Um yeah. Im not going to spend $875,000 on a stupid house, ok?

[EyeMWing]

Originally posted by: LikeLinus

Originally posted by: supafly

Originally posted by: LikeLinus

Originally posted by: EyeMWing

Originally posted by: FelixDeKat

Originally posted by: Geocentricity
My parents' house which I'm still living in is worth close to 950k.... either you want to live in the middle of nowhere or you're poor

And Ill bet dollars to donuts that home was probably worth $450k just five years ago. Damn flippers and speculators screwed up everything.

5 years ago, my parents bought our house for $150k. They recently recieved an offer for $1.5M - and the place isn't even for sale. And the 1.5M offer involved demolishing the ENTIRE preexisting structure.

Maybe now you can afford an xBox 360 and HDTV?

So full of sh1t.

He never said they took the offer...

My gf's parents bought their house in Greenwich, CT over 25 years ago for $100k. They still own it today, and houses in their neighborhood are selling for over $3M. It certainly doesn't make them rich just because they live there still.

Psst, I'm mocking him. You'd have to see the other thread where he acts like an idiot.

Of course he didn't take the offer, it's not his house. Maybe mommy and daddy will buy him an xbox for xmas. That'd be swell.

25 years verses 5 years is a huge difference. I'd be interested to know what area they live in also. We'll see if he replies.

Northern Baltimore County, Maryland.

Granted, the $150k initial pricetag was complete and total rape (bought the place from my senile old grandmother who was moving to Arizona - she thought it was fair market value. It was really around $400k)

 

[FelixDeCat]

Originally posted by: jadinolf
My house is nothing to brag about but similar ones are on the market here for $850K or so.

Yes, IMHO they are overpriced. I paid $55K for mine in 1978 and I paid too much.

Yeah, California.

So I guess youre not interested in my $150k offer eh?

 

[lightpants]

I bought a property April 05, cleaned it up a little bit, and sold it June 06 to a builder for
a 650% return.
Don't hate the player, hate the game!

Unfortunately, my initial investment was only $6500. Still, selling it for $45,000 a little over a year later was nice. :thumbsup:

 

[Estrella]

anything in the city you can get for three to five times cheaper in the burbs or country.

It is all LOCATION LOCATION LOCATION.

Here in Houston I can buy a plot of land for 400-500k in West University by Rice University and build a 300k home whereas I can go out the Houston suburbs and build the same home for 325k and live like a king.

 

[DCFife]

My dad sold the house where I grew up in Venice, CA in 1988 at a peak in the housing market. He paid nothing for the house (it was his grand-fathers) and he sold it for $308k to the listing agent within 24 hours of listing it. The agent put $60k in upgrades into it and re-listed it for $540k. He wound up holding it for over 5 years because the market dropped out in 88/89. Of course, according to Zillow, that same house is now worth $1,049,383...all 1bd/1ba/913sf of it!

 

[fatpat268]

Originally posted by: Estrella
anything in the city you can get for three to five times cheaper in the burbs or country.

It is all LOCATION LOCATION LOCATION.

Here in Houston I can buy a plot of land for 400-500k in West University by Rice University and build a 300k home whereas I can go out the Houston suburbs and build the same home for 325k and live like a king.

exactly.

I live in a predominantly military town, and so the average income in this city is pretty low... which is why a lot of houses in my area are dirt cheap. I recently bought a 2500 sq ft 3br 2 bath for $81,000... needed a little work, but still in great shape. A house like that would probably sell for at least four times that in most places.

 

[LikeLinus]

Originally posted by: EyeMWing
Granted, the $150k initial pricetag was complete and total rape (bought the place from my senile old grandmother who was moving to Arizona - she thought it was fair market value. It was really around $400k)

So your family ripped off their own Grandmother. Quality people. I see why you are the way you are.

So the house has NOT jumped from $150K to 1.5MM. Your family simply ripped off an elderly person. Good Game.

I knew it was BS. If it smells like EyeMWing...it's def BS.

 

[Slew Foot]

Hee hee, after selling my home in San Francisco, I rented a place in Sacramento for $1800 from some guy who bought a new home as an investment. The house cost him $450K so Im guessing the monthly carrying cost is about $3000. Too bad for him the same floor plan is on sale a couple streets over for $395K. Not only is the sucker losing $1200 month in negative cash flow, he's losing 4K a month in home value. How does it feel to lose ~65K/year? Probably pretty crappy.

Edit: Sucks for those who recently bought in Florida, DR Horton just chopped 30% off your home price. http://shopping.news-journalonline.com/ROP/ads.aspx?advid=405282

 

[EyeMWing]

Originally posted by: LikeLinus

Originally posted by: EyeMWing
Granted, the $150k initial pricetag was complete and total rape (bought the place from my senile old grandmother who was moving to Arizona - she thought it was fair market value. It was really around $400k)

So your family ripped off their own Grandmother. Quality people. I see why you are the way you are.

So the house has NOT jumped from $150K to 1.5MM. Your family simply ripped off an elderly person. Good Game.

I knew it was BS. If it smells like EyeMWing...it's def BS.

So what. Either she was going to sell it to the people living there, or she was going to sell it to a developer. She set the price and wouldn't have any of the whisperings of "that's not high enough" from the rest of the family. Old people do dumb things. So either my family was going to go homeless because they couldn't stomach paying an old woman what she was asking and nothing more, and some developer was going to get it for the same dirt cheap price, subdivide it, and sell a pair of $400,000 houses; or they were going to buy the damned house and live in it.

 

[Greenman]

Originally posted by: Slew Foot

Originally posted by: FrankyJunior
That's why you buy a hosue is its value always goes up (at least under normal circumstances).

Wrong-o. House prices fluctuate like anything else. Up some years, down some years, just like the economy. On average, a house increases about 1% above the rate of inflation, a piss-poor return for an investment.

If you live in the assend of nowhere.
Over the last four years, the value of my house has increased more than I've earned. And because I live in CA (thank God for prop 13) my property taxes are dirt cheap.

 

[LikeLinus]

Originally posted by: EyeMWing

Originally posted by: LikeLinus

Originally posted by: EyeMWing
Granted, the $150k initial pricetag was complete and total rape (bought the place from my senile old grandmother who was moving to Arizona - she thought it was fair market value. It was really around $400k)

So your family ripped off their own Grandmother. Quality people. I see why you are the way you are.

So the house has NOT jumped from $150K to 1.5MM. Your family simply ripped off an elderly person. Good Game.

I knew it was BS. If it smells like EyeMWing...it's def BS.

So what. Either she was going to sell it to the people living there, or she was going to sell it to a developer. She set the price and wouldn't have any of the whisperings of "that's not high enough" from the rest of the family. Old people do dumb things. So either my family was going to go homeless because they couldn't stomach paying an old woman what she was asking and nothing more, and some developer was going to get it for the same dirt cheap price, subdivide it, and sell a pair of $400,000 houses; or they were going to buy the damned house and live in it.

Your family was going to become homeless if your grandmother didn't sell you a house for 1/3 it's real value?

Does your family realize it's living in a area that is apparently outside it's means? Maybe they should consider living somewhere they can afford.

 

[Slew Foot]

Originally posted by: Greenman

Originally posted by: Slew Foot

Originally posted by: FrankyJunior
That's why you buy a hosue is its value always goes up (at least under normal circumstances).

Wrong-o. House prices fluctuate like anything else. Up some years, down some years, just like the economy. On average, a house increases about 1% above the rate of inflation, a piss-poor return for an investment.

If you live in the assend of nowhere.
Over the last four years, the value of my house has increased more than I've earned. And because I live in CA (thank God for prop 13) my property taxes are dirt cheap.

And because you live in CA (so do I), your prices are going down now.

 

[shadow9d9]

What do you mean by STILL overpriced? They JUST had a huge shoot up!

 

[dxkj]

So they paid 150k for the house but it was valued at 400k, why try to deceive us?


The price went from 400k to 1.5 million , thats under 400% increase..... 150k to 1.5 million would have been a 1000% increase...

these are huge differences, what was the point of misleading, so we would go, oh wow! his parents are savvy!? ?

 

[mattocs]

I just bought a house for $63k. We also borrowed another $10k for some improvments.

 

[EyeMWing]

Originally posted by: dxkj
So they paid 150k for the house but it was valued at 400k, why try to deceive us?


The price went from 400k to 1.5 million , thats under 400% increase..... 150k to 1.5 million would have been a 1000% increase...

these are huge differences, what was the point of misleading, so we would go, oh wow! his parents are savvy!? ?

5 years ago, my parents bought our house for $150k. They recently recieved an offer for $1.5M - and the place isn't even for sale. And the 1.5M offer involved demolishing the ENTIRE preexisting structure.

They paid $150k for it. That's what I said. Period. No further details. You assumed that the price fell in line with the value. Your mistake.

And really, I should vacation myself again soon, because it's getting back to that point where every damned time I post in a thread, it turns into people riding my ass about somethingorother.

 

[Toastedlightly]

lots of hate in this thread... lot of hate.

 

[Fritzo]

Originally posted by: Slew Foot

Originally posted by: FrankyJunior
That's why you buy a hosue is its value always goes up (at least under normal circumstances).

Wrong-o. House prices fluctuate like anything else. Up some years, down some years, just like the economy. On average, a house increases about 1% above the rate of inflation, a piss-poor return for an investment.

Unless you're a victim of urban blight, your house will increase in value 5-10%/year. Not many people lose money on a house sale.

 

[altonb1]

Originally posted by: EyeMWing

Originally posted by: LikeLinus

Originally posted by: EyeMWing
Granted, the $150k initial pricetag was complete and total rape (bought the place from my senile old grandmother who was moving to Arizona - she thought it was fair market value. It was really around $400k)

So your family ripped off their own Grandmother. Quality people. I see why you are the way you are.

So the house has NOT jumped from $150K to 1.5MM. Your family simply ripped off an elderly person. Good Game.

I knew it was BS. If it smells like EyeMWing...it's def BS.

So what. Either she was going to sell it to the people living there, or she was going to sell it to a developer. She set the price and wouldn't have any of the whisperings of "that's not high enough" from the rest of the family. Old people do dumb things. So either my family was going to go homeless because they couldn't stomach paying an old woman what she was asking and nothing more, and some developer was going to get it for the same dirt cheap price, subdivide it, and sell a pair of $400,000 houses; or they were going to buy the damned house and live in it.

It was still a slimy move.

 

[ultimatebob]

The real estate market in CT is screwed up as well. There are houses in Waterbury for $150,000 that would sell for 3 times that in Southbury just 8 miles away. It's all about the location, man, all about the location.

 

[smack Down]

Originally posted by: EyeMWing

Originally posted by: FelixDeKat

Originally posted by: Geocentricity
My parents' house which I'm still living in is worth close to 950k.... either you want to live in the middle of nowhere or you're poor

And Ill bet dollars to donuts that home was probably worth $450k just five years ago. Damn flippers and speculators screwed up everything.

5 years ago, my parents bought our house for $150k. They recently recieved an offer for $1.5M - and the place isn't even for sale. And the 1.5M offer involved demolishing the ENTIRE preexisting structure.

Haha your parents are fools for not accepting the offer.

 

[smack Down]

Originally posted by: Fritzo

Originally posted by: Slew Foot

Originally posted by: FrankyJunior
That's why you buy a hosue is its value always goes up (at least under normal circumstances).

Wrong-o. House prices fluctuate like anything else. Up some years, down some years, just like the economy. On average, a house increases about 1% above the rate of inflation, a piss-poor return for an investment.

Unless you're a victim of urban blight, your house will increase in value 5-10%/year. Not many people lose money on a house sale.

How can home prices increase by 5-10% a year when income remains flat. How can people pay more for a house if they don't make more money?

 

[fitzov]

The housing market is ridiculously bloated right now. (In some areas, however, you can still buy a cheap house, as has always been the case.)

 

[puffff]

Originally posted by: smack Down

Originally posted by: Fritzo

Originally posted by: Slew Foot

Originally posted by: FrankyJunior
That's why you buy a hosue is its value always goes up (at least under normal circumstances).

Wrong-o. House prices fluctuate like anything else. Up some years, down some years, just like the economy. On average, a house increases about 1% above the rate of inflation, a piss-poor return for an investment.

Unless you're a victim of urban blight, your house will increase in value 5-10%/year. Not many people lose money on a house sale.

How can home prices increase by 5-10% a year when income remains flat. How can people pay more for a house if they don't make more money?

rich people get richer, poor people become poorer. and so it only looks like incomes are remaining flat

 

[EyeMWing]

Originally posted by: smack Down

Originally posted by: EyeMWing

Originally posted by: FelixDeKat

Originally posted by: Geocentricity
My parents' house which I'm still living in is worth close to 950k.... either you want to live in the middle of nowhere or you're poor

And Ill bet dollars to donuts that home was probably worth $450k just five years ago. Damn flippers and speculators screwed up everything.

5 years ago, my parents bought our house for $150k. They recently recieved an offer for $1.5M - and the place isn't even for sale. And the 1.5M offer involved demolishing the ENTIRE preexisting structure.

Haha your parents are fools for not accepting the offer.

Not really, considering $1.5M would get them fvckall nothing comperable - the existing structure has been retrofitted into a 6BR/3Bath dormitory, sits on a beautiful spot, excellent public schools, and most importantly is located within commute distance of my father's place of work (he has no marketable skills and the benefits package is literally a lifeline in this situation). That, and as heartless as this is going to sound, I'd much prefer they not sell it, because I'm in a spot to make a RAGING FVCKTON of money from that place a few decades down the road.

Once the parents are gone, the place is mine. Around the same time, all the neighbors should be dying. A developer is already slowly buying the properties in the neighborhood as they become available. The key piece is really the property adjacent to the house, which is a MASSIVE chunk of farmland. The aging farmer is going to leave that land to my parents, who will continue leasing it out to commercial farms to pay for the property taxes. That also becomes mine. Being the sole holdout against a developer is a very lucrative position to be in - on top of the RIDICULOUS value of the farmland and house combined.