Home Buying in 92503>Question Details

Anurag, Home Buyer in Hemet, CA

Is the price $250000 of 2BR/2Bath of 1210 condo (rylnad Homes) at zip code 92503 is okay to buy..Do you think?

Asked by Anurag, Hemet, CA Tue Oct 30, 2007

the price of the condo will increase in 5 yrs time..

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Answers

7
Anaruag, Most buyers don't know that you can still work with a Realtor to do the negotiating for you with the builder. I don't know if you knew this or not, but consider that as an option - they can answer your question specifically by researching what the home should go for based upon what they went for and what they are on the market for today. Good Luck. Cindy Vedder
1 vote Thank Flag Link Sun May 4, 2008
figure it out $100 a sq ft thats what there selling for if you get it less its even more in your favor there saying prop.will be going down still in 09.
0 votes Thank Flag Link Sun Jul 13, 2008
You should take a look the sales price of other condos sold on the property between 230-240K for that floorplan. It is a good location, between a couple large employment centers (kaiser, tyler mall, and la sierra university). No problem finding a renter if thats the way you want to go. Should get a modest return in 5 years. Thats just my two cents.
0 votes Thank Flag Link Fri Apr 18, 2008
I feel the same with regard to any attached homes...condos, townhomes, etc. The gap is just too small between Single family homes and Townhomes-Condos in the area. Unless it will be a long term hold (Over 7 years) I would concentrate on a search for a traditional home or rent for a while. Nearly every builder in the U.S. will negotiate. Some are giving away the farm if you will buy. Be careful out there through. Good luck!
0 votes Thank Flag Link Fri Nov 9, 2007
Christopher,

Thanks. This condo is a three floor and is basically a townhouse. And also it is new. Is buying townhomes okay in this market? And how much should one bargain with the builder for the new homes whih they quote? Does the builder generally brings down the price?

Thanks,
Anurag
0 votes Thank Flag Link Fri Nov 2, 2007
Does not seem to be a bargain. Condos will appreciate in value during a stable market yet, will typically make a bad investment for the short haul. There are many condos available throughout the Riverside area. The 92506 zip has condos that have recently sold at under $200k for the same size as you describe. You can expect 1-3% appreciation for a condo in a market where single family homes are appreciating at the rate of 4-6%. I do like condos for their broad appeal in the rental market. If a condo will be a temporary (1-5yr) residence for you and then, you plan on retaining the property for a rental, it could be a decent investment. For the price of $250k, you could buy a decent home in a desirable area in need of a little work, spend your time their fixing up and then reap higher rewards for your investment. Condos make much more sense in areas like LA where single family homes will cost twice as much as a SFR. The gap is way too close between condos and SFR homes in the Riverside - San Bernardino areas. Good luck to you.
0 votes Thank Flag Link Fri Nov 2, 2007
Anurag,
while this is a great forum, it seems that you are on the verge of making a very big decision. It looks like you are looking at the Madison floorplan. Prices are very competitive in especially in riverside county. At this point you would truly benefit by utilizing the services of a Realtor as your Buyer's Agent.

While this condo may turn out to be the best choice for you, you also want to make sure that you made the decision in reference to other properties that are available. I am a Realtor who grew up in southern California and currently lives in Riverside county . I would be happy to extend my services and assist you, at no cost to you of course, in your home buying process and selection.

Give Me A Call, I'd be glad to help
0 votes Thank Flag Link Tue Oct 30, 2007
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