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Reply to "two million is the new starter home price for close in neighborhoods"
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[quote=Anonymous]A starter home is $166,000 in Bethesda. https://www.redfin.com/MD/Bethesda/5225-Pooks-Hill-Rd-20814/unit-1315S/home/12449988 When I was a newlywed I lived in a one bedroom coop till wife 8 months pregnant. This one $800 maint includes, heat, water, electric, cable, property tax, landscaping, pool, tennis use of gym. I recall my coop bank wanted 25 percent down bear rate. Let’s assume you get this place $160,000. Put down 25 percent. That is around a $124,000 mortgage. A 7 year ARM no points is 6 percent. That is like a $700 A month mortgage. So for $1,500 a month as literally your only bill you live here a few years and bank cash. [/quote]
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