Unfortunately – or perhaps fortunately if you are already a home owner here – the list is of America’s Most Overpriced ZIP Codes, and 95125 comes in at #10:
To live there, residents are paying the city’s highest prices relative to what they could pay to rent similar properties in the same area. When you compare mortgage payments to the value of a similar home on the rental market, the price to buy is 26.1 times higher, one of the biggest differences in the country.
Willow Glen is one example of a neighborhood where homeowners are still taking chances on future appreciation–and paying a premium above and beyond their neighbors for that confidence.
If you can get past the article’s confusing opening reference to car license plates and worshiped deities, there may be some information to be gained. Or maybe not.
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Jim
1 year ago
This article does not make any sense. It says:
“To live there, residents are paying the city’s highest prices relative to what they could pay to rent similar properties in the same area. When you compare mortgage payments to the value of a similar home on the rental market, the price to buy is 26.1 times higher, one of the biggest differences in the country. ”
Are they trying to say that you can rent the same house for 1/26th of the current mortgage payment? That seems to be what is implied. I would love to see the 4bdrm 2bth house they are finding that rents for $150/month b/c that is what it would come out to if you did the math on my house.
Morbid Thoughts on Home Buying
1 year ago
[...] could be haunted by a previous occupants at-home death … Someone died in that house … and still we’re overpriced? addthis_url = ‘http%3A%2F%2Fwillowglenextra.com%2F2008%2F07%2Fmorbid-thoughts-on-home-buying%2F’; [...]
WGx
1 year ago
A story this good – and this ridiculously confusing – gets a lot of airplay and printer ink these days … and some significant attention on the Internet as well.
Here’s a rundown of others’ thoughts on WG’s inclusion in the list:
There’s also no doubt that a few more Forbes Magazines were purchased in San Jose this month … certainly a convenient side effect of compiling Top Ten list …
7/10ths of the Top Ten WG Foreclosures
1 year ago
[...] everyone else is agog over the nation’s Top Ten Insanely Priced Neighborhoods — or whatever it was that Forbes was using to sell magazines — local realtor CJ Braziel [...]