Good bye AZ.. Now what?

[909punk]

Sold my place yesterday.. Everyone is telling me to rent for a year.
Sucks.. I'm going back to Cali under the agreement that I would be within a few blocks of the water.. I want to buy now, you know help kick start the economy. :)
would you buy now? offer 10-15% less of the asking price or even more?

[new2cats]

JMHO
Rent or lease for 1 year.....we sold our pad for $1,650,000 in March (this year) and the comps in the hood are now $1.2!!! Banks have not yet taken "short pays" on loans...when they do...LOOK OUT...the comps will drop accordingly.
We have had 18 homes (some spec) and watch the cycle....look for 20% decrease within 18 months as banks take shorties!!!
Good luck...welcome back to Hell sprinkled with Paradise dust!!!-:devil: -:)

[westair]

If your talking walking distance to the water these properties seem to be immune from any of this depreciation. I always looking but prices seem pretty stable around here in North County SD. (on the coast)

[909punk]

If your talking walking distance to the water these properties seem to be immune from any of this depreciation. I always looking but prices seem pretty stable around here in North County SD. (on the coast)
nice avatar :D
I've been looking in La Jolla and Carlsbad. I am not feeling LA beaches at all, maybe Malibu.. HB is cool to..

[Outnumbered]

If your talking walking distance to the water these properties seem to be immune from any of this depreciation. I always looking but prices seem pretty stable around here in North County SD. (on the coast)
No question that the prime locations are more stable. They will see some depreciation but nowhere near the degree that the inland areas will.
So, 909, I would start shopping now and just take your time. Don't settle. Use this to your advantage. Properties in the prime locations will not come available as often as the inland areas. I would not be afraid to make low-ball offers. If your agent does not have the balls, get a new agent that will work for you.
Good luck.

[Rvr Swpr]

LA Conchita,between Ventura & Santa Barbara.

[Caljamr]

I use to live in an apartment on the cliffs in Encinitas. Up the road and to the right in this picture. It was such a nice town and location. Hit the beach every evening after work then went home to watch the sunset from my balcony. Rent was $1700 a month in 1992. I wonder how much it is now. :eek:
http://lodging4vacations.com/moonlight-beach-condo/2-211-moonlight-beach-view.jpg

[Magic34]

I would hold on to every penny right now in terms of buying and rent for at least 6 months to see where it goes. I would only do a 6 month lease at a time with an option to extend at the end of each lease.

[909punk]

I would hold on to every penny right now in terms of buying and rent for at least 6 months to see where it goes. I would only do a 6 month lease at a time with an option to extend at the end of each lease.
yeah... damn

[Magic34]

yeah... damn
You say damn, but if you had any equity in what you just sold and put that cash away to earn some interest right now, when this thing hits bottom and you are in a position to buy wth a good down payment... The loan will be cake to approve and 2-3 years from now your "damn" will be more like "dauuuummmm" we did good. :)
Just stay on top of your payments with everything in this time and be ready to pull the trigger when the time is right.
Cash is king!
You'll be able to rent a nice house right now that someone cant sell and it will be for less than their mtg payment. They just want someone in there to lower the loss each month.

[earl-bob]

check the prices in NEW MEXICO

[Nord]

You say damn, but if you had any equity in what you just sold and put that cash away to earn some interest right now, when this thing hits bottom and you are in a position to buy wth a good down payment... The loan will be cake to approve and 2-3 years from now your "damn" will be more like "dauuuummmm" we did good. :)
Just stay on top of your payments with everything in this time and be ready to pull the trigger when the time is right.
Cash is king!
You'll be able to rent a nice house right now that someone cant sell and it will be for less than their mtg payment. They just want someone in there to lower the loss each month.
And how much is interest right now??

[Outnumbered]

check the prices in NEW MEXICO
I hear it is only a short walk to the beach:)

[essexjet]

If you are going to get hit with capital gains then I would buy now on a 1031, if not then I would wait and see like everyone else is saying.

[YeLLowBoaT]

You also might want to check the local auctions, deals are out there. 2 weeks ago I saw a duplex go for 79k in a good location( on a ~1/3 arce simlar lot, 2 blocks away sold for almost 3 times that a month ago). It only had 1 bidder. The land alone is worth 3x that. I've also seen houses with comps in the 350-400 range go for low 200s. The thing is its cash only.

[909punk]

You also might want to check the local auctions, deals are out there. 2 weeks ago I saw a duplex go for 79k in a good location( on a ~1/3 arce simlar lot, 2 blocks away sold for almost 3 times that a month ago). It only had 1 bidder. The land alone is worth 3x that. I've also seen houses with comps in the 350-400 range go for low 200s. The thing is its cash only.
I like that idea.. haha
Like a nail salon.. Cash Only!