Once a month, I make it a habit to pick up a copy of Homes and Land. I'm not looking to buy a home in Northern California, but I like to stay informed about the local real estate market. The homes in this area are among some the most expensive in the nation. I haven't been surprised by mansions going 2 million or 3 million. However this house listing below stood out from the others as being the most expensive property for it's value:
Let's look at the amenities that this home has to offer:
- Small - 1170 square feet for a house has to be in the lowest 10%. My wife's old townhouse was bigger.
- 1 bath - I don't know who buys homes with just one bath nowadays. If you are going to spend 3/4s of a million dollars, you shouldn't have to fight who gets to use the bathroom when you get home from a long trip.
- Fixer Upper - It looks like you are going to need to save some significant money for improvements. Perhaps it's $850K or $900K to live in a nice small bedroom with 1 bath.
We rent our place for $1975 a month. It's a town home as big as this with 1.5 baths. It's in very nice condition and includes a heated pool and gym. I live in a city that's pretty similar to Burlingame and fairly close to it. The school system might not be quite as good, but I think it's not bad by any means.
There's a lot of argument in personal finance space about renting vs. owning. It seems to me that a lot of it depends on your local and the particular property you are looking to buy vs. what you are looking to rent.
How much would this home typical list for where you live? Let me know in the comments.
31 Responses to “Housing Downturn? Not For This House”
Next: Your Financial Football Team