Wednesday, April 26, 2006

Cashing Out in San Rafael

This thing looks like one of those nicer cabin thingys at some large national parks. Anyway, this POS in San Rafael comes in at 2 br, 1 ba, unknown square footage, built in 1956, and is asking $685,000. The sale is contingent on the current owner closing escrow on his new house (I called the realtor and the assisstant said the current owner is moving out of state...cashing out of the insanity here I guess...good for them).

14 Comments:

Blogger marin_explorer said...

OMG! That is really bad. And yes--it looks like an old Curry Village rental cabin, but I bet a bear wouldn't be interested in breaking into that one. My question is: how much land does that sit on? I can't imagine the actual value of that shed being more than $100K.

April 26, 2006 5:23 PM  
Blogger Marinite said...

8000 ft^2 lot.

April 26, 2006 5:53 PM  
Blogger Wickedheart said...

2 bedrooms? Hahahaha, I can't even imagine that tiny POS has one bedroom!

April 26, 2006 8:21 PM  
Blogger marin_explorer said...

From the MLS:
"[hut] hidden from view up a long driveway

Thank goodness! That reduces the embarassment factor; I'm sure the price reflects that quality feature.

8000 ft^2 lot. (or .184 acre)
Certainly enough room to shoehorn a twin-level 3000sqft home, Marin-style. What a unique opportunity!

April 27, 2006 5:09 PM  
Blogger john_law_the_II said...

who can afford a $600K house that would actually buy that?

April 27, 2006 7:12 PM  
Anonymous pothead said...

please defnie "afford"

April 28, 2006 11:18 AM  
Anonymous Anonymous said...

I am so glad I do not aspire to living in Marin County. It's a nice enough place, sure, but not nearly nice enough to justify the housing costs there. I know this topic has been beaten to death already, but I'm sorry, people...Marin is just not that special, especially given the generally horrendous condition of its aging housing stock. I realize a lot of these POS are purchased with the intention of razing them and replacing them with McMansions. OK, fine, tack on another half-million bucks (minimum) to the asking price. Who has that kind of bling? Just how many rich lawyers, investment bankers, and venture capitalists are there, and do they all buy in Marin?

April 28, 2006 12:40 PM  
Blogger Marinite said...

Some get razed. Most get some degree of remodeling. That's the sad and pathetic thing of it all.

April 28, 2006 1:56 PM  
Anonymous aka_mouse said...

I still don't even understand how people can think about affording these places..

I posted here before , Im from Buffalo so my perception is way outta whack to begin with.

I would love to live in San Rafael (from what I've heard, not having been there), I would even pay a premium to do so... but I would still want to have some life , outside of just working tons of overtime just to pay a mortgage on a tiny, tiny house.

I can see how people could become disconnected from what people earn and what it costs to live in a place.. but still.. I been trying to follow wages and home prices, and I stil just don't get it. I dont see how every home in a county could be well over $500k ... not everyone who lives in Marin is that wealthy are they???? I don't see how people can afford it.


In Buffalo, its seems to me the average annual salary of people I know is between $20k-$40k... and you could get an average house for $60k-$80k -- $100-$120k for the nice suburbs, $5k(seriously) to $20k/$30k for the ghetto. And I know quite a few people for whom even owning any house out here is out of the question. (this is mostly becuase the prices are surpressed by ridiculous property tax .. it probably evens out depending on how you look at it -- I think my parents pay ~$3.5k+/yr on a tax-assessed $77k home in the burbs .. to give you an example)

April 28, 2006 9:44 PM  
Blogger rejunkie said...

aka_mouse-

Plenty of people here rent. Rents have been flat to slightly down since 2000. Still expensive by national standards but you can rent a decent house here for $2500/month, which is not too much of a stretch for the median household income of $100k/year.

April 29, 2006 9:18 PM  
Anonymous Anonymous said...

What no comments about the nice patio set?

May 01, 2006 12:02 PM  
Anonymous Anonymous said...

Aka_mouse,

Part of the reason why people are so willing to pay those prices is because of the relatively low property taxes throughout the state of California. In addition, cheap electricity combined with the boom of cheap personal air conditioning after the WWII contributed to the population explosion in the sunbelt states to the detriment of the midwest and non-coastal northeast.

May 01, 2006 1:37 PM  
Blogger rejunkie said...

anonymous #3,294,595:

That makes absolutely no sense. You are saying that paying $900k for a house is based on saving a few thou a year on property taxes and cheap electricity?

Let's break this down:
$810k mortgage (10% down) and being kind as a 10 year I/O due in 30 = $4400/month. Property tax (even at our slightly below average of 1.2% pa) is $900/month = $5300/month.

US median is $220k-ish so $198k loan (with 10% down) which equals $1072.50. How much do you think middle America spends on electricity and property taxes? $4200/month?!

And how do you explain very expensive Boston, which is in high tax Massachusetts and is supremely cold in the winter?

Cite some sources. You are writing nonsense.

May 02, 2006 8:26 PM  
Anonymous Anonymous said...

Rejunkie,

I was referring to what was historically behind the demographic shift to the sunbelt states in order to point out why demand, and in turn prices, in places like Buffalo is so low. The other historical point that I was making was that because of CA's passage of prop 13, cutting property taxes, people in the market had more incentive to inflate values. The ptax on a 220k home in Buffalo would be over $5900. In my previous post, I excluded coastal cities, did I not? Look at RE prices in Pittsfield or Springfield by comparison to Beantown.

May 02, 2006 9:16 PM  

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