he financed at 90% back in 8/2007, monthly carrying cost (not deductible due to not primary resident) is $8200/month.
so far he has held on for 18 months, so that’ll be $147600, $5400 to keep the utility on, water the lawn, and have a gardener come monthly, and assuming $40k for landscaping, that’ll be $193,000 down.
let’s assume $100/back cracked, that’ll be 1930 back cracking sessions.
this is of course provided that he is able to sell at $1.08 million, which is doubtful at this point.
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I just wonder if he is delusional since buyers can buy nicer homes in Stonebridge for less and at a better location. The power lines are a big turn-off for most potential buyers.
