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Asked by M, Cecil, WI Thu Feb 19, 2009

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Jeffrey Doug…, , San Diego, CA
Thu Feb 19, 2009
in general single family homes have a better chance of appreciation than condo or town homes. I guess for your specific needs you need to decide if the upside of appreciation is more important to you, or if having the school district that you want. These are personal decisions that affect your quality of life, so choose carefully and be sure to look at all of your options. I have written an interesting blog about the lighter side of the dark side of our real estate market.
1 vote
Marcie Sands, Agent, Poway, CA
Thu Feb 19, 2009
What limit has your lender given you regarding your price range? There are single family attached homes (one common wall) that might be of interest in the Westwood and Turtleback neighborhoods of Rancho Bernardo, several without mello roos taxes. More information is needed in order to search properly for current listings. I live and work in Rancho Bernardo and love it! If I could be of help, please don't hesitate to call. If you have an agent already, have them start a search going for those areas if they meet your criteria.

All the Best,
Marcie Sands, REALTOR
Simply The Best Real Estate Company, Inc.
(760) 644-1562
0 votes
Seth Chalnick, Agent, Cardiff, CA
Thu Feb 19, 2009
Oh, and as for resale value... all things being equal... I would probably say an SFR detached home in an area with a slightly inferior school district would probably offer optimum value when compared with an attached home in a better district.

There are some exceptions, but SFR's are more conducive to home improvements and consequently stay better maintained through the years, versus attached homes that tend to remain fixed on the exterior due to HOA restrictions.

Also, a wider audience prefers having a yard, nobody sharing their walls, and no HOA restrictions... than ease of maintenance and community convenience.
Web Reference:
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Seth Chalnick, Agent, Cardiff, CA
Thu Feb 19, 2009
To add to Jeffrey's comprehensive response below, another thing to consider with twin/town type homes is HOA dues. As a really rough rule of thumb, every $750 or so you spend per month translates to about $100k in home cost. So if the town/twin option coincides with, say, $300/mo HOA's then your home price budget is effectively reduced by approximately $40k.

While there are some good deals right now, time may also be on your side to see the Poway homes come down a bit further in price.

Lastly, while you are very smart to view this transaction as a long-term solution, with no children yet, you may be able to trade up in 10-12 years as the priority of your kids' education increases.

So check out both areas and maybe just weigh the priorities with a gut feeling approach.
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Diane Conaway, Agent, Escondido, CA
Thu Feb 19, 2009
There's another possibility that you may be overlooking. The school districts in South Escondido are also highly rated and you can get a bigger house and yard for your money. It's a short commute to Miramar especially if your husband isn't traveling during peak commute times. Just a suggestion! Good luck!

Diane Conaway, Accredited Buyers Representative, RE/MAX United, (760) 749-2888
0 votes
Nick Rhea, , San Diego County, CA
Thu Feb 19, 2009
Hello M,

The best resal value is dependent on your purchase price. If you purchase well then you will have good resale in either locations. If you purchase poorly then you will have poor resale. One reason Mira Mesa offers more for less is because it has has a higher number of foreclosures pushing down prices. Poway may still need to go through this reconciliation and could pose a higher risk if you are buying now.

M, please reach out to me if you would like some additional assistance.

Nick Rhea, MBA, Broker
Bombora Investments, Inc
0 votes
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