[recordsclerk]

I have a town house in San Miguel Ranch. It’s a 3bd 2 1/2ba, 2 car garage, rents for $1875. Very low maintenance due to newer construction. The high HOA+Taxes+Water+Trash put a huge dent in the ROI. We had another unit a couple years ago (91915) that we flipped, it also rented for $1850. So I think that’s the going rate. If you are looking for low maintenance and decent return this would be a good fit. If you are looking for maximum ROI, there are far better choices out there.

[recordsclerk]

I can’t see $150sqft happening in Stonebridge. You might find an occasional sale come close to that mark, but overall the market will stay closer to $200 a sqft. That Old Creek sale is a once in a lifetime deal. We will probably look back at that sale and say that was one of the best, if not the best overall deal in Stonebridge.

[recordsclerk]

Congrats to Navydoc. I really like Stonebridge because you get a lot for the price. You can’t get an estate sized homes, with an estate feel in a good school district for the same price. For the value I would have preferred to buy a resale (distressed), but I’m also a marginal buyer at that price point. For someone like Navydoc, I would have done the same thing. Toll Brothers product is well built and if you have the means to upgrade as you like, then that is a great route to take.
It looks like Standard Pacific is going to release some new homes in Stonebridge. They are introducing Bellasario this Spring.

[recordsclerk]

I just did the same. I called lender for change of mailing address. I didn’t have to give any more details. I also refied about 6 months ago. I didn’t get that great of a rate- 3.75%/15 yr. I missed the bottom on the rate. I did do OK on the new primary loan 3.85%/30 year.

[recordsclerk]

274K

[recordsclerk]

I remember a about 3 years ago when this complex was in serious distress. These units were going for 50-60K. These units were renting for $800+ and a lot of people on this board giving advice to stay away. Those original buyers have done great. Within a year the units were selling in for 80K. I think there was 2 small assessments. One assessment was for plumbing. I don’t know if they qualify for FHA now, but I know for sure it didn’t back then. One invester bought 10+ units.

Look at this new listings. There is about 10-20K worth of work done. It depends on how cheap you can get the work done.

http://www.sdlookup.com/MLS-120000683-3532_Meade_Ave_1_San_Diego_CA_92116

[recordsclerk]

Congrats on locking in a great contract. This is what I’ve been saying all along about Short Sale deals. While other buyers with less patience are paying $200sqft, you were able to lock down a great deal. Even if prices were to fall another 10%, with this exceptional deal you are already hedged against it. Also looks like you got some good upgrades and yard looks finished.

[recordsclerk]

Congrats. I hope you enjoy your new home. I’ve always liked SEH. I might be joining you soon, we’re waiting for approval from the second lien holder on a short sale.

[recordsclerk]

I would have to second that. I have seen it work first hand, but the representation was poor and I had to assist my relative on getting rid of some junk fees.

[recordsclerk]

In your scenario I think you should ask the original owner to return said deposit and refund 28-29 days worth of prepaid rent. There is nothing wrong with collecting rent while not paying mortgage, but collecting rents beyond your ownership and not refunding deposit is crap. I still don’t see your point that the new owners are bad people because they want rent from tenants that live in their property. They should credit them this month’s rent, but starting next month rent should be paid. If the home would have been sold through the short sale process, would this not be the same outcome for the tenants. Why is this scenario any different? If the new owners want the tenants to leave quick, the tenants should be paid a fair amount (cash for keys) to leave quick.

[recordsclerk]

This Tiburon house just closed. Very nice home with a view lot (ocean view on a clear day). Deals can be found, you just have to be patient. I just can’t justify buying a new home when you can find deals like this.

http://www.sdlookup.com/MLS-110025247-15069_Almond_Orchard_Ln_San_Diego_CA_92131

[recordsclerk]

thanks for posting info. Nice to have info about housing once in awhile.

[recordsclerk]

The neighbor just lowered their price. I would rather have this house for low 800s:

http://www.sdlookup.com/MLS-110034294-13382_Greenstone_Ct_San_Diego_CA_92131

I think if you can afford something in the low to mid 900s, you can find a better location. Possibly a view lot with pool from a different builder.

[recordsclerk]

The neighbor just lowered their price. I would rather have this house for low 800s:

http://www.sdlookup.com/MLS-110034294-13382_Greenstone_Ct_San_Diego_CA_92131

I think if you can afford something in the low to mid 900s, you can find a better location. Possibly a view lot with pool from a different builder.

[recordsclerk]

The neighbor just lowered their price. I would rather have this house for low 800s:

http://www.sdlookup.com/MLS-110034294-13382_Greenstone_Ct_San_Diego_CA_92131

I think if you can afford something in the low to mid 900s, you can find a better location. Possibly a view lot with pool from a different builder.

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