[recordsclerk]

I would put down the $400K as long as there is rainy day money. You should have 6 months reserves. For the people that think you should invest that $400K in something else, you are basically saying that everyone should pull thier equity out and invest that money. We have seen what that has done to those poor folks that pulled money out of the primary residences to invest in real estate. There is risk in any type of investment without a guaranteed return. You might as well pay yourself the guaranteed 6-7% and lower your monthly payment. If you have extra money monthly after that, you can invest that into whatever you want. I know a alot of people who lost half of their retirement money in the late 90’s-early 2000’s from their 401k. Since they were too close to retirement they could not recoup their money. The person that put down $400K seams to have done just fine. He bought a condo in 2000 for 200K and sold for 600k. He probably put down 20-40K. For an investment of 40K to get 400K in 7 years seems to be a lot better then a 10% return.

[recordsclerk]

I would put down the $400K as long as there is rainy day money. You should have 6 months reserves. For the people that think you should invest that $400K in something else, you are basically saying that everyone should pull thier equity out and invest that money. We have seen what that has done to those poor folks that pulled money out of the primary residences to invest in real estate. There is risk in any type of investment without a guaranteed return. You might as well pay yourself the guaranteed 6-7% and lower your monthly payment. If you have extra money monthly after that, you can invest that into whatever you want. I know a alot of people who lost half of their retirement money in the late 90’s-early 2000’s from their 401k. Since they were too close to retirement they could not recoup their money. The person that put down $400K seams to have done just fine. He bought a condo in 2000 for 200K and sold for 600k. He probably put down 20-40K. For an investment of 40K to get 400K in 7 years seems to be a lot better then a 10% return.

[recordsclerk]

We looked at one of the Michael Crews Homes in Escondido and they were willing to take a trade-in. They would give you fair market value minus what it would take them to fix up the property for them to sell. They said it would have to work out for them to take a trade-in.
Shea Homes has a Real Estate Team that can help you sell your home. They would waive the their realtor comission if you were to buy one of their homes.

[recordsclerk]

We looked at one of the Michael Crews Homes in Escondido and they were willing to take a trade-in. They would give you fair market value minus what it would take them to fix up the property for them to sell. They said it would have to work out for them to take a trade-in.
Shea Homes has a Real Estate Team that can help you sell your home. They would waive the their realtor comission if you were to buy one of their homes.

[recordsclerk]

Good job newguy, that’s the way to make the builders compete with each other. Going into the deal with 20% down will make builders compete for you buisiness. They don’t like working with %100 loans and people who can barely qualify. They also don’t like working with people that have to sell their homes. The way you went into the deal got you such a great deal. For those that are planing to buy you might learn something from his post. The more leverage you bring into a deal with less headaches makes you the ideal buyer. This allows you to make deals.
23109VC I think you did great also. You got a good deal and saved $$ on moving expenses. You got the home you want. Although prices are still going down, I don’t see your home selling for less than 300K. There may be a few bank repos that sell for 250K, but that won’t be the going rate for your home. Unless the cost of building goes down, I don’t see builders selling 1,900sqft 1 story homes with upgrades for $250K. And if I’m wrong I’ll be very happy, because on still sitting on the fence waiting for the right price.
Temecula is a nice place to raise a family. For the price you get great schools. The tax is high, but that’s part of the reason why the schools are so good. Enjoy your new homes and good luck.

[recordsclerk]

Good job newguy, that’s the way to make the builders compete with each other. Going into the deal with 20% down will make builders compete for you buisiness. They don’t like working with %100 loans and people who can barely qualify. They also don’t like working with people that have to sell their homes. The way you went into the deal got you such a great deal. For those that are planing to buy you might learn something from his post. The more leverage you bring into a deal with less headaches makes you the ideal buyer. This allows you to make deals.
23109VC I think you did great also. You got a good deal and saved $$ on moving expenses. You got the home you want. Although prices are still going down, I don’t see your home selling for less than 300K. There may be a few bank repos that sell for 250K, but that won’t be the going rate for your home. Unless the cost of building goes down, I don’t see builders selling 1,900sqft 1 story homes with upgrades for $250K. And if I’m wrong I’ll be very happy, because on still sitting on the fence waiting for the right price.
Temecula is a nice place to raise a family. For the price you get great schools. The tax is high, but that’s part of the reason why the schools are so good. Enjoy your new homes and good luck.

[recordsclerk]

The incentives can be used towards closing and upgrades. I think you can buy down the interest rate. I will try to get more details from my friend regarding her purchase.

[recordsclerk]

The incentives can be used towards closing and upgrades. I think you can buy down the interest rate. I will try to get more details from my friend regarding her purchase.

[recordsclerk]

I’m not planning to buy, just window shopping until the 50%off sales start. So here is some info from the weekend window shopping.

Prices for Wolf Creek as of Sunday, May 27.

Aspen by Standard Pacific Homes
3,090 sqft $526,780 includes Stainless Steel and granite kitchen.
3,090 sqft model $557,900 (reserved/already sold)
3,210 sqft $550,000 includes Stainless/granite
3,428 sqft 576k-583K Stainless/granite, wrought iron staircase, tile detail in master and secondary bath
3,627 to 3,901 sqft 601k-620k Stainless/granite, wrought iron stair case, upgraded tile in master bath and sec bath, upgraded cabinets kitchen.
20K in incentives, 40K for non-contingent contract signed this weekend only.

Redwood by Standard Pacific Homes
3,322 to 3,437 sqft $575,450 includes granite kitchen, blk/white appliances.
3,506 to 3,812 sqft $605,330
3,733 to 4,051 sqft $634,900
4,519 sqft 3 story $712,645

No incentives on price sheet. I did not ask.

Stonebriar by Lennar
2,928 sqft $474,990
3,357 sqft $517,990
3,605 sqft $525,990

No incentives on price sheet. I did not ask.

My friend just moved into a Stonebriar home and purchased a plan 2 for 480K. So I am sure they are willing to negotiate. I just didn’t want to get into a conversation with the sales rep. I did have a conversation with the sales rep. at Aspen. They were giving incentives up to 40k for buyers willing to sign contracts this weekend with no contingences. He didn’t seem too bright, referred to National City as “Nasty City”, used slogans like “More bang for the buck”. I think Aspen homes had 8ft ceilings upstairs.

I also went to Gallery Reserve by Gallery Homes

These are semi-customs homes on an acre lot just north of Wolf Creek/South 79.

4,301 sqft 1.3 million single story 4-car
5,686 sqft 1.6 million two story 4-car
No mello roos, No HOA
These are very nice homes built in the hills north of 79S. That area is very nice, just custom homes. I would love to buy one of these if I can get one for 50% off. There is definitely a distinct difference between 500K homes and the high end homes.

[recordsclerk]

I’m not planning to buy, just window shopping until the 50%off sales start. So here is some info from the weekend window shopping.

Prices for Wolf Creek as of Sunday, May 27.

Aspen by Standard Pacific Homes
3,090 sqft $526,780 includes Stainless Steel and granite kitchen.
3,090 sqft model $557,900 (reserved/already sold)
3,210 sqft $550,000 includes Stainless/granite
3,428 sqft 576k-583K Stainless/granite, wrought iron staircase, tile detail in master and secondary bath
3,627 to 3,901 sqft 601k-620k Stainless/granite, wrought iron stair case, upgraded tile in master bath and sec bath, upgraded cabinets kitchen.
20K in incentives, 40K for non-contingent contract signed this weekend only.

Redwood by Standard Pacific Homes
3,322 to 3,437 sqft $575,450 includes granite kitchen, blk/white appliances.
3,506 to 3,812 sqft $605,330
3,733 to 4,051 sqft $634,900
4,519 sqft 3 story $712,645

No incentives on price sheet. I did not ask.

Stonebriar by Lennar
2,928 sqft $474,990
3,357 sqft $517,990
3,605 sqft $525,990

No incentives on price sheet. I did not ask.

My friend just moved into a Stonebriar home and purchased a plan 2 for 480K. So I am sure they are willing to negotiate. I just didn’t want to get into a conversation with the sales rep. I did have a conversation with the sales rep. at Aspen. They were giving incentives up to 40k for buyers willing to sign contracts this weekend with no contingences. He didn’t seem too bright, referred to National City as “Nasty City”, used slogans like “More bang for the buck”. I think Aspen homes had 8ft ceilings upstairs.

I also went to Gallery Reserve by Gallery Homes

These are semi-customs homes on an acre lot just north of Wolf Creek/South 79.

4,301 sqft 1.3 million single story 4-car
5,686 sqft 1.6 million two story 4-car
No mello roos, No HOA
These are very nice homes built in the hills north of 79S. That area is very nice, just custom homes. I would love to buy one of these if I can get one for 50% off. There is definitely a distinct difference between 500K homes and the high end homes.

[recordsclerk]

Does anyone know what the name of the development is. Parts of Santa Luz are custom home sites with an 1/2+acre of land. I think that Marisol and Santa Monica are part of Santa Luz, not sure. I like Marisol and Santa Monica a lot. It would be nice if both area’s came down in price. The HOA and Taxes may still be to rich for my blood, but if I could get one for under a million that would be nice.
By the way 1800 sqft in Chula Vista in the 500’s. There are some listings for 3000+sqft in Chula Vista for 699K. I’ve been window shopping both areas. Chula Vista being more realistic, but I can’t help but dream about Santa Luz. Willing to spend up to a million (800K more realistic), just window shopping until the 50% off sales start.

[recordsclerk]

Does anyone know what the name of the development is. Parts of Santa Luz are custom home sites with an 1/2+acre of land. I think that Marisol and Santa Monica are part of Santa Luz, not sure. I like Marisol and Santa Monica a lot. It would be nice if both area’s came down in price. The HOA and Taxes may still be to rich for my blood, but if I could get one for under a million that would be nice.
By the way 1800 sqft in Chula Vista in the 500’s. There are some listings for 3000+sqft in Chula Vista for 699K. I’ve been window shopping both areas. Chula Vista being more realistic, but I can’t help but dream about Santa Luz. Willing to spend up to a million (800K more realistic), just window shopping until the 50% off sales start.

[recordsclerk]

You can negotiate as much as you want while making an offer/counter offer. Then while working through contingencies. After all contingencies and checked off, you should not make anymore demands, unless you find a new defect in the structure. Any negotiating after that would be considered rude. You as a buyer would have to decide for yourself what you think is the moral thing to do. You would only be risking your deposit. You could also be subject to a lawsuit, but this rarely happens and is not worth it for the seller.

[recordsclerk]

You can negotiate as much as you want while making an offer/counter offer. Then while working through contingencies. After all contingencies and checked off, you should not make anymore demands, unless you find a new defect in the structure. Any negotiating after that would be considered rude. You as a buyer would have to decide for yourself what you think is the moral thing to do. You would only be risking your deposit. You could also be subject to a lawsuit, but this rarely happens and is not worth it for the seller.

[recordsclerk]

“starter home” is a marketing ploy. It makes you feel better in your purchase, because it leads you to believe that someday you can buy something more. It’s sad because I think it actually makes you feel worse. Starter homes in San Diego go for the same price as “move up” homes in other regions. Since “starter homes” refers to being young, stay young forever and forget about it. Only you can make yourself angry, so stay on the bright side. I’m in my 30’s and still have a “starter income/job” but I’m not letting that keep me down. I live in a starter home and someday will move into a “move up McMansion”.

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