|
|
newbie
 |
| 09/30/2007 1:21 PM |
 Alert
|
| Yeah, newbie is not worring about the value of his condo, that's why he keep on posting here trying to justify his amazing deal. Right, he doesn't care. |
|
|
Eagle Eye
|
| 09/30/2007 3:03 PM |
Alert
|
Don't know when construction started at La Boheme but today's dollars are definitely weaker than they were then. It would be cheaper to buy today than even six months ago, factoring in inflation.
People that sold property for what they bought it for in 2005 are not "even" - they are down 8% or more when inflation is considered.
|
|
|
john
|
| 09/30/2007 3:08 PM |
Alert
|
| You're right, people have to live somewhere. However, they don't have to overpay by hundreds of thousands of dollars. The right thing to do is to rent until prices come back to reality. Nearly everyone who took out an option ARM the past few years will be in foreclosure or suffering financially. I'd rather rent for a few years and then buy when I can really afford it. I hope this is a good lesson for all the idiots who drove prices up to insane levels the past few years. I'm paying less than 10% of my gross income for my rent. I put thousands each month into foreign stocks and bonds. As the USD and RE crashes, I will be able to buy a very nice REO in a couple of years at a big discount. |
|
|
newbie
|
| 09/30/2007 3:59 PM |
Alert
|
Wow i'm sorry you're paying $2,500/month in RENT when I pay $1,900/month to OWN my condo, since I have excellent credit and got a killer 30-year fixed rate when I bought. Not sure what measurements you are using to determiine your lifestyle is 'better' than mine, but I'm happier with this investment and this condo and this neighborhood than any other place I've lived in San Diego, and I've lived in many.
Townhomes down the street at Hamilton Row are still fetching in the $550,000's according to a friend who lives there, for 2-bedrooms with garages, albeit not exactly what La Boheme has, although La Boheme has better location and views. So I think new condos in this 'hood are holding their value fairly well all things considered.
Maybe we can both be happy with where we live and whether we choose to own or rent. I don't even know you, nor you me, so I find it hilarious that you feel a need to say your lifestyle is better than mine. As someone once said, "Thou does protest too much."
Oh by the way, when I got home today there was a big sign at my corner saying the stretch of Ohio St. in front of La Boheme will be closed for a special event the weekend of October 13-14. Hmm, what could that be I thought so I searched online and here it is:
http://www.bacchushouse.com/
A good old-fashioned block party sponsored by Bachus House with entertainment by Ru Paul and others. Maybe not everyone's cup of tea, but I'm gonna have a blast there, as will many La Bohemians. So you folks who just won at auction, welcome to a cool neighborhood with fun things going on!
|
|
|
Anonymous
|
| 09/30/2007 4:29 PM |
Alert
|
Monthly Housing Costs
Purchase Price 370,000
Down Payment -
Loan Amount 370,000
Interest Rate 6.00%
Monthly Interest 1,850
Prop Tax Rate 1.20%
Prop Tax 370
HOA 400 ?
Insurance 50
Maintenance 50
Total 2,720
Not counting negative cash flow from principal payments.
|
|
|
newbie
|
| 09/30/2007 4:34 PM |
Alert
|
| Just couldn't let this one go. $2,500/month in RENT? Dude, you can be paying off a house for that. I rented in SD for about 10 years but was smart and found a cute house in University Heights with a really old landlord who rented it to me for $650/month. I pocketed the savings and saved up to help me buy my current condo. I can't even fathom what it must feel like to be paying $2,500/month in RENT. I know how it feels to be a renter since I was one for many years. I know the ups and downs of it. I can tell you as a new owner that owning has ups and downs too. But overall I have a greater feeling of security and accomplishment in owning. My place is my own. I can remodel, rent it out, do whatever I want with it within the HOA regs. It's a little scary but also comforting at the same time. But paying $2,500/month in RENT? Oh my... |
|
|
Anonymous
|
| 09/30/2007 4:34 PM |
Alert
|
| To really analyze whether the La Boheme auction prices were a good deal, one should compare the auction sales prices plus the 5% buyers premium to this attached price list. This was the pricing Horton was using to sell at BEFORE they went to auction. The "previous valued" prices are bogus. Maybe somebody who has time can look at these prices and compare against the auction prices? |
Attachment: Bohemeprices.pdf
|
|
Jon
|
| 09/30/2007 4:38 PM |
Alert
|
$370,000 for a 1 bedroom. What a joke!
It looks to me like under the calculations above you don't own anything. You're merely renting the money from the bank.
|
|
|
newbie
|
| 09/30/2007 4:47 PM |
Alert
|
| acutally its a 2-bedroom, 2 stories, wraparound balcony, private roof deck, sprial stircase, 18-ft. high ceilings. unobstructed views east and north. a pretty sweet loft condo. $2,500 in rent for a downtown condo. Now that's a joke. |
|
|
condo guy
|
| 09/30/2007 4:57 PM |
Alert
|
| You are right anon. You made a mistake by not buying when things were cheap and you are still kicking yourself. Now you should wait but not to long because I dont want to hear you whining in 20 years that you missed out again. |
|
|
FUWN
|
| 09/30/2007 5:01 PM |
Alert
|
Newbie - you have a one bedroom with a loft, despite your protestations to the contrary. It is not a two bedroom unless that loft has walls all the way to the ceiling all the way around.
Leave the $2500/month rent comments to yourself, as you have already done the subject to death by bringing it up three times. I believe your continued posting is to justify your own buying decision. Why don't you go out and enjoy yourself instead of trying to convince people on HOUSING BUBBLE BOARDS (who are not your intended audience) to condone your buying decision? You will not sway anyone here, especially if you keep telling others how to spend their housing dollars. |
|
|
condo guy
|
| 09/30/2007 5:05 PM |
Alert
|
| I think his purchase was just fine. I dont live in a condo or work in the industry but I can do math and it makes sense vs renting. Many people on here are just bitter renters. Enjoy paying someone elses mortgage as long as you want. I think condos will go down about 20-30% more and I intend to buy at that point. Everyone should pick their price point and jump in. Downtown is great and will only get better. There are good buildings and bad ones. The bad ones will be dirt cheap and might not be to bad as a starter place. |
|
|
newbie
|
| 09/30/2007 5:11 PM |
Alert
|
| Well the loft space is bigger than the bedroom and it has three walls, a rood, and a sliding glass door to the outside roof deck. And it's well over 10x10. So a couple appraisers and realtors told me just add a closet and it becomes a bedroom. Yay. |
|
|
newbie
|
| 09/30/2007 5:14 PM |
Alert
|
| Acutally I work from home some weekends so I find this a quite enjoyable diversion. I also fee it important to let people know the truth about this neighborhood in the face of pessimistic posts to the contrary. |
|
|
auction scam
|
| 09/30/2007 6:59 PM |
Alert
|
Good point, those prices did not consider the 5% fee/commission for the auction firm. I see they limited the number of people who could attend as well. Press was banned too.
http://www.signonsandiego.com/news/business/20070928-9999-1bn28auction.html
|
|
|
SD prices on the way down
|
| 09/30/2007 7:00 PM |
Alert
|
S.D. economic forecast looks 'pretty bad'
San Diego County's leading economic indicators took a sharp plunge in August, signaling that the county faces its greatest threat of recession in half a dozen years, according to a report released yesterday by the Burnham-Moores Center for Real Estate at the University of San Diego.
http://www.signonsandiego.com/uniontrib/20070928/news_1b28sdecon.html[b] [/b] |
|
|
downtown dude
|
| 09/30/2007 7:56 PM |
Alert
|
| What's the big deal about $2,500 in rent??? It's all relative. I pay $3,000 in rent for a downtown condo, but between taxes, hoa, and mortgage, my landlord is paying WAY more, and they're losing $10,000s per year in depreciation. I think I have a pretty good deal! As long as you're getting what you pay for, who cares? There's ultra high-end penthouses for $4,000+, which are also good deals. |
|
|
BMFarley of SD
|
| 09/30/2007 8:37 PM |
Alert
|
| ^^^ I agree. As long as someone is paying rent that is less than an the morgage payment for the place... or no higher than say 70-80% of the morgage payment.... the renter is the winner if you ask me. |
|
|
condo guy
|
| 09/30/2007 8:53 PM |
Alert
|
| thats why you guys belong being renters |
|
|
Bottomfeeder
|
| 09/30/2007 8:56 PM |
Alert
|
| It's even better if you have the cash generating over 5% in a money market that pays the rent while you are waiting for prices to drop. |
|
|
|
|