As you know, I talk a lot on this blog about who "should" be able to afford certain properties, and where we are in the rent vs. own pricing disparity.
So I found it interesting to see this rental listing cross the MLS a couple days ago ...
948 N. Vista St (90046)
Asking: $3700/mo
(no picture)
3 Bedroom 2 Bath House for Lease. Newly Updated. Hardwood Floors, Open Floor Plan, Recess lighting, Plantation Shutters, All Stainless Steel Appliances./ Viking Stove, Bosche Diswasher. Large Back Yard with large Deck. Central Air and Heat, Washer and Dryer Hookup, Automatic Gate / and Coded Entry Door. Centrally Located. Pet Ok. If Interested call [removed]. Will show with appointment only. Price is Negotiable
Public records show this as 1,336 sq ft, but also list it as a 3+1 so not sure if the addition of the extra bath also added space or not.
Some (you snobs!) might argue that this is not "prime" WeHo, since you're not only on the east side of town, but also south of Santa Moninca, where Vista actually turns into Gardner north of SMB, so a busy street with a light, etc.
But, here we have a pretty good "comparable" in terms of an entry-level SFR. Based on personal experience, I think "price negotiable" means you could at least get a free month as part of the lease, meaning an effective monthly rental cost of approx $3,400. And you might be able to get closer to $3,000.
Let's assume $3,400 to be conservative. Looking at current rates (assuming 5.75%), you're talking about a purchase price of $800,000 to get you to a tax-affected monthly nut at that level. And that's assuming 20% down. Not sure how many "entry levelers" have $160k cash to throw down, so adjust accordingly. For example, at $650k with 15% or approx $100k down, you're talking a pre-tax monthly figure of $3,900.
There are 2 properties in the immediate area for sale:
7220 Waring is a 3+2, 1422 sq ft that is bank-owned, looks like it might need some work, and listed for $735k. It sold in Feb 2007 for $960k.
814 N. Spaulding is a 3+2.5, 1431 sq ft with some character that appears to have been updated. After listing at the delusional price of $1,099,000 in April, they fairly quickly cut to $969,000.
Also, remember that we profiled a house on the same block, 955 N. Vista St. in February here and then again in this post back in March, where the bank-owned property had been reduced to $715k. It's no longer listed for sale and property records show no recent sale (although it might have sold very recently).
Analyze away ...
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2 comments:
Good post. I guess the bottom line is...these sfrs are still overpriced!
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