Pothead Paradise in Fairfax
946 sq ft Fairfax PoS built in 1955. On a "mostly level" lot with "expansion potential" and a possible "pool site". 'Long on promises, short on living space' should be the motto for this one. Laundry hookups only in the garage (detached), formica counters, and the shower-over-the-tub thing no less. Also comes with "67' of [seasonal] creek frontage" (better have flood insurance). Wow! It's your basic, small, no frills house way out in the boondocks. Come live the perfect Marin PoS lifestyle! It only costs a pittance really at $739,000.
posted by Marinite at 1/10/2006 01:48:00 PM
24 Comments:
I'm thinking of getting that place as an investment. Let's see, 10-year I/O payment at $4000/mo, rent it out to a pothead for $1500/mo. Negative cashflow you say? No worries, I will sell it for $2,000,000 at the end of the I/O based on 10% YOY appreciation which is guaranteed in Marin.
Easy money, guys. Buy up as many POS's as possible before you are priced out!!
LOL!
Then again, if you're riding a wave of Marin inheritance money, who cares about "negative cash flow" anyway?
Love this blog!
-it really helps me to keep my chin and spirits up here in the midst of our very own RE nightmare.
Thankyou thankyou thankyou
Yeah, this is particularly egregious example of "irrational exuberance".
Keep your eyes peeled -- this will languish on the market for a long time before either:
a. Being pulled off the market
b. Selling for $600k (which still sounds ridiculous but I don't think anyone sells for half of asking price)
Seriously, we should start a betting pool on the actual sales prices of these PoS's. Way more fun than online poker!
Then again, if you're riding a wave of Marin inheritance money, who cares about "negative cash flow" anyway? -reskeptic
You raise an excellent point -- I have wondered: if a Great Wealth Transfer occurs as baby boomers die off and their heirs (Generation Y) inherit huge amounts of money, whether a large portion of that will get funneled into real estate and further propel RE prices?
It would be cool to put the current status of each POS on the blog: whether it sold, is actively listed (along with the original listing date), pending, etc.
Marin inheritance is for sure driving the market.
The low reproduction rates of the WASPy marin types tends to concentrate inheritance in a few lucky (and from my perspective - somewhat lazy and unoriginal) heirs. Real estate is the perfect venue for them to dump their windfall. I have witnessed this with at least three sets of friends here in marin, and I have a very small circle of acquaintences...
Many of those parties have recieved their grandparents smallish inheritances over the past couple of years. Based on their career decisions, it is clear they are waiting for the big payoff when their parents checkout. Pretty sad what this does to the overall societal structure of an area - work ethic, values, etc. But at least they "own" nice houses and take lots of vacations to mexico and costa rica.
Sounds like my brother's life plan...hang out until the parents die. Receive inheritance. Then do more of the same except "in style".
But wait!?!
$2500/month negative cashflow before taxes and maintenance?
No problem - you guys/gals forget... it's in Marin.
You can actually live there. You can wear shorts in January playing golf and drive 4 hours to go skiing from this sh**hole Paradise in Fairfax!
Right, you can wear shorts on the golf course and surf without a wetsuit.
Of course, you will freeze your backside off.
Why would you ever want to go skiing when there are such world class surf breaks as chron and stinson? If I golfed, I am sure that I would enjoy the world class links that the county has to offer...like san geronimo and mcinnis.
Too much rampant narcicism here...
Stinson/ Chron worldclass? dude what have you been smoking and where can I get some/ stinson gets good chron is a 2 second ride most days. OB or further down the coast, 4 mile/pleasures lane/ wadell yes , and further north yes but stinson, chron WC no. convenience yes
Ok, so I am no surfer as you can tell from my question:
What the heck is "chron"?
Thanks.
Chron = fort chronkite = southern marin's only surf break. Realistically, it is a very poor place to surf, but it is convient.
Stinson is another awful place to surf. There are a couple of marginal spots in the country further north, but they only break a couple times a year.
Basically, I was (trying) to make fun of the people who say how great marin is because of the excellent pacific coastal access. In a way that is true - there is a scenic coast.
Unfortunately, the marin coast is farely worthless for watersports and beachgoing - despite what many locals maintain.
The diving is no good also
The kiting is fairly decent in Marin. Larkspur fair but stinson gets really good in the spring on a NW
I was just at my uncle's house in Sausalito, and I couldn't believe how junky it really was. I'm sure the "fair market value" would be $800K, and it's a complete joke. You couldn't even renovate it to be nice because the layout is the worst plus the lot size is narrow on a steep slope.
I can relate, now that I'm a fellow POS owner I notice everyone's home details, and you're right alot of homes here are lame w/ poor setups/layouts with little or no potential. I'm now finding that my POS has major potential compared to a few others I've seen on here. BTW I'm the owner of the post titled "tabula rasa"
Given that I'd rather live here and pay/make more than live in fresno in a sand colored mansion w/no trees and a jet ski in the driveway anyday-
you have to love it when people start making apologetic excuses for marins crappy houses vs their price. Then theres the cognitive dissonance driven denial. tha'ts a sure sign the end is near,.
also at Larkspur, some surfers actually try to ride the wake off the ferry at low tide. It may be muddy, but I guess there's no sharks to worry about!
yeah, I've seen it and definately looks decent for a long board, definately rideable.
Paradise is right, I'm going to set up a drip irrigation system off of that creek, cultivate some of that partially level lot and by early november be very cash flow positive.
VO5-
So, VO5, how much did you end up paying for Tabula Rasa (AP 791,000)?
Can you tell us please!?!
yes 791K, amazingly Pottery Barn has contacted me regarding doing a shitbox transformation catalog section, wanting to use my place in the before only section.
I asked how much $? They came back with
"good work hard and hard work fine but first take care of head"-
Thas why you should SMOKE 2 JOINTS-
THis one is now being listed at $719,000.
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