Now the CD rates is round 5.3%, so $135K will generate $550/month. so the total cost is $4520 + $450 =
$4970. (Assuming $100 income tax).
Posted by anony on 11/10/06 at 08:44 AM
just waaaaaaaay too many models of this type:
Turtle Ridge
Quail Hill
Oak Creek
Woodbury ——-
Posted by Thomas on 11/10/06 at 09:44 AM
I’ve actually been tracking one of it’s competitor (82 Clouds View). 82 Clouds View originally came on the market on 5/31/06 (163 days ago) at $865. It was then reduced on 7/11/06 for $829. Then it was relisted under a new MLS number on 9/20/06 for it’s current price of $798. I’ve heard it’s a divorce situation. The same plan sold on 10/25/06 for $798.
Posted by ocjohn on 11/10/06 at 12:16 PM
We almost rented the same floor plan in Woodbury (Cortile) for $2450 a month. Assuming a $675,000 purcahse price there, 20% down, 6.25% 30 year fixed, 1.8% in real estate tax and Mello-Roos, and about $200 in assoiciation fees, the Woodbury plan would cost about $4520 to buy per month. I left out the tax deduction, but it isn’t going to make enought of a diffrence in the rent vs. buy calculation.
Turtle Ridge is more “coastal” than Woodbury, but is the location premium worth over $100K?
Posted by Thomas on 11/10/06 at 12:25 PM
Turtle Ridge is more “coastal” as ocjohn stated, and the temperature is about 7-10 degrees cooler than Woodbury; however, I don’t think it’s worth $100K more. The condos in both locations are overpriced.
Posted by anony on 11/11/06 at 12:18 AM
wing, great advice. i totally forgot the opportunity cost of interest!
Posted by Wing on 11/10/06 at 01:34 PM
“a $675,000 purcahse price there, 20% down”,
Now the CD rates is round 5.3%, so $135K will generate $550/month. so the total cost is $4520 + $450 =
$4970. (Assuming $100 income tax).
Posted by anony on 11/10/06 at 08:44 AM
just waaaaaaaay too many models of this type:
Turtle Ridge
Quail Hill
Oak Creek
Woodbury
——-
Posted by Thomas on 11/10/06 at 09:44 AM
I’ve actually been tracking one of it’s competitor (82 Clouds View). 82 Clouds View originally came on the market on 5/31/06 (163 days ago) at $865. It was then reduced on 7/11/06 for $829. Then it was relisted under a new MLS number on 9/20/06 for it’s current price of $798. I’ve heard it’s a divorce situation. The same plan sold on 10/25/06 for $798.
Posted by ocjohn on 11/10/06 at 12:16 PM
We almost rented the same floor plan in Woodbury (Cortile) for $2450 a month. Assuming a $675,000 purcahse price there, 20% down, 6.25% 30 year fixed, 1.8% in real estate tax and Mello-Roos, and about $200 in assoiciation fees, the Woodbury plan would cost about $4520 to buy per month. I left out the tax deduction, but it isn’t going to make enought of a diffrence in the rent vs. buy calculation.
Turtle Ridge is more “coastal” than Woodbury, but is the location premium worth over $100K?
Posted by Thomas on 11/10/06 at 12:25 PM
Turtle Ridge is more “coastal” as ocjohn stated, and the temperature is about 7-10 degrees cooler than Woodbury; however, I don’t think it’s worth $100K more. The condos in both locations are overpriced.
Posted by anony on 11/11/06 at 12:18 AM
wing, great advice. i totally forgot the opportunity cost of interest!