1081 BEACH PARK Blvd #205 Foster City, CA 94404 $499!
This is probably a pricing mistake, but here is a screenshot of the listing page:
Too bad you can’t take advantage of pricing mistakes on houses online. I would totally buy it for $499. Lets see how long it takes for the real estate agent to fix this.
3050 Los Prados St #5 San Mateo, CA 94403
3050 Los Prados St #5 San Mateo, CA 94403
Price: $250,000
| Beds: | 1 |
| Baths: | 1 |
| Sq. Ft.: | 633 |
| $/Sq. Ft.: | $395 |
| Lot Size: | - |
| Property Type: | Condominium |
| Style: | Contemporary |
| Year Built: | 1966 |
| Region: | San Mateo County/ |
| Area: | San Mateo |
Last sale:
| Jun 30, 2006 | Sold | $425,000 |
Loss if sold for asking: $175,000 or 41.2%
An apartment like this usually rents for $1000 to $1400 in San Mateo. If you put 20% down on this and borrow $200,000 at 5% then the mortgage is $1073 per month. Add a $285 association fee and around $300 a month in taxes then the monthly outflow is about $1650. Additionally there will be a tax rebate on the interest and taxes so the buy versus rent costs might just break even.
Almost cheaper than rent – N BAYSHORE Blvd #121 San Mateo, CA 94401
N BAYSHORE Blvd #121 San Mateo, CA 94401
Price: $289,900
| Beds: | 2 |
| Baths: | 2 |
| Sq. Ft.: | 1,020 |
| $/Sq. Ft.: | $284 |
| Lot Size: | - |
| Property Type: | Condominium |
| Year Built: | 1982 |
| Stories: | 1-3 (Low Rise) |
| View: | Neighborhood |
| Neighborhood: | North Shoreview/ |
I’ve visited this condo complex before when my husband and I were looking for a place to rent. It is located right next to the 101, but if you are in a rear unit it’s not very noisy. The rooms have good sizes, but it’s a bit old. There also isn’t that much amenities in the complex. The asking rent was $1600 a month, and we thought it was decent, but we didn’t choose it because of the location. Anyway, at this price, if you put 20% down and qualify for the best 30 year fixed loan right now with a 5.25% interest rate, you could possibly be paying less than rent if you itemize your taxes. Here are the calculations:
Loan: 231920 30 year fixed at 5.25%
Monthly mortgage payment: 1280.67
Monthly association fee: 340 includes landscaping and common area insurance
Taxes: Currently $482 a month according to county records, but it’s possible to get it reduced after you purchase it for the new price.
Additional insurance: 50 a month
Total: $2152.67
If you itemize your taxes and deduct mortgage interest and tax then you could get a few hundred dollars back a month in taxes depending on your tax bracket and around $270 a month is equity in the first year. If you negotiate the price down another $30k or so you’d be definitely paying less than rent. This is a bank owned property that has been on the market for a very long time so it is possible you can get a bigger discount. Even though this isn’t really the most desirable part of San Mateo, it’s nice to see that buy and rent is almost in sync.
405 91ST St #16 Daly City, CA 94015 – Probably Worth Buying
405 91ST St #16 Daly City, CA 94015
Price: $190,000
| Beds: | 1 |
| Baths: | 1 |
| Sq. Ft.: | 917 |
| $/Sq. Ft.: | $207 |
| Lot Size: | - |
| Age (Years): | 27 |
| Year Built: | 1981 |
| Type: | Condominium |
This is another one of the properties I feel is almost worth buying. Even though this property has no last sale price it is listed as Bank-owned/REO so it is a distressed property. One bedrooms in Daly City rent anywhere from $1150 to $1500 according to Craigslist. If you put 20% down on this and get a loan of $152k at 6.75% for 30 years, your monthly mortgage would be around $985. Add a $304 monthly HOA and property taxes of $200 a month you get a total of $1489 a month. Throw in some tax rebate and it isn’t so bad. Of course, since this is an REO you need to check it out thoroughly to see if you need to fix it up and such. It might cost more than just its listing price.
702 CASSIA St Redwood City, CA 94063 – Almost Worth Buying?
702 CASSIA St Redwood City, CA 94063
Price: $448,000
| Beds: | 3 |
| Baths: | 1.5 |
| Sq. Ft.: | 1,815 |
| $/Sq. Ft.: | $247 |
| Lot Size: | - |
| Age (Years): | 34 |
| Year Built: | 1974 |
| Type: | Townhouse |
Days on market: 154
Okay this isn’t exactly a home seller in trouble since the last sale date was 1991 and it sold for 225k. However, this townhouse has been listed for more than 5 months and suffered a pricecut of around $150k. At the current price, it is almost worth buying. If you put $90k down and get a 30 year mortgage at 6.75% the monthly mortgage would be around $2300. That’s about the amount of rent you need to pay to rent such a place. Of course, there is an HOA of $175 and property taxes of around $300 to $400 a month. However, those fees should be covered by the tax rebate on the interest for the first few years. So I think this property is almost worth buying. What do you think?
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