looks like he paid $470,000 for it in Oct 2004. Adding in a reduced realtor commission of 4%, the $10,000 loss, property tax for 20 months, HOA for 20 months, you get $31,800 loss.
Assuming zero down, 100% financing at 5%, his monthly payment has been $2500/month. Dividing the $31,800 by 20 months, that’s $1600/month. Just think of it as him paying rent for this home at $4100/month for 20 months.
Would I pay $4100/month to live in a 17 year old, 1600 sqft home in Oceanside? I’ll probably bite for $1600/month.
Just think of the extra $2500/month this guy paid out as the “pride of ownership” premium.
