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.