[quote=maynard]Anyway, I don’t think that rental is a good comp for the MM rental market. While that is in one of nicer parts of MM, I couldn’t see it renting for more than 2100. I’d figure 1950 is more realistic.[/quote]
I agree that a sample of 1 is too small to rely on. But I’ve been tracking the rental market in MM for about a month, because I actually considered renting there, and this one doesn’t seem totally unreasonably priced to me. There was a 4/2 townhome (1800sf) in the Tierra Mesa complex, a neighbor of the 3/3 home I posted the link to before, and it was asking for $2200 on Craigslist and went very quickly — it’s an attached twin home with a tiny backyard/sideyard in a dense complex.
I’m only interested in NW MM, which is maybe the most expensive part. I’m sad to report that after a month, I didn’t find a single 3BR house (with wooden floor, which is really important to us) in NW MM for under $2000. (Instead we’ll rent a 2BR condo in La Jolla.)
Still, there was a comment earlier about maybe the nicest 3/2’s in MM would land in the low 300’s, and I’m just not sure about that (though I would luuuuuuuurve for it to be true).
Nice 3/2’s in NW MM is asking for around $450K now. I’m hoping for another 15% drop, which would make it around $380K. SDR says in another current thread that he can’t see another 20% drop in MM prices unless there is some extraordinary external factor, like a large rise in unemployment or a big spike in mortgage rates. Oh, and he also says that lately investors have been mopping up the lower priced inventory in MM.