Tuesday, October 28, 2008

Tuesday Tumbler

I posted this one before but just for fun here is an update

812 Oakton Pond CT
Marietta, GA 30064

Price Reduced: 05/27/08 -- $839,980 to $798,800
Price Reduced: 07/14/08 -- $798,800 to $728,800
Price Reduced: 08/05/08 -- $728,800 to $650,000
Price Reduced: 10/01/08 -- $650,000 to $550,000

That's only a 35% reduction in price over the past few months. But Atlanta never had a bubble and never had or never will have a crash. And it was a great time to buy in early 2008 as numerous real estate agents told me.

I might start showing some interest at $300K...which at this rate should be sometime in February/March. Although by the time Obama is done taxing my ass, I won't be able to afford much more than $150K.


Anonymous said...

Nice house. Did you check out the tax? $6300. No thanks.

Ed said...

Damn never noticed that. Good eye. Yeah $6300 for property tax is ridiculous, given that there is less than an acre of land.

$6300 a year is $525 a month. Add in HOA fees, insurance, maintenance and repairs - and a house that big will have a lot of both - and you're at $800 a month easy. And that's before you've even paid a dime to the mortgage company. A $550K mortgage at 6.25% is $3400. Total cost of $4200 a month.

That house or one similar to it, could be rented for well under $3000.

Hmmmm remind me again why renting is throwing money out the windown again....