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1
thomas.wong87
2009 Oct 24, 9:54am
scanning across a couple homes we can see many .. many have annual property tax payment far less than currently single monthly mortgage payment. These prices are beyond affordability of neighborhood.
2
Patrick
2009 Oct 25, 2:18am
Patrick
2009 Oct 25, 2:18am
OK, the annual property tax is probably something like 1.5% of purchase price, right?
And annual mortgage payment should be about 7% (jumbo loans), which divided by 12 gets you 0.583%
So how could annual property tax payment be less than monthly mortgage payment?
Is it because they got equity loans of 3x the purchase price of the house as "values" went up?
I recall this property being offered for $10 Million not too long ago. Now it is listed for under $8 M. That is a big drop, and it is still sitting empty. I wonder who the builder was. How long can his construction loan survive?
14790 MANUELLA RD, Los Altos Hills, CA 94022 Offered at: $7,950,000 — Active
NEW CONSTRUCTION! HOUSE WAS COMPLETED AND WAS NEVER OCCUPIED. Unparalleled luxury and truly landmark architecture await at this amazing 10,666 sqft, 7 BR, 7.5 BA HM, situated on exquisitely landscaped 1.1 acres w/Bay Views, pool & spa. This 3-level residence includes a guest suite w/living area & sep. entrance, library w/wet bar, elevator, work/study area, home theatre, MORE! PA Schools. MLS: 80943152
Type: Single Family Residential
Bedrooms: 6+
Bathrooms: 4+
Interior: 10666 Lot Size: 1.10
Garage: 2 Car Garage
Year Built/Age: 2007