Looking at The Hayes

So we got this flyer in the mail advertising something called “The Hayes.” Turns out it’s a new complex going up at Page and Gough, which is strange because it’s actually a few blocks south of Hayes.

The Hayes

The front of the flier reads “Still Renting? Start Owning.” Which caught my attention. On the back is the following table:

The Hayes Monthly Payment Average Monthly Rent Payment Monthly Savings
Studio $1,225 $1,925 $700
1 Bedroom $1,752 $2,105 $353
2 Bedroom $2,237 $3,365 $1,028

Compelling eh? The fine print at the bottom reads:

“The Hayes monthly payments are based on the following: Studio purchase price at $419,000; 1 bedroom purchase price at $599,000; 2 bedroom purchase price at $799,000. Monthly payments shown reflect after-tax savings. … Interest rate based on 5/1 ARM Interest Only, and is fixed for 5 years. … First loan amount assumed to be 80% of purchase price or less, with a minimum down payment of 10% of purchase price. Interest rate and payment on second loan will be based on prevailing market rates and amount of down payment.

The Hayes 1br floorplanSo what have I learned? A new 1 bedroom apartment (653-855 sq ft) costs $600k. That it’s between 75 to 280 sq ft larger than our current apartment with a study. A 10% down payment is $60k, so tack on another year to my “$1000/month savings plan” (that’s 5 now!). But their adjustable rate interest only mortgage (of the devil) only covers 80%! So I’d still have to get another loan to cover the remaining $60k (unclear whether that is is factored into their numbers above).

So that concludes our San Francisco real estate minute.


Don’t forget your home owners association fees for the condo! I googled around and found and ad for one of the units there that lists the fee as 321.74 /month.

You could always move back to NC, buy a mansion with the $ you save, and telecommute to SF. :)

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