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!
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