2780 Avenida De Autlan
Camarillo, CA 93010
MLS ID#: 614107
This baby rents for $3300. But what about buying?
2780 Avenida De Autlan
Camarillo, CA 93010
MLS ID#: 613868
$1,219,000
5 Bed, 4.5 Bath
3,510 Sq. Ft.
0.18 Acres
So, a million dollar mortgage at 5.5% is $5677.89, taxes another $1200.
Cost to own is twice the cost to rent. Or the house is worth $600k if you prefer.
9 comments:
That is a nice house on a golf course. The problem is that there were 2 million houses added last year, many of them too expensive for most people. In this case renting is definitely better.
They are kinda nice, built in 1998-2000, lots of ammenities. Tiny lots, I mean tiny. For some reason this one has a really low property tax. I suspect there must have been a tax transfer involved. These were selling new in the low $700s in 1999. The tax rolls say it was purchased for $550k.
AZdude, thanks for the kind words.
Yes, I'd put a 20% premium on owning but not for just emotional/ego reasons. I've got a 4.99% fixed and Prop 13 protection. I have no risk of housing turmoil in my life. That's a huge financial question mark I've eliminated.
I didn't include tax writeoffs because I just made the assumption that deduction benefits would be wiped out by price declines. I didn't account for inflation or rent increases either. This was just a snapshot. For that matter I didn't mention the $800 or so in lost returns from tying up a $200,000 downpayment.
We can if you want but for a lousy blog like this "own = 2 x rent" is close enough. Oh, and as to pride of ownership; Here's my backyard: http://users.adelphia.net/~techscan/Backyard2.jpg
Ventura #'s out - Down 8%. I wonder what the cheerleaders at the "star" have to say about this?
Mien Gott! I am $100,000 poorer than I was at this time last year! The horror! I'm sure the Star will have a section c page eleventeen small type report. I didn't know it would be out so soon. I wasn't even going to look for it until Friday. Thanks. Again, I am surprised that we "lead." We usually lag and extend. Maybe things are different this time.
In honor of a recent Buckaroo Banzi thread, an Airplane! quote:
"They Bought Their Tickets, They Knew What They Were Getting Into. I Say--Let 'Em Crash!"
Imagine the builders sueing for appreciation!
Nice of Mr. Bernanke to take a moment to snap a picture before dropping all of that paper ballast from his HELOCopter.
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I've mentioned how in my Sonoma County situation, my [old house] buyers are paying 3x the amount I am renting for [the new house] for the same square footage. There are advantages and disadvantages between the two places, but there is no way it is worth 300% difference either way.
Plus they would be lucky to find another fool for only a $60K loss in one year. They put down $50K downpayment, so it'd be $10K out of pocket plus fees. But they should be able to handle that since they are handling the $4K/mo carrying costs as far as I know.
(The above does not account for tax breaks.)
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