Matt, the problem with those rentals is that they are too far North with the exception of the condo and that condo in So.Tem was the same price as a big house in French. I’ve lived up there and I’m not going back so my rental options are limited to 1600 for a condo 2k for a house and everybody wants a year lease that I don’t want. Both those listings I posted were new in the last few days and I’m seeing the new stuff take huge downward moves, you will do very well waiting years but I see this holiday season as my time. Actually now is the time for me but I’ve convinced myself that my specific area will drop another 10-15% by Christmas, maybe I’ll talk myself into a another three months when Christmas gets here but we will see. At this point my after tax cost on the same thing is now equal to rent, so there is no savings, the only benefit is expected nominal price drops and the one I have my eye on (which I did not post) is about 2k sq ft and just a hair over 300k, if it gets to 270 or 280, I’m done. Without laying out my w-2’s my mortgage would be about one week’s pay each month, giving me what I want at the price I want, the affordabilty level that I wan’t and still keeping cash in the bank, if in two years it goes to hell I’ll pick up a rental. Borrowing what amounts to two years pay doesn’t scare me, it’s actually quite prudent and if the typical S.D. coastal buyer of an 800k house with 20% down made 320k a year they would feel just fine too. Then I can get off these housing websites and go back to what the internet was intended to be used for, sports and porn.
