Welcome to 164 Solana Point Circle in Solana Beach. This 3-bedroom, 2.5-bathroom condo can be yours for just $1.695 million. If you can find some bank willing to give you a super-super-jumbo loan at 5.75%, your mortgage will be just $9900 per month. Add in $450 per month in HOA fees, and $1765 in property tax, and you're looking at just over $12,000 a month. What a deal, right?
One problem. The dude next door is trying to rent an identical 3-bedroom, 2.5-bath unit for just $3950 a month.
What kind of moron would pay $12,000 a month to live next to renters paying $3950 a month? And even after you've made those enormous mortgage payments for 30 years and your property is paid off, you are still paying property tax and HOA fees that add up to more than half of the rental value!
Oh, and your other neighbor at 188 Solana Point is trying to sell at $1.295 million. It ain't renting, but it's better than $1.695 million.
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Inflation is progressive utopians encountering resource constraints for the first time.