January 22, 2008

Rent or buy this Brisbane house – your choice!

Burbed reader Jeff sent this in recently:

255mendocino.jpg

He writes:

is it better to pay $934 a square foot, or rent for $1500 a month? Hmmmmm.

Obviously it’s better to pay $934 a square foot. Just think of the tax write off on the mortgage income deduction. And more importantly, just think – you get to tell all your friends you own a home in Brisbane. With a low $3263 mortgage.

Otherwise, you’d just be throwing away $1500 a month by renting the same house.

Besides, as we all know, inflation and appreciation are going up. So by next year, this house will be worth $800,000, and your rent will go up to $921304 a month.

Duh!

Comments (8) -- Posted by: burbed @ 5:22 am

8 Responses to “Rent or buy this Brisbane house – your choice!”

  1. JesusCrispy Says:

    Wow, what a deal. I want to sell my 2000 sq ft victorian in “outer America” and move to the bay area and live in a one bedroom house. Sounds like an awesome opprotunity to me. This site is awesome, a real window on mass stupidity. What I don’t understand is how these people think, I mean 589K for a one bedroom shack? Do people think that they can sell this? Nuts.

  2. Robert Says:

    >Do people think that they can sell this?

    Last sold 3/20/07 for $560,000. There’s at least one person crazy enough to buy that house. Maybe you could buy it and then sell it to that guy?

  3. sonarrat Says:

    It’s owned by an “investment” firm. And the house is still for rent on Craigslist, with a different agent’s name listed, a month later! If it still hasn’t even rented at $1500, as close as it is to San Francisco, who would buy it?

  4. Robert Says:

    It’s being sold for the land. The MLS listing says that it’s zoned to have another house built at the front of the property, with the 1 br 600 square foot cottage remaining at the back. So rather than buying a house and building an in-law apartment in the back yard, you can buy an in-law apartment and build a house in the front yard!

    Priced at $629K in September, $599 in October, and $589 in November. $400K of that is just for not having a sucky commute to San Francisco.

  5. Robert Says:

    > It’s owned by an “investment” firm.

    That’s even better — they’ll buy anything! Buy it for $589K today, sell it to the same investment company for $689K! Because if there’s anything we’ve learned from the whole housing mess, it’s that investment companies are made up of people who aren’t very smart about investing!

  6. JesusCrispy Says:

    So the lot is worth 500K? Still seems nuts.

  7. TenSpeedSF Says:

    I’d love to rent an overpriced house in an often mispronounced and foggy burb only to be told that potential buyers will be touring the property while I’m living there. You know, because if there’s one thing I hate more than privacy is staying in one place long enough to unpack my boxes.

    I once looked at a place where the owners told me that they’d be doing a crazy amount of remodeling while I’d be living there. That’s everyone’s dream– isn’t it: to pay for the privilege of living in someone else’s noisy/messy house while they do enough work to jack up your rent when they’re done. Needless to say, I passed… and so did everyone else. The place wasn’t rented for months.

  8. ex-sunnyvale-renter Says:

    What a weird looking little box! It looks ….. Chinese somehow, maybe it was once a hot-bed whorehouse or an opium den.

    You could buy it today and use it for a …… hot-bed whorehouse or an opium den/crackhouse.


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