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Houses cost too much!

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  • gagricegagrice San DiegoPosts: 29,647
    My guess is they bought that place with an idea to split the 40 acres. Subdividing in OR may be tougher than in CA. It is about 5 miles to the ocean. The house needs maintenance. Looks like the borrowed more than it is actually worth. I would not get my wife out there without an ocean view. They can be had for a fraction of what you pay here for good ocean views.

    http://www.zillow.com/homedetails/1220-Queen-Anne-Ct-Bandon-OR-97411/2106320297_zpid/
  • robr2robr2 BostonPosts: 8,567
    It looks like the owner was trying to sell it at $1.9 and then the bank foreclosed. The bank is probably just trying to get out of it what they are owed,

    Besides, the jump in value from $350K to $1.7 million over six months in early 2012 makes no sense. There has to be a mistake somewhere there or whatever bank loaned the money thought there were 4 houses like that on the 40 acre lot.
  • gagricegagrice San DiegoPosts: 29,647
    I look for those sorts of anomolies. My guess is wishful thinking on the part of the owner. Wanting to catching someone from out of state that may think it is a real buy for that much land. It is a very pretty area of Oregon. Mild climate rarely freezes. Income and real estate taxes are high. No sales tax is nice. This place would be more to my liking for a get away from the city.

    http://www.zillow.com/homedetails/86895-N-Bank-Ln-Bandon-OR-97411/2104535471_zpid/

    Or even this one:

    http://www.zillow.com/homedetails/52566-Knoll-Rd-Bandon-OR-97411/2106170869_zpid/
  • fintailfintail Posts: 35,478
    Subdividing in an area with little job growth - I don't know if the lucky retiree market is that big. Also, the PNW coast is lovely in summer, painfully dreary in winter. My dad had a place in Ocean Shores for a few years, eventually he couldn't stand it.

    That other place does have nice views, as it should for the money.
    gagrice said:

    My guess is they bought that place with an idea to split the 40 acres. Subdividing in OR may be tougher than in CA. It is about 5 miles to the ocean. The house needs maintenance. Looks like the borrowed more than it is actually worth. I would not get my wife out there without an ocean view. They can be had for a fraction of what you pay here for good ocean views.

    http://www.zillow.com/homedetails/1220-Queen-Anne-Ct-Bandon-OR-97411/2106320297_zpid/

  • gagricegagrice San DiegoPosts: 29,647
    Just reading about the building boom in Miami Beach. Most buyer of the condos are just investments like buying stock. And safer than where they live. Even with the potential of rising oceans.

    Simon Mass, a Canadian real estate investor (and longtime friend of Tansey), plans to buy a $23 million slice of land of North Beach and, as soon as the city grants permission, build a 230-unit condo tower. Many buyers, he predicts, will never visit the properties. They might as well be buying stocks on a computer. “Sea level rise,” he said, “is simply not a concern in those cases. That’s why people have insurance.”

    http://www.washingtonpost.com/news/storyline/wp/2014/12/22/miamis-climate-catch-22-building-luxury-condos-to-pay-for-protection-against-the-rising-sea/
  • steverstever Viva Las CrucesPosts: 44,880
    edited July 8
    Re @Micheall's house buying comments posted elsewhere"

    >You know, it probably wouldn't hurt to contact the bank where I keep my money .. I'm sure they'd love the >opportunity to make some of it back by loaning me a boatload of it.

    I was surprised; my ultimate "bank" fee was going to be $250 and they waived that when I opened an account with a minimum $1,000 deposit (which was fine since I needed a local bank). The other mortgage company said there was only one place they couldn't compete with in Las Cruces and it's my guy. He's doing the deal for our houseguest and got her qualified the same day we called him and he's come to the house a couple of times to get signatures and paperwork from her. And his kids cat sit for us - what a banker. :D

    Moderator - Minivan fan. Feel free to message or email me - stever@edmunds.com.

  • gagricegagrice San DiegoPosts: 29,647
    This one is for Fintail. Is this going to impact your city at all?

    One suggestion would help followers of Sharia law buy houses. That's virtually impossible now because Sharia law prohibits payment of interest on loans. The 28-member committee recommended the city convene lenders and community leaders to explore options for increasing access to Sharia-compliant loan products.

    http://www.bizjournals.com/seattle/blog/2015/07/seattle-mayor-offers-plan-to-help-followers-of.html
  • fintailfintail Posts: 35,478
    edited August 8
    Luckily, I don't live in the city of Seattle. It's what I call "both pedestrian and vehicle unfriendly", and I find getting around to be annoying. Instead, I live in an eastern suburb with better parking and mildly better roads, where in my zipcode, a third or more of all sales are to offshore cash buyers - just don't ask where the (dirty, embezzled, laundered - I mean earned and bootstrapped, of course) money comes from.

    For that article, I won't comment much. Seattle has chosen some iffy mayors in general, this is more bleeding heart nonsense - all on someone else's dime of course, as is typical for that demographic. The same one that got very lucky in the crazy local housing market.
  • gagricegagrice San DiegoPosts: 29,647
    As crazy as Seattle is San Francisco always seems to top the nut job cities. Today in San Diego building permits are about $50,000 on new residential. I cannot imagine adding another $24,000 to build a home like my modest ranch.

    The cost of housing in San Francisco and Silicon Valley has been a national news story throughout 2015. On Wednesday, for example, USA Today reported that teachers could no longer afford to live in San Francisco.

    This has prompted hand-wringing from San Franciscans who worry that their city is well on its way to being a global symbol of income inequality. With the average home selling for more than $950,000 and average monthly apartment rent hitting $3,458 this year, with further increases expected in coming months, this fear seems well-founded.

    Residential builders will pay $7.74 a square foot on new projects, with those already approved by the Planning Commission grandfathered in. Non-residential projects will pay $18.04 a square foot, and production, distribution and repair (PDR) buildings will pay $7.61.


    http://calwatchdog.com/2015/08/07/new-fee-push-s-f-housing-costs-even-higher/
  • fintailfintail Posts: 35,478
    edited August 8
    I don't know if building permits are the real issue. Something more makes a stapled together house cost 750K++ than 25K in paperwork. Artificially low rates, sketchy outside influences, lucky parental help, lack of land, etc.

    I am educated and have a decent job, yet the idea of owning a detached house near where I work is laughable. I can rent, buy a money pit condo, or have an hour + commute to an old tract house. Nice. I have a friend my age who has scraped together a down payment and wants to buy - 300-350K range. He's losing on bidding wars on 1950s bungalows in areas that can be more than an hour from where he works. I've heard that supply in the once-distant area where my grandmother lives is at 30 days. It's crazy here, surpassing the 2006 bubble.
  • gagricegagrice San DiegoPosts: 29,647
    fintail said:

    I don't know if building permits are the real issue. Something more makes a stapled together house cost 750K++ than 25K in paperwork. Artificially low rates, sketchy outside influences, lucky parental help, lack of land, etc.

    I am educated and have a decent job, yet the idea of owning a detached house near where I work is laughable. I can rent, buy a money pit condo, or have an hour + commute to an old tract house. Nice. I have a friend my age who has scraped together a down payment and wants to buy - 300-350K range. He's losing on bidding wars on 1950s bungalows in areas that can be more than an hour from where he works. I've heard that supply in the once-distant area where my grandmother lives is at 30 days. It's crazy here, surpassing the 2006 bubble.


    It has passed the 06 bubble here as well. Difference is financing is a lot tougher. A lot more cash buyers. My guess is fear of the stock market bubble has got people pulling cash out and looking for something to invest in. A place close to me just sold to the Iraqi Chaldeans for $800k. It has 3 old houses that were all built before 1940. They are rented, but I would not have paid $500k for the property. I was happy for the lady that sold it as she now lives in NM and was wanting to liquidate. If my place hits $900k I am out of here. Probably just rent somewhere. Keep a little place in Hilo as my primary and spend time in Oregon with the kids.
  • fintailfintail Posts: 35,478
    Or even more likely, pulling out of unstable foreign markets and putting it in US property, as this is still one of the best places on the planet, even with all of its faults. And of course, few questions are asked about the origins of money.

    If I was of similar age and had a similar windfall appreciation, I would do the same. Late last year I talked to an older woman, early run boomer, who along with her husband bought a house in 1987 for under 250K. They sold for 2MM. She was more than happy to exclaim she'd be renting for the rest of her life, and not minding it. Lottery jackpot, and this won't last forever.
    gagrice said:



    It has passed the 06 bubble here as well. Difference is financing is a lot tougher. A lot more cash buyers. My guess is fear of the stock market bubble has got people pulling cash out and looking for something to invest in. A place close to me just sold to the Iraqi Chaldeans for $800k. It has 3 old houses that were all built before 1940. They are rented, but I would not have paid $500k for the property. I was happy for the lady that sold it as she now lives in NM and was wanting to liquidate. If my place hits $900k I am out of here. Probably just rent somewhere. Keep a little place in Hilo as my primary and spend time in Oregon with the kids.

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