[Ozzie]

The RE market here has me confused. My wife has been reading the dismal headlines for the last year and thinks that we need to sell our home in South Carlsbad and either buy a foreclosure or short sale “steal” or rent a similar property for 30-50% less than our mortgage. Ran into a couple problems and selling our home isn’t one of them. In fact, we have two parties that would buy our house if we were to move. Based on a couple recent sales nearby it would be a great price. The problem is finding a replacement property that is anywhere near as nice as what we have for a price that we consider a bargain. Rents for decent, newer SFD homes are running $1.20 – $1.30 a sq foot and that’s what we pay for our mortgage so renting gets us nothing and we’d have to move to a new neighborhood whereas we love the area we’re in so the rental path does not work. Finding a foreclosure would mean we would have to sell, rent, and then be ready to pounce on something when we see it. That means two moves, storing our furnishings for a while, and not being assured we’d find something that comes close to the lifestyle we currently enjoy. Again it just doesn’t make sense. The big surprise to me was how much rents have increased. I expected lots of empty houses in 92009 and 92024, but we’re not there yet. Maybe in 2009 after more resets or will everyone inlcuding the banks be bailed out by then?

[Ozzie]

The RE market here has me confused. My wife has been reading the dismal headlines for the last year and thinks that we need to sell our home in South Carlsbad and either buy a foreclosure or short sale “steal” or rent a similar property for 30-50% less than our mortgage. Ran into a couple problems and selling our home isn’t one of them. In fact, we have two parties that would buy our house if we were to move. Based on a couple recent sales nearby it would be a great price. The problem is finding a replacement property that is anywhere near as nice as what we have for a price that we consider a bargain. Rents for decent, newer SFD homes are running $1.20 – $1.30 a sq foot and that’s what we pay for our mortgage so renting gets us nothing and we’d have to move to a new neighborhood whereas we love the area we’re in so the rental path does not work. Finding a foreclosure would mean we would have to sell, rent, and then be ready to pounce on something when we see it. That means two moves, storing our furnishings for a while, and not being assured we’d find something that comes close to the lifestyle we currently enjoy. Again it just doesn’t make sense. The big surprise to me was how much rents have increased. I expected lots of empty houses in 92009 and 92024, but we’re not there yet. Maybe in 2009 after more resets or will everyone inlcuding the banks be bailed out by then?

[Ozzie]

The RE market here has me confused. My wife has been reading the dismal headlines for the last year and thinks that we need to sell our home in South Carlsbad and either buy a foreclosure or short sale “steal” or rent a similar property for 30-50% less than our mortgage. Ran into a couple problems and selling our home isn’t one of them. In fact, we have two parties that would buy our house if we were to move. Based on a couple recent sales nearby it would be a great price. The problem is finding a replacement property that is anywhere near as nice as what we have for a price that we consider a bargain. Rents for decent, newer SFD homes are running $1.20 – $1.30 a sq foot and that’s what we pay for our mortgage so renting gets us nothing and we’d have to move to a new neighborhood whereas we love the area we’re in so the rental path does not work. Finding a foreclosure would mean we would have to sell, rent, and then be ready to pounce on something when we see it. That means two moves, storing our furnishings for a while, and not being assured we’d find something that comes close to the lifestyle we currently enjoy. Again it just doesn’t make sense. The big surprise to me was how much rents have increased. I expected lots of empty houses in 92009 and 92024, but we’re not there yet. Maybe in 2009 after more resets or will everyone inlcuding the banks be bailed out by then?

[Ozzie]

The RE market here has me confused. My wife has been reading the dismal headlines for the last year and thinks that we need to sell our home in South Carlsbad and either buy a foreclosure or short sale “steal” or rent a similar property for 30-50% less than our mortgage. Ran into a couple problems and selling our home isn’t one of them. In fact, we have two parties that would buy our house if we were to move. Based on a couple recent sales nearby it would be a great price. The problem is finding a replacement property that is anywhere near as nice as what we have for a price that we consider a bargain. Rents for decent, newer SFD homes are running $1.20 – $1.30 a sq foot and that’s what we pay for our mortgage so renting gets us nothing and we’d have to move to a new neighborhood whereas we love the area we’re in so the rental path does not work. Finding a foreclosure would mean we would have to sell, rent, and then be ready to pounce on something when we see it. That means two moves, storing our furnishings for a while, and not being assured we’d find something that comes close to the lifestyle we currently enjoy. Again it just doesn’t make sense. The big surprise to me was how much rents have increased. I expected lots of empty houses in 92009 and 92024, but we’re not there yet. Maybe in 2009 after more resets or will everyone inlcuding the banks be bailed out by then?

[Ozzie]

The RE market here has me confused. My wife has been reading the dismal headlines for the last year and thinks that we need to sell our home in South Carlsbad and either buy a foreclosure or short sale “steal” or rent a similar property for 30-50% less than our mortgage. Ran into a couple problems and selling our home isn’t one of them. In fact, we have two parties that would buy our house if we were to move. Based on a couple recent sales nearby it would be a great price. The problem is finding a replacement property that is anywhere near as nice as what we have for a price that we consider a bargain. Rents for decent, newer SFD homes are running $1.20 – $1.30 a sq foot and that’s what we pay for our mortgage so renting gets us nothing and we’d have to move to a new neighborhood whereas we love the area we’re in so the rental path does not work. Finding a foreclosure would mean we would have to sell, rent, and then be ready to pounce on something when we see it. That means two moves, storing our furnishings for a while, and not being assured we’d find something that comes close to the lifestyle we currently enjoy. Again it just doesn’t make sense. The big surprise to me was how much rents have increased. I expected lots of empty houses in 92009 and 92024, but we’re not there yet. Maybe in 2009 after more resets or will everyone inlcuding the banks be bailed out by then?

[Ozzie]

La Costa Valley is in the San Dieguito Union High School District which is the Middle/High School District that covers parts of South Carlsbad and Encinitas/Cardiff. For elementary schools it’s the Encinitas Union school district. Most of the new developments around Carlsbad have decent elementary schools, but the middle/high schools are not comparable as another poster mentioned when comparing La Costa Canyon to Carlsbad. LCC is considered much better.

[Ozzie]

La Costa Valley is in the San Dieguito Union High School District which is the Middle/High School District that covers parts of South Carlsbad and Encinitas/Cardiff. For elementary schools it’s the Encinitas Union school district. Most of the new developments around Carlsbad have decent elementary schools, but the middle/high schools are not comparable as another poster mentioned when comparing La Costa Canyon to Carlsbad. LCC is considered much better.

[Ozzie]

La Costa Valley is in the San Dieguito Union High School District which is the Middle/High School District that covers parts of South Carlsbad and Encinitas/Cardiff. For elementary schools it’s the Encinitas Union school district. Most of the new developments around Carlsbad have decent elementary schools, but the middle/high schools are not comparable as another poster mentioned when comparing La Costa Canyon to Carlsbad. LCC is considered much better.

[Ozzie]

La Costa Valley is in the San Dieguito Union High School District which is the Middle/High School District that covers parts of South Carlsbad and Encinitas/Cardiff. For elementary schools it’s the Encinitas Union school district. Most of the new developments around Carlsbad have decent elementary schools, but the middle/high schools are not comparable as another poster mentioned when comparing La Costa Canyon to Carlsbad. LCC is considered much better.

[Ozzie]

La Costa Valley is in the San Dieguito Union High School District which is the Middle/High School District that covers parts of South Carlsbad and Encinitas/Cardiff. For elementary schools it’s the Encinitas Union school district. Most of the new developments around Carlsbad have decent elementary schools, but the middle/high schools are not comparable as another poster mentioned when comparing La Costa Canyon to Carlsbad. LCC is considered much better.

[Ozzie]

The loss is for the bank because that’s a short sale. They owe about $500,000. How that place ever sold for $455k in 2004 is beyond me. You could have bought a 70’s built house in La Costa for that price or a little more back then and it would be worth about the same today.

I did a search of that ‘hood and looked at 2004 sales. There were over 20 and of those abut 95% were hispanic (I’ll venture their mortgage brokers were as well) with no money down or less than 5%. About 3/4’s of those have refi’d for more than they inflated sold price of 2004 so that area is a ticking timebomb. Several NOD’s and a couple already foreclosed.

If a college student is interested in writing a thesis about the subprime lending bubble that would be a perfect area for research.

[Ozzie]

The loss is for the bank because that’s a short sale. They owe about $500,000. How that place ever sold for $455k in 2004 is beyond me. You could have bought a 70’s built house in La Costa for that price or a little more back then and it would be worth about the same today.

I did a search of that ‘hood and looked at 2004 sales. There were over 20 and of those abut 95% were hispanic (I’ll venture their mortgage brokers were as well) with no money down or less than 5%. About 3/4’s of those have refi’d for more than they inflated sold price of 2004 so that area is a ticking timebomb. Several NOD’s and a couple already foreclosed.

If a college student is interested in writing a thesis about the subprime lending bubble that would be a perfect area for research.

[Ozzie]

The loss is for the bank because that’s a short sale. They owe about $500,000. How that place ever sold for $455k in 2004 is beyond me. You could have bought a 70’s built house in La Costa for that price or a little more back then and it would be worth about the same today.

I did a search of that ‘hood and looked at 2004 sales. There were over 20 and of those abut 95% were hispanic (I’ll venture their mortgage brokers were as well) with no money down or less than 5%. About 3/4’s of those have refi’d for more than they inflated sold price of 2004 so that area is a ticking timebomb. Several NOD’s and a couple already foreclosed.

If a college student is interested in writing a thesis about the subprime lending bubble that would be a perfect area for research.

[Ozzie]

The loss is for the bank because that’s a short sale. They owe about $500,000. How that place ever sold for $455k in 2004 is beyond me. You could have bought a 70’s built house in La Costa for that price or a little more back then and it would be worth about the same today.

I did a search of that ‘hood and looked at 2004 sales. There were over 20 and of those abut 95% were hispanic (I’ll venture their mortgage brokers were as well) with no money down or less than 5%. About 3/4’s of those have refi’d for more than they inflated sold price of 2004 so that area is a ticking timebomb. Several NOD’s and a couple already foreclosed.

If a college student is interested in writing a thesis about the subprime lending bubble that would be a perfect area for research.

[Ozzie]

The loss is for the bank because that’s a short sale. They owe about $500,000. How that place ever sold for $455k in 2004 is beyond me. You could have bought a 70’s built house in La Costa for that price or a little more back then and it would be worth about the same today.

I did a search of that ‘hood and looked at 2004 sales. There were over 20 and of those abut 95% were hispanic (I’ll venture their mortgage brokers were as well) with no money down or less than 5%. About 3/4’s of those have refi’d for more than they inflated sold price of 2004 so that area is a ticking timebomb. Several NOD’s and a couple already foreclosed.

If a college student is interested in writing a thesis about the subprime lending bubble that would be a perfect area for research.

[Author]

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