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).
posted by Marinite at 4/26/2006 12:06:00 PM
11 Comments:
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.
8000 ft^2 lot.
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!
who can afford a $600K house that would actually buy that?
please defnie "afford"
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?
Some get razed. Most get some degree of remodeling. That's the sad and pathetic thing of it all.
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)
What no comments about the nice patio set?
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.
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.
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