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JK
Posts:4
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| 10/09/2008 9:20 AM |
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I know I'm small potatoes, but I've been in the market to buy a second home, which I will rent out during the summer and fall and live in the rest of the year. About a month ago, I found a place in the OB/Point Loma area (roughly at http://www.google.com/maps?q=4200%20Mentone%20St%20%2318,+92107 though not the exact address, since I'm slightly paranoid about this getting out). It's a two bedroom, two bath condo, 800 sq ft that I got under contract at $250,000 in a building that's 20 years old. It's nice though not my perfect place, but I have heeded advice that buying at that price west of the 5, and about a mile from the ocean, is a great deal.
- I am not sure to trust what I've heard, and wonder if properties in south OB might be trending toward my price range.
- I can't read the tea leaves though (and few properties in that area ever list as a 2/2 condo), and wonder if areas closer to the ocean have already bottomed out and took the hit ahead of this whole crisis.
- On the other hand, my fear, in this current economic environment, is that buying a condo right now is sort of like buying a new car - it loses value the second you buy it. Looking at two recent listings at nearby locations, even though these are 1 br/1ba condos (and closer to or on busy streets and near traffic noise), I'm a little spooked by the decline in prices.
http://www.sdlookup.com/MLS-080069091-3050_Rue_Dorleans_416_San_Diego_Ca_92110 (wonder if this is a short sale?)
http://www.sdlookup.com/MLS-080068302-4444_Point_Loma_12_San_Diego_Ca_92107
I post here because I really don't know how to interpret the news and trends in real estate. I know if I ask my realtor, he'll be all cheery and raw raw. All the reading I've done has only confused the issue. If capital is coming into the housing market to free up credit, will that stop the downward trend? Does it impact me?
I apologize again for being a novice and small potatoes, but very curious to hear what others think. Thanks much! |
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lurknomore
Posts:271
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| 10/09/2008 9:47 AM |
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| JK: Prepare for the deluge. You wrote, "I know if I ask my realtor, he'll be all cheery and raw raw." Get ready for an onslaught of gloominess and raw data. |
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jpinpb
Posts:1450
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| 10/09/2008 9:51 AM |
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I have not followed the condo market very much. I did some quick checking and I cant tell you this about Rue Dorleans:
NOD filed on
3050 Rue Dorleans #441 on 9-25
3050 Rue Dorleans #413 on 7-15
3050 Rue Dorleans #268 on 7-14
3098 Rue Dorleans Unit 223 on 5-28
3054 Rue Dorleans #125 on 5-16
3050 Rue Dorleans #399 on 5-14
3050 Rue Dorleans Unit 357 on 4-4
3050 Rue Dorleans 445 on 12-28
3050 Rue Dorleans Unit 384 on 4-4
3098 Rue Dorleans Unit 223 on 2-4
Foreclosures that were scheduled:
3098 Rue Dorleans Unit 223 on 2-4
3050 Rue Dorleans Unit 384 on 4-4
3050 Rue Dorleans Unit 357 on 4-4
3050 Rue Dorleans #399 on 5-14
3054 Rue Dorleans #125 on 5-16
3098 Rue Dorleans Unit 223 on 5-28
3050 Rue Dorleans #268 on 7-14
3050 Rue Dorleans #413 on 7-15
3050 Rue Dorleans #441 on 9-25
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jpinpb
Posts:1450
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| 10/09/2008 9:56 AM |
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| Maybe you can be the glass is half full and swoop on a place for a really low price. I hope this information is not looked at as gloomy, but helpful. I am not against buying if it is right for you. Be knowledgeable about the area you want to buy in |
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JK
Posts:4
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| 10/09/2008 10:50 AM |
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Jpinpb,
Thanks for the info on Rue Dorleans, that might explain why that property was priced so low. I was freaked out to see a condo so close to the one I had under contract priced that low. |
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huntid
Posts:64
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| 10/09/2008 11:10 AM |
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| What are you on dope? Don't buy!! |
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PUZZLED
Posts:5
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| 10/09/2008 12:12 PM |
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| Does anyone have any ideas about buying in the Eastlake area of Chula Vista, it seems like a real nice area, I know schools aren't the best-but I fortunately no longer have to worry about that. We sold our house 2 years ago and have been renting since, we hoped to stay in the North County area but prices are still too high. I would appreciate any suggestions looking for about 2400 sq ft. house $500,000 or less. |
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billyboy
Posts:10
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| 10/10/2008 12:03 PM |
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| All the real estate professional are on the “now is the time to buy” bandwagon. I sold three years ago and am still renting. There is no reason a home that sold for $500K eight years ago should sell for $1.5M. It was fear that prices will be out of reach that got us into this mess, mass buying and the vultures in the RE industry. If we hold off on buying maybe prices will come back to levels that a realistic market would see (about 30% to 40% less than the current asking prices). Do I sound greedy? Don’t mean to, trying to sound realistic. |
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lonnyzone
Posts:56
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| 10/10/2008 8:21 PM |
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| You're dealing with a page full of opinons here. However, there are still some hard and fast rules. If you are buying to use and enjoy, it is a good purchase. Had you put the same money inthe stock market it would be worth 30% less. |
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jpinpb
Posts:1450
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| 10/23/2008 10:50 AM |
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| 3050 Rue Dorleans 268 is scheduled for foreclosure 11-7 |
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