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SD Realtor
ParticipantYep… I am digging up some research for Coronado for someone but I will after that. If you like I can do Feb and March because March is an important number but I don’t have March 08 so I should not ask dumb questions… I purposely stayed off of 91915 because it built out later then 91913. Lots of new building still went on in 91915 but I will gather then numbers nonetheless.
SD Realtor
ParticipantYep… I am digging up some research for Coronado for someone but I will after that. If you like I can do Feb and March because March is an important number but I don’t have March 08 so I should not ask dumb questions… I purposely stayed off of 91915 because it built out later then 91913. Lots of new building still went on in 91915 but I will gather then numbers nonetheless.
SD Realtor
Participantsd2oc I believe the two events are independent and may be treated as so.
Let’s start with your home in CV.
What you decide to do with it depends on your outlook for San Diego housing.
– If you believe the market is going to bottom out soon and then appreciate then you may want to wait and hold on to your home and then sell when the market comes back up. (Personally I do not believe this is the case) If you do hold on to your home you can rent it out. Turning the home into a rental is an outstanding way to help shelter some tax expense. Note that once you do NOT live in the home 3 out of the last 5 years, you will lose the capital gains exemption once you do sell the home. Yet to be honest, I would not worry to much about that at this point. The real question is, given your mortgage payment, mello roos (if you pay them) and HOA (if you pay them) and any additional expenses like prop tax and insurance will stack up against rent. More then likely you will have a negative cash flow but how negative is something you would need to calculate.
– If you believe the market is going to go down and continue to go down for the next several years then it would be best to sell now. Personally my opinion for CV is that the market will go down there and it will then be flat for awhile and then start go rise slowly. I think that CV detached homes have held up quite well and the lions share of depreciation is ahead for these homes, not behind. I think that the area is susceptible to problems if we see disruptions in employment and/or interest rate hikes. Yet I don’t think it is something that will happen in the short run. However in the next 2 years it will be interesting to see where CV is at.
6 months from now? Well I don’t think things will be radically different but we will definitely be in a period where seasonally there are fewer buyers.
**************
As far as buying goes my advice, and I cannot stress it enough) would be to rent for awhile if you can. I think the OC is going to get hammered and it is perhaps even more stretched then SD is in the high priced home areas. I also think the OC is a year or two behind SD in the depreciation cycle.
**************
As far as staying home and commuting goes? Well… Does your husband take the train? I know it is kind of a chore but I think it is not nearly as taxing sitting on the train as it is sitting in traffic.
**************
Anyways not sure if I gave any definitive advice. My personal choice would be to sell CV, even if it means a loss, and rent in the OC… pocket cash and in a few years buy a nice big foreclosure or distressed property in Laguna.
SD Realtor
Participantsd2oc I believe the two events are independent and may be treated as so.
Let’s start with your home in CV.
What you decide to do with it depends on your outlook for San Diego housing.
– If you believe the market is going to bottom out soon and then appreciate then you may want to wait and hold on to your home and then sell when the market comes back up. (Personally I do not believe this is the case) If you do hold on to your home you can rent it out. Turning the home into a rental is an outstanding way to help shelter some tax expense. Note that once you do NOT live in the home 3 out of the last 5 years, you will lose the capital gains exemption once you do sell the home. Yet to be honest, I would not worry to much about that at this point. The real question is, given your mortgage payment, mello roos (if you pay them) and HOA (if you pay them) and any additional expenses like prop tax and insurance will stack up against rent. More then likely you will have a negative cash flow but how negative is something you would need to calculate.
– If you believe the market is going to go down and continue to go down for the next several years then it would be best to sell now. Personally my opinion for CV is that the market will go down there and it will then be flat for awhile and then start go rise slowly. I think that CV detached homes have held up quite well and the lions share of depreciation is ahead for these homes, not behind. I think that the area is susceptible to problems if we see disruptions in employment and/or interest rate hikes. Yet I don’t think it is something that will happen in the short run. However in the next 2 years it will be interesting to see where CV is at.
6 months from now? Well I don’t think things will be radically different but we will definitely be in a period where seasonally there are fewer buyers.
**************
As far as buying goes my advice, and I cannot stress it enough) would be to rent for awhile if you can. I think the OC is going to get hammered and it is perhaps even more stretched then SD is in the high priced home areas. I also think the OC is a year or two behind SD in the depreciation cycle.
**************
As far as staying home and commuting goes? Well… Does your husband take the train? I know it is kind of a chore but I think it is not nearly as taxing sitting on the train as it is sitting in traffic.
**************
Anyways not sure if I gave any definitive advice. My personal choice would be to sell CV, even if it means a loss, and rent in the OC… pocket cash and in a few years buy a nice big foreclosure or distressed property in Laguna.
SD Realtor
Participantsd2oc I believe the two events are independent and may be treated as so.
Let’s start with your home in CV.
What you decide to do with it depends on your outlook for San Diego housing.
– If you believe the market is going to bottom out soon and then appreciate then you may want to wait and hold on to your home and then sell when the market comes back up. (Personally I do not believe this is the case) If you do hold on to your home you can rent it out. Turning the home into a rental is an outstanding way to help shelter some tax expense. Note that once you do NOT live in the home 3 out of the last 5 years, you will lose the capital gains exemption once you do sell the home. Yet to be honest, I would not worry to much about that at this point. The real question is, given your mortgage payment, mello roos (if you pay them) and HOA (if you pay them) and any additional expenses like prop tax and insurance will stack up against rent. More then likely you will have a negative cash flow but how negative is something you would need to calculate.
– If you believe the market is going to go down and continue to go down for the next several years then it would be best to sell now. Personally my opinion for CV is that the market will go down there and it will then be flat for awhile and then start go rise slowly. I think that CV detached homes have held up quite well and the lions share of depreciation is ahead for these homes, not behind. I think that the area is susceptible to problems if we see disruptions in employment and/or interest rate hikes. Yet I don’t think it is something that will happen in the short run. However in the next 2 years it will be interesting to see where CV is at.
6 months from now? Well I don’t think things will be radically different but we will definitely be in a period where seasonally there are fewer buyers.
**************
As far as buying goes my advice, and I cannot stress it enough) would be to rent for awhile if you can. I think the OC is going to get hammered and it is perhaps even more stretched then SD is in the high priced home areas. I also think the OC is a year or two behind SD in the depreciation cycle.
**************
As far as staying home and commuting goes? Well… Does your husband take the train? I know it is kind of a chore but I think it is not nearly as taxing sitting on the train as it is sitting in traffic.
**************
Anyways not sure if I gave any definitive advice. My personal choice would be to sell CV, even if it means a loss, and rent in the OC… pocket cash and in a few years buy a nice big foreclosure or distressed property in Laguna.
SD Realtor
Participantsd2oc I believe the two events are independent and may be treated as so.
Let’s start with your home in CV.
What you decide to do with it depends on your outlook for San Diego housing.
– If you believe the market is going to bottom out soon and then appreciate then you may want to wait and hold on to your home and then sell when the market comes back up. (Personally I do not believe this is the case) If you do hold on to your home you can rent it out. Turning the home into a rental is an outstanding way to help shelter some tax expense. Note that once you do NOT live in the home 3 out of the last 5 years, you will lose the capital gains exemption once you do sell the home. Yet to be honest, I would not worry to much about that at this point. The real question is, given your mortgage payment, mello roos (if you pay them) and HOA (if you pay them) and any additional expenses like prop tax and insurance will stack up against rent. More then likely you will have a negative cash flow but how negative is something you would need to calculate.
– If you believe the market is going to go down and continue to go down for the next several years then it would be best to sell now. Personally my opinion for CV is that the market will go down there and it will then be flat for awhile and then start go rise slowly. I think that CV detached homes have held up quite well and the lions share of depreciation is ahead for these homes, not behind. I think that the area is susceptible to problems if we see disruptions in employment and/or interest rate hikes. Yet I don’t think it is something that will happen in the short run. However in the next 2 years it will be interesting to see where CV is at.
6 months from now? Well I don’t think things will be radically different but we will definitely be in a period where seasonally there are fewer buyers.
**************
As far as buying goes my advice, and I cannot stress it enough) would be to rent for awhile if you can. I think the OC is going to get hammered and it is perhaps even more stretched then SD is in the high priced home areas. I also think the OC is a year or two behind SD in the depreciation cycle.
**************
As far as staying home and commuting goes? Well… Does your husband take the train? I know it is kind of a chore but I think it is not nearly as taxing sitting on the train as it is sitting in traffic.
**************
Anyways not sure if I gave any definitive advice. My personal choice would be to sell CV, even if it means a loss, and rent in the OC… pocket cash and in a few years buy a nice big foreclosure or distressed property in Laguna.
SD Realtor
Participantsd2oc I believe the two events are independent and may be treated as so.
Let’s start with your home in CV.
What you decide to do with it depends on your outlook for San Diego housing.
– If you believe the market is going to bottom out soon and then appreciate then you may want to wait and hold on to your home and then sell when the market comes back up. (Personally I do not believe this is the case) If you do hold on to your home you can rent it out. Turning the home into a rental is an outstanding way to help shelter some tax expense. Note that once you do NOT live in the home 3 out of the last 5 years, you will lose the capital gains exemption once you do sell the home. Yet to be honest, I would not worry to much about that at this point. The real question is, given your mortgage payment, mello roos (if you pay them) and HOA (if you pay them) and any additional expenses like prop tax and insurance will stack up against rent. More then likely you will have a negative cash flow but how negative is something you would need to calculate.
– If you believe the market is going to go down and continue to go down for the next several years then it would be best to sell now. Personally my opinion for CV is that the market will go down there and it will then be flat for awhile and then start go rise slowly. I think that CV detached homes have held up quite well and the lions share of depreciation is ahead for these homes, not behind. I think that the area is susceptible to problems if we see disruptions in employment and/or interest rate hikes. Yet I don’t think it is something that will happen in the short run. However in the next 2 years it will be interesting to see where CV is at.
6 months from now? Well I don’t think things will be radically different but we will definitely be in a period where seasonally there are fewer buyers.
**************
As far as buying goes my advice, and I cannot stress it enough) would be to rent for awhile if you can. I think the OC is going to get hammered and it is perhaps even more stretched then SD is in the high priced home areas. I also think the OC is a year or two behind SD in the depreciation cycle.
**************
As far as staying home and commuting goes? Well… Does your husband take the train? I know it is kind of a chore but I think it is not nearly as taxing sitting on the train as it is sitting in traffic.
**************
Anyways not sure if I gave any definitive advice. My personal choice would be to sell CV, even if it means a loss, and rent in the OC… pocket cash and in a few years buy a nice big foreclosure or distressed property in Laguna.
SD Realtor
ParticipantBeanmaestro I would be in the same camp as the others about multiple party ownership. That said, a more direct answer to your question is how to structure your ownership. You and others can own the property as joint tenants or tenants in common… etc… If you are going into a situation like you describe it would be best to structure the ownership in a manner that would be…. easier to deal with should things go wrong. That said, my advice would be to talk to a real estate attorney to find out about different ownership options. Once you see what different ownership options you have then you can talk to someone about financing based on the type of ownership.
SD Realtor
ParticipantBeanmaestro I would be in the same camp as the others about multiple party ownership. That said, a more direct answer to your question is how to structure your ownership. You and others can own the property as joint tenants or tenants in common… etc… If you are going into a situation like you describe it would be best to structure the ownership in a manner that would be…. easier to deal with should things go wrong. That said, my advice would be to talk to a real estate attorney to find out about different ownership options. Once you see what different ownership options you have then you can talk to someone about financing based on the type of ownership.
SD Realtor
ParticipantBeanmaestro I would be in the same camp as the others about multiple party ownership. That said, a more direct answer to your question is how to structure your ownership. You and others can own the property as joint tenants or tenants in common… etc… If you are going into a situation like you describe it would be best to structure the ownership in a manner that would be…. easier to deal with should things go wrong. That said, my advice would be to talk to a real estate attorney to find out about different ownership options. Once you see what different ownership options you have then you can talk to someone about financing based on the type of ownership.
SD Realtor
ParticipantBeanmaestro I would be in the same camp as the others about multiple party ownership. That said, a more direct answer to your question is how to structure your ownership. You and others can own the property as joint tenants or tenants in common… etc… If you are going into a situation like you describe it would be best to structure the ownership in a manner that would be…. easier to deal with should things go wrong. That said, my advice would be to talk to a real estate attorney to find out about different ownership options. Once you see what different ownership options you have then you can talk to someone about financing based on the type of ownership.
SD Realtor
ParticipantBeanmaestro I would be in the same camp as the others about multiple party ownership. That said, a more direct answer to your question is how to structure your ownership. You and others can own the property as joint tenants or tenants in common… etc… If you are going into a situation like you describe it would be best to structure the ownership in a manner that would be…. easier to deal with should things go wrong. That said, my advice would be to talk to a real estate attorney to find out about different ownership options. Once you see what different ownership options you have then you can talk to someone about financing based on the type of ownership.
SD Realtor
ParticipantI do agree that an all cash later will buy more real estate a year from now then it will right now.
That said, yes an all cash offer is always given much more consideration then a financed deal. It sounds like you are asking how much of a premium it gives you as a buyer. This is hard to quantify because all sellers are unique. There is not a hard and fast rule. If you want to lowall a 350k home at 290k then write it up and send it in! The worst they can say is no. The best they can say is yes.
While cash is certainly an effective tool, the MOST effective tool to lowballing is time. Lowballing a home that has been on the market a few days or even weeks is generally not effective. Cash helps but may not be the cure all you think it is… Time time and more time is what breaks people.
SD Realtor
ParticipantI do agree that an all cash later will buy more real estate a year from now then it will right now.
That said, yes an all cash offer is always given much more consideration then a financed deal. It sounds like you are asking how much of a premium it gives you as a buyer. This is hard to quantify because all sellers are unique. There is not a hard and fast rule. If you want to lowall a 350k home at 290k then write it up and send it in! The worst they can say is no. The best they can say is yes.
While cash is certainly an effective tool, the MOST effective tool to lowballing is time. Lowballing a home that has been on the market a few days or even weeks is generally not effective. Cash helps but may not be the cure all you think it is… Time time and more time is what breaks people.
SD Realtor
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