Today I opened up a Homes and Land magazine to see what the prices are along the peninsula. Wow, was a mistake. As an owner of a condo in the MetroWest Massachusetts area, I could get a 1000 sq. ft place for a mortgage and HOA payment of $1800. My fiance owned her own 1200 sq. ft. place around Fitchburg, MA for $1100. Those are serviceable prices to pay for home ownership.
Back to the Homes and Land magazine… I note one home at 716 West Capistano Way, San Mateo, CA that’s 2 bed/1.5 bath, 1650 sq. ft. The price is a tiny $1,125,000. So after putting $200K down, payments are only $6,000 a month.
I know, maybe I can downsize a bit. A couple of pages away there’s another gem. This one is 3 beds/2 bath and even has a 2 car garage. It’s 1220 sq. ft, so about the size of my fiance’s 180K appraised condo. It’s listed as a “great fixer upper, ideal for contractor or buyers who are looking to fix or flip.” I wish I could show you the picture of this place. I have to believe that someone is inside holding it up, because it looks like it could fall at any minute. That’s a tiny $600K.
What could 600K get us in Framingham, MA or Marlborough, MA? It would get you a new construction 3000+ sq. ft 4 bed/2.5 bath palace. It’s a good thing I don’t plan on buying here. It would take me years to amass enough for a down payment.
[Originally published Sep 19, 2006…]