appreciation value in eastlake/otay ranch area (sales, rent)

[azngrl619]

I am a first-time home buyer, and I am interested in buying my first condo in the otay ranch area. This home is a short term plan for myself and my boyfriend (we plan on living in it for about 3-5 years max). Does anyone have any useful advice on the average appreciation value of condos, and more specifically, condos in the otay ranch/eastlake area? I want to know if this is a good investment. Please advise!

[jkanderson521]

I would not advise you to purchase any condo right now. There is little to no appreciation to be had in the near term and a high risk of further decline, 30% decline from today's prices. You will be better off to save your money and rent for 3-5 years and be able to purchase a home for less than today's prices. Do research on risk factors by PMI or for outstanding analysis of the san diego market, an economist by the name of Rich Toscano (amusingly known as Professor Piggington http://piggington.com)

Be ware of taking any advice from sales people (i.e. Realtors) as their job is to make a comission, which means selling you a home by any means possible. They only make money when you buy your home, and the more expensive the better. Its like taking car buying advice from used car salesmen

With the economy the way it is currently, renting will give you freedom, mobility, and give you the ability to buy a home should prices fall further.

Good luck to you!

[MissNM]

A home is a place to live. Don't count on it being an investment. If you plan to live there 5 years - it may be a good deal, then again, maybe not. We just bought a condo in that area for 1/2 what the original owner paid for it - not much of an investment for them.

It is the lifestyle we are looking for - our own place to decorate the way we want. We have pets and renting can be difficult. For us - it was the right decision. But it wasn't all about the investment.

[ontheGtrain]

You will be losing money on that deal. Bigtime. Rent 4 now.