Miramar Questions

[Brett327]

The real estate market is coming down. Its happening slowly but bubble is beginning to pop.

Oh really? According to whom? There may have been a slight shallowing in the rate of increase (which was ~30% last year), but property values certainly aren't coming down - far from it. The "bubble" is largely a myth. There's just not going to be a cataclysmic drop in value like all the chicken littles are predicting.

Brett

 

[Physicx]

I know its going to be very gradual. If you do a search for homes in Riverside, Temecula and LA you will find homes for $300,000. That has not happened in five years. You can actually by a brand new home in Riverside for $350,000. Thats only $100,00 more then what you could buy in 99. San Diego will take a little bit longer but it will happen. But what most people don't realize is that a $400,000 house is really not that expensive. And the wages in California are higher then most states. People assume it costs more to live there which might be true but to an extent. But if you make more you can afford more.

 

[Brett327]

I know its going to be very gradual. If you do a search for homes in Riverside, Temecula and LA you will find homes for $300,000. That has not happened in five years. You can actually by a brand new home in Riverside for $350,000. Thats only $100,00 more then what you could buy in 99. San Diego will take a little bit longer but it will happen. But what most people don't realize is that a $400,000 house is really not that expensive. And the wages in California are higher then most states. People assume it costs more to live there which might be true but to an extent. But if you make more you can afford more.

Riverside Co. & San Diego Co. = Apples & Oranges

Brett

 

[makana]

I know its going to be very gradual. If you do a search for homes in Riverside, Temecula and LA you will find homes for $300,000. That has not happened in five years. You can actually by a brand new home in Riverside for $350,000. Thats only $100,00 more then what you could buy in 99. San Diego will take a little bit longer but it will happen. But what most people don't realize is that a $400,000 house is really not that expensive. And the wages in California are higher then most states. People assume it costs more to live there which might be true but to an extent. But if you make more you can afford more.

Hey Nostradamus, thanks for the tip. I'll be sure not to buy a house in San Diego despite the thousands of other people who have made hundreds of thousands in the past few years.

If $400K isn't really that expensive, you are either a millionaire or just an idiot. I doubt you are the former so I'm betting on the latter. You obviously don't own a house in SD so why talk about something you don't know about first hand? Who cares if you've lived there in the past, you probably didn't own a house then either. And for the record, you are right that wages are higher in California, but not enough to make up a $200,000 difference in the price of a house. If I still lived in SD, my BAH (the only higher wage I would get for living there) would only be $752 more than it is in Jacksonville, FL. That $752 would hardly make possible for me to afford a mortgage payment on a $400,000 house. You need to do a little better homework before you speak.

 

[Physicx]

Now its odvious that your BAH isn't going to cover it. And its odvious the military makes less then a civilain. But a $400,000 house is a just over $2000 a month. That is nothing in today world especially in California. You can find condos for half of that but its all what you want. My perspective was from the non military side. Now depending on your rank and if your wife works its not to bad. Now if you think uncle sam is going to cover everything your mistaken.

 

[The Chief]

Now its odvious that your BAH isn't going to cover it/QUOTE]

Might be a math problem. Realistically, PITI for a $400,000 house will be about $2400 to $2500 each month. Add utilities you are looking near $3,000. Were I your loan officer, I would require that you have a gross income of $110,000, after any other debt service (credit cards, car payments and etc) were subtracted. As your realestate agent, I would explain that to get that low rate of $2400, you must put down 20% or $80,000 and explain that your closing costs are going to be about another $20,000. Soooo, about $100,000 to close the deal.

Now you are going to PCS in about 3 years, so if you sell, your are looking about about a $30,000 cost of selling (RE Agent fees, taxes, and etc) To break even, you should be looking at selling for the plus side of $450,000.

Anything less, the delta will come from your pocket at closing. You could keep and rent, but your would need to rent for near $3,000 a month just to have a neutral cash flow, before tax considerations.

There is an interesting aspect in the current housing market, mostly nationwide, with a few exceptions, that is, rents have been keeping pace with inflation, if that, but house prices have far out paced inflation.

Just food for thought.

 

[Physicx]

I wonder how many people make $110,000 in San Diego that bought a house since 2000?

 

[Brett327]

I wonder how many people make $110,000 in San Diego that bought a house since 2000?

SILENCE FOOL!

Brett

 

[av80r1976]

Quote- There is an interesting aspect in the current housing market, mostly nationwide, with a few exceptions, that is, rents have been keeping pace with inflation, if that, but house prices have far out paced inflation.

I think The Chief hit the point.

 

[Physicx]

And for those who think that San Diego prices won't go down your wrong. There was just an article about homes being on the market for months not selling. They people who just bought within the year are worried. If something isn't selling there going to have to lower the prices.

 

[Brett327]

And for those who think that San Diego prices won't go down your wrong. There was just an article about homes being on the market for months not selling. They people who just bought within the year are worried. If something isn't selling there going to have to lower the prices.

I'm not holding my breath.

Brett

 

[Physicx]

It might take a few years but it will be gradual. My friends neighbor bought a house for $600,000. He is an extermantor for Terminx and makes $43,000 and his wife teaches and makes $38,000. How could he qualify for that house? This is whats going to kill California. The way they did the loan is he is only paying on the interest for the first five years. After that its going to double and he will either sale,foreclouse or rob a bank. California has been doing this for the past couple of years. The real estate agent and morgage brokers don't care they will get the house back or find someone else to sell it to.

 

[tony7500]

Well, back to the original question. I lived in University City for 2 years while a student at UCSD. It's just east of the runways and about a 10 minute drive from the base. University City is the area around Governor Drive and Genesee and is a very nice community. I used to sit on the roof during the Miramar airshows and watch the Blue Angels fly over the house...it was amazing. I suggest checking this area out. I hope 3 years from now I find myself where you are...good luck with your training.

 

[Brett327]

It might take a few years but it will be gradual. My friends neighbor bought a house for $600,000. He is an extermantor for Terminx and makes $43,000 and his wife teaches and makes $38,000. How could he qualify for that house? This is whats going to kill California. The way they did the loan is he is only paying on the interest for the first five years. After that its going to double and he will either sale,foreclouse or rob a bank. California has been doing this for the past couple of years. The real estate agent and morgage brokers don't care they will get the house back or find someone else to sell it to.

I call that living beyond your means.

Brett

 

[brs2585]

I know you wanted to buy a house. But if you change your mind and decided to rent there are some very nice places in Scripps and Mira Mesa. You wouldnt even have to get on the freeway. Also there is a community when your entering Scripps that I believe is military. If anyone wants to chime in about them. It is off of Pomerado to your right after you pass the Reserve Center and then the International College. For a place to buy, I recommend anything east of the base. You will go the opposite way of traffic flow.