Just Curious

[Jbb]

Ok I have recently become curious...Is there a town left In So Cal....very near the beach....where a middle class person can own a house?....Can you list these towns?...

[AleAlchemist]

Nope!:D :p

[little rowe boat]

LMAO. uh no.

[Dr. Eagle]

Originally posted by JETBOAT BRIAN
Ok I have recently become curious...Is there a town left In So Cal....very near the beach....where a middle class person can own a house?....Can you list these towns?...
If it has wheels, you can get in to a trailer park near Huntington beach......
Outside of that.... I don't think so, unless you include Baja California......

[Danhercules]

What about Chula Vista? LOL

[Dr. Eagle]

Originally posted by Danhercules
What about Chula Vista? LOL
You mean North TJ?

[welk2party]

5 years ago

[MRS FLYIN VEE]

yah.. we all have our teeth.. LMAO!! :D :D

[HighRoller]

Not when SoCal real estate is appreciating at as much as 20-40% a year. I have sometimes thought about moving back to Cali to be near my family, but unfortunately I would never be able to afford a house there.

[mirvin]

There's plenty of 3 bedroom 1500 sq. foot houses within 5 miles of the beach for under 750k:confused: ;)
mirvin

[Dr. Eagle]

Originally posted by HighRoller
Not when SoCal real estate is appreciating at as much as 20-40% a year. I have sometimes thought about moving back to Cali to be near my family, but unfortunately I would never be able to afford a house there.
I was talking to the neighbors of my folks on Friday. He asked "what you gonna do if Bechtel wants you to move here" and I said... Get an apartment. He looked at me kind of perplexed and asked why I wouldn't buy a house. I said because a fixer upper in their neighborhood goes for $700K. And I am not selling my house in Northern California, because that's where I want to live.
The real estate appreciation is great if you bought your house 10 years ago, otherwise it is the shits......:(

[Sleek-Jet]

Originally posted by HighRoller
Not when SoCal real estate is appreciating at as much as 20-40% a year. I have sometimes thought about moving back to Cali to be near my family, but unfortunately I would never be able to afford a house there.
I talked to a finance guy this last week that said interest only loans are the hot thing in Cali right now. All you pay is the interest on the note. Real Estate is appreciating so fast that you'll still make money on the deal when you sell, as the principle is held static at the purchase date, but the value of the property has gone up.
Sounds kind of like buying on the margin, but could be a good deal if done right.

[Havasu_Dreamin]

Originally posted by Dr. Eagle
The real estate appreciation is great if you bought your house 10 years ago, otherwise it is the shits......:(
Yeah, pretty much. 60 year old homes in the San Gabriel Valley going for $500k is RIDICULOUS!

[Tom Brown]

Land in Saskatchewan is quite affordable, Brian. Come on up. http://www.***boat.com/ubb/icons/icon14.gif

[Infomaniac]

Originally posted by JETBOAT BRIAN
Ok I have recently become curious...Is there a town left In So Cal....very near the beach....where a middle class person can own a house?....Can you list these towns?...
I am trying to not read between the lines but:
Recently became curious.
Move to California.
DUDE !!!

[Dr. Eagle]

Originally posted by Sleek-Jet
Sounds kind of like buying on the margin, but could be a good deal if done right.
It really is buying on margin and if interest rates climb too much RE prices will come down. They you'd be holding an upside down interest only loan...
Bad news IMO

[Dr. Eagle]

Originally posted by Tom Brown
Land in Saskatchewan is quite affordable, Brian. Come on up. http://www.***boat.com/ubb/icons/icon14.gif
Permafrost doesn't appreciate as fast as land in Cali..........:D

[Sleek-Jet]

Originally posted by Dr. Eagle
It really is buying on margin and if interest rates climb too much RE prices will come down. They you'd be holding an upside down interest only loan...
Bad news IMO
Glad I don't have to worry about it, living in low cost Arizona and all... :D Didn't really pay much attention the guy when he was talking about it, just piqued my interest after a while.
I was curious if this is a new deal or if it's been around for a while??

[Dr. Eagle]

Originally posted by Sleek-Jet
Glad I don't have to worry about it, living in low cost Arizona and all... :D Didn't really pay much attention the guy when he was talking about it, just piqued my interest after a while.
I was curious if this is a new deal or if it's been around for a while??
I think it's been around for a long time, but it is really popular now due to the fast appreciation of real estate. Otherwise the mechanism really won't work. Might as well rent!

[mirvin]

Originally posted by Dr. Eagle
I think it's been around for a long time, but it is really popular now due to the fast appreciation of real estate. Otherwise the mechanism really won't work. Might as well rent!
The interest only loan works IF YOU DO IT RIGHT.... there in lies the problem. Simply put, if your mortgage is $2000 and the IO loan drops your payment to $500..... and you INVEST the other $1500.....over thirty years your kitty should be way more then the mortgage was worth.........way more.
mirvin;)

[summerlove]

Imperial Beach...

[Dr. Eagle]

Depends on what you invest it in, and you have to never need the money... and therein lies another problem. I invested my kitty from WFI stock options in the DOW and then lost my job from being off work for a year due to injury.
Then I needed some cash to live and guess what, the DOW had declined about 50% and so had my money. So it was a double hit.
If you invest it, you need to make sure to have a good chunk available in liquid assets too. I had that but since I was out of work for about 2 years I ate all that up and the stock I had to sell. Pretty unusual, but I have learned that kind of shit happens the hard way.

[Jbb]

Originally posted by RiverDave
I do'nt think you'd fit in out here Brian.. Your favorite pick up line "You gotta purdy mouth" doesn't works as well out here as it does down in the swamps of GA. :D
RD
Pretty harsh Dave...Why are you always so mean to me...what have I ever done to you...:D ....Guess I have to just stay here.....Hey...anybody figure out that you are Woodrow yet...?

[manuel]

Alabama is closer,
http://us.f1.yahoofs.com/class/002067967737/af1793e7acd3be9e23830985cab698bc_0_u3.jpg?cf_L5gyC xmhAmoIq
This waterfront home is located directly across from the Pass out to the Gulf of Mexico on a nice, quiet street. 100' lot with ownership of the island directly south. Fabulous sunrises and sunsets from this 40' deck! 3br 2ba, 1,850 sq.ft. $335,000. nice long pier with gazebo on end.
here's a beach cam of the pass,
http://came2.brett-robinson.com/view/view.shtml
They had the Super boat offshore races there this Sunday

[78Eliminator]

Originally posted by Infomaniac
I am trying to not read between the lines but:
Recently became curious.
Move to California.
DUDE !!!
Man, if we get one more gay okie or redneck hick moving in here, I am going to start shooting ;) :D

[78Eliminator]

Originally posted by mirvin
The interest only loan works IF YOU DO IT RIGHT....
mirvin;)
That is WAAAAAAY too risky for the likes of me. Especially if it's an ARM. You can end up royally screwed. I like to play my money very conservativly.

[Debbolas]

You can buy a nice 800ft bungalow in Morro Bay, walking distance to the beach for about $350,000.
:D

[HCS]

Set up a permenant dwelling in the nearest KOA campground.
It's cheep and your neighbors will be old and cripple with no
teeth.

[Mandelon]

JBB is probably busy answering all his PM's from the realtors on the board right now.....
JBB how near is "near"?

[Jbb]

Near is within 15 min...Your housing market is depressing...

[mirvin]

Originally posted by JETBOAT BRIAN
Near is within 15 min...Your housing market is depressing...
In that case Compton is near the beach;)
mirvin

[Debbolas]

LOL
;)

[Dr. Eagle]

Originally posted by mirvin
In that case Compton is near the beach;)
mirvin
So it is the only California beach community with a line around the block for the Welfare office every 1st and 15th........

[BADBLOWN572]

I am looking to buy a house right now in Orange County and the cheapest that I have found was $385k. That house desperately needs some heavy TLC! Buy it and probably have an additional $50k in a remodel. The prices are insane right now. For a house @ around 1140 sq/ft in Garden Grove it is about $440k.
The only place to go to get any decent pricing is in the 909. New homes are around $350k and are pretty decent. If you want to go out in the boonies you can get into the high $200k's right now.
All beach property has skyrocketed! A friend of mine bought a house in Newport about 6-7 years ago and he paid right at $275k. The house just appraised at over $700k. So, the answer to your question if someone can make it on a middle class salary, only if you can come in with a huge down payment and buy under market.
I did look into the interest only loans, but too much of a gamble in my opinion. If the market ever dips, you are screwed. I am of the opinion that the best way to do it is to take out a 30 year loan and pay as much down on the principal as you can afford. Get the house paid off early now the house has appreciated and you own it (or a large amount of equity in the home). An interest only loan is just like paying rent. The only asset/libility is you get the benefit/decline in the market. It is a gamble plain and simple. If the market ever dips and you have equity you will do ok. Without equity, you are screwed. Lost every bit of money you put into the house.