Is Santaluz filled with White Elephants?

[rewatcher]

[All houses in Crosby come with Sport membership (monthly dues $300/month), and MR effectively increases the purchase by 150-200K. When you’re buying a house for 2 million, MR isn’t much in comparison.]

I don’t agree. 150-200K may not have been an issue with massive appreciation but paying 10 percent of your purchase price in fees that are not required for homes in close proximity is a consideration for most…..even in this price range. Even those that can afford 2M don’t want to lose 200K.

[HomeShopping]

Returning to rewatcher’s original post, let’s consider the 1% yearly property tax on a $2 million house, which is $20K, or about $1700 per month.

So, Mello Roos (800) + HOA (450) + Basic club membership (850) + Property tax (1700) = $3800 per month

Suppose a hypothetical buyer had a $500K downpayment. A loan of $1.5 million at 6.5% interest rate would have monthly payments of about $9500.

Total house costs per month = about $13,300

Would seem to me that annual family income needs to be at least $500K to afford that. I’m assuming that most people, like me, need to save for retirement, college costs for kids, etc.

Are there still a lot of jobs making at least $500K after the banking crisis?

[HomeShopping]

Returning to rewatcher’s original post, let’s consider the 1% yearly property tax on a $2 million house, which is $20K, or about $1700 per month.

So, Mello Roos (800) + HOA (450) + Basic club membership (850) + Property tax (1700) = $3800 per month

Suppose a hypothetical buyer had a $500K downpayment. A loan of $1.5 million at 6.5% interest rate would have monthly payments of about $9500.

Total house costs per month = about $13,300

Would seem to me that annual family income needs to be at least $500K to afford that. I’m assuming that most people, like me, need to save for retirement, college costs for kids, etc.

Are there still a lot of jobs making at least $500K after the banking crisis?

[HomeShopping]

Returning to rewatcher’s original post, let’s consider the 1% yearly property tax on a $2 million house, which is $20K, or about $1700 per month.

So, Mello Roos (800) + HOA (450) + Basic club membership (850) + Property tax (1700) = $3800 per month

Suppose a hypothetical buyer had a $500K downpayment. A loan of $1.5 million at 6.5% interest rate would have monthly payments of about $9500.

Total house costs per month = about $13,300

Would seem to me that annual family income needs to be at least $500K to afford that. I’m assuming that most people, like me, need to save for retirement, college costs for kids, etc.

Are there still a lot of jobs making at least $500K after the banking crisis?

[HomeShopping]

Returning to rewatcher’s original post, let’s consider the 1% yearly property tax on a $2 million house, which is $20K, or about $1700 per month.

So, Mello Roos (800) + HOA (450) + Basic club membership (850) + Property tax (1700) = $3800 per month

Suppose a hypothetical buyer had a $500K downpayment. A loan of $1.5 million at 6.5% interest rate would have monthly payments of about $9500.

Total house costs per month = about $13,300

Would seem to me that annual family income needs to be at least $500K to afford that. I’m assuming that most people, like me, need to save for retirement, college costs for kids, etc.

Are there still a lot of jobs making at least $500K after the banking crisis?

[HomeShopping]

Returning to rewatcher’s original post, let’s consider the 1% yearly property tax on a $2 million house, which is $20K, or about $1700 per month.

So, Mello Roos (800) + HOA (450) + Basic club membership (850) + Property tax (1700) = $3800 per month

Suppose a hypothetical buyer had a $500K downpayment. A loan of $1.5 million at 6.5% interest rate would have monthly payments of about $9500.

Total house costs per month = about $13,300

Would seem to me that annual family income needs to be at least $500K to afford that. I’m assuming that most people, like me, need to save for retirement, college costs for kids, etc.

Are there still a lot of jobs making at least $500K after the banking crisis?

[jpinpb]

According to sdr, there’s people with way more money than we can imagine.

Of course, remains to be seen how long that will continue.

Thanks for doing the math. Sure puts things in perspective.

[jpinpb]

According to sdr, there’s people with way more money than we can imagine.

Of course, remains to be seen how long that will continue.

Thanks for doing the math. Sure puts things in perspective.

[jpinpb]

According to sdr, there’s people with way more money than we can imagine.

Of course, remains to be seen how long that will continue.

Thanks for doing the math. Sure puts things in perspective.

[jpinpb]

According to sdr, there’s people with way more money than we can imagine.

Of course, remains to be seen how long that will continue.

Thanks for doing the math. Sure puts things in perspective.

[jpinpb]

According to sdr, there’s people with way more money than we can imagine.

Of course, remains to be seen how long that will continue.

Thanks for doing the math. Sure puts things in perspective.

[Eugene]

[quote=HomeShopping]
Total house costs per month = about $13,300

Would seem to me that annual family income needs to be at least $500K to afford that. I’m assuming that most people, like me, need to save for retirement, college costs for kids, etc.

Are there still a lot of jobs making at least $500K after the banking crisis?[/quote]

There aren’t a lot of jobs making 500K, but there aren’t a lot of houses worth 2M, either.

Also, transactions in 2M and up price range commonly involve 50% to 100% cash. It is difficult to earn your way into a 2M house by working a salaried 8 to 5 job for someone else. Some people do (UCSD chancellor makes 350k; surgeons sometimes have salaries pushing 500k/year) but this is mostly
a self-employed/business owner land.

[Eugene]

[quote=HomeShopping]
Total house costs per month = about $13,300

Would seem to me that annual family income needs to be at least $500K to afford that. I’m assuming that most people, like me, need to save for retirement, college costs for kids, etc.

Are there still a lot of jobs making at least $500K after the banking crisis?[/quote]

There aren’t a lot of jobs making 500K, but there aren’t a lot of houses worth 2M, either.

Also, transactions in 2M and up price range commonly involve 50% to 100% cash. It is difficult to earn your way into a 2M house by working a salaried 8 to 5 job for someone else. Some people do (UCSD chancellor makes 350k; surgeons sometimes have salaries pushing 500k/year) but this is mostly
a self-employed/business owner land.

[Eugene]

[quote=HomeShopping]
Total house costs per month = about $13,300

Would seem to me that annual family income needs to be at least $500K to afford that. I’m assuming that most people, like me, need to save for retirement, college costs for kids, etc.

Are there still a lot of jobs making at least $500K after the banking crisis?[/quote]

There aren’t a lot of jobs making 500K, but there aren’t a lot of houses worth 2M, either.

Also, transactions in 2M and up price range commonly involve 50% to 100% cash. It is difficult to earn your way into a 2M house by working a salaried 8 to 5 job for someone else. Some people do (UCSD chancellor makes 350k; surgeons sometimes have salaries pushing 500k/year) but this is mostly
a self-employed/business owner land.

[Eugene]

[quote=HomeShopping]
Total house costs per month = about $13,300

Would seem to me that annual family income needs to be at least $500K to afford that. I’m assuming that most people, like me, need to save for retirement, college costs for kids, etc.

Are there still a lot of jobs making at least $500K after the banking crisis?[/quote]

There aren’t a lot of jobs making 500K, but there aren’t a lot of houses worth 2M, either.

Also, transactions in 2M and up price range commonly involve 50% to 100% cash. It is difficult to earn your way into a 2M house by working a salaried 8 to 5 job for someone else. Some people do (UCSD chancellor makes 350k; surgeons sometimes have salaries pushing 500k/year) but this is mostly
a self-employed/business owner land.

[Author]

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