by Patrick ➕follow (55) 💰tip ignore
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The mortgage estimate was 10,099/month. Comparable rentals are in the range of 3 to 6k a month.
I was looking at zillow (I know) a while ago and randomly clicking on million dollar plus shacks for sale in the city (SF). I was surprised to see "zestimate home values" with 30 day changes in the +30k/month range. Now I see some of the 30 day estimates changing by as much as a couple hundred thousand negative.
Zillow (I know) says that there are 807 houses for sale, 209 in preforeclosure, and 3068 for rent in the upper peninsula north of Daly City.
Anecdotal but it seems like more and more properties are going on the market.
What's the analysis of the board's RE experts?
preforeclosures in the bay area-that is interesting?
I'm in a tough spot. I'm moving to a southern Ontario area that is being influenced by Toronto's insane run up. Many of the houses in the area have been clearly flipped, and that turns me off in a major way. Might consider low balling them. I'll give up my buying intentions pretty quickly and investigate renting options.
More zillow:
I randomly picked a 1.8 million dollar home. It was a nicely painted 3/2 on a 1750 sq ft lot sharing a wall with the neighbor. The mortgage estimate was 10,099/month. Comparable rentals are in the range of 3 to 6k a month.
I'm guessing you meant it was a 1750 sq ft house on a 3k to 5k lot
So how do we see a $2M+ house rent out for $4k/month? Maybe an original owner who bought the place for $30k in the 1960s. With Prop 13 benefits, they only pay $100/month in property taxes. If they sell, they'll pay capital gains on nearly ALL of the property value.
There's the 3rd scenario where the old-time landlord has their cake and eats it too. Refinance and get near $1M in your pocket (almost as much as selling) which can be invested for X%, the renter pays for the mortgage and maintenance paying Y% to principal, you get X% inflation (tax deferred gains), your estate keeps the low property tax base and a 100% step-up in the home basis upon your death.
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