Do you think buying a condo in San Diego is a smart investment? I’d love to hear your thoughts! If you’re considering buying a home or condo in San Diego County, feel free to reach out at info@bestlifehometeam.com or 619-719-1122
Another point about condos and townhomes: Mortgage lenders have a lending threshold WRT percent of the homes that are rentals. If the percentage of homes in the community that are rentals exceeds some threshold, mortgage companies won't lend to buyers. I'm a landlord, and that was stated in a course took. And my son purchased a condo to occupy, and he had to provide that info to the lender.
Also our condo complex is largely families and retired people. Good quiet mix. Our retired neighbors down stairs do air b&b their place. But they bring in mostly respectful short term renters. But no matter where you live there is always a risk of bad neighbor or renters. Detached units in older nicer neighborhoods are going to get crazy.
Have had a condo in north SD for 6 years now. Like everything else value has gone up 40%. Homes went up the same in our area. All new builds here are basically fancy condos now. Fire risk is similar to most of SD not being on a canyon. HOA goes up, but mostly with the cost to maintain the structure. My HOA cost has been a fair trade so far to avoid paying for a new roof or maintaining the exterior. Most people cant afford anything here bigger than a condo. So there are always buyers and potential renters. Per sqft, single family homes are worth more. And its possible new builds are going to harm condo values more than single family homes since having a yard or larger plot is becoming more rare.
theyre so expensive for a very old, tiny condo conversions that I read can be poor in structure, water proofing etc. Where are true condos/townhomes near Keary Mesa ?
I bought a condo in the college area in 2011, it went to 2.5x in value in 3 years when I sold it. It's almost 5x now since then. Granted I got it as a steal from the bank.
Naturally, this dude fails to mention the unstable costs of HoAs, which will be run by any of your neighbors. Nobody factors in the HOA that you have NO guarantee that you will get your money back on. if your $500 monthly hoa fee, ¡which can go up at any time! , over 10 years, that is $60k + Property tax. If you sell it for $100k more, not guaranteed (!) that means you only made $40k in profit. All theae newer construction get together with the cities and your hoa can end up paying for costs the city should be paying for
Real life. HOA’s are crazy, but… we bought a studio in 2021 for 315k. It is now worth 450k (with same size and floor selling for that in the last 90 days) it’s a good investment.
@@kak5844but that was before corporations started buying places and single family homes so now condos are more scarce to buy and people need a place to live. I don’t think it’s a good investment now at all
@@jhanlon8 are million dollar homes that people bought for 700k 6 months prior a good investment? Cause that’s all I was seeing in the market when we were looking. I couldn’t afford that with only 60k down. Our goal was to get something affordable and pay it off, then stack up cash
@@jhanlon8 💯💯💯 so true. After elections are when recessions occur so I’m told. Wall Street needs to get out of the housing market. Laws need to get passed but meanwhile SD is looking at ordinances to keep this out of our county.
Really? Even with flood/fire risk relative to the property insurance most mortgages require? It seems condo’s, even one bedrooms, near military bases and college campuses are THE best investment choice. Is it worth looking into the real estate business as a whole vs listening to a real estate agent? This includes not only environmental risk but also faults, as San Diego has been found to have the same faults as Northridge -meaning condos and homes built atop garages NEED retrofitting. It also means UTC, San Marcos, Camp Peddleton (not in moderate+ fire risk). Lastly, the hydrocloric sulfide and sewage in Otay Mesa and Chula Vista is VERY toxic- which is why their politicians has been pleading for federal emergency $ for YEARS, I’m questioning if this “advice” is knowledge and responsible. 💯
I made a comment about retrofitting and toxic IB air that was crossed out- which means my freedom of speech has been illegally repressed and FTC needs to be involved
@@scottc6946 The ones in a moderate+ flood/fire risk, yes. They don’t hold value when HOA and insurance is added to mortgage payment. If they are in a military or college area then they are worth an investment.
But my free speech is getting censored in my original post, so the context is taken away- in addition to my constitutional rights protected by the FTC, which I will pursue tomorrow.
Do you think buying a condo in San Diego is a smart investment? I’d love to hear your thoughts! If you’re considering buying a home or condo in San Diego County, feel free to reach out at info@bestlifehometeam.com or 619-719-1122
Another point about condos and townhomes: Mortgage lenders have a lending threshold WRT percent of the homes that are rentals. If the percentage of homes in the community that are rentals exceeds some threshold, mortgage companies won't lend to buyers. I'm a landlord, and that was stated in a course took. And my son purchased a condo to occupy, and he had to provide that info to the lender.
Also our condo complex is largely families and retired people. Good quiet mix. Our retired neighbors down stairs do air b&b their place. But they bring in mostly respectful short term renters. But no matter where you live there is always a risk of bad neighbor or renters. Detached units in older nicer neighborhoods are going to get crazy.
what is that neighborhood (s) called. I looked into El Cajon but rather have detached homes or townhomes. thx
Have had a condo in north SD for 6 years now. Like everything else value has gone up 40%. Homes went up the same in our area.
All new builds here are basically fancy condos now.
Fire risk is similar to most of SD not being on a canyon. HOA goes up, but mostly with the cost to maintain the structure. My HOA cost has been a fair trade so far to avoid paying for a new roof or maintaining the exterior.
Most people cant afford anything here bigger than a condo. So there are always buyers and potential renters.
Per sqft, single family homes are worth more. And its possible new builds are going to harm condo values more than single family homes since having a yard or larger plot is becoming more rare.
That drone pilot is getting a letter from the FAA 😨
theyre so expensive for a very old, tiny condo conversions that I read can be poor in structure, water proofing etc. Where are true condos/townhomes near Keary Mesa ?
the problem with condos the HOA and restrictions and accountability. Sometimes money is gone
Hi you not talking about restriction and high HOA fees!!!! even harassment by HOA
Hi I'm looking to buy what can I get under a million 1 bedroom or a Studio????
Take a look on Redfin or Zillow, there are plenty of attached properties under $1m. Just keep in mind the HOA fees which can add up quick
I bought a condo in Carmel Valley in 2002, it has since tripled in value so I consider it a great investment
Congratulations! You chose a great area. Tripled ROI since 2002 is amazing.
Nicely done!
I bought a condo in the college area in 2011, it went to 2.5x in value in 3 years when I sold it. It's almost 5x now since then. Granted I got it as a steal from the bank.
Naturally, this dude fails to mention the unstable costs of HoAs, which will be run by any of your neighbors. Nobody factors in the HOA that you have NO guarantee that you will get your money back on. if your $500 monthly hoa fee, ¡which can go up at any time! , over 10 years, that is $60k + Property tax. If you sell it for $100k more, not guaranteed (!) that means you only made $40k in profit. All theae newer construction get together with the cities and your hoa can end up paying for costs the city should be paying for
Real life. HOA’s are crazy, but… we bought a studio in 2021 for 315k. It is now worth 450k (with same size and floor selling for that in the last 90 days) it’s a good investment.
@@kak5844but that was before corporations started buying places and single family homes so now condos are more scarce to buy and people need a place to live. I don’t think it’s a good investment now at all
@@jhanlon8 are million dollar homes that people bought for 700k 6 months prior a good investment? Cause that’s all I was seeing in the market when we were looking. I couldn’t afford that with only 60k down. Our goal was to get something affordable and pay it off, then stack up cash
@@sambistabeauty even many single family homes have HOAs. HOA has the power to keep horrible dog breeds out of a neighborhood which can be priceless.
@@jhanlon8 💯💯💯 so true. After elections are when recessions occur so I’m told. Wall Street needs to get out of the housing market. Laws need to get passed but meanwhile SD is looking at ordinances to keep this out of our county.
Really? Even with flood/fire risk relative to the property insurance most mortgages require? It seems condo’s, even one bedrooms, near military bases and college campuses are THE best investment choice. Is it worth looking into the real estate business as a whole vs listening to a real estate agent? This includes not only environmental risk but also faults, as San Diego has been found to have the same faults as Northridge -meaning condos and homes built atop garages NEED retrofitting. It also means UTC, San Marcos, Camp Peddleton (not in moderate+ fire risk). Lastly, the hydrocloric sulfide and sewage in Otay Mesa and Chula Vista is VERY toxic- which is why their politicians has been pleading for federal emergency $ for YEARS, I’m questioning if this “advice” is knowledge and responsible. 💯
I made a comment about retrofitting and toxic IB air that was crossed out- which means my freedom of speech has been illegally repressed and FTC needs to be involved
@@Hellooooooo989 hold on- are you suggesting that owning a condo is not worth it due to the risk of fire, flood, earthquakes, and pollution?
@@scottc6946 The ones in a moderate+ flood/fire risk, yes. They don’t hold value when HOA and insurance is added to mortgage payment. If they are in a military or college area then they are worth an investment.
But my free speech is getting censored in my original post, so the context is taken away- in addition to my constitutional rights protected by the FTC, which I will pursue tomorrow.
@@Hellooooooo989 flood and fire isn’t that big of deal in SD. And I can still read what you wrote, there’s just a strike through, no censorship there