Housing costs

a reply to: chris_stibrany

In 2011 I bought a 3br 2ba 1600sqft house and my mortgage/insurance was $600.

exactly. thats about when i was there. i was reading the local paper.
a reply to: OccamsRazor04

Ridiculous here, you wont get a tear down for less than a mill, only slightly subdued at the moment because the interest rate moved up a bit. This has been going on for a decade, a lot of foreign ownership/assholes parking money. Made everything very unaffordable, and that goes for rent too.

We moved into our house in July 2019. It was a new build in a new development. We paid $245,000. Currently, there are listings in our development for smaller houses that are asking around $350,000 and they're selling.

I sold my house in CO in 4 days. It sold for 50k over asking with zero contingencies. Starting bid was 20 over asking. 12 bids.
I made a massive profit on it. I don't even believe my house was worth what it sold for....but that was the market.
I check and it is now worth 100k more than what I sold it for 6months ago. So the new owners have serious equity already. I sold it for $550k

Bought my unicorn new build house in TX. Already have 75k equity in it...all the new builds around me around selling for 75k+ easily more than mine and they are smaller. New builds in my area are starting at close to $600,000 btw.

People do not seem to be swayed by high interest rates or outrageous prices. In fact, restaurants are full, malls/retailers are full, traffic is crazy. People are spending money left and right.

Here in TX where I am (DFW area), it is the property taxes that are the problem....they are doing everything in their power to raise those...sometimes 200%

Town homes near me are starting at 450k. The homes are under 3000 sq foot, no front or back yard for kids or dogs. The homes are built within 8 feet of another home. These homes have nothing special, no metal roof that lasts 30+ years. These town home aren't built to withstand a tornado any better than 40-60 year old homes in the same neighborhood.

A house (Cape or Saltbox) near me sold for $386k three years ago. Couple divorced and they got $643k last year. Sold in one day.

When bubble bursts it’s going to be Epic and it won’t be long before it happens
Another house built in the late 80s just had a bidding war a month ago. They where asking $525k and got $673k.
It sold in two days. The couple that bought moved here from New Jersey.

These people buying these homes are out of their minds IMO!




reply to: infolurker

a reply to: shaemac

My parents sold their house in MA last year, estimated worth was 580k sold for 680k, no inspection, as is. Currently estimated at 800k.

originally posted by: PiratesCut
It sold in two days. The couple that bought moved here from New Jersey.

That's part of the problem, people moving from NY, NJ, MA, CA .. fleeing high cost areas. They sold their home where housing costs were really high, so they have a ton of cash to burn and just drive up housing costs in the areas they move to.

Recently sold a home in as is condition. 3 br 3 br, 2472 sq ft with large detached garage/workshop but many details inside and out unfinished and no landscaping. Listed at 575,000 and sold for 670,000 cash with no repairs. The home we are in was purchased for 238,000 and has gone up in value to 334,800 in a year and a half. Preparing to pay off that mortgage as we speak to get out from under the debt, since the economy is about as unstable as I have ever seen it.

I keep getting these fake equity checks in the mail from these no name banks. Like I’ve got “idiot” written on my face. I ain’t sellin’!!

Bought our house on the Florida Space Coast in 2011 for $100k, similar houses in our neighborhood are now selling for $300k.

It's absolutely insane.

Dads house went up asking 550,000 less that 24 hours later offer for 615000. He wanted it gone so they just took the 1st bid. He bought the house several years ago. Cost him 275,000 or something to that effect. The outskirts of SF bay.

Me. Multi generational house in bay area. This house was purchased for 25,000 50 years ago and is appraised at 1,300,000. Rent is stupid silly. Housing availability is awful. Can not afford anything unless you have a very high paying job especially if you are single.

CA Sucks. I am so out of here when I can afford it lol.

a reply to: OccamsRazor04

Super dumb prices.

116,000 for a 2 bedroom fixer upper. A fixer upper. 100k!
That's the cheapest I can find in my area.

how can anyone buy houses right now?

a reply to: OccamsRazor04

I'm curious how housing prices have changed in your local areas, vs median income growth,

Well thanks to the people of California,Chicago,Jersey moving in drove to swfl our housing market is insane. The inventory is so low that I get numerous text,emails, and phone calls on a weekly basis asking if Im interested in selling my investment properties even though I have no interest in selling them.

The local average joe wages haven't kept up with the prices and many of the restaurants are way under staffed. Rent has gone up for most people in the area by 500 - 1000 a month and many are being forced to move , not only because the rent increase but the properties are being sold under them. House are being purchased for 2M plus and being torn down and rebuilt left and right.

Besides the commies moving down here running away from their democrat ruined states we get lots of CEO that live here with uber money. I just picked up my Son from one of his friends friend house that is 62K sq ft on 5+acres right on the beach. That is right 62K and that is not a typo and you read that right.

A few years back they purchased a 50M dollar house and tore it down and built a 100M house. New condos are going for 1.5M+ and new homes start around 2M. So construction is booming here. My kids son was dating a daughter of a billionaire and he felt like he wanted a soccer field so he bought the neighbors 10M+ home and tore it down to build a soccer field. Crazy money. I can go on with first hand accounts of the crazy money stories.

The problem with that is that its impossible to get construction work done because you are competing with those 100M+ and billionaires who overpay to get priority. I called to get a quote on adding a pool to a property and multiple companies told me it would be atleast 5 weeks to get a sales person to call me back to setup an appointment.

To get a dock rebuilt and add a boat lift I was told it would take 1.5 years by two companies and another just said they couldn't take any more work due to demand and worker shortage.

I'm currently also waiting on a quote on adding a patio and redoing a roof on a property for over a month and they said that the quote is only valid for a few weeks due to shortages of supplies and labor costs changing so quickly.

As of yet I haven't received the quote from them nor from the other companies who have actually come out multiple times to take measurements nor have I gotten the call back from the pool companies to setup an appointment.

I have just come to the conclusion that I'm putting everything on hold for a couple years besides what I can do myself because its not worth the aggravation nor worth the time wasted.

The average joe has no chance to live and work here. Most workers are driving about 45 minutes each way with traffic. Besides the commute time they are also getting hammered with fuel cost now.

So many are not seeing it worth working here any-longer. Also the business in the area especially the national ones haven't been able to adjust or not willing to adjust their pay to keep the employees. Most the local restaurants appear to keep their staff but the chains always appear to be understaffed . We had to walk out of carrabas and outback multiple times because of severe staff shortages .

Same story in the hospitals with staffing. Nurses ,cops,teachers and fire can't afford to live here so they have been trying to build affordable housing for them which is really pathetic and kind of disgusting.

They have even talked about busing in the workforces from other places , so basically anything but raising wages and benefits to meet the demand.

Houses are still getting multiple offers and selling withing hours of being listed. However I did just started to observe price decreases which was unheard for the last year and anytime a price change occurred it went up.

However the price decreases have been with properties that are basically tear-downs or need major remodeling and about year and half ago would have sold for around 200K and now are going over 650K . the slow down appears to be mostly with the below median cost homes in the area which last I checked was around 800k for the area. Also around 80% of the homes are being paid for in cash.


so yeah Its nutz and a big disconnect between what the market will bear for employee wages ,housing, and goods and services. Its like watching a perfect storm in the making.

originally posted by: OccamsRazor04

originally posted by: PiratesCut
It sold in two days. The couple that bought moved here from New Jersey.

That's part of the problem, people moving from NY, NJ, MA, CA .. fleeing high cost areas. They sold their home where housing costs were really high, so they have a ton of cash to burn and just drive up housing costs in the areas they move to.

Yep and these are the same hypocrites voting for higher taxes,rent control , affordable housing, the forced covid jabs and lock down then cashing out and moving to Florida and texas to get away from the state they destroyed with their politics.

Although I have also run to many that claim they couldn't take any more of the idiotic democrat policies and that is why they moved. Not sure if its true or they are just trying to blend in out of fear from the florida man , lol

originally posted by: interupt42

originally posted by: OccamsRazor04

originally posted by: PiratesCut
It sold in two days. The couple that bought moved here from New Jersey.

That's part of the problem, people moving from NY, NJ, MA, CA .. fleeing high cost areas. They sold their home where housing costs were really high, so they have a ton of cash to burn and just drive up housing costs in the areas they move to.

Yep and these are the same hypocrites voting for higher taxes,rent control , affordable housing, the forced covid jabs and lock down then cashing out and moving to Florida and texas to get away from the state they destroyed with their politics.

Although I have also run to many that claim they couldn't take any more of the idiotic democrat policies and that is why they moved. Not sure if its true or they are just trying to blend in out of fear from the florida man , lol

Many people I know moving from California who are liberal minded are moving to liberal states. I don't know they like the progressivism of their new location I was told by one family. Many conservative families from Ca have told me they are moving to Florida, Montana, the Carolinas, and Tennessee. My mom ditched out and went to Texas a few years back. She did not go to a large city but is becoming increasingly disappointed in those cities.
Once you get outside of the major cities in Ca., it is actually somewhat conservative.

a reply to: cre8chaos

I go to California often, mainly NorCal. Beautiful state, I wished the politics and costs of housing and living weren’t factors in me deciding to stay put. Have you seen the gas prices in Cali?!!! I drove to LA once, never again.

I have friends who were from Cali move to the Carolina’s. The culture shock and climate had them moving back to the west coast haha!

I make about 45% less than I did 4 years ago, have a better title and in charge of 25+ Employees. Let’s go Brandon.

a reply to: OccamsRazor04

a reply to: OccamsRazor04

ALL I know it before when I looked at homes for sale they were reasonable but NOW they are at least $100k MORE than previously! I am in Florida and I can't stand the housing here. It is SO OVERPRICED!