Pittsburg vs Antioch vs Bay Point - which city is better? (Oakland: crime rates, houses)

[bayareaguy925]

Originally Posted by aslowdodge

Well that's all very well and fine except for your part about the $100K going to $400K. I honestly believe you will not see any appreciation in 5-7 years. I think in 5 years most properties in decent areas will be worth what the are today give or take 5%. I think with the next wave of subprime loans coming up it will push prices down for the next 3 years at least. Over the long term it will go up, but not in 5 years. You would have to see 30% appreciation each year from now to see that $400K. That is just unrealistic in this economy. Heck we didn't even see that on the last bubble Also keep in mind the lower priced areas like you are looking at tend to get thrashed the worst when thing head south-why do you think you are getting a deal now.
If thing do go south and your $100,000 drop to $80,000 , you will be holding the bag, not the bank this time. If you had a property go upside down on you now from $400K to $150K, you must see that there is a possibility for a similar thing to happen again on this condo.

BTW taxes run about 1.25 % so your $1200 is off. Most HOAs are from $150 on up. so figure $1,800 HOA and 1,250 taxes = $3054 a year or $254 a month, not the $100 a month you calculated.

Better think again.

Hi there, actually there's already price increase happening in the contra costa county, approximately $10,000-$15,000/month. I'm watching market for the past 6 months, and see that prices increased. The best time to buy a property was Aug 2009. That was the bottom. Eventhough people are saying that it's not a bottom yet, that MAYBE banks will throw bunch of foreclosure properties on market which will make prices to go down again, but its 50/50. If they will, I don't think that $100,000 condo will go down a lot, $800,000 houses can go to $500,000, but $100,000 I doubt will go to $40,000-$50,000.

When I said $100 months I meant Property Taxes only.
My HOA is $260/month right now, so, i'm expecting it to be around that, so, let's do the math: i'm paying right now 1.25% on $400,000, which is 400000*0.0125=$5000/year property tax.
for $100,000*0.0125=$1250 (year) or $104/month
5000-1250=$3750 that I will save in 1 year on just property taxes.
Let's divide what I would save to 12, 3750/12=$312.5 a month.
So, I will have $312 to pay for property tax ($104) and HOA ($208).
I might have to add $100 extra if HOA is high.
But, I will save $30,000 each year, just on mortgage!!!

PS: I checked Antioch, Pittsburg, Bay Point last and this week.
Decided not to move there, very "dark" there.
Now, thinking to get a place somewhere in Concord, maybe to buy out my place through my relatives, not sure. Still checking out properties, but it's hard to buy nowadays, cuz' there are way too many investors with cash, who buy properties under $300,000 for cash.
Eh, hope I get lucky.

I'm checking Paragon MLS database everyday, mostly trash places like oakland, richmond, etc... (oakland there are many houses for $90,000 3-4 bedrooms, 2 bathrooms, 2 levels, on from 12th street to 98th street), freaking ghetto...

Walnut Creek, only Rossemore community for 55+ order

[jbunniii]

Originally Posted by bayareaguy925

but i put my place on a short sale.

Wow, so you're basically a deadbeat who is seeking to stiff your bank/lender, despite your admitted ability to pay (what was that about planning to pay cash for your new place?) You don't exactly sound like the ideal neighbor yourself, but you want to judge other people based on their skin color? Amazing.

[Uptown Oakland]

Originally Posted by jbunniii

Wow, so you're basically a deadbeat who is seeking to stiff your bank/lender, despite your admitted ability to pay (what was that about planning to pay cash for your new place?) You don't exactly sound like the ideal neighbor yourself, but you want to judge other people based on their skin color? Amazing.

The most racist people usually tend to be the biggest social losers.

[bayareaguy925]

Originally Posted by jbunniii

Wow, so you're basically a deadbeat who is seeking to stiff your bank/lender, despite your admitted ability to pay (what was that about planning to pay cash for your new place?) You don't exactly sound like the ideal neighbor yourself, but you want to judge other people based on their skin color? Amazing.

why would i pay extra money even though i can, if i can pay muuuuuuuuch less? there are over 3,000,000 foreclosures in the country, and do you really think that they all so desperate?
i'm not judging based on people's skin color, but their behavior. its just black/brown people are more into criminal/doing drugs, than other races (and yes, other races are not perfect!!!).

[aslowdodge]

Originally Posted by bayareaguy925

Hi there, actually there's already price increase happening in the contra costa county, approximately $10,000-$15,000/month. I'm watching market for the past 6 months, and see that prices increased. The best time to buy a property was Aug 2009. That was the bottom. Eventhough people are saying that it's not a bottom yet, that MAYBE banks will throw bunch of foreclosure properties on market which will make prices to go down again, but its 50/50. If they will, I don't think that $100,000 condo will go down a lot, $800,000 houses can go to $500,000, but $100,000 I doubt will go to $40,000-$50,000.

When I said $100 months I meant Property Taxes only.
My HOA is $260/month right now, so, i'm expecting it to be around that, so, let's do the math: i'm paying right now 1.25% on $400,000, which is 400000*0.0125=$5000/year property tax.
for $100,000*0.0125=$1250 (year) or $104/month
5000-1250=$3750 that I will save in 1 year on just property taxes.
Let's divide what I would save to 12, 3750/12=$312.5 a month.
So, I will have $312 to pay for property tax ($104) and HOA ($208).
I might have to add $100 extra if HOA is high.
But, I will save $30,000 each year, just on mortgage!!!

PS: I checked Antioch, Pittsburg, Bay Point last and this week.
Decided not to move there, very "dark" there.
Now, thinking to get a place somewhere in Concord, maybe to buy out my place through my relatives, not sure. Still checking out properties, but it's hard to buy nowadays, cuz' there are way too many investors with cash, who buy properties under $300,000 for cash.
Eh, hope I get lucky.

I'm checking Paragon MLS database everyday, mostly trash places like oakland, richmond, etc... (oakland there are many houses for $90,000 3-4 bedrooms, 2 bathrooms, 2 levels, on from 12th street to 98th street), freaking ghetto...

Walnut Creek, only Rossemore community for 55+ order

well you know your situation better than I, but depending who you talk to $100K condo could drop to $40 K , but I think if it drops $70 K would be it. Hey look at Detroit. Avg home at $49K dropped to $6K.
I know there has been a spike in prices on the lower end, but that was because banks are still holding inventory making the supply tighter and thus holding prices. The question is - Can they hold all the extra inventory from the next wave of readjustments on loans over the next few years? They're metering out inventory now, but what happens in the inventory soares and they can't hold all the inventory? Just remember there are people getting foreclosed on because they can't afford it. Add people like you that are walking not because they can't afford it, but simply choose not to.

Will the bank actually let you out of the loan for $400K? It seems like if you have income that can afford the payments now and $100K saved they would be reluctant-but then again I don't know how you report income or how you have your cash put aside. I would think they would only let you out if you had no money to pay.

But let us know how it works out. Be interesting.

[bayareaguy925]

Originally Posted by aslowdodge

well you know your situation better than I, but depending who you talk to $100K condo could drop to $40 K , but I think if it drops $70 K would be it. Hey look at Detroit. Avg home at $49K dropped to $6K.
I know there has been a spike in prices on the lower end, but that was because banks are still holding inventory making the supply tighter and thus holding prices. The question is - Can they hold all the extra inventory from the next wave of readjustments on loans over the next few years? They're metering out inventory now, but what happens in the inventory soares and they can't hold all the inventory? Just remember there are people getting foreclosed on because they can't afford it. Add people like you that are walking not because they can't afford it, but simply choose not to.

Will the bank actually let you out of the loan for $400K? It seems like if you have income that can afford the payments now and $100K saved they would be reluctant-but then again I don't know how you report income or how you have your cash put aside. I would think they would only let you out if you had no money to pay.

But let us know how it works out. Be interesting.

well, as you know that first of all, many people put expenses on tax returns and instead of paying taxes, they get refund. Then, in my situation, short sale been approved, means i showed them that i have no money.

ps: $100,000 condo could drop to $40,000, if i'd buy it at the peak, but that $100k condo was worth close to $300k in 2005-2006, its already went down by $200k, will it go down more? maybe/maybe not.
and nobody knows if banks will let their foreclosed homes out on the market, or will they hold it 'till the good time (when the prices be high again). thats why i said its 50/50, if banks wont have enough money, they will let them out, otherwise, they'll keep them.
i have money, and of course its not on my bank's accounts, cuz' like you said, bank won't let me do the short sale.
and NO, i won't put my name on the deed right away after i purchase a new place, it'll be my relative, then... after maybe a year or so, i'll add myself on the deed.
i'll keep u posted.

[bayareaguy925]

seriously guys, if you'll have a chance to change ur 1bd condo on 2-3 bedroom, will you do it? maybe i'm selfish and let the bank lose money, but, the first thing i'm thinking is my family, which most of you do too. so, don't judge.

[jbunniii]

Originally Posted by bayareaguy925

seriously guys, if you'll have a chance to change ur 1bd condo on 2-3 bedroom, will you do it?

Not if it involved defaulting on a financial obligation that I signed up to. The ethical thing to do if you want out of the house is to man up, save enough cash to cover the difference between the present value and the mortgage balance, pay the bank its cash, and try to buy more intelligently next time.

[bayareaguy925]

Originally Posted by jbunniii

Not if it involved defaulting on a financial obligation that I signed up to. The ethical thing to do if you want out of the house is to man up, save enough cash to cover the difference between the present value and the mortgage balance, pay the bank its cash, and try to buy more intelligently next time.

and if you don't have enough cash to cover the difference, you'll let YOUR family, YOUR kids stay in 1 bd? where they won't have enough space? where your kids have to do their homework on the coach or kitchen table, and sleep together in 1 room, instead of them having their own room, their own table, etc?

sure, its your choice

[jbunniii]

Originally Posted by bayareaguy925

and if you don't have enough cash to cover the difference, you'll let YOUR family, YOUR kids stay in 1 bd? where they won't have enough space? where your kids have to do their homework on the coach or kitchen table, and sleep together in 1 room, instead of them having their own room, their own table, etc?

sure, its your choice

Just as it was your choice to pay $400k for a one-bedroom condo, and to have kids while living there. Why should the bank (and ultimately taxpayers) pay for your choices?