2006-08-02 05:45:09 · 30 answers · asked by Anonymous in Home & Garden ➔ Other - Home & Garden
I've been trying to figure that out for 10 years. Good question
2006-08-02 05:48:03 · answer #1 · answered by Irish 7 · 1⤊ 0⤋
Well, most are not, but many are. If there are millionaires, it is probably only on paper.
If you are trying to get into the real estate game in San Diego today, it is difficult. Start with a small condo and after the next boom, you can use your equity to get into a single family home. Most buyers have done this over the years.
Your value and equity of your home is what I call "imag-a-bucks" since it is useless to you unless you leave the area. You can get an interest only 5/1 ARM loan that will provide you with a low payment for 5 years and by then, hopefully you made enough money on the property to get into the next level home. Just make certain you will be able to pay for the home after the 5 year low rate or you can get in trouble as many California buyers are now. Good Luck!
2006-08-02 12:53:01 · answer #2 · answered by Greg 5 · 0⤊ 0⤋
They are probably taking out fifty year mortgages and then attempting to flip the house at a healthy profit after two years.
If both people in a marriage are working at an average professional job, they can probably afford the monthly mortgage payments.
Unfortunately, many families do not have two people working at well paid jobs.
Unless and/or until the housing market bursts, more and more Americans will be locked out of the ability to own a home.
If I look into my cloudy crystal ball, I see the time when contractors will start to build houses and/or condos that are less than eight hundred square feet so that they can reach the mass market.
I personally don't see an easy solution to the problem. Common sense would say that eventually prices would rise until a tipping point is reached and then they would plummet, like the stock market did at the end of the twentieth century.
However, if we allow people like Allen Greenspan to manipulate interest rates as he did, we won't come out of this funk that we are in.
2006-08-02 13:12:15 · answer #3 · answered by Anonymous · 0⤊ 0⤋
About 7 years ago, I looked at the housing market in Silicon Valley while visiting the region for a job interview. As I recall, the lowest priced house I could find was a 2 bedroom, 1 bathroom bungalow on a very small lot. The place looked like crap and the asking price was $280,000.
As far as I'm concerned, the cost of housing in California is completely insane.
2006-08-02 12:50:05 · answer #4 · answered by Shadar 4 · 0⤊ 0⤋
For 600k, you could live in a brand-new, circa 3000 square foot home with a gourmet kitchen with custom cabinets and granite counters, top of the line everything and more. Three bedrooms, a deck and a two and a half car attached garage as well as a full 13-course basement, in the suburbs of Cleveland, Ohio. We also have four seasons and less congestion and traffic. Great schools, neighborhoods and low crime.
2006-08-02 12:51:41 · answer #5 · answered by Steve R 3 · 0⤊ 0⤋
I live in Connecticut and the prices are the same as San Diego. My guess is that the salaries are higher out there the same way as they are over here.
Have a lovely rest of the day.
2006-08-02 12:49:49 · answer #6 · answered by Goblin g 6 · 0⤊ 0⤋
Unless california solves its illegal immigration problem, every single one of those people is going to lose everything.
Upwards of 100,000 whites flee california every year because of the violence illegals bring to the state. However, the population keeps increasing by leaps and bounds, most of them violent criminals from across the border. Eventually, it will hit a tipping point and all those million dollar houses will become worthless in a very short period of time. Since almost all of them are bought with borrowed money (borrowed money they can't afford, I might add), this will be a gigantic disaster.
2006-08-02 12:52:41 · answer #7 · answered by Anonymous · 0⤊ 0⤋
oh sorry you here you have paid that much money out for your home in San Diego at a cost of $600,000 and your not happy with it i hope you can move to a new home and let someone buy that home your not happy with ..well .i have a home that cost $ just over $1million paid for in cash and my home is very good
i have a very good paid job as i work for microsoft
2006-08-02 12:54:05 · answer #8 · answered by Anonymous · 0⤊ 0⤋
I know that people complain about taxes in NY State -- I believe that they are the highest in the nation.
But...... I bought a beautiful 3 bedroom home on 2.5 acres that sits on top of a mountain. It has a 1.5 car garage with 2 driveways, livingroom with fireplace, eat-in kitchen, enclosed sun room, with all the amenities. And I paid $77,000 for it!
2006-08-02 12:50:48 · answer #9 · answered by kja63 7 · 0⤊ 0⤋
well i live in san diego the house i'm living now cost 450,000 in a decent community and we benn living here for more than 8 years - .. but yeah the housing price here iscrazy most of the people live in apartments which is almost the same...!!!
2006-08-02 12:50:35 · answer #10 · answered by Anonymous · 0⤊ 0⤋
Most mortgage loans in California are using a 40 or 50 year amertization schedule now. Also, Intrest only loans are quite popular.
2006-08-02 12:54:49 · answer #11 · answered by B T 2 · 0⤊ 0⤋