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SD Realtor
ParticipantThe tax roll shows that the 5/16/06 recording was a quit claim deed.
Looks like this flipper will be taking a cold bath….That one is gonna hurt.
SD Realtor
ParticipantHi booter –
As sdrealtor said there is alot of stock in the area you mentioned including south carlsbad, which is borders encinitas to the north. At the budget you mentioned you will do fine. Also go to craigslist, san diego, real estate, lots of landlords post there.
SD Realtor
Participant23109VC I never do loans so this is just my opinion ….but yes I do believe it will be harder to get no money down loans in a big way. Yeah these types of loans could very well disappear altogether. My advice, even if these types of loans did not go away would be to save money. I know that really makes breaking into the market difficult but the current high rates of defaults are the direct result of the past ridiculously easy lending standards. The bottom line is that many people who are defaulting had no business buying the homes in the first place. Many of them were duped by shiesters but in the end, they signed those loan docs. So the bottom line will most likely be to restore common sense to the industry. I know that sounds harsh but it really does make sense.
SD Realtor
Participantbooter1 I stareted to reply this morning but got rundown by the kids. Anyways youyr strategy is pretty sound. Personally I have had tough luck getting any landlord to sign more then a 1 year lease. Actually as a landlord myself I would not lock into any more then a 1 year lease as well. Also my needs as a tenant are pretty demanding due to kids, pets and live in grandma.. so we need the big yard, the full room and full bath downstairs, and the bigger home, plus it needs to be within a certain distance to my office, wifes office and preschool. Our budget is below yours but yours sounds very realistic for the area and the schools in Solana are great. I think you will get more home for your money in Encinitas compared to Carmel Valley and you will not be crammed in as tight as all the new homes in CV are right on top of each other in the price range you are talking about. There is a nice 4/3 on Calle Anacapa in the Olivenheim area but you wanted a 5 bedroom so that doesnt quite cut it for ya. Keep your eyes peeled on craigslist. If I see anything nice on the MLS I will post it on here for you as well. Are you partial to any other neighborhoods?
SD Realtor
Participantwh I have my cash in ING direct as well.
ParticipantHi bob2007 – I actually screwed my post up to as I was trying to address some of the things that chip_designer said but got it all mixed up with your post as well… heheheh… In summary, I pretty much agree with your post 100% and pretty much disagree with his post…
SD Realtor
Participantchip_designer interesting post that you made. It has a tinge of bitterness in it. Personally I consider myself somewhat of a moderate bear compared to most of the posters here.
I think that bob2007 touches on what I believe will be distinct uniqueness about this next downtrend, (of which we are already well into)… That is I believe we will see a more profound effect on certain areas then others. We are already seeing that now. Downtown condos are still getting hammered. Even in the midst of this spring rally. Yet neighborhoods like Scripps, and north county coastal are seeing brisk activity. Again, areas that were subject to heavy speculation, relatively risky financing, and other extraneous factors will be subject to wider depreciation…IMO.
Now yes if what you posted IS TRUE, that even with 100% financing, homeowners in say 4s or Carmel Valley can afford the payments, then yes, those homes will depreciate at a slower rate… However, if you compare that local system to a neighborhood that may not have the same property values but is much older with the majority of the homeowners having larger equity stakes, then I believe those older neighborhoods will hold up better simply because the owners are more inclined to ride out the bad years at a much lower cost.
I feel your assumptions break down very rapidly for a variety of reasons such as divorce, maybe one of the wage earners decides to have a baby and stop working, job displacement, relocation… It seems to me that there are variables that you are conveniently ignoring.
So getting back to my point, I think this secular downtrend will see substantial depreciations in lower income neighborhoods, (this due to the tightening of lending standards), many condos, and areas that had large speculative investments. Areas that have nice schools, and are desireable such that families want to raise thier kids there, and they are in decent locations, may depreciate as well but not as much IMO. Again, ASSUMING that these people can continue to make thier mtg payments, property taxes and mello roos. As for high end stuff…. well I guess we will see. I do agree that one major underestimation of many on this site is that there is a vast number of people out there with ALOT of money. Whether they buy a home for themselves, thier kids, or whatever, they will continue to do this. However these people are also smart and I don’t think they and they alone will prop up the entire market of higher end property.
ParticipantJWM –
The point is that you wrote,
“This is why I laugh at the idea of a broker or worse a realtor calling themselves professionals…they don’t have a freaking clue…”
You have painted the entire industry to be a bunch of bumbling idiots. This is not true. I am not saying that there are not a whole lot of idiots that are licensed. Believe me I have dealt with lots of them. I am saying that I am not one of them and I have dealt with many others who are quite bright and have a diverse interest in other professions and are quite educated.
My point is that there are those like myself who are much more educated then you implied in your post. I have no power over what the state mandates in order to be called a real estate professional. The designation is from the state DRE. Don’t hate the players, hate the game, because you get to choose the realtor or broker you work with. If you get an idiot change. Commissions are not law, they are negotiable by law. Nobody forces you to use these people.
SD Realtor
ParticipantJWM (the other SD Realtor here)
I have a BSEE from UCSD and I also direct a staff of ASIC designers for PCI Express technology used in storage and networking applications. My expertise is in verification and system architecture.
SD Realtor
ParticipantHere is the best answer I can give you… it will be somewhat vague.
Every county in the country has a local association of realtors and each association has a multiple listing service. In San Diego SDAR is our local association and the MLS is run by a seperate company called Sandicor.
The MLS makes money by providing the MLS database to 3rd party providers. Generally this is known as IDX. These 3rd party providers such as Realtor.com, Zip, etc purchase the database. Some of the MLS information is stripped prior to shipping it out. This includes confidential remarks, buyers side commission etc… So in general yes these 3rd party providers do have everything on the MLS. However it is usually a day or two old.
SD Realtor
Participantibjames –
I think there is alot of good basic tax knowledge here. Throw them out there, get some feedback, then take you questions to a good CPA.
SD Realtor
ParticipantRule 1 – Never get tax advice from a Realtor…only use it from a CPA
Rule 2 – If you break rule 1 then that is your own fault!
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With that said, if your condo has been your primary residence and falls within guidelines of that IRS definition, (basically if you have occupied it 2 of the last 5 years) you can receive a cap gains exemption of 250k if you are single and 500k if you are married! It doesn’t matter what you do with your profits.
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If you have not occupied the property then your tax basis will be based on the difference of your sale verses when you bought it. Keep in mind that depreciation will be recaptured. If you have other cap gains losses that you have endured or carried from previous years you can write those “against” your gain.
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So whatever you invest your profit from the home sale in, your tax liability on those gains is 100% independent of the home sale.
ParticipantThere are some nice places in Oceanside as well. It is a community that has several different types of regions to it. Fire Mountain is a well established area with many homeowners that have been there for a long time.
Otherwise I would go with the other spots you mentioned. I assume you have been looking on Craigslist. We currently rent in Scripps.
SD Realtor
ParticipantEyepod, I think it is a combination of a few things. Yes people are getting more value for thier dollar as many sellers are pricing better and spring is always the most active time for real estate. Very astute to capitalize RELATIVE.
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SD Realtor
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