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NicMM
ParticipantHLS,
What if you removed “that somebody would want to come back for, even after 10 or 20 years in the pen”, but that guy didn’t know and still come back for it?
Will you and your family get hurt?
Participantbsrsharma ,
Thank you for sharing this experience. I just called the neighbor (mortgage guy) and asked why he didn’t disclose it to me. He said that no something he’s proud of the neighborhood but the neighborhood decides to leave it behind. I can understand him.
ParticipantDoes any one have idea where to verify this information?
ParticipantHLS,
What’re you suggesting?
ParticipantIt is the one in the Biggest Percentage Thread:
Listing at $789,900
Sale History
04/21/2006: $1,015,000
07/18/2003: $710,00022% loss!
http://www.sdlookup.com/Property-69AE5A89-10228_Lone_Dove_St_San_Diego_C…
We stayed a little longer and talked to the neighbors after the showing. Several curious neighbors waited the seller agent to open the door to see that house.. 🙁
But when I talked to one neighbor earlier, who is a mortgage guy, he didn’t disclose it but rather say it’s a nice neighborhood.
ParticipantHow do you think the “price slash”? Will it work or not?
I registered in the Standard Pacific Home website. Their representative called me right away. I asked what kind of incentive or price drop SPH will bring to the table to achieve their “Mission Possible”. She said SPH paid millions of $ to buy down interest to 5.38 / 30 yr fixed. I asked about price drop, she said probably not too much.
September 3, 2007 at 3:26 PM in reply to: cannot wait anymore, buying a condo now instead of a house at 4S Ranch, and wait to buy a bigger house later? #83172ParticipantEx-SD,
Thanks for you clarification. Now I understand where you were coming from. I believe it is “Want to Buy” that set the tone of this thread. Nothing to argue then. I guess whether I decide to buy or not, I will do it without too relying on this board’s consultation.
As I figured it out, I feel my case might be different from “Want to Buy”. I am more looking at a property where the monthly cost after buying it is close to rent it now. Just as discussed in the thread:
http://piggington.com/what_is_a_reasonable_expectationCongratulations to your happy marriage. Welcome to post some opinion there when you read the thread. Appreciate that.
ParticipantAsianautica,
I agree a leverage can be done here. This condo seems a little attractive in this case. But would the market psychology keeps driving the price down?
Also the supply of condo in SD seems huge (I have no number though), as I seem builders have converted rental properties to condo and then built many more new complex. There are several new rental propertied built near I-805 and La Jolla village dr, where is near this property you are talking about. If you get this property, will you have problem renting it out later? That’s my concern about it.
ParticipantAsianautica,
I agree a leverage can be done here. This condo seems a little attractive in this case. But would the market psychology keeps driving the price done?
September 3, 2007 at 3:10 PM in reply to: cannot wait anymore, buying a condo now instead of a house at 4S Ranch, and wait to buy a bigger house later? #83168ParticipantJWM,
Thanks for reminding me to read the bubble primer. I have read that. Sorry I didn’t make it clear that I am not facing a general problem as described in the bubble primer (written in 2 years ago). My case is more like the discussion here: http://piggington.com/what_is_a_reasonable_expectation
and
http://piggington.com/what_is_a_fair_price_for_this_propertyActually after my calculation, it is about the same to buy as to rent. If I did math and saw it is cheaper to rent, I would keep renting without doubt.
September 3, 2007 at 2:57 PM in reply to: cannot wait anymore, buying a condo now instead of a house at 4S Ranch, and wait to buy a bigger house later? #83163ParticipantSorry folks. I didn’t mean to turn a discussion about “rent vs buy” into an argument about divorce or husband-wife-battle.
Maybe the original post WTB wrote made it toward that direction.
Now I found another thread: “What is a fair price for this property? “(http://piggington.com/what_is_a_fair_price_for_this_property) actually is doing a more logical calculation and discussion there. I guess I would join that discuss.September 3, 2007 at 2:47 PM in reply to: cannot wait anymore, buying a condo now instead of a house at 4S Ranch, and wait to buy a bigger house later? #83162ParticipantJWM,
I am sorry. I probably is less educated than you, but it seems that you are not really nice and polite.
September 3, 2007 at 2:21 PM in reply to: cannot wait anymore, buying a condo now instead of a house at 4S Ranch, and wait to buy a bigger house later? #83154ParticipantEx-SD,
I found many posts here sound just like yours – Why giving in to your wife? Sounds bitter to me.
What? Are you taking this as a battle to against your wife? That’s ridiculous. Do men not want to own a house?
If this is a pure economic thing, don’t let this “giving-in” thing in and especially talk about divorce one day. If you worry so much about it, you should not get married (just like when you worry the house would go down). Otherwise, you will just sound miserable and probably won’t have a enjoyable life. The way to avoid a divorce is to work on to avoid it rather than worry it (ahead of time).
NicMM
September 3, 2007 at 11:53 AM in reply to: cannot wait anymore, buying a condo now instead of a house at 4S Ranch, and wait to buy a bigger house later? #83130ParticipantHi,
I have been an observer of this board for quite some time. Also learned a lot of information and valuable things here. I would be happy doing what I have been doing (just reading as a visitor). But I read this post and found it reflected amazingly same kind of confusion as mine. So just registered and want to speak about it.1. First thing, like want-to-buy, I really face the increase of rent now and really don’t like it. If we are doing math that people can buy something similar with the current rent, why they would hold on long not to buy but rather rent? In another words, why the Condo prices will keep dropping dramatically before being baught? Is everyone “bottom fish”? Or will we see rent dropping in future?
2. I learned from a friend in Citibank (No.1 bank in US) that Citi’s asset is about $3 Trillion. The No.2 is Bank of America, which has a total asset around $2 Trillion. Many other banks have assets over $1 Trillion. Do you think how big the influence of this mortgage crisis would be on these big banks? When I heard that BoA lent CountryWide $2 billion, I thought it’s foolish to do that. But then when I learned how much money BoA has and how the terms would favor it, I started to have a second thought.
3. If you have a magic mirror and know that the price will keep dropping, say (I made up this) 20% for 5 years, will you keep renting all these 5 years? How many more people would be waiting to buy each year? Then at the point of that 5 year reaches, what would happen?
4. Most of the posts here look convincing and well supported with all kinds of data. I remember someone posted earlier this year with support of history figure/curve of stock index, and predicted S&P 500 drop to 500 at this summer. I was shocked upon reading it and was really upset then. Summer is almost gone now. How would you think about this kind of claim/prediction?
Sorry if this seems offending in this board (hopefully not, but just in case). I just want to get some hint to clear my confusion.
-NicMM
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