***Official Real Estate Thread***

rice

Duke status
Jul 2, 2002
24,298
1,761
113
CA
That depends on if it's your property or not...I was fortunate to be able to buy in 2000.
I don't know; not for me. We bought in 02 and our house has more than doubled in value, but so what? Unless we were to cash out and leave the beach for some other cheap area/state, it doesn't matter.

And it just makes it harder and harder for our kids to ever hope to own a house near the ocean.
 

grapedrink

Duke status
May 21, 2011
18,739
8,247
113
A Beach
I don't know; not for me. We bought in 02 and our house has more than doubled in value, but so what? Unless we were to cash out and leave the beach for some other cheap area/state, it doesn't matter.

And it just makes it harder and harder for our kids to ever hope to own a house near the ocean.
Course they will . . . . In Lompoc or Santa Maria :roflmao: :foreheadslap:
 

sussle

Miki Dora status
Oct 11, 2009
5,524
3,918
113
I don't know; not for me. We bought in 02 and our house has more than doubled in value, but so what? Unless we were to cash out and leave the beach for some other cheap area/state, it doesn't matter.
This, exactly. Our house has almost doubled in value in 15 years, but where are you gonna go? Not leaving the beach, so fvvk it - bury me in the backyard. At worst, can suck some equity out of it in later years if needed, via HEL or reverse mortgage or something.

On a side note, Zillow's exit out of the home flipping biz made their stock drop like a rock -today - down 26% last time I looked. But Zillow is still a highly successful company - worth picking up a few shares at rock-bottom prices imho.
 
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Senor Sopa

Gerry Lopez status
Mar 11, 2015
976
1,415
93
Ponto
Something you may not be considering: Maintaining a house is expensive. Maintenance + insurance + property tax is more than what I paid in rent.
You forgot to mention the big one, Time.

NPSP's hood, close to all schools, gentrifying neighboorhood
1636033640235.png

< 5 mi to the beach
1636033112126.png

Around the corner from NPSP...
1636033152228.png

Make Cardiff and Seaside be your home spots...
1636033190629.png
 

casa_mugrienta

Duke status
Apr 13, 2008
35,781
10,398
113
Petak Island
i just dont feel like i need a house rn - and my rent isnt horrible.
Buy when you can put enough money down that your monthly mortgage payment is less than your rent.

I would also avoid buying right now, period, due to the visible economic uncertainty.

Nobody really knows WTF is going on and we are at the whims of politicians who are trying to manage a pandemic. lol.

Among other things.
 
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casa_mugrienta

Duke status
Apr 13, 2008
35,781
10,398
113
Petak Island
I'm loling at the stuff I'm hearing around the workplace.

People are DESEPERATE to try and get in on the housing market.

I have coworkers who make $45/hr trying to buy $800,000 homes. lol.

They keep getting outbid by cash buyers.lol.

There was a resp therapist I heard talking yesterday evening...she was sending her mom to look at a house AT NIGHT and asked her mom to put in a bid for her sight unseen. lolz.

I heard her saying she would "get another job at Trader Joe's" to make the mortgage more affordable.

Pathetic.

Would make much more sense to GTFO and go to a more affordable state.

I do not understand why people are so determined to saddle their lives with a bunch of debt payments and further working multiple jobs and overtime to pay those debts.
 

One-Off

Tom Curren status
Jul 28, 2005
10,339
4,944
113
33.8N - 118.4W
I'm loling at the stuff I'm hearing around the workplace.

People are DESEPERATE to try and get in on the housing market.

I have coworkers who make $45/hr trying to buy $800,000 homes. lol.

They keep getting outbid by cash buyers.lol.

There was a resp therapist I heard talking yesterday evening...she was sending her mom to look at a house AT NIGHT and asked her mom to put in a bid for her sight unseen. lolz.

I heard her saying she would "get another job at Trader Joe's" to make the mortgage more affordable.

Pathetic.

Would make much more sense to GTFO and go to a more affordable state.

I do not understand why people are so determined to saddle their lives with a bunch of debt payments and further working multiple jobs and overtime to pay those debts.
Why?

Because when we got into the market about 18 years ago we bought a condo for $270,000. It was crazy. Multiple offers everywhere. Out bid three times. People telling us not to buy- the market was going to crash (which it kind of did after 2008...but not so much in coastal So Cal). The price seemed so high, like we'd be up to our neck in debt. How would we make payments? Now our house is estimated at around 1.3 million and our mortgage payment is 1/4 the going rent in our hood.

That's why.

RIght now we are trying to to get rid of the mortgage completely so we are in the market. We are not so concerned about the market going up or down because if iwhendoes the whole "sea" goes up and down. So if our property value goes down, so do the properties we are looking to buy. In fact we'd like to see it go down to save some on taxes.
 

casa_mugrienta

Duke status
Apr 13, 2008
35,781
10,398
113
Petak Island
Why?

Because when we got into the market about 18 years ago we bought a condo for $270,000. It was crazy. Multiple offers everywhere. Out bid three times. People telling us not to buy- the market was going to crash (which it kind of did after 2008...but not so much in coastal So Cal). The price seemed so high, like we'd be up to our neck in debt. How would we make payments? Now our house is estimated at around 1.3 million and our mortgage payment is 1/4 the going rent in our hood.

That's why.

RIght now we are trying to to get rid of the mortgage completely so we are in the market. We are not so concerned about the market going up or down because if iwhendoes the whole "sea" goes up and down. So if our property value goes down, so do the properties we are looking to buy. In fact we'd like to see it go down to save some on taxes.
The housing market "kinda" crashed in 2008?

I have no idea of your situation but you make it sound like you were in the same league as all the other buyers who overestimated their capabilities.

In your case you got lucky an came out unscathed.

Regardless, comparing the economic scenario of the 2000s with that of the present is apples to oranges.

BTW...$270,000 in 2003 is the equivalent of $402,520 today.

$800K is way more than that - and it seems the average number I keep hearing thrown around.

And the number one reason I'm hearing - "buy now or be priced out forever."
 

One-Off

Tom Curren status
Jul 28, 2005
10,339
4,944
113
33.8N - 118.4W
The housing market "kinda" crashed in 2008?

I have no idea of your situation but you make it sound like you were in the same league as all the other buyers who overestimated their capabilities.

In your case you got lucky an came out unscathed.

Regardless, comparing the economic scenario of the 2000s with that of the present is apples to oranges.

BTW...$270,000 in 2003 is the equivalent of $402,520 today.

$800K is way more than that - and it seems the average number I keep hearing thrown around.

And the number one reason I'm hearing - "buy now or be priced out forever."
$700,000 is about the lowest entry level property in our hood right now. If we didn't get in when we did, do you think we could afford a 1.3 million dollar house now? $6000 a month mortgage? But go ahead and keep paying rent. See what that gets you in 20 years.
 
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grapedrink

Duke status
May 21, 2011
18,739
8,247
113
A Beach
The housing market "kinda" crashed in 2008?

I have no idea of your situation but you make it sound like you were in the same league as all the other buyers who overestimated their capabilities.

In your case you got lucky an came out unscathed.

Regardless, comparing the economic scenario of the 2000s with that of the present is apples to oranges.
Do you think it’s better or worse? Inflation is Certainly worse now but real estate has far better fundamentals. There are far less bad loans on the book, and we have an increase in institutional investors which has definitely changed the game. Plus there is a lot of cash on the sidelines that is waiting for a “crash”. I could see rural areas taking a hit, but I don’t see the coast dipping much at all.
 

CutnSnip

Miki Dora status
Sep 11, 2018
3,961
3,882
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Probably dropping in on you, California
And the number one reason I'm hearing - "buy now or be priced out forever."
well, people been saying its a bad time to buy for 30 years. Some good advice I got recently was buy when you can afford to. I just dont know that I need to and Id be trading up my 2300 in rent for like a 3,000 mortgage. That said rent will probably go up a couple hundo next year so i dunno.

and yea in my searches 7-800k is the min for anything SFH/Condo thats not in BFE.
 
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i_ride_spinnaz

OTF status
Aug 19, 2020
240
486
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I bought my place in Cardiff maybe 7 years ago at 27. Worked my ass off for a long time saving up. Didn't go out, didn't eat out--nothing. Spent some money on travel but otherwise saved every dollar I made. I also worked A LOT, sometimes 7 days a week. Made some sacrifices and it was absolutely worth it.

Has already gone up in value ~50% since purchase. It's about 5 mins from my parent's house in Leucadia where I grew up. I made a pretty large down payment to get the monthlies as low as possible. Mortgage has been exponentially lower than what I would pay for rent for same property (couple thou less), especially after I refi'd about a month ago. About a mile to the beach, pretty happy overall with how it all turned out. Glad I got in when I did, because if I was looking to purchase now I would have a much tougher time.

I get stoked when I see how much the value has gone up since my purchase, but it doesn't change anything for me, as I'm not planning on selling. I no longer work 7 days a week, more like 5, with 3 of them from home. I have 3 jobs but 2 of them take maybe an hour a week each, so they don't really wear me out too much. Currently saving up for another place and will rent this one out at some point.
 

sdsrfr

Michael Peterson status
Jul 13, 2020
3,407
6,699
113
San Diego
affordable access to rent by the beach will shrink more and more as rent prices increase naturally. buying coastal is the gamble against the affordability to rent if its important enough to you for the long haul.

my old apartment was increased by $1k/month after I moved out. someone signed a lease before the reno was even finished.

i couldn’t afford to live in my old place now as a renter. But, I pay about the same price for my very valuable dirt with a modest structure that are locked in and am only a few minutes away from where I was.

buy what you can afford, and be reasonable with your budgets but saying coastal California real estate is gonna dive bomb and not bounce back fast is a bit far fetched.

Deep suburban life, that’s different, imo.

edit: all that said, not saying this doesn’t blow my mind. All cash likely with the 2wk close. Anyone wanna bet it wont be split into a townhome by next year?

 
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LifeOnMars

Michael Peterson status
Jan 14, 2020
2,999
2,025
113
$700,000 is about the lowest entry level property in our hood right now. If we didn't get in when we did, do you think we could afford a 1.3 million dollar house now? $6000 a month mortgage? But go ahead and keep paying rent. See what that gets you in 20 years.
Caca is a condo owner and likes to bitch about his neighbors and how they don't break down their cardboard boxes :monkey: