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

[newParadigm]

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 😛

I live in upstate new york, and live in a very spacious 3 bedroom home (1600 sq ft.). It was purchased 12 years ago for $100k, and is no worth aprox. $155k. I am not cheap, and live in a very nice suburban area (not the middle of nowhere)

 

[Fritzo]

My new construction house was $222K last year. Not even a year later the bank has it at $232K. Seems like a good investment to me 😀

 

[Red Dawn]

Originally posted by: FelixDeKat
Not $525,000,

Not $375,000,

Not even $215,000...

$150,000 take it or leave it. Thats right - I said $150 and your lucky I dont make it $125.

So stop thinking you can charge what-ever-the-fook you want for your stinkin' crown molding and wood flooring - 'cuz I aint payin for it, aight? I dont care if you resodded the yard or redid the kitchen or what ever. I dont care. So you can take your dream number and go jump in the lake. :laugh:

Am I crazy or what? Or do you agree that even with property values on the decline everything out there is still waaaaay overpriced.

Especially a house in Texas!!!

 

[Slew Foot]

Originally posted by: Fritzo
My new construction house was $222K last year. Not even a year later the bank has it at $232K. Seems like a good investment to me 😀

5% return? Not really as good "investment" per se. You get the satisfaction of living in a house, which of course, every one needs a place to live, but as an investment, a 5% return sucks.

 

[Fritzo]

Originally posted by: Slew Foot

Originally posted by: Fritzo
My new construction house was $222K last year. Not even a year later the bank has it at $232K. Seems like a good investment to me 😀

5% return? Not really as good "investment" per se. You get the satisfaction of living in a house, which of course, every one needs a place to live, but as an investment, a 5% return sucks.

Let me know if you find something else you can buy, use everyday, then be worth more a year later.

 

[CTrain]

Originally posted by: Greenman

Originally posted by: Red
I sell homes for a builder in central Florida. We dropped our prices about 20% four months ago.

IE... 1,600 SF 3/2 was selling around $195,000... is now at $165,000

Are there any left? How much dp would I need and what is the rental market like?

Around here, 165k won't get you into a 1 bedroom condo in the bad part of town.

Theres no way thats a house with a lot.
That maybe just for a house...you find your own lot.
There is no 1600sq house in Central Fl for $165K.

 

[acemcmac]

Much idiocy in this thread.

 

[CTrain]

Originally posted by: acemcmac
Much idiocy in this thread.

Yes there is.
I would only believe it if his parents are rich and doesn't need the money.
If they are just normal people and turned dow $1.5 mil for a house they paid $150K, they need to attend commen sense school again.

Of course, people tend to exaggerated alot on ATOT.

 

[acemcmac]

Originally posted by: CTrain

Originally posted by: acemcmac
Much idiocy in this thread.

Yes there is.
I would only believe it if his parents are rich and doesn't need the money.
If they are just normal people and turned dow $1.5 mil for a house they paid $150K, they need to attend commen sense school again.

Of course, people tend to exaggerated alot on ATOT.

I'm not talking about any one incident. I'm talking about all of the people hating on RE because they aren't in on it themselves.

Piss money away on rent VS put money into equity... AND get the tax deduction of all mortgage interest and points. This should be a no fvckign brainer. It was for me. I'm 20 and I own my house.

I wonder if the OP knows that 150 won't buy him anything structurally sound on either of this country's coasts....

 

[mugs]

Originally posted by: EyeMWing

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.

Being the sole holdout against a developer is worth very little with the current interpretation of imminent domain.

Originally posted by: EyeMWing

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.

You're messed up in the head.

 

[smack Down]

Originally posted by: acemcmac

Originally posted by: CTrain

Originally posted by: acemcmac
Much idiocy in this thread.

Yes there is.
I would only believe it if his parents are rich and doesn't need the money.
If they are just normal people and turned dow $1.5 mil for a house they paid $150K, they need to attend commen sense school again.

Of course, people tend to exaggerated alot on ATOT.

I'm not talking about any one incident. I'm talking about all of the people hating on RE because they aren't in on it themselves.

Piss money away on rent VS put money into equity... AND get the tax deduction of all mortgage interest and points. This should be a no fvckign brainer. It was for me. I'm 20 and I own my house.

I wonder if the OP knows that 150 won't buy him anything structurally sound on either of this country's coasts....

RE goes in cycles sometimes it is better to rent, like now and some times it is better to own like the last 5 years.

 

[acemcmac]

Originally posted by: smack Down

Originally posted by: acemcmac

Originally posted by: CTrain

Originally posted by: acemcmac
Much idiocy in this thread.

Yes there is.
I would only believe it if his parents are rich and doesn't need the money.
If they are just normal people and turned dow $1.5 mil for a house they paid $150K, they need to attend commen sense school again.

Of course, people tend to exaggerated alot on ATOT.

I'm not talking about any one incident. I'm talking about all of the people hating on RE because they aren't in on it themselves.

Piss money away on rent VS put money into equity... AND get the tax deduction of all mortgage interest and points. This should be a no fvckign brainer. It was for me. I'm 20 and I own my house.

I wonder if the OP knows that 150 won't buy him anything structurally sound on either of this country's coasts....

RE goes in cycles sometimes it is better to rent, like now and some times it is better to own like the last 5 years.

I don't agree that this is the case. On the next block, my exact mortgage payment will get me a 700sq foot, 1 bedroom studio apartment. I'll take my 4 bedroom "encyclopedia home" with deck and off street parking any day compared to that :beer:

 

[ponyo]

Originally posted by: acemcmac

Originally posted by: smack Down

Originally posted by: acemcmac

Originally posted by: CTrain

Originally posted by: acemcmac
Much idiocy in this thread.

Yes there is.
I would only believe it if his parents are rich and doesn't need the money.
If they are just normal people and turned dow $1.5 mil for a house they paid $150K, they need to attend commen sense school again.

Of course, people tend to exaggerated alot on ATOT.

I'm not talking about any one incident. I'm talking about all of the people hating on RE because they aren't in on it themselves.

Piss money away on rent VS put money into equity... AND get the tax deduction of all mortgage interest and points. This should be a no fvckign brainer. It was for me. I'm 20 and I own my house.

I wonder if the OP knows that 150 won't buy him anything structurally sound on either of this country's coasts....

RE goes in cycles sometimes it is better to rent, like now and some times it is better to own like the last 5 years.

I don't agree that this is the case. On the next block, my exact mortgage payment will get me a 700sq foot, 1 bedroom studio apartment. I'll take my 4 bedroom "encyclopedia home" with deck and off street parking any day compared to that :beer:

You're only 20. You've never experienced bubble popping of any kind.

 

[SophalotJack]

Originally posted by: Slew Foot

Originally posted by: EyeMWing


I don't live with my parents anymore. And they aren't exactly financially well-off, either. Selling the house would be a one-way emergency escape plan - there's NO WAY to get back into that real estate market, and moving to another market is completely out of the question to them, and moving into a smaller place is as well (because of the extremely high density of rugrats)

Sell house for 1.35 mill profit.

Buy mansion in BFE(tennessee, kentuck, Ohio, Indiana). Put 1 million in bank and earn 50K in interest/year. Done.

Edit: again, why wont they move to somewhere else?

cuz he's full of grade a BS, or that his parents are dumb.

 

[Greenman]

Originally posted by: Slew Foot

Originally posted by: Fritzo
My new construction house was $222K last year. Not even a year later the bank has it at $232K. Seems like a good investment to me 😀

5% return? Not really as good "investment" per se. You get the satisfaction of living in a house, which of course, every one needs a place to live, but as an investment, a 5% return sucks.

Wouldn't it depend on how much money he has in the house? If he put 10% down then he's up 50% on his dp money, and of course he's out the interest he's paid. But that interest comes off his taxable income. My guess is that if you compare it to renting, he's way ahead of the game.

 

[Slew Foot]

Originally posted by: acemcmac


I don't agree that this is the case. On the next block, my exact mortgage payment will get me a 700sq foot, 1 bedroom studio apartment. I'll take my 4 bedroom "encyclopedia home" with deck and off street parking any day compared to that :beer:

And in Sacramento the 1800 sqft house I rent costs me 1800/mo, vs the $3000/mo the guy Im renting it from is paying on his I/O loan (i.e. no equity) + tax+insurance. That and its dropping in value about 5K a month.

i.e. rent>>>>>>>buy

 

[hellokeith]

$150k will get you a nice two-story house in a nice neighborhood, in my metroplex. But please don't move here, there are too many out-of-staters here already.

 

[tfinch2]

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.

Shens shenny shen shen shens.

 

[fstime]

South-East Connecticut, our house is now worth over 500K, houses in nearby Greenwich go for millions easily, same in all the surrounding towns.

Simply put, if you bought some property here 15 years ago, you would be living in money now.

 

[mugs]

Originally posted by: tfinch2

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.

Shens shenny shen shen shens.

Keep reading the thread, his parents ripped off a little old lady (who happened to be his grandmother) who didn't realize how much the house was worth.

 

[jadinolf]

Originally posted by: BouZouki
South-East Connecticut, our house is now worth over 500K, houses in nearby Greenwich go for millions easily, same in all the surrounding towns.

Simply put, if you bought some property here 15 years ago, you would be living in money now.

Fairfield county is like here.

 

[ultimatebob]

Originally posted by: jadinolf

Originally posted by: BouZouki
South-East Connecticut, our house is now worth over 500K, houses in nearby Greenwich go for millions easily, same in all the surrounding towns.

Simply put, if you bought some property here 15 years ago, you would be living in money now.

Fairfield county is like here.

Parts of Litchfield and New Haven county are just as bad. It's hard to find any places in CT that aren't overpriced right now.

 

[Mark R]

Well, in some areas, although still overpriced, prices are dropping (and dropping fast).

Lol. I'm glad I hadn't bought one of these places a few months ago.

Sacramento - recently closed properties

 

[Pepsi90919]

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 😛

you are not a very cultured person and have a very narrow vision of the world if you think that the only house worth living in is a $950k one.

 

[ultimatebob]

Originally posted by: mugs

Originally posted by: tfinch2

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.

Shens shenny shen shen shens.

Keep reading the thread, his parents ripped off a little old lady (who happened to be his grandmother) who didn't realize how much the house was worth.

Come on, cut the guy some slack. Maybe Grammy was trying to do their kids a favor by giving them the house cheap.