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Ozzie
ParticipantCielo was really Escondido, but they successfully were able to get a RSF zip code. You get RSF schools, but you’re probably 15 minutes to downtown RSF unless there is a big delay on Del Dios Highway which there is quite often. I couldn’t deal with the hassle of possibly getting caught in traffic every time you want to go to the store or out to eat. If you want a nice place with a lot of land, you might do better in Olivenhain where you can get 1/2 acre or more and a newer house for about $1.3mm – $1.6mm
ParticipantSo why did this post see the light of day?
It is a lie pure and simple.
ParticipantThe tax records say the last sale for 2808 El Rastro was for $165,000 in 1987. Not sure where you get the other numbers.
Participantding, ding , ding,
how about commodities.
OK, never mind. I’ll just invest in stock indexes and live in my house for 30 years. Gotta feeling it will turn out OK.
Specs left the market 2 years ago so don’t know where the panic is. whatever. give me u’r junk.
ParticipantOoops!
ParticipantTo diversify I’d suggest looking at experienced hard money lenders to put you in first trust deeds. Many are with developers who are entitling land and need the money for a year or two. You can get 12-18% returns backed by first trust deeds. Look in the major newspapers of any urban area as well as the Wall Street Journal. You should look for LTV ratios under 70% and not put all the funds in one loan. These are NOT subprime lenders. Those guys were doing 100% loans to folks with horrible credit which was a stupid business practice. Hard money lending focuses almost entirely on the value of property so when a problem arises you can sell the property if needed. It’s not a liquid investment, but is a good vehicle for a 1-3 year period.
ParticipantWhy would anyone advise a client to walk from an offer with cash back unless the net price was unacceptable? It’s completely legal to offer cash back to the buyer as long as it’s written into the contract and the lender is aware of it. When lender’s send back their approval conditions they will include a provision saying that sellers can offer a maximum of “X%” back to the buyer. I’ve seen 10%, 6%, 3%. Heck I’ve seen 30% on a $10,000,000 land purchase where the developer needed the money for entitlements.
The problem with working with Realtors is that most aren’t creative enough to get a deal done when confict arises so the easy thing to do is walk away. Realtors should spend a month working with a developer trying to purchase land and they’d gain a new appreciation for creative negotiations and financing. Most agents are so stuck in their ways that they automatically raise a red flag if they see something new. In the end it can hurt their clients’ bottom line.
ParticipantLove the Zig Z comment. My first boss in my software career always preached Zig. I did well, but he did much better and probably has a net worth north of $20 million while helping others which is Zig’s #1 mantra. I pale in comparison, but I need to read another Zig book. One thing for sure he wouldn’t be posting hate on a blog. Thanks for waking me up. There are a lot of losers here hoping for a meltdown because they have no means to prop themselves up. I’m done. There are plenty of positive communities out there and unless you drink the “crash Kool Aid” you are subject to ridicule here.
It’ll be funny to come back here in 5 years. I’ll pay for the server costs.
ParticipantHey, I’d love to see prices come down 50% in desirable areas. I’d love to buy a shack with an ocean view near the beach in Encinitas or Carlsbad or Cardiff or God forbid Del Mar for $400k, but it doesn’t appear that’s likley. Not sure how that is cheerleading. I’d call it an opinion.
Participantpom-poms? I posted an article that listed where the most foreclosures are occuring in SD county. The other article in the LA Times mentioned the areas outside the county getting hit hardest so I mentioned that as well.
Sorry if that offended you.
ParticipantHere’s some info on where foreclosures are happening in SD county:
http://www.voiceofsandiego.com/articles/2007/04/16/housing/932foreclosure041307.txt
Just like statewide where the inland areas (with some of the cheapest CA real estate) are being hit the hardest.
ParticipantWell, those communities are actually going up in price not down so I think you’re barking up the wrong tree. I actually think you’ll see those prices continue to go up for the simple reason that:
#1 Those are top notch school districts (with the exception of Carlsbad HS)
#2 They are coastal
#3 You will see a lot of businesses moving to Carlsbad over the next 10 years. They are aggressively building top notch business parks in the Carlsbad (just north of Bressi Ranch)and they will find a way to get tenants in there.
#4 I think you are assuming everyone commutes. In my aree of Encinitas I’d say 1 in 5 homeowners goes to San Diego everyday. Most work a few days a week out of their house if not everyday.
#5 Lastly, very little future development and the beach and good schools will always be in demand.
ParticipantJuice, I did another search with the San Deiguito Union HS district and it showed about 15% earning over 200k per year. If anything those numbers are low because I don’t know too many people who overstate their incomes on tax returns and of course those are net of 401k’s, IRA’s, SEP’s, etc. It’s also net of a lot of recent Captial Gains which are offset by losses that a lot of people took in 200-2002. I know I still have a lot to work off. It also doesn’t include all of those who have established residency out of state, but really live here year round. I think there’s a lot more money here than most people think. I’d say 30% of my neighbors work for companies that are not located in the county. One’s main office is in Asia, two others are outside of Boston and another two are in the LA area. And those are all guys who live on my street and I guarantee they make 2-3 times what I make and I do OK. Maybe there’s a big downturn coming and no one will be able to afford their mortgage (assuming they have one), but I have doubts that it’s going to be as widespread as some think.
ParticipantAre you talking about area near the Polo Fields just East of the 5? If so I believe they are doing a conservtion project for the wetlands (as the OP points out) that I believe is going to include miles of walking trails. I remember reading about it a few years ago.
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