Mill Valley Monument to Mediocrity
Another reader submission. This nothing-special house is in Mill Valley and was built in 1944. There are a gazillion of these in Marin. But this "monument to mediocrity" is only $980,000.
posted by Marinite at 10/25/2005 05:21:00 PM
2 Comments:
Let's say you're a well-paid Bay Area professional making over $200K per year*. For all that hard work (and probably long hours), shouldn't one reasonably expect a rather luxurious, comfortable home is within reach?
Disappointingly, this "momument to mediocrity" is about all the house you should responsibly afford (at 20% down, 6% fixed, 35% of gross income). Sure, it was built for blue collar workers in '44, but we should be glad to live in Marin, right?
Given the situation, which would you do:
1. Wait for the market to sort itself out (and save a bundle renting)
2. Relocate your job, make 70% of current salary, and still be able to afford a much nicer home.
3. "Live for today", and get an interest-only mortgage for a place in Tiburon, because we all know "real estate only goes up".
*Btw, this is more than Alan Greenspan makes/year.
This home was last sold on 12/98 for $390K
Now, that's one hefty markup.
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