ltdiver 3 #1 January 17, 2010 For those of you who live in and near San Diego, can you give some suggestions here? My nephew just received his orders of transfer to San Diego. His choice and he's very happy to finally make it back to the west coast. He's currently stationed in GA. He's now looking to buy a house for his family (4 kids and a wife) as soon as possible as when he is finally stationed there he might ship out on his attack sub quite quickly. He'll be aboard the USS Topeka. He'd like a 5 bedroom no further than about 15 minutes from the base. And no, his wife does -not- want base housing anymore. So, he's relying on finding something else to buy. He doesn't want to rent, as he may be out at sea for a long stint. Anyone have ideas or suggestions? He has a realtor looking already, but hasn't been pleased with what's been found so far. Remember, a Navy man's salary . . . Thanks! ltdiver PS: My nephew thinks us skydivers are cool! He's already done a tandem and flown in the tunnel. He loved it! Don't tell me the sky's the limit when there are footprints on the moon Quote Share this post Link to post Share on other sites
nanook 1 #2 January 17, 2010 I'll start off with what he has to contend with: Basically, the housing market, though at it's lowest price in some years, is going through a frenzy of grabbing. I can't honestly say buying as more as a Black Friday rush of elbowing and sometimes dirty tactics. Homes in the low 300s to the low 500s have at least 10 to 20 bids and many of those are people with the cash to pay above the asking price. So though the prices have dropped considerably, it's hard to actually buy. There's a lot of investors out there snapping up houses and because many are short-sales (practically the only house within the e-5 0-3 range) and said people have cash. If someone uses a VA loan and bids at 360, and a cash buyer bids 320 in cash, it will usually go to the cash buyer even though it is 40K less. That's how the climate is right now. Of course there's dirty tactics with sellers placing bids to take competing houses off the market. . . As far as advice, 1) if he has 60K+ laying around, try for a conventional loan. 2) if he wants to use the VA loan, understand that many realtors or sellers don't like dealing with the headache, especially with the dire need to sale now. But perserverence and patience will win sooner or later. There are success stories and first bid first grab wins. 3) don't forget about the CalVet and Calhfa loans that exist. Now places to buy. He'll be stationed at SubBase on point loma so unless he wants to buy a 2-bed condo (starting at $300) there isn't much around the area that has deals. There's not many short-sales, or even sales in general, happening there. It's like this in the area: Ocean beach; the "floor", 2 bed bungalos start at around 650,000, houses on the upslope and hills facing the waters usually start around 800,000 +; other side of the point loma divide facing the san diego bay, on the hill, fughettaboutit, more sea level, it get cheaper. 15 minutes to the south, unless he likes the sound of gunfire and pimps slapping their bottom bitches, he can get a place from around 75,000 to a ceiling of 300k. If he wants to go further, like chula vista/eastlake, 300K would make him competitive with 10+ other bids if he wants to deal with 300 dollar a month HOA's. To the north on the 5, is Pacific beach. More touristy and rental-esque. Not much family sized homes there. . .about the same prices of the Ocean Beach floor. Now. . .If he can find guys on his boat that he can get on a car-pool with, there's many opportunities up in Temecula. The houses are very cheap up there and he can find such a house for less than 300. Back in San diego, Theres's also Spring valley, lakeside, el cajon. 300K goes a long way there, but not very aesthetically pleasing. In conclusion, he can find what he needs, but extras will increace in price exponentially._____________________________ "The trouble with quotes on the internet is that you can never know if they are genuine" - Abraham Lincoln Quote Share this post Link to post Share on other sites
ltdiver 3 #3 January 17, 2010 Thanks! I'll pass this on. Looks like he's in for a bumpy ride. Too bad there isn't someone who just wants to house swap for a place in GA. ;^) ltdiver Don't tell me the sky's the limit when there are footprints on the moon Quote Share this post Link to post Share on other sites
Gawain 0 #4 January 17, 2010 When does he officially PCS? There ane going to be a lot of 5 and 7 year ARMs adjusting this year... maybe keep an eye out for quick sales. Also Cofi just did a big adjustment with traditional adjustable rate mortgages.So I try and I scream and I beg and I sigh Just to prove I'm alive, and it's alright 'Cause tonight there's a way I'll make light of my treacherous life Make light! Quote Share this post Link to post Share on other sites
ltdiver 3 #5 January 17, 2010 QuoteWhen does he officially PCS? There ane going to be a lot of 5 and 7 year ARMs adjusting this year... maybe keep an eye out for quick sales. Also Cofi just did a big adjustment with traditional adjustable rate mortgages. He starts this assignment sometime in May. He's hoping to get a house before the April cut-off for the $8,000 home buyer incentive. ltdiver Don't tell me the sky's the limit when there are footprints on the moon Quote Share this post Link to post Share on other sites
nanook 1 #6 January 17, 2010 Good point, I forgot about that. Things may get a lot cheaper. Especially in the Eastlake area. Prepare for a flood of more foreclosures. But that doesn't mean banks won't hold more of thier moratoriums again._____________________________ "The trouble with quotes on the internet is that you can never know if they are genuine" - Abraham Lincoln Quote Share this post Link to post Share on other sites
nanook 1 #7 January 17, 2010 QuoteQuoteWhen does he officially PCS? There ane going to be a lot of 5 and 7 year ARMs adjusting this year... maybe keep an eye out for quick sales. Also Cofi just did a big adjustment with traditional adjustable rate mortgages. He starts this assignment sometime in May. He's hoping to get a house before the April cut-off for the $8,000 home buyer incentive. ltdiver If He can get it, he may need it for repairs on discounted homes. Tell him to be careful about how the seller may use it like a bargaining tool a-la the car dealer with the factory rebate._____________________________ "The trouble with quotes on the internet is that you can never know if they are genuine" - Abraham Lincoln Quote Share this post Link to post Share on other sites
Gawain 0 #8 January 17, 2010 QuoteQuoteWhen does he officially PCS? There ane going to be a lot of 5 and 7 year ARMs adjusting this year... maybe keep an eye out for quick sales. Also Cofi just did a big adjustment with traditional adjustable rate mortgages. He starts this assignment sometime in May. He's hoping to get a house before the April cut-off for the $8,000 home buyer incentive. ltdiver What rank is he?So I try and I scream and I beg and I sigh Just to prove I'm alive, and it's alright 'Cause tonight there's a way I'll make light of my treacherous life Make light! Quote Share this post Link to post Share on other sites
ltdiver 3 #9 January 17, 2010 QuoteWhat rank is he? He just re-enlisted and I'm embarrassed to say I don't know. He has served 9 years so far. Don't tell me the sky's the limit when there are footprints on the moon Quote Share this post Link to post Share on other sites
nanook 1 #10 January 17, 2010 Sub Enlisted. . . That would make him either an E-6 or a Chief (e-7). don't know if he's a Submarine Officer? If he's been the the Naval Academy or he has a degree in Physics or Mathematics (unless he's the Suppo), then that's a good indicator. This would make him a Lt to LCDR. He'll do well even if he is the only source of income in the family. His income will increase by at least a $1000 moving back here. Advise him to keep his domicile to other than CA, I've gone over the new FTB tax rules and exemptions have decreased down to 1/3 of it's original. Cali govt is broke and most people will owe. It's amost impossible to avoid._____________________________ "The trouble with quotes on the internet is that you can never know if they are genuine" - Abraham Lincoln Quote Share this post Link to post Share on other sites
Gawain 0 #11 January 17, 2010 QuoteSub Enlisted. . . That would make him either an E-6 or a Chief (e-7). don't know if he's a Submarine Officer? If he's been the the Naval Academy or he has a degree in Physics or Mathematics (unless he's the Suppo), then that's a good indicator. This would make him a Lt to LCDR. He'll do well even if he is the only source of income in the family. His income will increase by at least a $1000 moving back here. Advise him to keep his domicile to other than CA, I've gone over the new FTB tax rules and exemptions have decreased down to 1/3 of it's original. Cali govt is broke and most people will owe. It's amost impossible to avoid. This is good advice. His BAH is pre-tax anyway, so that's not an issue, but he'll want to keep his residency where it is (a lot of Military make it FL, TN, TX because of no income taxes). If he's an E-6 or E-7, nine years, his monthly is about 2700-2900, plus sub-duty pay, ~$400. His BAH with family will be roughly $2100/mo. He may not want to rent, but short term it may be worth it to find a good house down the road.So I try and I scream and I beg and I sigh Just to prove I'm alive, and it's alright 'Cause tonight there's a way I'll make light of my treacherous life Make light! Quote Share this post Link to post Share on other sites
warpedskydiver 0 #12 January 17, 2010 Check with the local .mil population to see if anyone is selling. Steve sold his house at Ft. Stewart (just outside the gates 10 min.) to an O3, they guy was really really grateful. Quote Share this post Link to post Share on other sites
ltdiver 3 #13 January 17, 2010 QuoteIf he's an E-6 or E-7, nine years, his monthly is about 2700-2900, plus sub-duty pay, ~$400. His BAH with family will be roughly $2100/mo. He may not want to rent, but short term it may be worth it to find a good house down the road. This sounds about right. I've suggested the renting thing to him, but he's dead set on buying. He's actually expanded this driving time to allow a broader search of available houses. He's finding it's not going to be easy to get what he wants. ltdiver Don't tell me the sky's the limit when there are footprints on the moon Quote Share this post Link to post Share on other sites
ltdiver 3 #14 January 17, 2010 QuoteCheck with the local .mil population to see if anyone is selling. Steve sold his house at Ft. Stewart (just outside the gates 10 min.) to an O3, they guy was really really grateful. I'm hoping he's already doing this. Good advice! ltdiver Don't tell me the sky's the limit when there are footprints on the moon Quote Share this post Link to post Share on other sites
Gawain 0 #15 January 18, 2010 Quote Quote If he's an E-6 or E-7, nine years, his monthly is about 2700-2900, plus sub-duty pay, ~$400. His BAH with family will be roughly $2100/mo. He may not want to rent, but short term it may be worth it to find a good house down the road. This sounds about right. I've suggested the renting thing to him, but he's dead set on buying. He's actually expanded this driving time to allow a broader search of available houses. He's finding it's not going to be easy to get what he wants. ltdiver Understand that completely, but if he's not thrilled with the real estate showings he needs to find another agent that knows the broader market. If the 5-7 ARMs pop this year, and princes recede more, and inventory rises, and he might be able to get a better deal late summer...I'm just sayin'...So I try and I scream and I beg and I sigh Just to prove I'm alive, and it's alright 'Cause tonight there's a way I'll make light of my treacherous life Make light! Quote Share this post Link to post Share on other sites
