need Chino info (Riverside, San Bernardino: HOA, refinance, credit score) - San Bernardino and Riverside Counties - California (CA) -The Inland Empire - Page 4 - City-Data Forum

jvazjr · 02-26-2008, 04:36 PM

'All RE is local' is just another NAR regurgitated bologny. So you really think the Chino home will drop but the Chino Hills home will be immune to the current crash? (let's call it that, it is what it is).To call a bottom at this point I would say is ludicrous. Personally, I believe it's going to get uglier, everything points to it. Of course areas like Chino Hills will be stickier on the way down but please don't kid yourself that because you are in a newer tract development you will be immune to the drops. Some place will drop less than others, agree, but my point is values will continue to drop across the board and there is no end in sight. We are seeing it now. It would be way premature to call bottom now.

chuck22b · 02-26-2008, 05:18 PM

Hi jvazjr,
I didn't state that we're at a bottom, I was just using your 40% drop percentage with the median house price at the peak to get an approximate figure for a bottom. No one knows for sure when there's a bottom, and when houses will go up or down.

I'm not kidding myself either, i already knew coming into buying a new house in a new development was going to be a risk. And i'm fully aware that there is the potential to drop and continue to drop. What I'm trying to get at is where the bottom can and could be, and to give other readers some thoughts about the Chino and surrounding areas (at least in my experience), instead of just saying oh it's gonna drop, and the world's ending! and there's no foreseeable ending and i should wait forever (btw, life continues on and none of us is getting any younger). i think we have enough people preaching that already.

So through deduction, we've concluded that prices aren't going to be like they were in the 90s (100-200k houses). We've also concluded that current prices for new homes are in the lower to mid 300s. So the hypothetical bottom for median (all) houses should be higher than 200k and lower than 350k. According to Dataquick, that I quoted in another post, median home value in SB County is 297k. With rental homes in Chino ranging from 1600-2200k+, then the home payments for a 300-325k home seems pretty reasonable.

Anyways, I just want people to give some thought about the numbers they spit out and not just make blanket statements and misinform everybody.

I'm not a Realtor, but it's obvious there's opportunities out there for people with good credit and a decent down.

Just my 2 cents,
chuck22b

jvazjr · 02-26-2008, 05:57 PM

Who is misinforming? I am trying to help people to not make a huge financial mistake by buying a home in a severely depreciating area of SoCal just because others say it's Ok because they did it. The facts and numbers do not lie. Prices in the IE are dropping quickly and not you or me know when it will stop. So how can you say no one knows if they will go up or down? They are definitely going down. It just does not make financial sense at all to be buying a home *now* no matter what you or I say. Again, I understand it's tough to accept for people that bought at or close to the peak. But the reality is the reality.

"It is difficult to get a man to understand something when his salary depends upon his not understanding it." Upton Sinclair

jvazjr · 02-26-2008, 06:14 PM

Chuck

Your comments like 'the sky is falling' and 'its the end of the world' tell me you might think I may be exaggerating. It is very ugly out there my friend. And getting worse. You know it. That is why i say good luck to us *all*. We will be needing it out here.

chuck22b · 02-26-2008, 06:14 PM

Hi Jvazjr,
Good quote! I'm not sure where your motives are... but I read a lot of these posts and did tons of research before we bought (can't u tell that im very analytical and well read?), and i'm still ok that we bought. We are enjoying our lives, building our family, building equity and that's more important than price swings in the near and short term or losing money in rent.

Anyways, thank you for your warning to the readers. It definitely is a risk, I never said it wasn't. I'm just stating that it's not all doom and gloom and that price differentials aren't as major as some think. I think this will be my last post to you about prices... I just wanted to give readers an idea about the area. If there are any questions about Chino and the area, besides prices, feel free to ask.

Thanks,
chuck22b

trapspeed · 02-26-2008, 10:57 PM

Thanks Chuck and jvazjr for your comments.

I know that the Preserve is somewhat situated in an undeveloped area, but I was wondering where the closest shopping/retail establishments are, and how long does it take to get there.

Thanks.

chuck22b · 02-27-2008, 12:53 AM

Hi Trapspeed,
The nearest supermarket plaza from here is about 5 minutes away - an Albertsons on the corner of Schleisman and Archibald. The plaza also has a redbrick, carl's jr, 31 flavors BR, subways, a gas station and some other stores. The lot accross from there has a Ralph's plaza planned.

Within 15 mins, towards Eastvale on Limonite (off the 15) is the Eastvale Gateway shopping center that has a Target, Kohls, Best Buy, Home Depot, Edwards 15 theater, Blockbuster, a Vons, a Ralphs accross the street, and a whole bundle of stores. Almost as big as the Chino Spectrum if you've ever been there.

Chino Spectrum that I mentioned is about 15 minutes north west and has a ton of stuff there. The shoppes at Chino, luxury shopping, is slated to complete in the summer (15 mins), and off on Chino Hills Pkwy (about 10 mins) is the new Rancho Del Chino plaza with a Home Depot, JC Penny, and future Circuit City, and other establishments.

All in all, I wouldn't worry about being too far to any shopping establishments. The area is basically rural/suburban with a mix of agri (fields, farms, dairies, nurseries, and equestrian areas) and suburbia with houses, commercial/industrial, and retail within a 5 mile radius. It has a country feel, but I like it since it feels so peaceful.

Best bet if you haven't come down here is to just come and take a look. Otherwise imagine a city like Rancho Cucamonga (newer city), take out thousands of people and traffic, add in some more fields/farms/dairies dispersed around it with a lot of residential development.

Hope this helps,
chuck22b

oh, for your information, if you like ethnic foods or markets... there is a 99ranch (Chinese) that just opened up in chino hills (15mins), Filipino bakery off of soquel canyon (10 mins), Mexican markets in north Chino (15 mins), and of course Farmer's markets during the Spring/Summer. We're still exploring the area so there might be more stuff - and new things are constantly sprouting up.

Unkllars · 02-27-2008, 08:34 AM

Quote:

Originally Posted by chuck22b

Hi jvazjr,
I didn't state that we're at a bottom, I was just using your 40% drop percentage with the median house price at the peak to get an approximate figure for a bottom. No one knows for sure when there's a bottom, and when houses will go up or down.

I'm not kidding myself either, i already knew coming into buying a new house in a new development was going to be a risk. And i'm fully aware that there is the potential to drop and continue to drop. What I'm trying to get at is where the bottom can and could be, and to give other readers some thoughts about the Chino and surrounding areas (at least in my experience), instead of just saying oh it's gonna drop, and the world's ending! and there's no foreseeable ending and i should wait forever (btw, life continues on and none of us is getting any younger). i think we have enough people preaching that already.

So through deduction, we've concluded that prices aren't going to be like they were in the 90s (100-200k houses). We've also concluded that current prices for new homes are in the lower to mid 300s. So the hypothetical bottom for median (all) houses should be higher than 200k and lower than 350k. According to Dataquick, that I quoted in another post, median home value in SB County is 297k. With rental homes in Chino ranging from 1600-2200k+, then the home payments for a 300-325k home seems pretty reasonable.

Anyways, I just want people to give some thought about the numbers they spit out and not just make blanket statements and misinform everybody.

I'm not a Realtor, but it's obvious there's opportunities out there for people with good credit and a decent down.

Just my 2 cents,
chuck22b

Amen Chuck22b! Thank you for sharing your personal experience with us. That is what we need to hear the most. You did your homework, knew what you were getting into, and felt it was worth it still. I commend you for it. I wish everyone would research and weigh the options. I've helped many people realize they need to rent. Also many who should buy or look into buying sometime in 2008, especially with the economic stimulus package appearing for 2008 only. Again, thanks Chuck22b

jvazjr · 02-27-2008, 12:40 PM

Chuck also admitted he was aware that prices have and continue to drop after he purchased. So why would it be such a 'great' deal tp purchase knowing that? Do you want people to overpay for their homes when they can get them cheaper if they wait? BTW..You are the 4th realtor that is using the 'stimulus package' line. Do you really think a tax rebate check is going to restore this crappy housing market? I dont think so.

chuck22b · 02-27-2008, 12:49 PM

Hi jvazjr,
I'm not gonna comment on price anymore. Just commenting on your potential motives on why as a home owner you are discouraging home ownership.

My guess is that:
1) you purchased when it was cheaper
2) you are renting out your houses and depend on the rental income

Well, that's my guess, since you haven't given any information about yourself.

oh, and a comment on your logic (not on price). With a random walk, talking technicals here (ie, stock market, possibly housing market), past performance doesn't predict future performance. For this kinda of market you have to consider fundamentals (ie, rent vs. own, personal incomes, environment, and other ratios that make sense to the buyer).

Thanks,
chuck22b