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Old 11-10-2007, 10:57 AM
 
22 posts, read 43,208 times
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Default Bought a house in Newbury Park. Smart or Not?

So we decided to buy a home in this crazy real estate market. Very aware of the volatile state of things but this is a market you just can't time. Anyways, we put a lot of money down so our payments are less than if we paid rent even with property taxes and insurance added in. We love the area and we bought the home more to live in than as an investment though we don't want to lose value of course. Just curious if anyone else would buy in this market and their reasons whether yes or no. Do you think homes in this area will remain relatively stable or will sink faster than a body with cement shoes?
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Old 11-10-2007, 11:13 AM
 
Location: La Crescenta, CA
413 posts, read 1,113,659 times
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If you love the house and think you want to live there for a long time and can afford the payments, then no, it's not a dumb move (unless you're getting an ARM or interest-only loan). The housing prices might go down for another year or two, then they'll go back up. If you'll be happy there and can afford it, it's the right thing to do because you're living your life and you're happy. And if your payment's cheaper than rent, hey, no problems with that.

One way or the other, if you keep working and saving, 7 years or so down the road your house and savings will be more valuable than they are now, and meanwhile you've spent that time living a life you enjoy. If you were buying as an investment, yes, now's a bad time to buy. Otherwise, this is your life, and if it's not making you broke, go ahead and get started now.
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Old 11-10-2007, 11:13 AM
 
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Here is a great link for you. I'm looking to move and buy a home on the lake in Westlake, so I'm watching the market myself. You will see from this link that some areas are going down, some are staying the same and some are still going up. No one can guarantee what is going to happen in this market in the future. It all depends on the area and the pacific location of your home. Are you in a very desirable neighborhood? The very desirable places are holding and still going up. Like for us, we want on the lake. Well there are only so many homes on the lake so prices are holding well there. Supply and demand.

venturacountyrealestatetalk.com Blog Archive Ventura County Real Estate, Market Report for July 2007
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Old 11-10-2007, 11:28 AM
 
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I agree (I think, lol) Our interest will be 6% fixed 30 years. I think that is pretty much as good as you can get give or take a point . Our area is very middle class (off of Wendy and Borchard Rd). Cute house, 3 bdrm, 2 ba. Remodeled kitchen, very lovely home. Not too big not too small. Eventually we will enlarge the master bathroom and bedroom which will add additional value. Time will tell but I think we will be very happy there. We work in Camarillo so commuting is a breeze. Life here has been wonderful.

Quote:
Originally Posted by Lumerian Feast View Post
If you love the house and think you want to live there for a long time and can afford the payments, then no, it's not a dumb move (unless you're getting an ARM or interest-only loan). The housing prices might go down for another year or two, then they'll go back up. If you'll be happy there and can afford it, it's the right thing to do because you're living your life and you're happy. And if your payment's cheaper than rent, hey, no problems with that.

One way or the other, if you keep working and saving, 7 years or so down the road your house and savings will be more valuable than they are now, and meanwhile you've spent that time living a life you enjoy. If you were buying as an investment, yes, now's a bad time to buy. Otherwise, this is your life, and if it's not making you broke, go ahead and get started now.
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Old 11-10-2007, 11:33 AM
 
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Thanks for the link, exactly the kind of thing I am looking for. I don't know if I am in a desirable neighborhood (though it is desirable to me, lol) but I think it is a nice neighborhood. It is a middle class neigbhorhood off Wendy and Borchard. It's not Dos Vientos but that's okay by me. I don't expect major appreciation I would just like it to hold value through these strange times and then it can appreciate at a normal pace which will make me happy as a clam.

Quote:
Originally Posted by Roma View Post
Here is a great link for you. I'm looking to move and buy a home on the lake in Westlake, so I'm watching the market myself. You will see from this link that some areas are going down, some are staying the same and some are still going up. No one can guarantee what is going to happen in this market in the future. It all depends on the area and the pacific location of your home. Are you in a very desirable neighborhood? The very desirable places are holding and still going up. Like for us, we want on the lake. Well there are only so many homes on the lake so prices are holding well there. Supply and demand.

venturacountyrealestatetalk.com Blog Archive Ventura County Real Estate, Market Report for July 2007
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Old 11-10-2007, 01:31 PM
 
4,611 posts, read 7,826,599 times
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Well it sounds like it was a smart move for you then. I'm trying to picture the streets but I don't remember the exact corners. It's been awhile since I have been in that particular area. But you seem very happy with your home and town, so to me, that is PRICELESS!! Good for you and congratulations on your new home purchase!!!

I love the whole area and it feels like home to me. One day (hopefully sooner then later) we will be neighbors!!!
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Old 11-10-2007, 04:37 PM
 
Location: Las Flores, Orange County, CA
26,362 posts, read 54,254,978 times
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Quote:
Originally Posted by carolinahereicome View Post
So we decided to buy a home in this crazy real estate market. Very aware of the volatile state of things but this is a market you just can't time. Anyways, we put a lot of money down so our payments are less than if we paid rent even with property taxes and insurance added in. We love the area and we bought the home more to live in than as an investment though we don't want to lose value of course. Just curious if anyone else would buy in this market and their reasons whether yes or no. Do you think homes in this area will remain relatively stable or will sink faster than a body with cement shoes?

I know the area.

Do you have kids? The Conejo Valley School District itself keeps the area extremely desirable.

If you lose your job in Camarillo do you feel confident you can find another one either on the Oxnard plain (Camarillo, Oxnard, Ventura, Mugu, Hueneme, etc.) or the Conejo Valley or perhaps the west San Fernando Valley? If so, then I would think you are in good shape regardless of the housing future (I don't think that area will take too much of a hit - very stable people live in the Conejo Valley, "probably" not a lot of wacky loans, some conservative ex-military people who are from Mugu and Hueneme, engineers, etc.)

You got Borchard park there, Newbury Park HS, and tons of areas to mountain bike and hike without even needing a car to get to them.

The homes there aren't too new so you will probably have maintenance stuff but you did write that you'd be doing some remodeling so I guess you know where you are at.

I think you'll be fine.
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Old 11-10-2007, 08:50 PM
 
22 posts, read 43,208 times
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I am really happy. I absolutely love it here. Ultimately down the line 6 years or so we want to move to Raleigh NC. But, living here is a wonderful compromise until then and who knows maybe this will be so great we won't want to move. Though when we went to look at houses there this summer we almost bought one for $213K, almost 3000 sf, 1 acre backyard, brand new. Absolutely gorgeous!! It was hard to let go of that dream. Son just didn't want to leave his friends here and I didn't have the heart to uproot him. Keep looking I am sure you will find the home that you want. Where do you live now?
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Old 11-10-2007, 09:03 PM
 
22 posts, read 43,208 times
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I have a 14 year old son. He has lots of friends here and I feel good that he lives in what I consider to be a safe place. Sure things can happen anywhere but overall I think the odds our in our favor. He goes to Borchard all the time, once he even biked to the beach. We used to live in the Valley, Winnetka/Canoga Park to be exact and Newbury Park is light years away from that, let me tell you. Well we are in the health care field (nope not a dr or nurse) so in general you can always find something. We have a good savings account in the event of any emergencies. I also just got out of escrow after 9 years in it and can always go back to that when the market gets better. The house we bought has a new roof, new a/c, and new copper plumbing. The owners have maintained it excellently so we should be okay. We will get a home protection policy to cover appliances and such. Where do you live now?

Quote:
Originally Posted by Charles View Post
I know the area.

Do you have kids? The Conejo Valley School District itself keeps the area extremely desirable.

If you lose your job in Camarillo do you feel confident you can find another one either on the Oxnard plain (Camarillo, Oxnard, Ventura, Mugu, Hueneme, etc.) or the Conejo Valley or perhaps the west San Fernando Valley? If so, then I would think you are in good shape regardless of the housing future (I don't think that area will take too much of a hit - very stable people live in the Conejo Valley, "probably" not a lot of wacky loans, some conservative ex-military people who are from Mugu and Hueneme, engineers, etc.)

You got Borchard park there, Newbury Park HS, and tons of areas to mountain bike and hike without even needing a car to get to them.

The homes there aren't too new so you will probably have maintenance stuff but you did write that you'd be doing some remodeling so I guess you know where you are at.

I think you'll be fine.
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Old 11-11-2007, 06:53 AM
 
Location: Las Flores, Orange County, CA
26,362 posts, read 54,254,978 times
Reputation: 16312
Quote:
Originally Posted by carolinahereicome View Post
I have a 14 year old son. He has lots of friends here and I feel good that he lives in what I consider to be a safe place. Sure things can happen anywhere but overall I think the odds our in our favor. He goes to Borchard all the time, once he even biked to the beach. We used to live in the Valley, Winnetka/Canoga Park to be exact and Newbury Park is light years away from that, let me tell you. Well we are in the health care field (nope not a dr or nurse) so in general you can always find something. We have a good savings account in the event of any emergencies. I also just got out of escrow after 9 years in it and can always go back to that when the market gets better. The house we bought has a new roof, new a/c, and new copper plumbing. The owners have maintained it excellently so we should be okay. We will get a home protection policy to cover appliances and such. Where do you live now?
Moved to in between Denver and Colorado Springs - sort of halfway between jobs in both cities. Grew up near Saticoy and Fallbrook in Canoga Park (now West Hills). Lived in Moorpark for about nine years then Lang Ranch in eastern TO for about eight years.

So you can get to jobs between Kaiser in Woodland Hills and St Johns in Oxnard and everything in between including Los Robles in TO.
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