Since October, Burbed has been following the story of these three condos at 274 Pamela Drive in Mountain View.
Here were the prices in October:
And then in December:
And here’s what they looked like today:
Wow… #5 is really leading this race to drive the prices down! That’s almost a 12% price reduction!
What’s interesting is that according to Zillow, this person paid $335,000 in 10/14/2005 to buy this condo. If that’s true, and this condo clears for $308,000 – well, that’d still be a 14%+ loss after comission and $268 HOA! This doesn’t even include any renovations/repairs.
That’s $2820 thrown away per month. $94 a day.
Remember though: renting is throwing a way money. So you wouldn’t have wanted to rent a comparable unit for $1000 a month anyway. Why? Because the $1820 a month you would’ve saved allows you to be a homeowner.