Is it me or are real estate prices going wacko again

[brianmanahan]

prices are fine in most of ohio

i am looking at some places in the 50$k to 75$k range for about 1500 square feet plus small garage

 

[Grooveriding]

In Toronto you can't get a 3bdr 2000sq/ft+ house in a decent neighbourhood for less than $8-900,000, and this is in the suburbs. The nice parts of downtown you are talking 1mill+ for 1200sq/ft townhomes. Want a 3 bdr+ 2000sq/ft+ detached home downtown ? Starts at 2-2.5 million and sky is the limit after that.

Vancouver is even more expensive. Home prices here have been rising for the past 20 years that I have been paying attention and there appears to be no end in sight.

 

[Ns1]

prices are fine in most of ohio

i am looking at some places in the 50$k to 75$k range for about 1500 square feet plus small garage

yeah but ohio.




(sorry xeemzor)

 

[PricklyPete]

Prices are out of control here in Denver. It seems to be regional though.

 

[mrjminer]

Yea, they are getting to be problematic. Everything is going to go tits up again, I am guessing within the next five years

 

[her209]

Dumb people being convinced that its a good investment to buy overpriced homes now because if you don't buy now, you'll be priced out of the market later by scum realtors and lenders. Can't afford a 30 year loan, just make it 40 years. No down payment no problems!

 

[s0me0nesmind1]

Yeah it's pretty insane. Then you go in places like Vancouver and Toronto and it's even more insane. Regular houses that are over a million dollars. It baffles my mind that people want to live in those areas, or work in those areas and commute for hours every day. I guess I consider myself lucky.

Don't know about you, but a lot of times if you don't buy a half decent house you will be stuck with things like
-A shitty school district
-A bad surrounding area

Not saying that is the case for all $500k+ housing areas, but it's definitely the case where I am at in Texas. If you want a decent house with a decent school district, you better be prepped to pony up ~$220+... Unless you want to pay for private school. Which would be more costly then just getting an expensive home for free public school...

 

[purbeast0]

i got some real estate post card thing in the mail the other day with recent sellings in our neighborhood. prices have definitely gone up since we bought 2.5 years ago, which is good for us. houses that aren't even as nice as ours are selling for $475k, and we've done quite a bit of work to our backyard since we purchased at $419k.

don't really plan on moving any time in the near future, but it's nice to know that if we did we would probably make something.

 

[Anubis]

Don't know about you, but a lot of times if you don't buy a half decent house you will be stuck with things like
-A shitty school district
-A bad surrounding area

Not saying that is the case for all $500k+ housing areas, but it's definitely the case where I am at in Texas. If you want a decent house with a decent school district, you better be prepped to pony up ~$220+... Unless you want to pay for private school. Which would be more costly then just getting an expensive home for free public school...

220 in texas get you more vs a lot of places

I live in the sticks and prices are still dumb for the area/what most people make

 

[s0me0nesmind1]

220 in texas get you more vs a lot of places

I live in the sticks and prices are still dumb for the area/what most people make

Oh don't get me wrong, I certainly know that

I live in a 2-story, 3 bedroom, 2.5 bathroom and it costs us $140k Sadly, I'm getting a bit sick of the cookie-cutter type housing, but it's our first stop in housing to build up some equity for our next upgrade in later life.

Hopefully another crash happens between now and then.

 

[purbeast0]

It blows my mind what people pay for houses in the Northeast and the California coast. The wife and I watch HGTV all the time, and these young kids are getting married and buying like 700k homes that are maybe 2000 square feet at best. I'm surprised first off that they are able to afford that, that's 4 times what I pay for my mortgage and my mortgage is about just shy of 1/3 of my income.

I grew up in the Rockies though, midwest. For even 300-400k you could get a really nice 3-4k square foot home that was built 10 years or less. Prices are definitely rising there but not like the east. So... yeah. I might retire in Montana or South Dakota or some no-name place just so I can buy a lot of land

not everyone wants a big house with a lot of land.

i'd rather have a 2000sqft house on like 1/4 or 1/3 acre near the ocean than a 4000sqft house with an acre of land in the middle of nowhere. and i'd pay more for the first.

having a really huge house doesn't really interest me that much, nor does having a lot of land. just more maintenance for areas i probably won't use.

 

[Anubis]

not everyone wants a big house with a lot of land.

i'd rather have a 2000sqft house on like 1/4 or 1/3 acre near the ocean than a 4000sqft house with an acre of land in the middle of nowhere. and i'd pay more for the first.

having a really huge house doesn't really interest me that much, nor does having a lot of land. just more maintenance for areas i probably won't use.

well I hate people and don't want to be able to see my neighbors so....


in reality its all personal preference. the house I grew up in sat on a 6 acre lot where you could not see the next house over because of the trees & everyone had lots that size. we then moved to a house + 60 acres of land and it was fing paradise

ive lived in the city and hate it

I don't want to be in the total boons but I should not be able to throw a baseball and hit my neighbors house

 

[s0me0nesmind1]

well I hate people and don't want to be able to see my neighbors so....


in reality its all personal preference. the house I grew up in sat on a 6 acre lot where you could not see the next house over because of the trees & everyone had lots that size. we then moved to a house + 60 acres of land and it was fing paradise

ive lived in the city and hate it

I don't want to be in the total boons but I should not be able to throw a baseball and hit my neighbors house

Yeaaaah goodluck with that.

I can throw a baseball from my window, go through the neighbors first side window and have it go back out the neighbors OTHER side window.

That's how close we are. It sucks balls. I just dont get how one can live in the middle of nowhere (to get that much amount of land for that decent of a price) and still somehow get to work to pay it. Commuting in city is bad enough.

 

[purbeast0]

well I hate people and don't want to be able to see my neighbors so....


in reality its all personal preference. the house I grew up in sat on a 6 acre lot where you could not see the next house over because of the trees & everyone had lots that size. we then moved to a house + 60 acres of land and it was fing paradise

ive lived in the city and hate it

I don't want to be in the total boons but I should not be able to throw a baseball and hit my neighbors house

i could never live in a city either, not a fan. but i also don't want to live in the sticks.

i was just saying that the reason prices are as they are, is because most people don't want to live in the middle of nowhere with a huge house sitting on a huge plot of land, otherwise those would cost more because the demand would be higher.

most people want to live where they can get to places quickly and have a lot of things to do in the surround areas, which is why areas like cali are retarded expensive - because demand.

 

[Ns1]

in reality its all personal preference.

Totally - I want to be able to get from door to bar in 5 minutes. You probably just built a bar in your basement. Next to the home theater. Below the 10 car garage. LOL

 

[Clemenza]

It's getting that way in Nashville. Our population is growing fast and a lot of the areas are being gentrified. It's not uncommon to see condos spring up in a shitty part of town where all of the hipsters are moving and be 600k. Downtown is finally starting to become a haven for high rise condos where you get 600 square feel for 500k. This is stretching out to the suburbs like a ripple effect and the rent prices are following suit.

 

[Ns1]

It's getting that way in Nashville. Our population is growing fast and a lot of the areas are being gentrified. It's not uncommon to see condos spring up in a shitty part of town where all of the hipsters are moving and be 600k. Downtown is finally starting to become a haven for high rise condos where you get 600 square feel for 500k. This is stretching out to the suburbs like a ripple effect and the rent prices are following suit.

holy shit.

 

[Anubis]

Totally - I want to be able to get from door to bar in 5 minutes. You probably just built a bar in your basement. Next to the home theater. Below the 10 car garage. LOL

lol yes


except I would not own 10 cars. im totally not a car person, even if I could afford it I don't see a point to owning more than 2-3. something for DD, something sporty and something to haul shit around with

 

[Ns1]

lol yes


except I would not own 10 cars. im totally not a car person, even if I could afford it I don't see a point to owning more than 2-3

Oh for sure. I figured the 10 car garage was where you kept the arcade.

 

[manimal]

yeah but ohio.




(sorry xeemzor)

midwest aint that bad bro. I used to live in Silverlake on Waverly drive in CA and my house and neighborhood here in indiana looks and is almost the same. Well exept having the plot where the Labianca Manson murder happened next door though I found that to add charm to the place.

We almost moved back to NYC last year but said fuck it and bought a lake house and and a couple rentals for cash flow.

Midwest still has ample stock to keep prices low.



Foreign money is once again flooding into socal so all these prices will keep rising. Chinese and Russians are coming in droves to the US and England because they can afford it.

Whats interesting is the Russians are spending like crazy to get away. A friend sold his CT home sight unseen for a million over asking.

 

[rh71]

OP is in a suburb of a major city. $500k is the price for a 4br 2100sf here too. 3000sf is upwards of $750k. Especially areas with good schools. It has been normal for years now. It may have dropped very slightly during the last recession but prices have stabilized again.

 

[rh71]

I'm sure its very regional, and while prices around here aren't anywhere that high. I cant understand the herd think behind home buying.

Houses sales here are going up 10% yoy, and I just have to ask myself why. There haven't been any signs of such wage growth, where is this money coming from? Are people just willing to spend that much more on housing now? And why? What was the big change from last year that causes someone to spend 20-40k more for the same thing as the year before.

I don't see 10% YOY rise in home prices, but regardless, people buy houses for a few reasons:
- it's their time - growing family - couples in this position are not going to wait 5 years for prices to POTENTIALLY drop again
- it's better than renting in terms of long-term money lost - everyone has to buy at some point, or you could just pay $500k+ to landlords your whole life and get $0 back.

Yeah, CA is crazy overheated thanks to all the Chinese coming over here to live. My neighbor's house just sold for $800 fucking K. The property tax alone is almost $10k a year which means a house hold needs to make at least $150k to afford it.

We are seeing a lot of overseas Chinese buy for cash here in NY in good school districts too. Local demographics are changing. One town went from 15% to 35% asian in 10 years or something. Local homebuyers are being outbid very easily despite the median income being $98k (thanks to NYC salaries). At the same time, older folks are moving to FLA. White flight easily explained.

 

[mmntech]

lulz... You amateur Americans.

http://www.theglobeandmail.com/repo...ach-record-high-price-in-may/article24761542/



Does no one keep track of which houses are actually being bought by Chinese nationals anywhere? Everyone up here in Canada is saying the same thing, but super low mortgage rates + "gotta buy a house, gotta buy a house" + no solid stats on which ones are Chinese national owned (i.e. not Chinese looking Americans/Canadians) = no idea.

Generation X and foreign investors are driving most of the housing demand right now.

What's going to sink the Canadian housing market is when all the Boomers start looking to downsize. Generation X will be firmly entrenched by then, so the market for those homes will be Millennials. However, since contract work has replaced a large percentage of full time jobs, it's very difficult for them to get mortgages. So I predict you'll see a glut of homes coming onto the market in the next ten years that won't sell. Or at least not quickly. High housing prices are already what's keeping young people renting or living in multi-generational homes.

Every major international bank and economic NGO has said Canada's housing prices are stupid overpriced and due for a correction. It's only the national banks and local economies that are in denial.

 

[Anubis]

Yeah, CA is crazy overheated thanks to all the Chinese coming over here to live. My neighbor's house just sold for $800 fucking K. The property tax alone is almost $10k a year which means a house hold needs to make at least $150k to afford it.

10k is pretty cheap for a 800k house


where I live in NY that would be over 20k in taxes and I live in the middle of fing nowhere

shit I think property tax on my parents house is almost 6k and its only valued at like 200k

 

[unokitty]

... Anyone else noticing this? Or are things just crazy in my area?

The Federal Reserve has held short-term interest rates near 0% since December of 2008 to help stimulate the economy. The Federal Reserve decided to push short-term rates near zero during the depths of the Great Recession. That was over 6 years ago.

Since December 2008, the S&P 500 has risen 137%.

Its not just you.

And its not just housing prices...

Uno