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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Sea Otter who wrote (32471)	4/7/2008 12:53:37 AM
From: Elroy Jetson	Read Replies (2) \| Respond to of 219174

Here's a funnier story. A home purchased Feb 27, 2007 at the top of the market for $2.83 million. There's a 35% down-payment with a 65% loan for $1.84 million. You can deduct payments on only the first $1.1 million of mortgage, yet the mortgage is for $1.84 million. . . . as a result I feel safe in guessing there are no other assets about. Assessed Value is exactly 2% more than on the purchase date a year ago, so no work has been done on the house - as this is the Prop 13 increase only. Property Tax is $33,308 annually, with a normal mortgage totals $11k to $14k per month depend the terms. But I don't figure the owner can afford this. So I guess an Option Pay mortgage with a 1% pay rate for a total of $4.5k per month, 14 options down, likely 4 to 8 left, then it pops up to the $14k figure monthly. Now given all this, what would you list this home for 14 months later? $2.3 million? . . . . . No. $6.995 million . . . . guests.themls.com $2.83 million to $6.99 million in 14 months with no work done. I smell magical thinking and a train wreck. .