Mercer Walnut Creek: just won't sell

We've been following the tragicomedy of Mercer Walnut Creek, the suburban condos with San Francisco prices, for years now.

Unit 322, which we profiled last August, is still for sale. Last year, they wanted $619,950 for it. A month later, they cut to $599,950, and it's been sitting at that price all year with no takers.

The sellers must care a lot about their credit score, because they've already blown way through a 20% down payment and they haven't yet figured out they'd be better off giving it back to the bank.

If you bought, you'd be looking at about $2500 a month in mortgage, plus $500 in HOA, plus $600 in property taxes, for around $3600 a month, not including interior depreciation and maintenance. Slightly larger units are renting for $2845. So the price-to-rent ratio is not there yet, plus if you rent you don't have to chuck in a $120,000 down payment (which, if the market keeps sliding, you'll lose just like the seller did).

If paying $600,000 for a two-bedroom apartment in the suburbs sounds like a good idea to you, please consider the Mercer Walnut Creek!

1 comment:

Negocios Loucos said...

Sadness really, well for owners. For me it's brilliant because I didn't buy but suprisingly enough live in the same zip code.

While you are checking out real estate misery, please explore http://www.555yvr.com/site/. We've reported on them before for being the luxury condos with low income housing access. But let me tell you folks, just driving by there are maybe 12 units on the front face and only 1 is taken. When I called remember, they were asking for around 700K for a 2 bedroom. I'm sure they're still asking that which is why they're still empty.

Walnut Creek is a very nice place to live, and affordable if you rent, like us.

Boa Noite!

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