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Old 01-26-2013, 12:58 AM
 
2 posts, read 1,476 times
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Default outer sunset - how much is too expensive?

hi all,

i'm a native san franciscan and have been dying to move back to the city for quite some time now. my fiance and i are in the market for a property, specifically in the sunset/richmond neighborhoods specifically for schools, amenities, convenience, etc. given the premium that comes with the richmond, we've ruled that neighborhood out.

we currently have an offer accepted in the outer sunset at almost $690k for a junior 5 home. it's been updated recently with decent quality upgrades. it has a 3rd bedroom and 2nd bathroom downstairs, but is not permitted. are we paying too much? based on payment calculators, we're looking at about $4000/month (principal, interest, home insurance, mortgage insurance, and tax). our combined gross is about $160k.

i would greatly appreciate your opinions on affordability, price, etc.

thanks in advance!
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Old 01-26-2013, 02:32 AM
 
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You probably already know this: every block is different and every house is different depending on a wide variety of things like amenities, view, proximity, size, floorplan, etc. I know the Outer Sunset tends to be more uniform but still, it's impossible to say one way or another without knowing more details.

The first question I have is: what's the sq footage? The second is: how much to rent a similar house?
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Old 01-26-2013, 02:39 AM
 
Location: San Francisco
1,467 posts, read 1,657,788 times
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690K is pretty reasonable these days in that part of town, even for a junior 5. Especially if its well upgraded/maintained. Then again, your realtor should be giving advice on the price vs. comparable properties and condition of the home. That's his/her job.

Last edited by jeffredo; 01-26-2013 at 02:48 AM..
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Old 01-26-2013, 10:01 AM
 
793 posts, read 1,209,492 times
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Quote:
Originally Posted by mrmotobiker View Post
hi all,

i'm a native san franciscan and have been dying to move back to the city for quite some time now. my fiance and i are in the market for a property, specifically in the sunset/richmond neighborhoods specifically for schools, amenities, convenience, etc. given the premium that comes with the richmond, we've ruled that neighborhood out.
Living in SF, there is never a guarantee of attending school in your neighborhood. For more info, read the SFUSD enrollment policies.
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Old 01-26-2013, 04:45 PM
 
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thanks everyone for your responses.

beb0p: the property is about 900sf, but the unpermitted in law adds about another 2-300sf. current rent for a property like this is about 2.5-3k/month (from craigslist) which is a little less than all of the home expenses.

jeffredo: thanks, my realtor gave me comps and this is a little bit above recent comps.

twins4lynn: i agree, there's no guarantee. however, living outside of SF completely eliminates the possibility of sharing the childhood i had growing up here (went to mccoppin elem, roos middle, wash high, sfsu). even tho sf may be considered a "big city" to some, it's really a tight niche community. i still have friends from elementary i see on a regular basis and those are the types of relationships i would like my children to have when they're older.

my cold feet is from the cost. i realize there's a premium to pay to live in SF, but i guess i'm really afraid if we're in over our head with this mortgage. any opinions are greatly appreciated
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Old 01-28-2013, 03:58 AM
 
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It says something about SF that you are making an income that puts you in the top 10% nationally but basically can't afford to live here. Not only is the mortgage payment a stretch, but you are getting almost nothing for it. $690K will buy a twelve room mansion in Cleveland, a beautiful 4 bedroom ranch house in Oakland, and...a "junior 5" in a humid and somewhat undistinguished part of San Francisco.

You can't replicate the childhood you had growing up in SF in the 70s or whenever it was. The real (inflation-adjusted) cost of living in SF has tripled. In other places, it hasn't gone up much if at all, and neither have paychecks.
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Old 01-28-2013, 10:55 AM
 
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Quote:
Originally Posted by mrmotobiker View Post
thanks everyone for your responses.

beb0p: the property is about 900sf, but the unpermitted in law adds about another 2-300sf. current rent for a property like this is about 2.5-3k/month (from craigslist) which is a little less than all of the home expenses.
Yeah, the comps does show the price is a bit above the past sold but in this market, what sold a few months ago sometimes has no resemblance to what prices are sold at now. If the rent vs buy ratio is almost even, that tells me that it is probably a reasonable price that you paid for. Like I said in another thread, I don't tell people to buy or not to buy, I simply am not smart enough to time the market. But if it's a house that you like and see yourself living there for a long time, then I don't blame ya if you want to get in now.

Regarding the cost, are you going to rent out the in-law unit? I know several home owners who would not have have been able to afford the mortgage without the income from renting out the in-laws. With the extra income, I think you're more than able to afford the house. Without the rental income, it's probably hitting the upper limit of affordability as it's approx 45% of your take home pay, but still doable if you are good savers and don't have other major debt like student loan. Keep in mind that these houses often need a fix every so often. The roof, water heater, furnace, rotting, termite, etc, etc. You have to factor those into the cost too.
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