$1,775,000 financed with a 7.25 jumbo is $12,000 a month. Condo fee on this Scottsdale Waterfront unit probably about $1,000 a month (no, that's not a typo) and taxes and expenses let's just say another $1,000. So $14,000 a month easy.
Or, flipside, take the $1.8 million, invest it at 6%, that spits off $9,000 cash a month. Rent one of these units for $2,000 and buy all the fricking wine you can drink with the rest!
Anyone see the problem?
Holy crap people lost their minds in Arizona and around the country. Suckered into condos by slick marketing brochures filled with wine and cheese and babes at the pool. Meanwhile, that's not the blue cheese you smell on your patio. That's sh*t!
[UPDATE] - Unit just lowered to $1,695,000. Anyone want to guess how low this one will go?