Let ocean breezes keep you cool all summer
Ready to buy your first home in the San Diego area?
Now may be the best time to buy: Interest rates AND real-estate prices are low
In an auction, the buyer sets the price
Almost all the condos are fully furnished
Buy a fully warrantied new condo, not an "as is" home in foreclosure.
Are you an investor? Generate a positive cash flow in your first year of investing in a condo
Want to live near a community college? Live across the street from Southwestern College.
Save on gas! Live a ten-minute walk from the San Diego trolley
To acquire a new home at Bayview Tower, take these steps:
Download the auction brochure.
Pick the condo, furnishings, decor and starting bid that are right for you
Get ready for the condo auction on May 17, 2008.
Come to the condo auction at the San Diego Marriott Mission Valley at 12:00 noon on May 17, 2008.
Auction site: San Diego Marriott Mission Valley, May 17, 2008
san diego foreclosures
san diego bargains in real estate
san diego real estate
san diego coastal real estate
trustee sales
trust deeds
mortgage bargains
san diego real estate auction
national city auction
san diego county foreclosures
san diego trustee sales
U.S. Government policy and IRS tax regulations promote and subsidize home ownership. With a rent- versus-buy calculator, you can estimate how much money you will save if you buy a home instead of renting a comparable property.
Official U.S. Government policy is to promote home ownership. The government believes widespread home ownership makes for stronger communities and a stronger nation. Accordingly, IRS tax regulations allow you to deduct your mortgage interest payments from your taxable income.
Deduction of interest payments from taxable income usually makes it cheaper on an after-tax basis to own a home in the U.S. than to rent a comparable home.
Whether and how much cheaper it is for you to own than to rent depends on your marginal tax rate and a combination of other factors. Internet calculators can give you your marginal tax rate and calculate whether you would be better off renting or buying a home.
Find your marginal tax rate
To find your marginal tax rate based on your income, filing status, number of dependents and itemized deductions, click here.
Calculate dollar difference between renting and buying
A rent-versus-buy calculator calculates— over the life of a mortgage— the total cost of renting a place to live, the total cost of buying a home and the dollar difference between the two. If buying is cheaper than renting, then buying is the wise thing to do.
Rent-versus-buy calculators require you to make assumptions, enter data and supply estimates. For representative one- and two-bedroom Bayview Tower condos, the links below take you to results of rent- versus-buy calculations.
These results are based on conservative data and estimates. After you go to a results page, at the top of the page, you can click Back to Calculator and modify the input data and estimates. In particular, you will want to replace the rent estimate with whatever rent you are paying currently. You will want to replace the 25% marginal tax rate used with your marginal tax rate.
When you go to revise the input numbers, the calculator asks for an estimate of an annual home owner’s insurance premium. At Bayview Tower, there is no annual home owner’s insurance premium. It is covered by the Home Owners' Association (HOA) dues.
At the same time, the calculator contains no input field for HOA dues. Hence, in the input, we substitute HOA dues for annual home owner's insurance premium.
At Bayview Tower, for a one-bedroom home, HOA dues are $285 per month. For a two-bedroom home, HOA dues are $375 per month.
The property tax rate is 1.06% of the assessed value of the property.
Representative rent-versus- buy estimates and calculation for Bayview Tower one-bedroom home
| Rent Assumptions | |
| Monthly rent payment | $650 |
| Additional monthly fees | $0 |
| Monthly renter's insurance premium | $50 |
| Annual rate increases: | 3.5%
|
| Purchase Price of Home | |
| Purchase price of home | $150,000 |
| Annual appreciation rate: | 3.5% |
| Amount of loan | $135,000 |
| Annual interest rate: | 5.9% |
| Number of years | 30 |
| Annual home owner's insurance premium (Substitute HOA for Bayview Tower) | $3,420 |
| Annual property taxes | $1,590 |
| Annual maintenance cost | $0 |
| Other Assumptions | |
| Number of years for the comparison | 30 |
| Marginal tax bracket: | 25% |
| Before tax return on savings: | 5.9% |
| Assumed annual inflation rate: | 3.5% |
| Calculation Results | ||
Rent |
Buy |
|
| Total cost: | $433,630 |
$399,725 |
| Present value: | $243,478 |
$224,737 |
| Save by buying: | $18,741 |
|
Given these estimates and assumptions, over a thirty-year period, the total cost of renting a one-bedroom home is $433,630. The total cost of buying a one-bedroom Bayview Tower at auction is $399,725.
When we convert these values to present values, you would be better off buying than renting by an amount of $18,741.If you pay more than $650 per month in rent now, your savings would be greater.
View detailed results using this input for a representative one-bedroom Bayview Tower condo.
At the top of the results page, click Back to Calculator. Modify the input data and estimates to match your current rent and other personal data.
Click Submit at the bottom of the input table.
Representative rent-versus- buy estimates and calculation for Bayview Tower two-bedroom home
| Rent Assumptions | |
| Monthly rent payment | $850 |
| Additional monthly fees | $0 |
| Monthly renter's insurance premium | $70 |
| Annual rate increases: | 3.5% |
| Purchase Price of Home | |
| Purchase price of home | $200,000 |
| Annual appreciation rate: | 3.5% |
| Amount of loan | $180,000 |
| Annual interest rate: | 5.9% |
| Number of years | 30 |
| Annual home owner's insurance premium (Substitute HOA for Bayview Tower) | $4,500 |
| Annual property taxes | $2,120 |
| Annual maintenance cost | $0 |
| Other Assumptions | |
| Number of years for the comparison | 30 |
| Marginal tax bracket: | 25% |
| Before tax return on savings: | 5.9% |
| Assumed annual inflation rate: | 3.5% |
| Calculation Results | ||
Rent |
Buy |
|
| Total cost: | $569,914 |
$529,870 |
| Present value: | $320,000 |
$297,910 |
| Save by buying: | $22,090 |
|
Given these estimates and assumptions, over a thirty-year period, the total cost of renting a two-bedroom home is $569,914. The total cost of buying a two-bedroom Bayview Tower at auction is $529,870.
When we convert these values to present values, you would be better off buying than renting by an amount of $22,090. If you pay more than $850 per month in rent now, your savings would be greater.
View detailed results using this input for a representative two-bedroom Bayview Tower condo.
At the top of the results page, click Back to Calculator. Modify the input data and estimates to match your current rent and other personal data.
Click Submit at the bottom of the input table.
Southern California Coastal Condo Auction Saturday, May 17, 2008.
Open House Hours| Monday: | 12:00 noon | - 6:00 pm |
| Tues - Sun: | 10:00 am | - 6:00 pm |
Bayview Tower
801 National City Boulevard
Corner National City Boulevard and East 8th Street
Phone (619) 399-3885
Email bayviewrep@coastalcondoauction.com
Almost all units to be auctioned are fully furnished.
Download free brochure of condos to be auctioned
Things to do and see in San Diego