Lake Martin Topics: comments on prices

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	Name:	MotorMan -
	Subject:	comments on prices
	Date:	4/6/2007 6:41:11 AM

I looked at the middle house in the three when it was for sale. $285,000 plus a $395/month APC lease. There was a lengthy explanation on why leasing could save you money vs. buying at $325,000 for lot only.

For conventional financing, a house must be 3x the land value. Some will go with 2.5x Now this was 20 years ago when I did a lot of sales. It may have changed. It is best to put up a house of 10x the land cost. Otherwise, it becomes a tear down too quickly. More than 10x means you are overbuilding for the neighborhood.

I guess no one "bought:" the sales pitch. It assumed a static land price if I recall. The builder still has it. It appears if you park a golf cart on your new concrete for the summer, it leaves a rust stain on the concrete. The price is correct, but I may be off on the APC lease price. I was lured in by the asking price but stopped paying attention when I did the APC math.

I passed a for sale sign on Lovelady road.; 86 acres; a mile off road, still for sale after over a year at ~ $210,000.. It is about five miles south of the Lake. No power, cable etc.

My high school buddy Ron bought a 3200 sq foot house in Los Banos (the toilet) CA. a few years ago He wanted $610,000 for it early this year. Prices began to fall. He lowered to $599,000. I urged to sell more quickly. He lowered again and got a sale. I checked today and a 3316 sq foot house on the same sized 0.16 acres is listed at $511,000. He got out just in time. I saw the tour. 0.16 is way less than you think because of monster front setback rules. They have room for a 20 foot deep back yard.

In 1973 Ron bought a lot for $3000 and put up a $30,000 house. This was a good thing .on a land to improvements ratio. Sold it in 1987 for $88,000 when lots were $18,000. House to land then down to 5x by then

And we complain about Lake prices. What suckers. I recognized the interior doors. Same cheap ones I saw at Spencer lumber. Not granite counter tops or other upgrades.

URL: Los Banos, CA