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June 10, 2007 at 10:17 AM in reply to: NEED your input, About to buy a new Pienza home in 4S Ranch #58231
ocrenter
Participantwaittobuy,
if you like my blog then you know where we stand as far as how far the prices are going to fall further. so no point to repeat all of the reasons to wait once again here.
I went back and looked again at your wife’s point:
“–The rent is close to would-be monthly house payment. If we wait until summer next year, the price might be $40K less, but in the meantime we’ll have to pay for rent, part of which could have been used for principal payment.”
the whole idea here is what you are giving up in rent will be far less than what you may lose in depreciating value. We would have spend $24,000 in rent last year (we ended up spending $14,000 due to unforeseen foreclosure of our rental, but that’s another story for another day). Assuming $24,000 loss in rent, had we bought in 4S, we would have been looking at $100,000 loss in equity over the same period. had we bought in Temecula like a friend of mine did, that $24,000 loss in rent would be comparable to $200,000 loss in equity.
The question to you and your wife is are you two willing to roll the dice again this year. Remember, you would not be paying that much toward your principal the first year. Assuming price drop is only $40,000, as in your loss in rent, you come out even. But if the price drop is greater than $40,000, then that’s another story, isn’t it.
Participantwaittobuy,
if you like my blog then you know where we stand as far as how far the prices are going to fall further. so no point to repeat all of the reasons to wait once again here.
I went back and looked again at your wife’s point:
“–The rent is close to would-be monthly house payment. If we wait until summer next year, the price might be $40K less, but in the meantime we’ll have to pay for rent, part of which could have been used for principal payment.”
the whole idea here is what you are giving up in rent will be far less than what you may lose in depreciating value. We would have spend $24,000 in rent last year (we ended up spending $14,000 due to unforeseen foreclosure of our rental, but that’s another story for another day). Assuming $24,000 loss in rent, had we bought in 4S, we would have been looking at $100,000 loss in equity over the same period. had we bought in Temecula like a friend of mine did, that $24,000 loss in rent would be comparable to $200,000 loss in equity.
The question to you and your wife is are you two willing to roll the dice again this year. Remember, you would not be paying that much toward your principal the first year. Assuming price drop is only $40,000, as in your loss in rent, you come out even. But if the price drop is greater than $40,000, then that’s another story, isn’t it.
Participantwhat’s the financing like?
Participantwhat’s the financing like?
Participantbad move here. A condo in 4S is not worth $400,000. that’s basically OC prices. At all levels, SD should at be at least $100,000 lower for comparable housing to OC.
If you are willing to settle for older RB, you can get yourself SFR in the high $400,000 these days.
Participantbad move here. A condo in 4S is not worth $400,000. that’s basically OC prices. At all levels, SD should at be at least $100,000 lower for comparable housing to OC.
If you are willing to settle for older RB, you can get yourself SFR in the high $400,000 these days.
Participantno, the difference between del mar schools vs. poway schools would not justify the difference in the housing prices.
if you and your wife can’t wait any more, then just go for it and enjoy!
Participantno, the difference between del mar schools vs. poway schools would not justify the difference in the housing prices.
if you and your wife can’t wait any more, then just go for it and enjoy!
Participantis this going to be broadcasted?
Participantis this going to be broadcasted?
Participantthe house looked like it needed work, lots of money pumped in to make for comfortable living.
the flip side is it is the lowest priced home around that general area. and the large yard… you can almost think you are just buying the land.
if you dont mind cracked slab I got a gem for you:
Participantthe house looked like it needed work, lots of money pumped in to make for comfortable living.
the flip side is it is the lowest priced home around that general area. and the large yard… you can almost think you are just buying the land.
if you dont mind cracked slab I got a gem for you:
Participantlove the chain-linked fence and gate, great kitchen from “That 70’s Show.”
that is one huge yard though…
Participantlove the chain-linked fence and gate, great kitchen from “That 70’s Show.”
that is one huge yard though…
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