Friday, July 28, 2006

InvestuDownStarter POS in Mill Valley

Great starter home, investment property or down-sizer.
Is it just me or does it strike you as a bit irresponsible to still be pimping houses as "investment properties"?

Anyway, this 3 br 1 ba, 1028 sq ft, built 1944, Mill Valley POS thinks it's worth $925,000. That walkway isn't what you think it is; it's not cracked concrete. No, it's Italian marble hewn by hand with a silver spoon and hand polished using Chinese silks, transported the "old way" all the way to America in a horse-drawn cart (don't ask me how). And that brown, excrement-colored stuff is really hand-picked, dried, ground wine grape skins all the way from France.

7 Comments:

Blogger Dana Muise said...

Yes, "Investment opportunity" for folks that can't add.

Let's say you had $125K down, and borrowed the $800,000 (at 6%)remaining to buy this gem. You would need to charge the new tenants $5,800 per month just to cover your mortgage and property taxes. who the HELL is going to pay that kind of rent for this POS?

Real Estate agents think we're idiots, you can blame them for this entire situation.

July 30, 2006 10:22 AM  
Blogger marin_explorer said...

FYI-
You can now go online at Ziprealty and rate homes you've visited.

July 31, 2006 1:06 PM  
Blogger rejunkie said...

Real Estate agents think we're idiots, you can blame them for this entire situation.

Realtors are just one actor in a cast of characters that includes the lending industry, a broken property tax system, anti-housing local gov't policy, an compliant Federal Reserve and yes, the homebuyer himself.

Let's not forget that at the end of the day, a buyer made a compelling offer to a seller. No one is putting a gun to our heads and forcing us to buy homes.

August 01, 2006 5:24 PM  
Blogger Dana Muise said...

true. I'll just forget about Marin and set my sights on affordable Richmond, where somebody WILL be putting a gun to my head.

August 02, 2006 2:20 PM  
Anonymous Anonymous said...

Haven't you heard? Richmond is going to be the new Sausalito. Get in now why you still can or else forever be priced out.

August 03, 2006 2:18 PM  
Anonymous seattle price drop said...

I agree. The "instant equity" and "investment opportunity" tags are beginning to seem criminal.

August 04, 2006 10:57 PM  
Anonymous Anonymous said...

All this for only $8000 a month mortgage + property taxes!

Can you afford $100,000 a year in mortgage & taxes?

Can the sucker you're hoping to flip it to afford $120,000/year?

August 23, 2006 4:05 PM  

Post a Comment

Links to this post:

Create a Link

<< Home