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Old 06-24-2011, 11:36 PM
 
2 posts, read 2,892 times
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Try renting a house in the area to see if you even like it. If you are buying as an investment you will lose a lot of money. But your realtor doesn't care. He (she) just wants the commission.
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Old 06-25-2011, 03:14 AM
 
Location: Escondido, CA
1,504 posts, read 6,150,265 times
Reputation: 886
Quote:
Originally Posted by Arlekin View Post
Hello there (again )
I was watching properties lists and discovered weird listings. Weird, because they're very cheap (~20k/30k$). U can see this listings on Realtor.com
They are in the east part of Escondido (Community name: East Escondido) Does anybody live there? I'd like to read your opinion about this place. :3

Regards!
As others said, Escondido is extremely diverse. Generally and very roughly speaking, the further you get from either Center City Parkway or Washington (and particularly from their intersection), the more expensive it gets. However, 20-30k is way too low for a detached house, even for the worst part of the city. You might get a sufficiently run down, prewar foreclosure 2/1 in ghetto central for 100k. 30k, absolutely no way.

The thing with central, and to a lesser extent Eastern Escondido (and also with many other low-cost areas in CA) is that you'reves up the price:rent ratio. You might get a place for as low as 100x monthly rent. (200x being more typical in California.) But that entails closing your eyes on things like having undocumented immigrants in the house, or multiple families renting one bedroom each, or even having someone live in a garage that's been illegally converted into an extra bedroom.

Finally, 30k might make sense for a condominium, because condo prices are a whole different story. There's normally a HOA (so, you have to cut a check to them every month.) The HOA may be in arrears and they might end up going after owners, that is, you, to collect the money they owe. In any condo complex where units sell for 30k, financial problems at the HOA level are pretty much a sure thing. Extra due diligence is needed before buying any of those.

Once you move five miles in any direction from Center City Parkway and Washington, that's a whole different market.

Last edited by esmith143; 06-25-2011 at 03:26 AM..
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