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siverson |
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Advanced Member ![]() ![]() ![]() ![]() Group: Benefactors Posts: 2,448 Joined: 5-May 03 From: San Diego, CA Member No.: 654 Region Association: Southern California ![]() ![]() ![]() |
Way, way, off topic, but I'm about to make a pretty big decision (for me), and I'll always listen to free advice (may not follow it though... (IMG:style_emoticons/default/smile.gif) ). Anyways, I'm about to buy condo #901 (<-- only 914 tie in in this entire thread!) in a building in downtown San Diego.
It's expensive. I can afford the payments on a 30y fixed and have 20% down, but I'd hate to see my 20% down payment go poof if the real estate market crashes. And we're due for a crash - it's been gaining 20%+ PER YEAR for the past several years. What's your crystal ball say? Buy now, or continue to rent and then buy when it all comes crashing down? -Steve |
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vortrex |
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#2
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Senior Member ![]() ![]() ![]() Group: Members Posts: 1,687 Joined: 24-December 02 From: SF, CA Member No.: 4 Region Association: None ![]() |
back in the real estate and dot com boom of the bay area I bought a house. I bid $84,000 OVER asking because it received 20+ offers after one showing. this is when money was flowing like a river out there and I felt at the asking price of $335k I was even being ripped off. well, I sold the house 4 years later in a recession and near depression for $186,000 more than I paid for it. I don't think you will ever lose money on real estate if you buy in an area which will always be in demand. I think this great mysterious real estate bubble is a joke.
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