Can’t personally comment about the “low” appraised value “right now” of a condos or a single family residence, but for what its worth the GRM (gross rent multiplier) for a rental property in the golden hill area I got was about 15 done for the purpose of a ReFi
IMHO we still have “irrational exuberance” in the real estate investment market because historically the GRM was range bound between 8 and 12 (the “appraised” GRM of about 15 is historically high, but not as way out on the “tail” of the distribution curve as some of the sales literature I’ve been sent w/ a GRM of 17+)
One caveat for the historical GRM of the golden hill area, the range between 8 and 12 was when the area was in the “hood” which I can’t honestly exists because the area is filled with “hipsters at various coffee houses” and a few very popular “upscale” farm to table places to eat, and know for a fact that young educated middle to late 20 somethings w/ math and science degrees are making this area “home!” new normal I guess….
