Reasons not to move to San Diego/Southern CA (Long Beach: income, income tax)

[earlyretirement]

Originally Posted by JosephineBeth

Here are some places that fall within the $85-200K range for 2-3 bdr townhouses

10 Southway, Greenbelt MD | MLS# PG7751014 - Trulia 2 bdr $85K

73 Ridge Road, Greenbelt MD | MLS# PG7751021 - Trulia 3 bdr $115K

32 Ridge Road #H, Greenbelt MD | MLS# PG7709630 - Trulia 2 bdr $89K

Now I'll grant you these ones look like they might need a little remodeling. The townhouse we rent was completely redone - hardwoods, granite counter, all new appliances including nice "he" washing machine, brand new cabinets, fully remodeled bathroom...etc. It would likely price out at close to the $200K because of the upgrades in it. But I can find a $85K one as well - I have already got 20% done in savings - and trying to grow that. My mortgage will be under $600 with another $500 in property taxes and coop fees. All told $1100 is very decent IMHO and it makes renting the worse option.

I don't have a desire to live in a hip area or an expensive one. I like my area and its proximity to the district. If all I had to chose from was somewhere in Montgomery County I would not have moved here - as the costs would be higher...esp. if you think of Bethesda as the Del Mar of the area (it is similar)..I didn't live in Del Mar or La Jolla or any of the other very nice very expensive areas -- so I wouldn't do a cost comparison to those areas here.

Man, those look like some VERY affordable properties. They do look like they need some renovations but still should provide good cash flow via rentals. Is it not a desirable area? How are rentals? Why aren't investors snapping these properties up? I don't know the DC area too well but they look like decent properties for those low prices.

[Cardiff Kook]

i'm not familiar with MD real estate as I live in Arlington VA, but if I found anything like that in NOVA they would definately be worth investing in

[tonyinsd]

Originally Posted by JosephineBeth

Bethesda and that area are really more like Del Mar and La Jolla - a much wealthier area - I mean they aren't exactly the same but pretty close.

Not even close. Potomac, Chevy Chase, and Georgetown are more like it. And you could call Great Falls the Rancho Santa Fe.

You're right that I had my Montgomery County blinders on, but PG County wasn't somewhere that I wanted to live when I bought my place. That was in the early 1990s, and it was not pleasant there.

[Cardiff Kook]

yes, great falls is where all the athletes live. super rich, rancho santa fe style

[JosephineBeth]

Originally Posted by earlyretirement

Man, those look like some VERY affordable properties. They do look like they need some renovations but still should provide good cash flow via rentals. Is it not a desirable area? How are rentals? Why aren't investors snapping these properties up? I don't know the DC area too well but they look like decent properties for those low prices.

The reason investor's aren't snapping is that they are owner occupied. It's a co-op so not meant for rentals. If you want to rent (sub lease) like we are doing you have to petition the co-op with a reason and they can grant/not grant. Out of 3100 I think there are less than 100 rentals (perhaps way less than that) and it is usually temporary and not long term. It was perfect for us to figure out if we wanted to buy in the area and to experience the community.

I had to go through the whole regular buying process just to rent. I consider that a good thing because it does tend to be a much higher standard. I think that is also part of the reason this area of Old Greenbelt (PG County - which is a whole other story) continues to be good. I was a property manager for many years (properties from Mission Valley to Imperial Beach) and my experience is that heavy rentals in an area can bring a different demographic. I never found renters (as a whole...individuals vary) as invested in the property as an owner and it showed. JMHO.

[1AngryTaxPayer]

We have really slow internet.

[ukiyo-e]

Originally Posted by JosephineBeth

The reason investor's aren't snapping is that they are owner occupied. It's a co-op so not meant for rentals. If you want to rent (sub lease) like we are doing you have to petition the co-op with a reason and they can grant/not grant. Out of 3100 I think there are less than 100 rentals (perhaps way less than that) and it is usually temporary and not long term. It was perfect for us to figure out if we wanted to buy in the area and to experience the community.

I owned a Greenbelt Homes in the mid 1970s; I bought it for $18,000. There is restricted appreciation if you don't live there a certain length of time, so when I left to take a job in another state, I hadn't lived there long enough be allowed to sell at a profit. In fact, I had to get permission to sell, period. It's not like free market housing; the development come with a lot of restrictions. In fact, compared to SFH in the DC area (which I owned later), if a house such as the 2 BR I owned is going for only $85K almost 40 years later, it has been a terrible investment, especially with the the monthly co-op fees, compared to the SFH my brother bought in the northern VA suburbs.

[veronicax]

When I visited last April I felt the traffic was very reasonable for the population !!

[NoTimeToTalk]

You can order just about anything online and have it shipped to your home. You can even do things like deposit checks from home via iPhone applications. Doing these things save a lot of time driving and sitting in traffic.

[rhalld38]

I know this is bit late to post but I just found this after being away from this site for a few years. The poster thinks SD traffic is bad, try driving on the Kennedy Expressway in Chicago where dowtown begins or before either inbound or outbound traffic, all the way out to O'Hare. That is traffic that is bumper to bumper for almost or just about an hour and that is rush hour traffic either in the mornings or in the afternoons.