA 91914.
3. Bought 07/28/04 for $1,027,500 – 2×79 Sutter Ridge Dr, Chula Vista, CA 91914. Remained unsold, 2005 property tax was $14,945.82
4. Sold 02/11/05 for $1.25 million (Gross profit of $452,000) -house number 2
5. Bought 10/28/05 for $501,000 – 2×64 Huntington Point Rd, Unit 106, Chula Vista, CA 91914. Remained unsold. 2006-07 property tax is $8,575.
Within a space of 2 months, two loans with combined value of over $1.8 million were given by lenders. Whether the buyers won the lottery, came upon inheritance money, found a million$ out of the blue, or stretched and fudged to the max, just to secure the loans, I don’t know.
To feed the remaining “alligators” requires close to $30,000 of property taxes per year alone. What more for interest costs?
ParticipantPowayseller, my comment does not apply to the subprime lenders mentioned, but I am guessing that it is easier to misplace, purge, discard, hide, burn, shred, etc., an incriminating evidence if a business no longer exists. A guilty party probably hopes that a missing evidence either will buy time or free pass or both.
ParticipantThe next spring buying season is DEAD. The so-called pent up demand will be met by unwilling lenders. Credit contraction is underway, folks. Why? subprime lenders are biting the dust one by one. If you go to Ben’s blog, many posters a few days ago (over 380 posts on that popular discussion thread) were all agog and a-twitter about the recent VERY SUDDEN demise of several subprime lenders this week. A very witty, very articulate, very smart and logical poster named “tweedle-dee (not dumb)” reminds me of Powayseller. These subprime lenders are closing their shops so fast to avoid repurchasing the toxic loans they originated. Pass the buck to the biggest bag-holders of all, the MBS buyers, who are just now waking up to the fact that they might have been suckered, big time.
December 8, 2006 at 9:29 PM in reply to: The End of Suburbia: Oil Depletion and Collapse of the American Dream #41380ParticipantThe Carlyle Group (sp?), a super mighty private equity pool, is currently buying up semiconductor makers. Semiconductors are the materials that make solar panels. Is this a coincidence?
December 8, 2006 at 9:28 PM in reply to: The End of Suburbia: Oil Depletion and Collapse of the American Dream #41381Participantdoublepost deleted
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