[quote=joec]I agree that a lot of these mcmansions have no trouble selling. At the end of the day, people HAVE to live somewhere unlike buying a stock so when you are paying 7-8k per month rent to rent a house (guessing on price, but I did find some 5k rentals for < 2k townhomes for rent) for your family of 4 or 5 with a dog, you’re stuck having to buy whatever the market prices are.
Bay area housing prices are even more insane than I realized after looking at some of these links posted…[/quote]
People don’t “have” to live in an “econobox” on a marginal lot. Not even in North City or North County. There are PLENTY of other options to rent or buy up there.
$5K – $8K rent is NOT representative of what tenants in SD County pay. Not sure where you’re getting those numbers …. luxury homes, perhaps? There aren’t many of those for rent which are truly “SFRs.” Owners of luxury homes don’t want them torn up by long-term tenants, ESPECIALLY families with young kids and pets. Maybe this group might let their luxury homes via VBRO to short-term tenants property vetted in advance with a large deposit, but the reality is that most of these owners can well afford to leave them vacant for a few months or just “test” the market and see if they can get any offers close to their “fantasy price.”
There are a quite a few “luxury” estate-type properties (abt 4500 sf and up on 1/2 to 1 AC) near me which are routinely left vacant for several months per year as their owners live part time in MX (mostly Guadalajara and Mexico City). These owners have service people visit (for landscaping and pool maintenance) during the months they don’t live there.
