Friday, January 27, 2006

"Upscale" Living in Mill Valley

Just lovely. Well worth the $989,000 asking price. According to the write-up "South facing one level home in move in condition. Light & bright with several skylights. Freshly painted with new capeting and window coverings." I guess "new window coverings" means the venetian blinds that can be seen in all of the photos. Yeah, sure, venetian blinds and paint make this worth every penny.


Blogger sf jack said...

What do you think it would rent for?

January 27, 2006 2:56 PM  
Blogger marin_explorer said...

Here's some stats:
4BR/2BA, 1776 sqft on .152 acre.
Built 1953, average ranch tract home.
Listed 1/24/06

30 yr fixed @ 6.2 = $4800/mo + taxes, possibly $1240 more = ~ $6K/mo.

January 27, 2006 4:18 PM  
Blogger Marinite said...

$6000/mo is the estimated rent based on present sales price? What do you think it would actually rent for today?

January 27, 2006 4:27 PM  
Anonymous rejunkie said...

The cheapest 4bed in MV I could find was $2700.

Based on experience with my rental comp (a 3bed house in SA @ $2800) and my parents (a 2200SF 4bed/3bath in Upper Lucas Valley that rents for $3200) I would be very surprised if this place fetched more than $3500.

January 27, 2006 4:42 PM  
Blogger marin_explorer said...

$6000/mo is the estimated rent based on present sales price?

No, I just provided an estimated monthly mortgage on purchase--to compare against whatever MV rent estimates.

January 27, 2006 4:45 PM  
Blogger Marinite said...

So if rejunkie's estimate is in the ball park then MV houses rent for roughly 50% of what the mortgage would be assuming 20% down/30y fixed.

January 27, 2006 4:49 PM  
Anonymous by_palladium said...

I didn't see what neighborhood of mv, but if it is on the Horse Hill side of town, its "market rent" is probably around $2500, and I bet it would sit on the market for quite a while at that price. Notice that I didn't say "should rent for"....that would be about $1500.

There is a similar such home over here in tib that has been unrented for 7+ months. It started at 3400 and is down to 2950 now. I haven't seen much interest. I don't understand the owner/landlord psychology.

January 27, 2006 8:01 PM  
Blogger sf jack said...

"So if rejunkie's estimate is in the ball park then MV houses rent for roughly 50% of what the mortgage would be assuming 20% down/30y fixed."


At this point in my life given these figures, I think I'd rather be renting, all things considered.

[Well, maybe not *this* place specifically.]

If house prices are not appreciating, or specifically if MV homes are going to be the same or less in price in five years (a large assumption, no question; not to mention where rates or the economy might be headed in the meantime) - what could one do in the meantime with that 20% "not down" and the "extra" 50% pocketed each month?

January 28, 2006 11:51 AM  
Blogger sf jack said...

marinite -

I hope you don't mind that below is something from Ben's blog.

I did this because I think it captures well the feeling that even with people who can make "crazy" money - they "honor" value as well at this point in the housing cycle.

The last sentence is my favorite.

[Since Tiburon, Belvedere, MV and environs, etc. are sorta some of SF's "Wall St Towns"]


"Exactly one year ago in January I saw a house on the market I insisted my husband and I should buy. We live in a "Wall St Town" just outside NYC. He thankfully refused my urgings and referred me to articles written by Yale economist Robert Shiller and Merrill Lynch's economist David Rosenberg....

We know many young Wall St traders who made a killing in bonuses this year, but they REFUSE to buy into this market. Funny thing- someone with enough money to spend $2 mil on a house is also smart enough to look at the value fundamentals and RUN."

January 28, 2006 12:59 PM  
Blogger Marinite said...

sf jack -

I don't mind at all. I cross post stuff all the time. The truth belongs to no one.

January 28, 2006 3:16 PM  
Blogger Arioch said...

That grass looks brand new too. It'll be dead by July.

They never mention that in the listing, they want you to think it is a plush beautiful lawn all year long which magically fertilizes itself and magic hispanic lawn pixies come out at night to cut it to the perfect length twice a week at no charge.

Outstanding list of sh!t h@les. Who can afford these things? Not just "buy" because with exotic anal voodoo mortgages anyone can "buy" a house, but actually afford it.

January 30, 2006 4:16 PM  
Blogger fredtobik said...

" hispanic lawn pixies "

Racist much?

February 02, 2006 6:53 PM  
Anonymous Anonymous said...

First of all, I challenge anyone to tell me when in the past 30 or so years, including after Loma Prieta and 9/11, have southern Marin real estate prices ever declined? They may level off from time to time, but drop? The Chronicle today reported that house resale prices might drop to a gain of only 7 percent this year, instead of the double digit increases we have seen since 2001. Where in a bank right now or any money market fund can you make 7 percent? Sounds pretty good to me.
I am a Marin homeowner and yes, I find it outrageous what we have to pay to live here. The whole Bay Area is insane. Renting is just as much of a rip off and you are paying off someone else's interest only loan while they make there 7 percent for the year. So I say buy whatever you can, even these POS's, and try to be happy. At least you aren't feezing your ass off in Buffalo, NY or somewhere.

April 16, 2006 11:10 PM  

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