Going to go look at condos on the Water in Ventura, CA tomorrow

[Hugh R]

Invested in the stock market, CD rates are like 0.55% to lock your money up for at least a year. So I might as well diversify and look at real estate. Tomorrow, we're driving an hour up to Ventura to look at condos on the water. Prices are down, but not cheap. I can keep it for a weekend place, or rent it out full time, the places I'm looking at don't allow vacation rentals per their C,C&R's. One bedroom and 1 or 2 baths 1,000 to 1,400 sq. ft. with a patio facing directly on the harbor. $220K to $250K is my budget.

[aigel]

Hugh,

Isn't that a bit desolate in terms of jobs? You will want tenants that can afford it. The pricing sounds great however for anything on the water remotely close to LA.

G

[Hugh R]

Ventura isn't desolate by any means. Ventura area has a LOT of money. I'm talking the end of Victoria Avenue in Ventura. Occupancy rates are quite high in the area, like 97%. I figure $40-$50 large as a down payment, and with a 30 year mortgage (my time horizon is about 7) but for cash flow purposes, around $1,000/month, plus taxes, utilities and HOA dues, or about $1,500/month. If I rent it fine, I'll get capital appreciation, on the down payment. If worst comes to worst, $1,500/month isn't a stretch at all. My short term goal is to possess it for the Summer and then rent it out full time. If it goes up 1%-5% in a year (say $2,000 to $10,000) then my $40,000 down payment investment went up 5% to 25% or so, HOA dues, taxes, utilities and writeoffs not withstanding. That's better than the 0.55% my credit union is offering on the same money. From my perspective, I have the money sitting and earning nothing. why not get a potentially greater return and if worst comes to worst, I have a water front piece of property that I can enjoy an hour from my house? In the middle of the Summer I can go from inland with temps of as high as 110 to a beach place an hour away where its 75-80 degrees. Hell I'll save that much on air conditioning!

[craigster59]

The end of Victoria is Silver Strand (technically Oxnard) and there's some nice ones at Hollywood Beach and Oxnard shores.
There's good deals to be had in Hueneme also, you'd probably get a screaming deal there.

[LSA]

Welcome to my neck of the woods. I'm a little confused though, Victoria ends in Ventura nowhere near water front in the Ventura foothills. Are you talking about the newer track of condos that's on the Oxnard end?

lol Craig beat me too it, yeah south end of Victoria is Silverstrand (where I live) although Victoria changes names a few times once you get on the beach. Of the three beaches I would recomend Hollywood Beach. I would stay away from Oxnard shores and parts of Silverstrand.

[craigster59]

If it's where I think it is, those were apartments converted to condos about 7-10 years ago, overlooking the entrance to Oxnard Harbor. Mandalay bay is pricier along with the condos at California street along the promenade.

[LSA]

I was thinking of the ones off of wooly where they extended the Channel Islands harbor.

[Baz]

Oxnard Shores in '03 - I was visiting my friend Jack who has a house there.

I love that area!

The Strand is a pretty decent break too BTW

[Baz]

[Hugh R]

I used to own a small house on Glendale in Silver Strand. Sold it 15 years ago due to financial distress, sort of ( I wish I'd never sold it). I'm looking at Hollywood Beach area.

[Baz]

Look familiar?

[LSA]

Lol, Hugh that's just a couple streets down from where I live, small world. Hollywood beach is nice, my good friends live on Hb I'm over there a lot.

My bridge! There's a yacht club behind you to the right that my friends teach sailing at during the summer and that's the fire station on the right down the bridge.

[Baz]

This is what I love about California....the hills! Ventura Pier.

[Baz]

[recycled sixtie]

My wife and I bought a condo in our local area - it is for over 50's and it is a 4 level. Don't forget condo fees, etc. Is it one level? Only consider it if you would live there yourself. There may be restrictions on renting. Check the condo bylaws. I really don't think that I or my wife could live in our condo because of the politics. Fortunately it is rented out to a very nice tenant. We get 3percent rate of return, no big deal but is tax free because of CCA. Proceed with caution! Consider renting in the area first to see if you like it.

[Zeke]

Ventura is nice. Nice harbor area and great weather. It gets freakin' hot over at Hugh's house.

[craigster59]

Don't forget to have lunch at Brophy Bros. in Ventura Harbor. Great view and great calamari and oysters...

[Hugh R]

I can drive the Targa up the 126 highway an hour and see a 30 degree drop in temps in the summer. I know Ventura very well. We plan on leaving LA in about 7 years and move to a low tax state. This will give me a 180 day per year CA tax free place to live and visit my friends and kid.

Recycled sixtie: Yeah the $1000/month mortgage and the $500/month utilities, taxes and HOA dues figure into it.

[LSA]

Yeah, Brophy's is good. On Hollywood beach for sea food there's SeaFresh which I like. I know all those pictures, In Craigs shot of Ventura harbor the red roofed building on the very left is the Greek restaurant my sister works at that was one of Gordon Ramsy's shows and in Baz's last picture that's the aforementioned Yacht club in the bottom right and barely visible is the flat little dirt lot my friends and I race our 50ccdirt bikes on, lots of fun.

[Hugh R]

This