Yeah.. I'll admit upper 3ks seems a bit much to me, at least for only 2 BR with a bonus space off the garage. But keep in mind brand-new 2BR/2BA apartments at Lime with 1,100 sqft are going for ~$2,100. I don't think parking is included in that (fact check me plz), so add in ~$200/mo more. These townhomes have a seaparate entrance, attached/private parking, and ~50% more living space than a traditional apartment, plus an extra half bath. I would guess that renting here includes access to the all Elan amenities?
I don't think I agree with David that prices in the Wedge are "much less" than peak market values -
this listing has a 10-year LHE average price trend chart. As of now, they're matching 2007 peak numbers. Especially when you consider pre-2007 interest rates were around 50% higher than today's (making a $300k purchase back then cost more each month than now).
Speaking of that listing, there are 2 townhomes that are listed between $360-380k on the market right now. 2BR, 2-3 BA. ~1,500 sqft, 2 attached parking spaces. About as comparable as they come. I've done the math before on this board, but again. At historically-low interest rates, 20% down, $360k 30 yr loan, mortgage/taxes/association fee comes to $2,180. But you're shilling out $72k up front to do it! At FHA 3.5% down, you're still talking $12.5k up front and $2,720/month. And while the association fee covers outside maintenance, building exterior, etc, you're still on the hook for maintaining everything inside. And if you move, you're on the hook to pay 7% off the sale price.
It's very possible that people are making logical financial decisions for relatively short-term stays (2-3 years) before buying locally or moving again to keep the down payment and spread it out over rent payments. Spreading $72k over 30 monthly payments is $2.4k/mo, bringing a "budget" up to $4,580/mo in the 20% down scenario. More than the advertised rent by quite a bit. So yeah. People make all sorts of decisions all the time.
