I just have to wonder where the average Joe comes up with 10k a month for a mortgage payment on a 1m home. Are salaries that much higher out there?
I'm a bit out of touch with the current financing and stuff also... but my son bought a $700K condo about 5 years back, I'm unsure how much he put down (probably about $100K), but payments are about $5K a month! I do believe he made about $150 - $300K a year, owning his own Graphic design firm. He indeed does well, especially in his line of work, as he "neighbors" with a bunch of "professionals" such as doctors and lawyers.
To even be able to pay 10k a month (nothing else, just the mortgage), you would need to gross about 170k a year... then car payments, utilities, insurance, etc... Does the average family really make 300k?
No, not average, as we have MILLIONS of unemployed, homeless, alien and the like, living in all sorts of things and homes of much lesser value. We have a lot of DESERT...
My home, for example, back in '79, was at about the furthest "commutable distance" to LA for work, about 50 miles with NO public transportation, or even a freeway. It took me about 25 minutes though, to drive 27 miles of highway to the "Valley" and 30 years later, now with buses and trains and freeways... it takes 1 - 1 1/2 hours. I now live in a highly desireable area, with a population that has grown from less than 40K to over 300K.
Or do you take out 90 year mortgages? :laugh:
In this economy, its great for a person that has a good job to be a first-time homebuyer... and actually, as prices have become more EQUALIZED, not a bad time for others who have equity also. Its just getting used to the NEW pricing structure.
I personally have a lot going for me financially and a lot going against me, physically... and I'll leave that discussion for some other time. Kinda like an oxy-moron or poetic-justice kinda thing. As an example... I have a good friend who just yesterday called to announce that he basically had won the lottery to the tune of about $300,000.00! Wow, and I am soooo happy for him. After 8 years of almost total blindness, 35+ years after 3 tours in Vietnam, they finally will be awarding him his benefits...
Now... what does he do, or can he do with the money...
Sorry, didn't mean to hijack the thread. I'm just curious.
Hope I made ya feel better, and gave you some REAL insight... My primary purpose for the background was to emphasize the BOAT and it's propulsion... Not everything is as it seems on the surface.
Enjoyed the chatter though...