The 604 Healdsburg Ave unit at the Healdsburg Commons is officially now a rental listed at $1950 a month. If you would have bought this property as an "investment" at the lowered price of $499,000, you would be losing well over $1000 a month if you chose to rent it out ($1950 vs $3200+).
If that math isn't enough to convince you condos at The Commons are overpriced, this figure showing how many units have sold since early 2008 should:
I remember when these first went on the market over a year ago. Some of the units were going for 800K. True insanity. They were trying to cash in on the cache of The Plaza a couple of blocks away. Don't let the fact that many of the units are right on Healdsburg avenue, or the fact that they look out onto a Gas Station. Nope, they were "pure wine country living"...
ReplyDeleteI've toured the units and agree they are overpriced at $500K.
ReplyDeleteBut $1950 is a decent price for a rental of this caliber.
True, $1950/month for a new place in Healdsburg would probably get them some takers in the current market.
ReplyDeleteBuy them all and make it up on the volume...
ReplyDelete"make it up on the volume..."
ReplyDeleteHow would that work if you're losing over a grand on each unit?
Hmm...I still think $1950 is a bit steep, if you consider long-term economic prospects, aside from more Boomers cashing in and retiring in Wine Country. The Commons site doesn't discuss the HOA fees, which I'm sure approach $500/mo.
ReplyDeleteDear Bob,
ReplyDeleteI believe that the HOA fees are only $132 per month for the Commons. In addition, the rental fee is similar to like units in Healdsburg. I rent one of my properties in Parkland Farms for $2000 per month. It is the going rental market in Healdsburg.