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Houses cost too much!

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Comments

  • gagricegagrice San DiegoPosts: 29,613
    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: 8,489
    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: 29,613
    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: 35,381
    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: 29,613
    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: 44,384
    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: 29,613
    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
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