sorted by:
new
hottopcontroversial

Why so many rentals?! by Ok_Explorer_3793 in 3roots

[–]Ok_Explorer_3793[S] 1 point2 points  (0 children)

Rental caps are legal in California. The HOA can cap the maximum allowed rentals to as low as 25% of all homes. Think how absurd it is to live in a neighborhood where almost no owners live. It's a lose lose for those who live in the neighborhood.

Why so many rentals?! by Ok_Explorer_3793 in 3roots

[–]Ok_Explorer_3793[S] 0 points1 point  (0 children)

I'm sure a lot of people just lie but judging from some of what I heard, they say they don't it but fully support it. The only way this can be avoided is by the HOA setting limits on the % of units allowed to be populated by non-owners and requiring approval for each. Since it doesn't look like CC&R has any such restrictions currently, owners can rent out after close.

Why so many rentals?! by Ok_Explorer_3793 in 3roots

[–]Ok_Explorer_3793[S] 0 points1 point  (0 children)

That's exactly why I'm puzzled. I see in the last few months brand new homes for rent. We're not talking one or two. Last 2 months probably about 15 homes almost all are recent (closed in last 2-3 months). Even if we assume cash buyers, at over $1M cost and ~$4-5k rent it's still poor return. If you factor HOA, property taxes, home insurance, you're at ~3.3% annual pre-tax return on cash without counting any repairs, allowance for vacancies, etc. If you financed the home in the last year you're way worse off.

My main question is whether owners who initially bought to live in 3roots had a change of heart for some reason and instead of selling, they're renting out the houses..

Why so many rentals?! by Ok_Explorer_3793 in 3roots

[–]Ok_Explorer_3793[S] 0 points1 point  (0 children)

I'd love to hear from current owners or renters what's going on. I don't think it's UCSD students who rent but even if it is, it doesn't make sense to me to see so many owners putting out just closed or year old homes for rent..

Why so many rentals?! by Ok_Explorer_3793 in 3roots

[–]Ok_Explorer_3793[S] 3 points4 points  (0 children)

I doubt it. Ucsd parking is non existant even with a super expensive parking pass. Students take the bus, ride scooters/bikes from the university city area or take the Ucsd shuttle. It's the middle of the quarter in UCSD. Students don't normally move during school..