Monday, July 23, 2007

Favorite New Listing (Y2/M3/D23)

In theory, your mortgage payment should be between 25 and 30% of your gross income. So, if a house is $799k, and you have $159,800 laying around for a down payment, then your mortgage (7% for 30 years) would be $4252.61 each month. So your gross monthly income would have to be somewhere around $17k. That's over $204k per year. (Of course, we all know that barely anybody puts 20% in Los Angeles, so the monthly payment would be higher and thus require even higher income). But anyway, let's say you make that kind of dough. Wanna see the kitchen in a house that comes in a house listed for $799k? Here it is:

You love the tile counter, right? No? Well, what about 6" square tile floor? Oh, you don't like that either? Well, how about the slide in range that looks like it's from Home Depot?

Seriously, People. This is the kind of kitchen you expect to see in an apartment. It's not the kind of kitchen that somebody who is pulling down $200k wants.

Also, the agent figures you will love the kitchen so much, that you don't even need to see the bathroom. But if you insist, here's a sideways picture that was apparently snapped when the agent dropped the camera.

4242 GOODLAND AVENUE, Studio City, CA 91604 -- $799k
Bed: 2
Bath: 1.5
Sq Ft: 1,240
Lot 5,266
MLS: F1725341
DOM: 4

(IMHO, They'd be very lucky to get $700k).

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