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Buying / Selling in Stockton?

By globe33   Follow   Wed, 16 Mar 2011, 11:25pm   841 views   15 comments
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Anyone have experience with purchasing/selling properties in Stockton? This is the poster child for depressed California real estate, but I'm wondering if this is a good time to purchase something relatively cheap. The properties I am looking at are in the nicer side of Stockton (200-300K range)

thoughts?

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1. thomas.wong1986 Follow Befriend 16 threads 4,426 comments

   1   9:06am Thu 17 Mar 2011   Share   Quote   Permalink   Like   Dislike   No experience with Stockton, but there are some nice deals out there. Congrats and good luck. As always bargin hard.. there lots of inventory. This one is listed at 199K. Certainly much better than paying $450K. Property History for 1904 Amarillo Way Date Event Price Appreciation Source Oct 21, 2005 Sold (Public Records) $466,500 -- Public Records

2. iwog Follow Befriend (48) 272 threads 12,438 comments 47 male Lafayette, CA Premium

   2   9:22am Thu 17 Mar 2011   Share   Quote   Permalink   Like   Dislike   Protected   Stockton is a tough call. Personally I'd much rather buy in Sacramento where prices are similar and there's a much better economic base. I lived in Tracy for about 4 years and traveled to Stockton often. The North half is fine, but the south half is a scary place indeed.

3. thomas.wong1986 Follow Befriend 16 threads 4,426 comments

   3   10:01am Thu 17 Mar 2011   Share   Quote   Permalink   Like   Dislike   iwog says but the south half is a scary place indeed. LOL! So is the nice part of Los Altos Hills, heaven forbid you get into a mear fender-bender with a locals, they are lawsuit happy and will try to go after everthing you own because they have a scratch on their chin...And Im speaking from personal experience.

4. Katy Perry Follow Befriend 8 threads 530 comments Murrieta, CA

   4   10:03am Thu 17 Mar 2011   Share   Quote   Permalink   Like   Dislike   Buy near employment.

5. thomas.wong1986 Follow Befriend 16 threads 4,426 comments

   5   10:21am Thu 17 Mar 2011   Share   Quote   Permalink   Like   Dislike   Katy Perry says Buy near employment. Employers are moving to lower cost areas. Hard to imagine for many someone Intel would have set up more jobs outside of SV but there you have it.

6. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

   6   10:37am Thu 17 Mar 2011   Share   Quote   Permalink   Like   Dislike   Katy Perry says Buy near employment. You mean outside CA, right?

7. E-man Follow Befriend (31) 34 threads 2,542 comments San Jose, CA Premium

   7   11:42am Thu 17 Mar 2011   Share   Quote   Permalink   Like   Dislike   Protected   I'm with Iwog & SF ace. Sacto and Elk Grove are a better bet than Stockton. You could buy them for 80% of fair market value all day long if you work with a good Realtor (TM) up there. However, buying a $200k-$300k home to rent out for $1,200 to $1,500 doesn't sound too appealing for me. An RE agent I work with called me recently about one of his duplex listings in Sacto for $80k. Potential rent is $1,500 for both units. I turned it down because it's too much of a hassle & I don't know the area well enough to evaluate it. You do not want to be a long distance landlord. Trust me on this. Thomas, I'm with you about some people living in the "Fortress" areas. Back in 1998, we broke a 3-inch tree limp while backing up into a driveway to do an investigation for the owner. The owner sued our company for $25,000, and we settled for $2,500. Damn, that was one expensive limp :) Bubblesitter, Do you ever have anything positive to say? You're a funny dude, but everything comes out of your mouth is negative.

8. thomas.wong1986 Follow Befriend 16 threads 4,426 comments

   8   12:18pm Thu 17 Mar 2011   Share   Quote   Permalink   Like   Dislike   Sact.Elk Grove or Stockton.. no matter where .. but how much is the bigger question! As always go back to prebubble years and factor in inflation.. and there you have it. Bargin hard, as always which will reduce your risk exposure... Wont hurt to take off 10-15% from asking if you can. http://www.housingbubblebust.com/OFHEO/Major/CenCal.html

9. thomas.wong1986 Follow Befriend 16 threads 4,426 comments

   9   12:21pm Thu 17 Mar 2011   Share   Quote   Permalink   Like   Dislike   E-man says The owner sued our company for $25,000, and we settled for $2,500. Damn, that was one expensive limp I feel your pain! There is alot of this going on in Los Gatos.. Jez!

10. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

    10   12:25pm Thu 17 Mar 2011   Share   Quote   Permalink   Like   Dislike   @E-man, Yeah, I have positive to say. You are my investment Guru! :)

11. toothfairy Follow Befriend 40 threads 856 comments Oakland, CA

    11   3:24pm Thu 17 Mar 2011   Share   Quote   Permalink   Like   Dislike   im no expert on Stockton but I've gone house hunting there for investment purposes. I swear one street I was looking on nearly every other house had a foreclosure sign in front of it. The nicer areas aren't bad if I happened to live in Stockton I'd buy a place there in a second just because I happen to not like renting. You have to be ready to lose money though for Stockton it could get worse before it gets better. I'd feel better about Stockton if they had plans for high speed rail but last I heard the rail is going to bypass Stockton.

12. Katy Perry Follow Befriend 8 threads 530 comments Murrieta, CA

    12   3:30pm Thu 17 Mar 2011   Share   Quote   Permalink   Like   Dislike   bubblesitter says Buy near employment. You mean outside CA, right? HA HA! where is that then? Atlanta? NY? Seattle?

13. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

    13   4:30pm Thu 17 Mar 2011   Share   Quote   Permalink   Like   Dislike   Katy Perry says bubblesitter says Buy near employment. You mean outside CA, right? HA HA! where is that then? Atlanta? NY? Seattle? Okay, just tell me where are the jobs? :)

14. thomas.wong1986 Follow Befriend 16 threads 4,426 comments

    14   5:54pm Thu 17 Mar 2011   Share   Quote   Permalink   Like   Dislike   toothfairy says You have to be ready to lose money though for Stockton it could get worse before it gets better. Why Toothfairy, are you suggesting that home prices in parts of the CA could sink to zero? We arent yet at a Bottom even in 2011? What ever happened to 2009 as the Bottom ? Shocking revelations and confessions from a RE bull/vested interest !

15. thomas.wong1986 Follow Befriend 16 threads 4,426 comments

    15   5:58pm Thu 17 Mar 2011   Share   Quote   Permalink   Like   Dislike   Katy Perry says HA HA! where is that then? Atlanta? NY? Seattle? Highest paid SV (CA) jobs are held by your typical salesman working for Tech Companies outside of CA. Can be and are often found in Atlanta, Seattle, Texas, Maine and all points between. And they make a heck alot more than me...