Is this worth 800k?
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577 E Taylor Ave Unit E, Sunnyvale, CA 94085 - 2 beds/2 baths
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It’s nice, but why not rent it? You can easily rent something like this for 4k or less
2 bed apartments are now 4K in Sunnyvale? 😮
4.7k if you want amenities https://www.apartments.com/the-murphy-station-sunnyvale-ca/6vw7vwv/
Yes. Probably worth more .
1.5m
It's not worth the hassle of ownership. You can rent something slightly better nearby for $3.3k/month incl all utilities except electric. For this place, HOA + property tax + homeowner ins is $1400/month. So for this property you can get a real rent of $1900 per month (2.85%) which is far lower than the interest rate of your mortgage. If you buy something like this, you're heavily betting on the future value of this place much higher than it currently is, and making that bet with huge leverage. Just rent, invest in VTI, enjoy life and sleep well. If you're richie rich, buy a nice mansion some day. Ownership of an ordinary apartment is a fool's game.
When ROI is negative, why would the price go up. Price will crash like never before. People are solely buying with the hope that price will go up. They won’t be able to sell. Most will lose money.
You can buy it all cash and then the calculations change. Sure you can invest in stocks, but they as well as the home could crash in value. Plus it's hard to rent a nice 2b condo in Sunnyvale for 3.3k/month. I just don't think such low rents exists anymore. But at this much money for a super old condo, I'd consider moving out of the Bay...