Mish, just a test using Firefox 1.01
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from gdefelice on the FOOL on orange county housing
I just walked through a new(ish...last 3 years and still being built) neighborhood in Orange County yesterday. It is in a good location in Irvine...called Quail Hill. In my stroll, I passed by a single family home for lease....3 bedrooms, 2 baths and a yard (not big, of course)...they were asking $2500 a month.
Just a few minutes away, a 1 bedroom, 1 bath studio townhome of 860 sq. ft. (and no yard) was for sale for $460,000. A real loan will cost you around 5% at best...if it amortizes, you're looking at around $30,000 a year in payments, plus monthly homeowner's dues of $350, plus around 1.5% in total taxes of around $6,750(there are fees assessed for about 30 years from construction to pay off the cost of the infrastructure...in this case they amount to about .5% of this purchase price and the other 1% is for regular property taxes). Then, as an owner, there are some legitimate depreciation costs not included in these numbers).
The rental, given it's "value" is absurdly cheap in comparison.
gdefelice |
