With internet access, I don’t remember how I came up with the following published public data from Zillow and a local journal. An example of the topic of this thread is as follows:
A couple, worked as regular employees (not CEO’s) at local government, bought the following houses (dates given):
1. Bought 10/27/1999 for $368,000 – 9×0 Palencia Pl, Chula Vista, CA 91910. Remained unsold, 2005 property tax was $6,203.
2. Bought 06/10/04 for $798,000 – 7×0 Crooked Path Pl, Chula Vista, CA 91914.
3. Bought 07/28/04 for $1,027,500 – 2×79 Sutter Ridge Dr, Chula Vista, CA 91914. Remained unsold, 2005 property tax was $14,945.82
4. Sold 02/11/05 for $1.25 million (Gross profit of $452,000) -house number 2
5. Bought 10/28/05 for $501,000 – 2×64 Huntington Point Rd, Unit 106, Chula Vista, CA 91914. Remained unsold. 2006-07 property tax is $8,575.
Within a space of 2 months, two loans with combined value of over $1.8 million were given by lenders. Whether the buyers won the lottery, came upon inheritance money, found a million$ out of the blue, or stretched and fudged to the max, just to secure the loans, I don’t know.
To feed the remaining “alligators” requires close to $30,000 of property taxes per year alone. What more for interest costs?
