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Tear-downs in my area are pushing $800,000
Posted by Geoff (more from Geoff) on Thu, 2 Jun 2005 11:13:40
In Reply to: Median home price in CA is now..., Bob M, Thu, 2 Jun 2005 09:22:04
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And appreciation around here (Rossmoyne area of Glendale, CA) has been 10-20% a year for the last several years. And thanks to leverage, for someone like me, who took out an 80% mortgage several years ago, the return on equity (equity now divided by original down payment) has been something like 60% a year. Of course, that is an unrelaized paper gain....
The house next door to me (older 1800sf 3/2 on a 1/6 acre hillside lot with city views) is just now up for lease at $3500 a month with people trooping through it all the time. Equating that $3500 to a mortgage payment, grossed up for say 20% effective icome tax rate, you get something like an equivalent house price of $825-850,000. So, why do so many people here pay rent if they can afford the monthly carry on a house in that price range? Often, the barrier is the lack of a down payment. More people can cover $3500 a month out of pocket than have $150-200,000 in the bank to make the down payment, I guess.
Posts in this Thread:
- Median home price in CA is now..., Bob M, Thu, 2 Jun 2005 09:22:04
- Move to Toledo..., Rod
, Fri, 3 Jun 2005 09:03:19 - in santa barbara is now median 1.3 million :-( nm, baggsly
, Thu, 2 Jun 2005 11:52:23 - We certainly have a lot of Californians moving up here, KBR88900T, Thu, 2 Jun 2005 11:19:01
- Tear-downs in my area are pushing $800,000, Geoff, Thu, 2 Jun 2005 11:13:40 <-- Viewing This Message
- Re: Median home price in CA is now..., Randy Thatcher
, Thu, 2 Jun 2005 10:21:13 - My house went from 150-348 in 1.5 years, NickR, Thu, 2 Jun 2005 10:18:01
- Re: Median home price in CA is now..., GM, Thu, 2 Jun 2005 09:46:43
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