Just happened to see a NYC address in a Columbus Circle 1970s tower and decided to check it out.
For $1 million 750 sq ft 1-bedrooms, the rents are about $3500-4000 while the mortgage + tax + insurance are $5500 with 10% down. With the mortgage interest deduction and no rent increases to worry about, buying does make sense, but just barely.
So San Diego rents are still much lower, but our returns to landlords and buying v renting for residents are also better.
It says “dogs allowed”. I like dogs, but image a 280-unit 30 floor building that is mostly studios and 1 bedrooms in dense city area with dogs. Seems noisy and stressful for both the dogs and residents.
By contrast, here’s a large SD downtown building, Discovery at Cortez Hill. It is mostly 2/2s around 1200sf and has a rooftop poll and doorman. The common 2/2s rent for about $3000, but cost about $740,000, and have lower property taxes and similar HOA.
