Palms Living – Las Vegas living in Santa Clara (models not included)
My rent for a one bedroom at the current rate is 1595. For a 30 year old building?! I think not.
Well it might have seem expensive back in 2004 (before the Bay Area became dramatically more special and land became dramatically scarcer) to pay $1595 a month for a one bedroom apartment. But now look! The Palms Apartments have become The Palms Living:
That’s right everyone! You can now pretend to live in a swanky Las Vegas resort, when you’re actually living in the middle of Santa Clara.
How much? Starting at $400,000 for a 760 sqft unit.
Fortunately, they have some great financing options:
So let’s say you put down the typical 0% and get yourself a boring and hard to find 30 year mortgage – that’s $2,462 a month. Fortunately, with an interest only loan it’s just $1666!
I bet you could totally buy it, rent it out for $1700 and then flip it in 2 years for double the money! That’d be $400,000 tax free in gains!
What could go wrong?
September 12th, 2006 at 1:15 pm
Well, the only flaw in this fantastic strategy is that in order to qualify for the tax free gain, it must be your primary residence for at least 2 of the last 5 years. Or if you really enjoy that Vegas lifestyle, maybe you can 1031 exchange the property and upgrade your living to the Shops at Caesar’s aka Santana Row!
August 6th, 2008 at 12:21 pm
Burbed, you (and others like you) are the reason the housing market is like it is now. I hope you remember this the next time and give better advice to people.
August 6th, 2008 at 2:11 pm
[...] all Burbed’s fault… Palms Living – Las Vegas living in Santa Clara (models not included) [Burbed.com] thefirstone Says: August 6th, 2008 at 12:21 [...]
August 6th, 2008 at 2:53 pm
Oh yeah, it’s TOTALLY your fault! And to think we’d been blaming Greenspan for the low interest rates and the greedy bankers for creating mortgage-backed securities… when the problem was in our own backyard.
How does it feel to be so powerful? [bows low to show respect to the great one]