One step closer to being a homeowner [Archive]

creanium

07-10-2005, 01:48 AM

As some of you know, I have been shopping around and looking to get a condo. Well, today I finally got to reserve my unit. They're still being built out, so I don't get to move in for a while. They're estimating I'll be able to move in by Halloween. It was a big deal for me today filling out all the paperwork and handing over the deposit check; I was getting excited about my first new home.

A friend and I are going in on this as a joint investment venture. Might as well use this as a way to build some equity and have money for the future.

The condo we got is a 998 sq-ft, 2-bed 2-bath, 2nd-story condo in a complex called Savannah Terrace in Sabre Springs. It's located just a half mile east of the 15 on Poway Road. The unit we're buying has a decent view into a small valley just south of Poway Road. It's a brand new complex and the condos are still being built, so that's why I can't move in until Halloween; you know, it's a little hard to live in a place when they're still building it for you. ;)

Anyway, enought talk, here are some pics:

http://www.pardeehomes.com/images/sandiego/sabresprings/savannahterrace/gallery/1_pool.jpg

http://www.pardeehomes.com/images/sandiego/sabresprings/savannahterrace/gallery/1_living.jpg

http://www.pardeehomes.com/images/sandiego/sabresprings/savannahterrace/gallery/1_dining.jpg

http://www.pardeehomes.com/images/sandiego/sabresprings/savannahterrace/gallery/1_masterbed.jpg

cynicalgeek

07-10-2005, 02:06 AM

Awesome :) Looks like it's gonna be a great first bachelor pad!

Fritz

07-10-2005, 02:34 AM

$$$?

Troike

07-10-2005, 04:20 AM

killer ... the pool area looks identical to my friend's new luxury apartment complex (near shadowridge, where the driving range used to be) .. and that place is the nicest complex I've seen in my life.

I won't be buying any nice/new cars until I have my own garage to park it in some day.
Property in SoCal is a pain though, so I might just have to do it elsewhere.

RavinJetta

07-10-2005, 07:36 AM

Looks great. Property in California is an awesome investment

Tom (aka Godzilla)

07-10-2005, 08:55 AM

Congrats.

SYNYSTAGLI

07-10-2005, 10:38 AM

Congrats....were on our way to go see some Temecula property right now....

ncttrnl

07-10-2005, 11:39 AM

Hotness!

Are you getting to pick out the options and all that too. The only thing that bugged me about mine is the old owner cheaped out on some of the options.

bettajettavr6

07-10-2005, 12:07 PM

creanium

07-10-2005, 12:23 PM

The condo comes with all brand new kitchen appliances. All the built-in features you see come with the place; the crown moulding, built-in entertainment unit, mantle, vertical blinds, etc.

The one we bought is $385K (gotta love California). We do get to pick out all the options, we're going down to the design center in 3 weeks to start picking things out. Tony, anything specific we should look into upgrading?

The HOA fees are right around $300, which seems pretty steep. But, Pardee Homes (the builder) is paying the HOA fees for the first two years we live there. It was a perk they offered everyone who bought a home in the complex by a certain phase release. We got in there in the second-to-last release they offered it.

Yes they have an on-site concierge service. There is no added fee to use the Concierge, it's all part of the HOAs. They also provide internet access to all homes, there's a T3 line going to each building.

All in all, I think it's going to be pretty awesome living there. :)

audiracer2002

07-10-2005, 12:32 PM

When i looked at those condoz.... the HOA was like 300+ ..have they lowered it? because they have some concierge service or something... but wow HOA - 300+ PRoperty tax is 1.3%... .THATS LIKE 1,000$ ALONE*... then a mortgage payment..... wow

$300 a month is about average for large condo complexes in san diego, and most of those don't include much other than grounds maintenance. mine includes basic cable, and if their's is going to include the concierge, and a lot of amenities (gym, library, media room, nice ass pool, etc) then thats not too bad.

the only way to avoid it is to buy an older house, which will be my plan next year, since my biggest gripe about the HOA is dealing with them when trying to get anything taken care of.

mike

07-10-2005, 12:40 PM

Congrats and excellent investment choice as condos and townhomes have started passing houses on the appreciation percent in Socal as the whole lifestyle of them is on the rise

, as far as upgrades, if you dont have the cash and time to do it all after its built, do as many as you can afford now,Its cheaper and rolling in the costs with your mortgage, the payment differance will be negligable and upgrades pay huge dividends when you sell t attract buyers and ease of sale

my HOA dues are $265, on a new construction, the HOA wont need to make any repairs or improvements for a few years so them paying them for the first two years is kind of a farse as they would be responsible for and defects in workmanship for the first few years anyway.

Condos and town homes have cheaper taxes too, they have less property area, usually no public street infront of them.

creanium

07-10-2005, 12:48 PM

$300 a month is about average for large condo complexes in san diego, and most of those don't include much other than grounds maintenance. mine includes basic cable, and if their's is going to include the concierge, and a lot of amenities (gym, library, media room, nice ass pool, etc) then thats not too bad.

the only way to avoid it is to buy an older house, which will be my plan next year, since my biggest gripe about the HOA is dealing with them when trying to get anything taken care of.
Like Rob said, it's normal for a place with a lot of ammenities to have HOA fees around 300, and this place has them:

on-site concierge
big-ass pool with cabanas ;)
gym
indoor raquetball court
library
media room
business center
kids playroom
large meeting/party room with full size kitchen
kids play area outside
patio with 2 large built-in bbqs and a fireplace
half-court basketball court
full-size tennis court
high-speed internet to all condos
grounds and building maintenance
insurance on all buildings

Then to top it all off, we don't even have to pay the HOAs for the first 2 years we live there. Not that bad of a deal if you ask me. :tup:

cynicalgeek

07-10-2005, 12:50 PM

They also provide internet access to all homes, there's a T3 line going to each building.

Hmm... might have to check this out. Wonder if Tracy would let me have a place on the side. :D :p

$385K seems reasonable (relatively speaking) for a brand new place like that. Good to see you getting started. :)

As of last month, the median home price in SD was up to $589K, and the median condo price was $390K. I'm absolutely amazed when I consider how much we were stressing about spending $405K on our house when we bought it 4.5 years ago. Personally I think it's f'ing insane. When we sell this place, we're taking the gains and running - right out of SoCal. Just hope the market doesn't take a dive by then.

cynicalgeek

07-10-2005, 12:52 PM

Condos and town homes have cheaper taxes too, they have less property area, usually no public street infront of them.

And no landscaping to worry about. :tup: ;)

creanium

07-10-2005, 01:04 PM

Hmm... might have to check this out. Wonder if Tracy would let me have a place on the side. :D :p

$385K seems reasonable (relatively speaking) for a brand new place like that. Good to see you getting started. :)

As of last month, the median home price in SD was up to $589K, and the median condo price was $390K. I'm absolutely amazed when I consider how much we were stressing about spending $405K on our house when we bought it 4.5 years ago. Personally I think it's f'ing insane. When we sell this place, we're taking the gains and running - right out of SoCal. Just hope the market doesn't take a dive by then.
As far as the internet goes, I know it's offered by SBC and they run fiber all the way to each building, and then from there it splits off to each condo. The houses are pre-wired with CAT5e into all the rooms and they're networked together, so no need for a router (unless of course I come to find out they aren't firewalled). I'll go wireless inside the home anyway, but it's nice to know I won't have to be paying SBC or Time Warner 40/50 a month.

creanium

07-10-2005, 01:09 PM

And no landscaping to worry about. :tup: ;)
That is a big perk to me. I love having a nicely landscaped property, but am not a big fan of performing the upkeep myself.

mike

07-10-2005, 02:00 PM

When we sell this place, we're taking the gains and running - right out of SoCal. Just hope the market doesn't take a dive by then.

Everyone has been saying that it will dive for the past few years and the market keeps going up, it will dip, but the dive will be houses that cost $400K 6-7 years ago that are now going for 1.2-1.3 mil are the ones that are gonna take a hit and peole will have to walk away from their house especially with this con-artist crooked lenders that will finance anyone on an interest only loan for houses they cant afford, or people cashing out their equity and buying Mercedes and european vacations. People will always need a good small starter home or condo/town house. The thing to watch will be interest rates, they have started to rise, and as they rise, house prices and sales will level off.

O.C. is really hot right now. My neighbors just sold their 2 bed 1 bath place with a half finished kitchen, red and purple walls with holes in them (fist size), black and white linoleum checkerboard floors throughout the whole place for $375K and it was on the market for FOUR hours!

I'm just gonna keep mine, buying and selling low priced stuff for income, then sell everything and jump ship to Washington state to retire, thats the plan anyway, but grow up here and its had to leave.

SYNYSTAGLI

07-10-2005, 08:26 PM

Just got back from Temecula/Murrieta area. We found 3 beautiful homes we want for our price range. 2 have pools/spa, all have 4 bedrooms and are 1900sqft. The one without a pool has a HUGE backyard with built in BBQ. Sucks I have a long drive but I'll enjoy being in our own home. Just can't afford to be a homeowner in San Diego....Congrats again.

84rabbitchick

07-10-2005, 08:39 PM

Congrats John on the new place!

madajb

07-10-2005, 09:54 PM

When we sell this place, we're taking the gains and running - right out of SoCal.
Please don't.
The rest of the country has enough problems without a bunch of Californians moving in and driving up the costs...
=)
-ajb
(Only half-kidding..)

creanium

07-11-2005, 01:41 PM

Thanks all for the congrats and well-wishes, I appreciate it. Also any additional advice any of you might have would be appreciated as well.

Once I'm all moved in and settled, I plan on having a housewarming party, but since we're moving in at the start of the holiday season, it'll probably have to wait until mid-January. Since it's such a long way off, I'm not too worried about that part of it yet.

And Manny, good luck with your new home purchase as well; can't wait to see what you get! :tup:

Nefarious

07-11-2005, 02:06 PM

Good job. Thats a nice complex. Hell, if I wasn't so stuck on having a driveway and not sharing a wall with somebody I'd already be living there.

GTiGirl

07-11-2005, 02:26 PM

chris

07-11-2005, 03:42 PM

Damn...$385k for 1000sq ft. condo...San Diego is off the hook :eek:

Awesome pics though...looks like a Sik pad...Congrats!!! :tup:

creanium

07-11-2005, 03:54 PM

We went and looked at those places, John. They are really nice! The 3 bedroom (Plan 4), is pretty decent sized and has everything we need, and only $460K! But, I think we'll try our luck with a single family home first, then consider condos/townhomes.
This was one of the first places we looked at, and as we were searching for condos, we somehow always ended up coming back to it because we liked it that much. Compared to what's out in San Diego, these condos are actually a really great deal.

We would really have wanted to get a Plan 2, which is an 1,150 sq-ft 2-bed 2-bath with an attached 2-car garage and an overall better layout, but it was a bit out of our price range at $430-440K. We should be so lucky though to have to "settle" for the condo we're actually buying.

Oh, and the Plan 3's you mentioned are now going for about $480k and by the time they sell the last phase I wouldn't be surprised to see them over $500k.

LAZY TURBO

07-11-2005, 03:55 PM

dammmmmmmmmmmmmmmmmmm where i live $385K would get u like half of wut ur getting right now

creanium

07-11-2005, 03:57 PM

Yeah I'll miss having the driveway and space, but I guess I could always drive the 5 minutes back to my parents house to wash my car or whatnot when I need to.

As far as sharing a wall, well thankfully it shouldn't be too bad at all. The only common walls are the dining room/kitchen and both bathrooms. The walls that matter are on the outside of the building and there is no one living below us, so we shouldn't have any real problem playing loud music or watching a loud action flick at a good volume. :)

ram_greygti

07-11-2005, 03:57 PM

yea buying property in cali is a great investment, as of the moment i am trying to sell my condo, its located in Lakeside CA, but i can't wait till it sells, then there is going to be a little present for my gti, apr 3+

by the way it looks really nice, good area :tup:

ram_greygti

07-11-2005, 03:59 PM

by the way mines up for sale for 420, willing to go a little lower too, appraised at 460, but i don't live there no more so im trying to sell, 4 bedroom, 2.5 bathroom and 2 car garage.

creanium

07-11-2005, 04:01 PM

Damn...$385k for 1000sq ft. condo...San Diego is off the hook :eek:

Awesome pics though...looks like a Sik pad...Congrats!!! :tup:
Thanks Chris.

Yeah San Diego is pretty crazy right now. In the 5 years since my parents last re-fi'd, the value of their house has doubled. They re-fi'd in 2000 at right at 300k and now the house is estimated to be worth $595k.

I was just in Vegas a couple of months ago and was just totally blown away by how cheap things are out there given how fast it's growing. My parents could sell their house and by 2 much bigger houses out there and still have money left over from the sale. If they weren't so anti-heat I wouldn't be surprised if they packed up and left right after I moved out.

quattrogirl

07-11-2005, 07:06 PM

creanium

07-11-2005, 07:58 PM

NICE! I really really liked the area when I was down there for work. "Lived" at the Springhill Suites on Scripps-Poway Parkway for a couple of months and really enjoyed that part of town. Awesome hiking trails (and driving roads too, duh) right in your backyard...
I know exactly where you're talking about, the condo complex is only 1 freeway exit north past Mercy Road on 15. Well, and I live off the 56 as it is, so yeah, it's nice. :)

There's a new area in Santa Clara (if ya'll remember I'm in NorNorCal now...) called Rivermark... they had some "new releases" last weekend that I think sold out already... 2 bd/ 2ba 1400 sq ft condo "from the mid to high 600,000's" was the pricing... vague. They even now have AUCTIONS for condos up here (sheesh) where you have to go bid against everyone else in person? (guessing but sounds that way).
Sounds like the Bay Area is still pricier than San Diego. I thought I had heard that SD surpassed the Bay Area for the most expensive place to live, but it seems like things are still a little crazier there than they are down here. At least, for now that is.

SO glad to see that, although prices are jumpin quickly in SD, it's still affordable for your regular 2-earner household...
Yeah, I was actually surprised how easily the two of us could do it. I'm 22, my roommate is 23, and both single (so no extra money sucker [aka girlfriend]), so it's a little crazy to think that we can afford to buy a house at such a young age. And I know what you're thinking: drives a Jetta (sometimes with a Roxy sticker on the back), buying a house with another guy; he must be gay. Despite what it might seem, I'm quite straight thank you very much. lol

party? party? house warming? :)
Uhmm yeah I'll make the trek down!
I'll be sure to PM you the details in 6 months when I plan the party. ;)

madajb

07-11-2005, 08:53 PM

SO glad to see that, although prices are jumpin quickly in SD, it's still affordable for your regular 2-earner household...

Given that the average household income in SD county is around 50K and the average home price is close to $490K, then no, prices aren't affordable for your average 2-earner household.
=)
-ajb

GTiGirl

07-12-2005, 02:09 PM

Given that the average household income in SD county is around 50K and the average home price is close to $490K, then no, prices aren't affordable for your average 2-earner household.
=)
-ajb

Word.

Rob and I are well over the average income for DINKs, and we can't even afford to buy a median priced home. We even have close to $200K in equity in the condo. I guess if we weren't spending ~$1500 mo. on cars, we could... but what fun would that be??? :D

SYNYSTAGLI

07-12-2005, 05:12 PM

creanium

07-12-2005, 05:22 PM

Just got a call from our realtor....looks like the home we wanted accepted our offer......WOOT!!!!! Now we gotta go through all the waiting and shit.....I wanna go swimming NOW!!!!and partying...and swimming...and partying....and :smokem: :D

http://forum.goregasm.com/images/smilies/hijack.gif

Lol ... that's awesome Manny!

Don't forget to invite me to your housewarming party ;)

SYNYSTAGLI

07-12-2005, 05:35 PM

http://forum.goregasm.com/images/smilies/hijack.gif

Lol ... that's awesome Manny!

Don't forget to invite me to your housewarming party ;)...I'm not trying to jack the tread...I feel that i'm one step closer to being a homeowner as well :p And yes for sure, house warming party will be in full effect as soon as I have the key. And you will be on the list bro as well as all the oldschool forum peeps! House looks sick without furnishings :D

creanium

07-12-2005, 06:09 PM

...I'm not trying to jack the tread...I feel that i'm one step closer to being a homeowner as well :p And yes for sure, house warming party will be in full effect as soon as I have the key. And you will be on the list bro as well as all the oldschool forum peeps! House looks sick without furnishings :D
I know dude, just giving ya shit.

Congrats and good luck on the house! Can't wait to see it when all is done. :)