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PerryChase
ParticipantVery good point, csr_sd. People don’t realize how much money they are “loosing” every year holding on to depreciating real estate investments.
The investors out there will be hammered if the downturn lasts a long time. The staying power of investors is not indefinite. There will be a point when they give up and that will be the real turning point for this market.
The investors make this market and they’ll be the ones to break it. (By investors I mean the investor landlords as well as the gambling on appreciation, over-extended homeowners).
ParticipantI agree with you 4plexowner.
Some would not consider Clairemont a nice area. I think that there are some nice streets and the location is as central as it gets.
It’s now called Clairemont and not Clairemont Mesa anymore.
Participantdejams, try renting a condo/townhouse at SD Spectrum while you investigate the market. These are brand new units right near your work.
Also try the neighborhood behind Fry’s Electronics off of the 15 (Aero Dr). Those are also new developments (less than 10 years). You can go to Balboa/163 pretty easily using surface streets.
I recommend renting a newer home since they tend to be better built with less maintenance issues.
If school district is not that important, live near where you work. At the low you can buy an older house and put $100k into it to refurbish it — better than paying Mello Roos and HOA.
Gas is back to $3 now. If it goes to $4 this summer, it’ll put a real damper on the market, in my view.
Participant(like sdrealtor this morning saying we will never see a 3/2 SFR for 250K in decent neighborhood in SD again)
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I'm as much as bear as anyone but I agree with sdrealtor. You could barely buy at that price even at the previous lows. $350k to $400k is more like it. Depending on where the economy goes, prices might stay low for years.
But if we see 10% mortgage rates again combined with 20% down-payment requirements, then all bets are off.
ParticipantI agree on the Hyundai. Remember how the Japanese cars were perceived in the 1970s/1980s? I’ve rented plenty of Huyundais/Kias. They are good cars — better than the Americans in my opinion (for same size cars).
Daimler/Chrysler will soon be selling the Chery Chinese cars.
I’m lucky that I get to drive whatever my brothers, who change cars frequently, hand-down to me.
ParticipantIt’s clear that CO2 is causing global warming. The question is whether that warming is harmful and if our human kind can get through such warming. Perhaps warming is good. We don’t know.
I do it not because I fervently believe in the science. I do it because it doesn’t cost me a whole lot; and, yes, because it makes me feel good.
I’m not a software developer but, true, I’m a compulsive organizer and I want my house to always be spic-and-span clean. I have a dog and I bathe him twice a week and I change his bedding every day.
I think that if we can avoid building a new power plant, landfill, refinery or gas station thanks to conservation, then we’re all the better off. If anything, we have a more beautiful environment to enjoy. What’s the harm in putting a little bit of effort into it?
Maybe I’m judgmental, but when I go to someone’s house that’s messy, I think to myself “if only they’d clean up after themselves.” Pollution is like clutter/trash. We need to pick it up after we’re done with it.
ParticipantI’m not giving Al Gore a free pass.
I believe in looking at things in context.
Al Gore’s house at 10,000sf does not use a lot of energy considering the number of people and staff/security who are in residence. As a residence of a former vice-president and now Hollywood celebrity the house hosts many guests for dinners, meetings etc… His house is not just a residence but an office and conference center.
As someone who has cut his energy use by 40% I know that it’s not easy. I insulated my house, replaced all the appliances with energy efficient ones, and changed the light bulbs to compact fluorescent where possible. You can also replace the windows but if you live in a historic old house, it’s not possible to do that without damaging the aesthetics. As a case in point, the brand new Icon building Downtown SD preserved the Carnation building facade. So the lofts units keep the old inefficient windows.
Replacing appliances and switching over to compact fluorescent lights are the two best things you can do to save energy. However, compact fluorescents are not as aesthetically pleasing as halogen lights. To save energy I use compact fluorescents under lamp shades. I only use my halogen spots lights when I have guests. Now I know that if had guests nearly every day, I wouldn’t save any energy — I’d most likely use a lot more energy.
Aside from cutting energy use, you can install solar panels to generate your own electricity. But installing solar panels requires a lot of space. The example that ucodegen put forward shows the homeowners living on acres of land near Santa Cruz. The system has a 2800sf array located 600ft from the main house. As you can see the from picture, the house is surrounded by unused land.
The reality is that a single homeowner can do only very little to affect the environment. We need to collaboration of business and community interests to develop green energy sources that are readily available to all.
[img_assist|nid=2748|title=space requirement for solar|desc=|link=node|align=left|width=466|height=303]
——–I don’t believe you need to be deprive yourself of caviar to speak up against hunger, or live in the ghetto to speak for the poor. Actually I admire rich families such as the Kennedys who dedicate their time to the working class.
Likewise, it’s not hypocritical for America to encourage poor countries to conserve their natural resources, given that we provide them with the appropriate incentives. Just because we cut down our own trees to create farms the size of Rhodes Island doesn’t make our environmental message less relevant.
It’s also not hypocritical for America to encourage fair labor practices around the world. Our message of human rights is not any less relevant because we used slave labor and child labor to develop our own economy.
It’s also not hypocritical for my dad to advise my nieces never to smoke although he sometimes smokes himself. He grew up in different times and developed different habits. At least, he recognizes his own errors and cares for the well-being of his grand-children.
ParticipantI agree with asianautica. The latte factor is what makes many folks who would otherwise be middle-class poor.
Some of my immigrant friends have taught me important lessons — that you can be very well-educated and have all the necessities in life such as close friendships and families on a modest income.
ParticipantBut Downtown SD doesn’t have big backers such as Eli Broad, Disney, et al.
The woman (i forgot her name) who developed the City of Villages concept for San Diego is now working for LA. Downtown San Diego does have the advantage of the beautiful bay. I do think that LA has great potential to remake itself in the next 50 years. It has population, employment and, of course, Hollywood with the international acclaim that brings. LA can be one of the top cities in the world to live in, not just for the ultra rich but also for the average person. But 50 years is a long time. I’ll be close to the grave by that time.
If I lived in LA today, I’d stay on the west side, anywhere from Santa Monica to the Marina/Playa Del Rey area. I’d live in Downtown LA only if there were a commensurate discount over the coastal areas.
ParticipantOne small factor to consider: buying-down the interest rate on a loan means paying the interest up-front. That works-out well if you remain in the house a long, long time. The APR on the loan is most likely in the 6%+ range.
Not to minimize your pet situation, you’re probably scaring landlords buy tell him you have so many pets. Many tenants would say that they have one dog, then they move in the whole kennel after signing the contract. At that time, it’s a little late for the landlord to do anything about it. I’m not recommending that you do that.
I’m making these points to illustrate how the rental market generally works for the average renter/would-be buyer.
ParticipantThanks for the input. It’s interesting how Downtown SD builders are having trouble selling and holding open houses (eg Icon) whereas in Downtown LA, the waiting lists are still 6 months long.
I also tend to think that the LA market will tumble as well. Time will tell…..
ParticipantI read the paper. Assuming that everything the professor said it right, it’s still better to rent than to buy. I don’t see how the paper supports you argument that it’s “more dangerous to rent than to buy.”
We could discuss the paper, but that’s a different topic.
Participantformersandiegan, your calculation clearly illustrates that lower-income folks don't much benefit from buying. If they have many dependents then their tax benefits from buying would be even lower. Thanks for doing the calculations. I was too lazy to do it.
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Anyway, from my experience, based on my properties, there is nowhere near a 50% discount for renting, apples to apples.
DaCounselor, since renters are much more mobile than owners shouldn't they take full benefit of that "competitive advantange" and do an apples to oranges comparaison? That is rent in a nicer neighborhood than they could buy; enjoy a better standard of living, and provide their kids with a better school experience. That's the message that would-be-buyers should be hearing.
ParticipantHere’s the link to the RSF house Cunningham traded his Del Mar house for. Someone was nice enough to post it on SDlookup.
http://sdlookup.com/PropertyDetails/tabid/53/pid/6F309BF2/Default.aspx#556
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