I swear, this subset, people who sold at the peak and now rent, will be seen as the luckiest so and so's a couple of years from now. To the point that some folks will want to kill 'em for being so right.
Inspire others - tell your stories here.
What did you pay originally, what did you sell for, what's your rent today, and how much would it cost per month if you owned your rental?
Ah, the good life...
15 comments:
My Walnut Creek, Ca condo sold for $489K a month ago because I marked it down from $510K (and the neighbors almost lynched me - they still have places on for $510K). . .I am renting in San Diego in a nice highrise condo for $1500 a month in Little Italy. . .(will move next week). The owner of the 2 bedroom condo was trying to sell for 700K, and couldn't, so she is renting instead. . .she has a mortgage, 650 a month HOA, and property taxes based on 600K (her original price). . .needless to say, she is underwater about $1000 a month with mortgage, HOA, and taxes ($7000 a year on 600K). . .I am planning to rent in San Diego for two years and then buy from the Bank repo man. . .BTW - I bought my Walnut Creek Condo in 1992 for 138K!!! during the last California real estate meltdown. . .
by the way - go to craigslist.com for San Diego, put in maximum rent $1600 for a 2 bedroom . . .you will get almost 900 hits. . .in great neighborhoods. . .I saw an entire 3 bedroom house for $1300!!!! . . .mind you, home prices in SD START at 500K (or they did)
I sold my 3 bd 1.5 bath 1,150 sq ft Townhome in Orange County (beach community) for $510,000 in Feb. 06'. I bought my Townhome in 95' for $152,000 so I feel REALLY GOOD about this transaction. I would have sold sooner but it took an extra 1/2 year to set up the rental deal that I have.
I now rent a 2,400 sq ft house at the beach for $2500! Its a great deal because the landlord is a friend. It was worth waiting for. If I was to purchase the home I now rent based on a 20% down I would be paying around $7,300 per month PTI. Pretty good.
Like Mark, my nighbors almost lynched me as there are now 5 others for sale around $525,000 and they have all been sitting on the market since I put mine up for sale back in January. Days on Market pushing 100!
The value of our house in Albuquerque went from 117k to our selling price of 167k IN ONE YEAR. This was completely caused by crazy californians flooding our market. Boy was I glad to see them, as our home had stayed the same value, and even went down a couple years, for the seven years that we owned it. That house needed a lot of work, and it's not our problem now! We are happy, relaxed renters. Those californians aren't looking at what they are buying. Arizona is in fact, much nicer scenery wise, weatherwise, and at a lower altitude. They are paying arizona prices (also vastly inflated) for property in our old area. An area without good schools, and without good jobs. Glad I'm out.
Purchased in 2001 @ $300K. Sold Oct 2005 @ $560K. I was in panic mode hoping everything would get through escrow okay.
I was paying $1980 a month in expenses. The new owners will be paying $4001 plus insurance (I don't know what insurance rate they've gotten). I only put down $20K for a down payment. They put down $56K.
Sales comparibles are already down to $530K, and $520K is more realistic. My investments have yielded 12% (annualized) thus far. My current rent is $1300 for the same sized place in a better/quieter neighborhood closer to work.
I feel so much better these days.
I sold one house in Irvine in 03 and just sold my last house up in Cedar Pines ( near Arrowhead Lake ) last month. I sold it to a real estate agent from San Diego! She thought she could rent it for twice the money that I had been.
For the last three weeks, I've been getting these goofy E mails from her. One of them told me that she couldn't rent the place because I left all this trash on the property. She then sent me pics of my barbaque and propane tank. When I read the note, I ran over and took back my barbaque! I need one at the condo I'm renting while I wait out the crash. She bought it with no money down, and I'll buy it back with half of the cash she gave me when she goes belly up.
Anon:
That is a premiere bubble story. Congratulations!
And enjoy your barbecue!
Bought in San Diego in 02 for 400K with 100K down, sold in Oct 05 for 680K... moved to europe and renting for 3 years, plan to return to San Diego as a renter and then buy land and build something.
Amazing.
We just brought a home, and our mortgage is less than everyone's rent - sometimes even half as much.
I suppose that is a clear sign that we aren't living in a bubble area...I enjoy reading, just to giggle at the insane prices that people pay for houses.
I sold in 93 when I thought we hit the peak. Took the profits and rolled it into a 12% annual investment, which pays 100% of my 2000/mo rent. Bought a bunch of gold/silver (physical/stocks) a year ago. In two more years I'll buy a house for cash here in SoCal while I continue to watch gold/silver climb until 2009/2010. Then I might retire at 40!!! LOL
I meant 2003 in the last post.
Never bought a home. Our area is so over priced we never even thought of it. rent is $1000, if we owned it it would be more then double. Most people are trying to rent out their places, but with mortgages and high taxes they're asking $3000-5000 a month. Most have been on the market for months. A few houses in my town have been for sale for over a year! It's wonderful! While we're saving by renting we be able to buy once the market crashes and be happy! Can't wait!!!
bought in Sacramento region for 101k in 2000. Sold (luckily) for 240 in 2006.
looked at my house in 1989 for $98k. came back a year later and bought it for $53k. (this was a part of the savings and loan crash). the value fell to $40k til 1993 when the property went to $290k and i bailed!!!!! currently buying gold and renting. also i could have paid cash for a home down the block for $14k. i thought no one would ever buy it - sold for $240k the same month i sold. should have bought it!!
Bought in NW DC in '00 for 437000. Sold in '05 for 740500.
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