Moving out? Finding an Apartment in San Francisco - Price SHOCK real estate
Posted by Jeff Sun, 17 Aug 2008 20:36:00 GMT
Right now, the CLZ guys are living in a ‘charming’ 2 bedroom apartment where we sealed off the living room to create an additional room. (keep your comments to yourself, please)
Recently - all this talk of home prices going down everywhere got me interested to see if there are some good deals on real estate. Maybe, I’ll get my own place.
Now - I don’t invest money based on some crazy thoughts that someone is going to pay me X% appreciation in the future. I’ll only invest if the deal makes sense at the time, and if the home appreciates, that’s just a plus.
Looking at real estate, I’ve taken a look at how much down payment you’d have to put down to break even on mortgage+hoa+property taxes=approximate rent I’m paying now. Now, true real estate agents will tell you that this is not a fair evaluation based on all the tax benefits. But, with the economy in such a state, who knows, maybe i’ll be out of a job tomorrow. Don’t think you can make deductions on $0 income.
Now - we pay $2100 / month on rent for our place. LOL - I did the math and almost fell over. That is a loan amount of a whopping 300k-350k.
After HOA of $500 average and property taxes, we’d be looking at buying a home at a reasonable 800k, and getting a loan of 100-200k and the rest in down payment.
Sadly…looks like I’m priced out.