608 California St

Remember 608 California and Alex Abad’s greedy price?

Well they took a little off the top today dropping the $1.339 to $1.285 – Only 4% and it’s still sitting at $774/sq ft. Alex dropped the ball and lost momentum in a softening market. Not too mention at this price point, unlike sub $1.2 mil, there are options. 

Taking a backwards look at the math really shines the light on the stupidity. The funny thing is if you can qualify for this house you aren’t stupid; you are most likely a well educated, well paid household. 

To qualify for this house you need an income of about $250K. You drop $260K and then another $6400/month.  That’s bad math to “own” a house. 

608 California St

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