Wednesday, February 13, 2008
Some hope on housing from Pasadena
I was running some rent to price ratio stuff there. I basically get that rent near Cal Tach and Downtown Pasadena is about $18 per square foot per year, and condos sell for about $400 per square foot. This give a ratio of 4.5 percent, or a price to rent ratio of 22. For purchasers requiring mortgage of less than $417K (an amount that will soon go up), mortgage rates are in the mid-fives right now, so the appreciation one would need to make one indifferent between renting and buying is between 3 and 4 percent (I will share my spreadsheet that does these calculations with anyone that is interested). This is not an unreasonable expectation.
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3 comments:
But prices in Los Angeles are falling, per both DataQuick's median and S&P-Case-Shiller.
One explaination for this rent multiplier is rising prices; the other is that prices will fall.
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If you’ve got a great deal, but don’t have the money for a down payment, find a private lender. This is any individual that has extra money set aside that you can use for your purchase. This person can be a family member, friend, dentist, doctor, dry cleaner, a member of your real estate investment club, etc. Private investors are everywhere; you just need to start asking.
What do you ask for? Ask if they have money in an IRA or a savings account that they would like to get a return on, of 8–10%, secured by real estate these aboved statements are given by David lindahl scam.
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