Rancho Bernardo home under 2005 price
Listing Details: (click to enlarge)
Previous Sale Details:
Comments:
Comments:
Owner is looking at a minimum $90K loss here. Purchased almost 2 years ago for $589K this home has depreciated at least 10% in 2 years and in my opinion still has a way to go. The current assessments and mello-roos totals $330 a month. If purchased at $539K with 20% down and a 30 year conventional loan (@6%) the monthly mortgage comes out to about $2,600. If you add property taxes @ 1.1% thats another $500 per month.
The bottomline is that you will purchase a 1600 sq ft home in congested Rancho Bernardo for a monthly payment of about $3,500 a month. If you add utilities, insurance and other expenses you are looking at $4,000 a month.
I'm sure people are waiting in line for this opportunity.
Don't forget to feed the kids.....
7 comments:
I doubt they are the original owners. This part of 4S is much older than 05. It is easy now to say 4S is a rip. But remember 2001?
All my neighbors were moving there... I was in CMR at the time. There were lottery to get in 4 S. Those who bought in 01 to 03 and sold within 2 years made a killing.
I feel sorry for those people. 4 S is a true trap now...
Bob,
Maybe you can help me. How can a house have Mello Roos and HOA dues. Who gets the HOA dues and what do they go towards...
Thanks!
glad to see you back!
Two different things:
Mello-Roos Community Facilities District Act:
The Act allows any county, city, special district, school district or joint powers of authority to establish a "Community Facilities District" which allows for the financing of public services and facilities. The services and facilities Mello-Roos Districts can provide include streets, police protection, fire protection, ambulatory, elementary schools, parks, libraries, museums, cultural facilities, and water facilities
Homeowners' associations, or HOAs, are formal legal entities created to maintain common areas and enforce deed restrictions. Most condominium and townhome developments, and many newer single-family subdivisions have HOAs, which are usually created when the development is built. Covenants, Conditions & Restrictions (CC&R's) are issued to each homeowner, and HOAs are established to ensure that they are adhered to in order to maintain the quality and value of the properties involved.
The only people buying are those that sold at the peak and have the feeling it is all funny money. No first time buyer with a brain would buy now.
bob, remember the Honeybrook foreclosure on my blog a couple of months ago? that was the same subdivision. the Honeybrook property was priced at $460,000 to attract interest and bidding. That was a 1900 sqft model.
anyhow, highest bid was $550,000 for 1900 sqft. I would say that auction tested and found the true price for this stage of the bubble. using price/sqft, this 1644 sqft model would need to be $475,000.
Is it just me or is it plain as day that $4000/month for a 1600 sq. ft. home is just stupid.
I almost bought a house in 4s ranch 2 years ago until I saw the Mello Roos. What a fucking Rip Off!!!!!!!!!!!
Glad I walked. I think the places with High Mello Roos and Taxes, and HOA's will get killed the most.
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