Stay Put or Sell & Rent in Lancaster?

[DeserTBoB]

Originally Posted by desertdawgx

Sell it for 200k and rent 2 years and buy on the west side.I bought those 50's homes for 50k back in 99.Those older homes will sell for 100k in a few years so take the money and wait it out.

Even those crackerboxes won't see $100K again, ever. Sure, there will be a depreciation over the next couple of years (especially now that many of those boxes around the cemetary are going ghettoid/Sec. 8) but $100K? I don't think so. $150K? Possible, but it depends on how many Sec. 8 scammers from Compton come up and buy them to get free "gubmint" money from their "brudduhs." For the K-B and Horton tracts, I'd set a target of around $175K-$200K as a bottom. Hell, it's halfway there already, since all the illegals and the ghettoids have been locked out of qualifying by the sub-prime meltdown (thanks for not keeping an eye that, Greenspan!). Just like last time, though, when there's a runup in demand, the lizards of Wall St. will come out of their hedge fund hidey holes and the sub-prime scam mortgage biz will be back in full flower...or stink.

Originally Posted by desertdawgx

You said your payment was 500 bucks so i assume you owe less than 100k so take the profit.the runup in prices over the last 5 years was an abberation a money bubble.think of it as winning the lottery.You should have sold last year you could have got over 300k for it and it would have sold fast due to zero mortgage standards getting unqualified people in homes they cannot afford.Those homes are now going into forclosure at an alarming rate. It is very tough for first time buyers to buy now due to very tight credit standards now and sales are off over 50%.

He spake the truth. I got out when it became obvious to me that sub-prime lenders were making loans for Sec. 8 rental/income property to drug dealers and scammers from Compton and Inglewatts even last year. The house I sold for $340K probably wouldn't fetch $250K now, and the street has at least seven properties for sale ON THE SAME BLOCK, two of them "ghettoid" foreclosures.

Originally Posted by desertdawgx

I lived through the 90s crash and it took 13 years to get my money back on the house i bought in 89.This will be much worse as prices have gone up 500% on those older homes.the 90 bubble prices only went up 50% and then fell and many people lost their homes,boarded up foreclosures everywhere.This is the mother of all bubbles and will devastate AV RE for many years to come.

It will cut deeper because of all the sub-prime crappy people living out here now. Many are illegals, and one by one, they'll dump the house on the lender when they're sent packing back to Mexico. The '90s bust, indeed was mild, but I don't think this bust will be "permanent." If you look at the screwed up economy of Lancaster in general, even back when Rodio was the first mayor, it's been strictly a boom-and-bust area. Remember when the L-1011 project got the axe and things really went to crap? It came back, then they had the '90s bust, then the '04 boom, now the '07 bust. It'll come back...eventually. Remember, they're not making "new real estate" anymore, and all those crappy people have to live SOMEWHERE.

My advice, however, is similar to yours...dump it, get out now, or be prepared to ride it out, get firearms training and battle ghettoids on a daily basis. Since she's worried about her kids hanging around with ghetto trash and going to some of the worst schools in the state, it looks like she should bite the bullet and sell. Do NOT invest a nickel in the place other than simple clean-up. Dump the realtors; go Help-U-Sell or some other way..the realtors are all crapping their pants up here and are desperate to squeeze you for commission. When you sell, do NOT accept a "pay my closing costs" BS deal...demand someone with at least a down payment, even if small. Those "pay my closing cost" scams can drag you right back into the frey with your old house should the buyer unwind or go into foreclosure, which is probably the most likely scenario.

I almost quadrupled my money on a Cal-Vet repo in a K-B tract...not bad! Glad I'm gone...Lancaster's beginning to look like Watts, and Palmdale's beginning to look a lot like Tijuana.

Oh yeah...to all those who say, "...the west side's the best side?" You haven't been paying attention...Sec. 8 is running amok over there, too, and it's getting darker than midnight in formerly nice areas off of 20thW. Even QH is complaining about them here and there now.

[VickyVicky]

Thanks for all the feedback.

We are currently talking selling, will keep you all posted. Im fortunate that I will profit regardless, just the sooner I get out the more I think I will get.

We are discussing renting for awhile in a nicer area of town (we are fortunate to have them registered in a good school district outside of where I reside) and ride the rest of this school year out. Let the market do its thing. I feel its gonna continue to slide...

We are still really happy with what we have seen of Tehachapi, but its the job situation that is our problems(husband works in the Valley) Wed have to find new jobs, so thats our next goal.

My parents have recommended hitting the foreclosure lists in the meantime and looking for something that way... As i said, thanks again and will keep everyone posted! I just cant stay here. I have 7 more yrs at the least till both kids are 18 and I just cant ride it out in this neighborhood. We just pulled out of our driveway the other day with the crew of the Section 8 Kids giving us the bird. Home sweet home eh?

[VickyVicky]

I see my thread is still here, we finally left Lancaster, our house in the market, so far lots of offers, have had 2 fall through, so we are onto offer #3. We seem to get multiple offers the first wknd, so thats a plus. So just praying that finishes soon. We are now Az residents and I live in a neighborhood I LIKE. No ghetto, no blaring music, no stench of pot and group homes and Sec 8 and keeping my curtains closed.