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#874310 - 12/17/07 06:02 PM
Re: I'm buying a townhome!
Dip
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#874313 - 12/17/07 06:08 PM
Re: I'm buying a townhome!
°X°
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Posts: 34,318
under the Lone Star
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Flip this house!!!
now is this a long term investment dip? or are you trying to earn some short term easy cash?
has the San Diego market leveled out, or are the further price decreases in the short term? It is tought to know when prices will start to accelerate again. Waiting a while may be wise with the market in California so volatile right now.
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#874339 - 12/17/07 06:33 PM
Re: I'm buying a townhome!
Pale Rider
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Joined: Mar 2005
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San Diego, CA
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I'm looking to buy a home, not an investment. This place, so long as it doesn't fall apart, is something I can stay in long term. If I get married and move out of it, I can keep it--layout and location, it's a great college rental since SDSU is nearby across the freeway. But....marriage is a looonnng way off!
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#874402 - 12/17/07 07:44 PM
Re: I'm buying a townhome!
Dip
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Joined: Mar 2005
Posts: 6,298
San Diego, CA
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OK, I just talked to my guy. He says the way the process works, is first you have to make an offer and it be accepted. Then, in escrow, they will get the last year's minutes of the HOA, the budget, and the by-laws and rules. If I don't like what I see with the HOA, I can back out of escrow and get my deposit back. There is one other unit in the complex for sale, asking $275-325k, but it is a little nicer and remodeled the kitchen. Other comps in the neighborhood are in the $300's. Mine is asking $250, but I think I will offer $230...
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#874410 - 12/17/07 07:49 PM
Re: I'm buying a townhome!
Dip
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Joined: Feb 2005
Posts: 6,559
Foxboro
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You mention other comps in the nbhd...are those currently for sale or ones that have sold? You want to look at sold units, not currently for sale.
Also, make sure you give yourself enough time to review the docs and follow up with HOA or other relevent people as you need to.
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#874420 - 12/17/07 07:56 PM
Re: I'm buying a townhome!
TB 12
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San Diego, CA
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Three were sold, two were not. The other unit in the complex is FOR sale.
Of the three that sold in the neighborhood, all were short one full bathroom, all were about 100 sf less, and all sold for upwards of $325. Granted I'm sure they were all fixed up, but still...
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#874432 - 12/17/07 08:07 PM
Re: I'm buying a townhome!
Dip
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10K Club
Joined: Oct 2006
Posts: 14,390
Cheeseheadland
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I'm looking to buy a home, not an investment. WRONG!! You are making an investment. It is always an ivestment. If your situation changes tomorrow, you have got to be prepared to have an investment that you can sell right away, or be able to do something else with and move you up into the next one. As a young single woman early in a changing career, in a pricey real estate market, you should not be looking at any purchase as a "long term home." You have so many possible life changing things that may happen in the next 10 years, you have to be mobile and ready to roll woth it. You treat your first home or two as an investment, and make it such that you can get the highest dollar at a moments notice and move you upwards, not laterally or backwards until you are ready to do so in life. If you purchase this place, you have to question every dollar spent with "how much will I get back in return." It is always an investment. once you forget that is when you can start to lose money.
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#874440 - 12/17/07 08:16 PM
Re: I'm buying a townhome!
Dip
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Gold Star
Joined: Nov 2006
Posts: 344
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it's a great college rental since SDSU is nearby I dunno, Brookings is 1700 miles plus from San Die.... Oh, San Deigo State University!  
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#874447 - 12/17/07 08:27 PM
Re: I'm buying a townhome!
#Just Jay
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I'm looking to buy a home, not an investment. WRONG!! You are making an investment. It is always an ivestment. If your situation changes tomorrow, you have got to be prepared to have an investment that you can sell right away, or be able to do something else with and move you up into the next one. As a young single woman early in a changing career, in a pricey real estate market, you should not be looking at any purchase as a "long term home." You have so many possible life changing things that may happen in the next 10 years, you have to be mobile and ready to roll woth it. You treat your first home or two as an investment, and make it such that you can get the highest dollar at a moments notice and move you upwards, not laterally or backwards until you are ready to do so in life. If you purchase this place, you have to question every dollar spent with "how much will I get back in return." It is always an investment. once you forget that is when you can start to lose money. Very well stated, bbsgrant - and that's the way it is in real estate, in CA today - townhouses, especially. Actually, everyone wants a house, not a townhouse - but, a townhouse can be a good investment, occasionally. In San Diego - currently 3,042 foreclosures! Housing prices have gone down every month since January 2006, around a $80K decrease in value to date. Even if one low balls an offer and it's accepted, chances are an additional $20-$50K will be lost in the next 1-2 years. And that's why so many people are simply walking away from houses, their equity has either evaporated or they did have any equity in the first place. If you are renting - continue to rent and the only real reason to buy is investment appreciation - right now, that's wishful thinking at best.
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#874593 - 12/17/07 10:10 PM
Re: I'm buying a townhome!
°X°
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Joined: Aug 2004
Posts: 3,300
back to my roots
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X - I am in complete agreement. We will not be buying a house for at least one to two years, even though we could probably afford one now. Why set myself up for failure? Sure, the prospect of owning my own home is enticing...but so is holding on to all my hard-earned money.
Dip - I would seriously reconsider this whole thing. Don't buy it just because it's there. Good deals are a dime a dozen right now, and will continue to be for many, many months ahead. Please, please, please take plenty of time to think this over.
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#874618 - 12/17/07 10:20 PM
Re: I'm buying a townhome!
TB 12
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Joined: Feb 2005
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I would not be going through anyoen who gives you an address called: real estate dude
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#874621 - 12/17/07 10:22 PM
Re: I'm buying a townhome!
The Incredible ComplyGuy
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Joined: Feb 2005
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Dip, you should check out real estate in TJ -- I'm sure you can get a good deal -- not that bad of a commute. ROFL that is one of the funniest things I have heard in a while. For all the [censored] I give you, you came through on this one.
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#874626 - 12/17/07 10:24 PM
Re: I'm buying a townhome!
someone else
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Joined: Feb 2005
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X - I am in complete agreement. We will not be buying a house for at least one to two years, even though we could probably afford one now. Why set myself up for failure? Sure, the prospect of owning my own home is enticing...but so is holding on to all my hard-earned money.
Dip - I would seriously reconsider this whole thing. Don't buy it just because it's there. Good deals are a dime a dozen right now, and will continue to be for many, many months ahead. Please, please, please take plenty of time to think this over. I agree as well, much of the price appreciations that have disappeared were from hype and overbidding on a limited market. That market is gone and so are the prices. Now is definetely not the time to get into any type of home (unless your situation requries you to do so). That time may even be more then two years away by some estimates. Dont buy what Real Estate Dude is selling, chances are his goods are misinformation.
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#874627 - 12/17/07 10:24 PM
Re: I'm buying a townhome!
The Incredible ComplyGuy
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Joined: Aug 2006
Posts: 2,407
Midwest
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Never, never, never accept "comps" based on properties for sale currently. Make the real estate "dude" give you more than three actual comps on properties that have sold (and sold RECENTLY) in this neighborhood, preferably similar units in similarly sized and situated townhome/condo developments.
I really think you need to take a big step back and rethink this before taking any big steps. There's no hurry and this is most likely the biggest investment you will be making in the next few years. Please talk with a few other realtors and see a bunch more properties. You are in the best position (as a buyer) right now; don't rush into anything and if you aren't ready, don't buy.
(I can't stop laughing at TICG's comment.)
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#874637 - 12/17/07 10:27 PM
Re: I'm buying a townhome!
Sound Tactic
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So Cal
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I would not be going through anyoen who gives you an address called: real estate dude I agree. Anyone who goes by "-Dude" is a total shmuck. 
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#874638 - 12/17/07 10:27 PM
Re: I'm buying a townhome!
someone else
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So right on, someone else - cash is king right now and renting is the route to go with so many rentals available. Property tax in CA is 1% from day one annually and it goes up from there every year. I've always believed that buying was the route to go, until the last two years. I'd say, 1-2 years from now is looking good.
Let's say Dip is paying $100,000 - the realtor makes $6,000, property values could go down at least 10% in the next 12 months - that's $16,000 in the hole, possibly more.
Just wait a year, buy the same thing for $80K from the bank, no realtor.
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#874644 - 12/17/07 10:33 PM
Re: I'm buying a townhome!
Dip
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Joined: Jun 2004
Posts: 19,854
Pulling people out of the ditc...
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Dip I suggest offering $325, and taking out an ARM to pay for it...then, claim you were coerced, about to default, and let your old Uncle Sam take care of you. Seems to be working for everyone else.....
but seriously, I agree with Randy, unless you've signed an agreement that he represents you, he actualy represents the buyer, and anything you tell him in regards to how you'll "lowball" the offer, well, he passes it right along. He is required to do that, so watch what you say around him (real estate code of ethics require him to notify you of this, so if he hasn't you may want to look for another "dude"). And as several others ahve said, take your time...
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#874645 - 12/17/07 10:33 PM
Re: I'm buying a townhome!
°X°
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Power Poster
Joined: Mar 2005
Posts: 6,298
San Diego, CA
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You guys forget that rents went up in San Diego...price gouging from the fires. Not to mention, people are doing what you all are saying, and renting vs buying, meaning rents are forced up. Rent for a similar unit is about what the mortgage payment would be, and isn't that also money down the drain?
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#874652 - 12/17/07 10:42 PM
Re: I'm buying a townhome!
Dip
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Joined: Aug 2003
Posts: 7,332
WOOHOO
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I great site to check out RE is Trulia.com They provide a lot of listings, not as many as realtor.com, they also provide actual sales data within the area - listing per square foot, etc. Foreclosures are listed as well, along with how long the house/condo has been on the market. BTW - rent is not money down the drain if buying results in a loss of equity from day one. We are talking the possibility of huge losses in house values in the next 1-2 years - HUGE!
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#874654 - 12/17/07 10:45 PM
Re: I'm buying a townhome!
Dip
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10K Club
Joined: Jul 2003
Posts: 17,397
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OK, I just talked to my guy. He says the way the process works, is first you have to make an offer and it be accepted. Then, in escrow, they will get the last year's minutes of the HOA, the budget, and the by-laws and rules. If I don't like what I see with the HOA, I can back out of escrow and get my deposit back. There is one other unit in the complex for sale, asking $275-325k, but it is a little nicer and remodeled the kitchen. Other comps in the neighborhood are in the $300's. Mine is asking $250, but I think I will offer $230...
Your 'dude' is out to make himself money first and formost, especially in today's tight market. Please, if you still want to procede, spend the extra couple of hundred to get a good real estate lawyer involved in this NOW. I gotta tell you though, this just doesn't smell right from here.
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#874657 - 12/17/07 10:46 PM
Re: I'm buying a townhome!
Dip
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Joined: Feb 2005
Posts: 5,349
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You guys forget that rents went up in San Diego...price gouging from the fires. Not to mention, people are doing what you all are saying, and renting vs buying, meaning rents are forced up. Rent for a similar unit is about what the mortgage payment would be, and isn't that also money down the drain?
Yes, but in X's example you could be out $26,000 or more in two years in San Diego's market. You might pay down $2000 of principle leaving you out $24,000. My guess is though you will be paying much more. But $24,000 would be thrown out if you were paying $1,000 a month on a $100,000 property. My guess is you will actually spend more by a declining value property that won't sell in two years. I could be wrong, but I do want to throw that caution out there. But it would be nice for you to have some room for your critters.
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#874659 - 12/17/07 10:48 PM
Re: I'm buying a townhome!
°X°
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Gold Star
Joined: Jul 2007
Posts: 362
A forest near Athens...
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thanks for the site, I may find it useful in the next 2-3 years, hoping prices fall. now is not the time to buy.
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#874666 - 12/17/07 10:53 PM
Re: I'm buying a townhome!
°X°
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Posts: 6,298
San Diego, CA
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Rent: $1600
1600 x 12 = 19200
So: $19,200 down the drain in 1 year...
_X_, I see your point, but to rent is also a waste. Lucky for me, I live with Mom. That is, until I go insane and gouge my eyes out. I'll put up with it though until the right property comes along...
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