In Spanish El Monte means the Mount, or the mount of debt you’ll get yourself into should you purchase this Real Home of Genius. As you can see from this glorious structure modeled after the Pantheon in
But surely the sellers paid large cash for this place and that is why they are asking for this price:
I guess that theory is out the window. So what are these sellers expecting to pocket with this sale? Let us run the numbers:
Assuming 6% sales cost: $440,000 - 6% - $170,000 = $247,360
This of course relying on the fact they still have a balance of $170,000 but we’re sure that is a lot less (unless they tapped equity out like the Lord of the Dance folks). So they are looking to score $49,400 per year in growth in a neighborhood where the median income is $48,000. Again we find another place where why would you work when simply living in your home makes more money than a job. Once a thing of infomercial lore, now you really can live in your palace and not work since equity will grow faster than your 9 to 5. We can understand why the lying scoundrels of housing have been pumping up the housing machine for seven years.
Today we Salute you