WOT: buying a new 901, real estate in San Diego - buy or rent? |
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WOT: buying a new 901, real estate in San Diego - buy or rent? |
siverson |
Aug 8 2004, 02:57 PM
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#1
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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 |
siverson |
Aug 8 2004, 09:12 PM
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#2
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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 |
> They are predicting that when bottom falls out of the real estate market this time, it will be a hard hit. They are predicting that the overvaluation will disappear overnight.
But how does that really happen? Stocks can change in value overnight, but homes can't until people sell, and people don't generally sell their home for less than they paid, they just live in it longer which cause the housing marketing to flatten out, not crash... > the people who were renting over the last 5 years lost the value of growth of equity. which in San Diego was a lot of money. That's me. If I complete this condo purchase the guy I'm buying it from will end up with a 38% IRR. > vortrex Good job on your home purchase - sounds like you made a good decision. BTW, if you are consistently getting a tax return at tax time you should ask your employer to withhold less. That's money you're lending the gov't throughout the year interest free, that you could be earning interest on. -Steve |
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