Sorry… address above is zip 92107 I think
The standard criteria that banks use today for mortgages is 28% of pre-tax income. At one point I remember it was 33%.
The tax deductibility of mortgage interest and property taxes will knock that percentage down by quite a bit.
And their incomes will hopefully go up over time, while the mortgage payment remains the same.
So while it might be a little tight for the first few years, it doesn’t seem all that risky. If they want to be super-conservative and get a house they can afford on one income, they probably can’t get within 50 miles of San Diego.
One of the key reasons that I think prices in San Diego are going to flatten or dip is because the average home price (which can only be found in the inland communities such as Claremont, Santee, La Mesa) is rising way beyond the ‘affordability index’. Once that happens, coupled with rising interest rates, the market cannot sustain the pricing we’ve got right now. San Francisco and San Diego rank as the main regions where affordability index is way too low.
That condo looks perfect for an update. Good luck.
Fingers crossed for that condo!!
That’s a cute condo. I have to laugh at the potted plant in the bathroom photo - is that the extent of the staging? And there’s a broken shower curtain showing off really bad tile and grout in the same photo, lol.
Looks like an easy fix though.
It looks like a very good space and could certainly use some sprucing up. What’s with the wall/ceiling/transom windows in photo #8??
Nice space and hopefully it’s only cosmetic updates needed. Good luck, CB!
Looks like a good renovation project.
My only concern would be any homeowners association restrictions…but I’m sure you will get their guidelines…first.
Sometimes those condo associations can be a PITA.
I’m sure there’s a back story on this house: http://www.sdlookup.com/MLS-160064766-3611_Oleander_Dr_San_Diego_CA_92106 It went on the market in December at $825K and was removed in April at $785. Then boom today it shows up sold at $740.
Whew @Marilyn that house needs some significant redecorating!!
that condo looks to be RIGHT underneath the flight path for SD Airport ,which is only 1 mile away.
I’d be very careful…
The condo (and the house I just posted) are both very close to the Liberace flip. Flight paths go in several different angles and much of the area is under one of them. This particular area is not as loud as Loma Portal.
The condo complex is under the flight path. One of the reasons that prices are lower in that area.
However, the entire complex went through the Quiet Home program. The Airport Authority had to come out and put in triple pane soundproof windows, new insulation and new heating systems and AC. So, at least I know it has newer windows, new heater and AC!!!
I’m just going to have to go for it because it is in my newly restricted price range. However, I don’t think the Seller is going to take my offer because I don’t think he is in a hurry. Turns out he is selling the house because he wants to put the equity into his new ‘computer business’ … whatever that is. Not a smart idea but, once again, none of my business. I think he was hoping for $200k in equity payout, but after 90 days on the market it’s obvious he’s not going to get anything close to that.
And… since I am panicking that I will not be able to buy anything in the near future… I just gently put out the word to my agent that I might need to find some remodel jobs to keep the crew busy. She’s already lined up two jobs for clients that just bought houses that need work. I met with both of them today. I held off one of the clients in case I actually get this townhouse.
Photo #8
I really didn’t get a good look at that strange ‘shelf’ area with the windows??? lights??? above them. I didn’t step too far into the master bedroom because it was messy and so I didn’t turn around and look up. That is the entrance area to master bedroom.
Oleander House
That house on Oleander must have had something significantly wrong with it. They started trying to sell it in December 2016 at $825k. It has been in escrow and fallen out of escrow twice. First time it was in escrow 38 days before cancelling. That is a disaster… strung along for 38 days. Finally, after 2nd cancellation agent listed it down to $785k and it still took another 30 days to get an offer. So, there is hope to buy something about 10-12% off original asking price!
Are those closets that you access from the other side?
Yes, I think you are correct. There is a closet on other side of that wall.
Is there much of a potential price upside on that condo?