Houses cost too much!

gagrice

Property taxes in Florida kind of negate no income tax. Taxes on that place was $7800 last year. I am looking at under $3000 on a lot more home. Of course they can get in their sailboat and 4 hours of canal maze be in the Gulf. I would like to take a road trip to Florida if I can get my wife to go. We were tied down to our church in CA. Now we can just go for an extended period. Neighbors here are good at watching your home while you are away.

fintail

If I was to move to or winter in Florida, I'd probably choose the north coast on the Atlantic side, maybe from Daytona Beach north. Not so crowded, hurricanes seem to hit there less, pretty mellow and laid back in the winter. It's also cheap compared to here, although construction quality might vary. One can pick up a decent normal house for 200K maybe, won't be waterfront, but you're never far away.

gagrice

I spent a week in Daytona. Drove the A1A to Jacksonville. Very pleasant along there. I would be more inclined to just rent in Florida. Or just stay with my brother till he gave me the boot. Not likely he would. I do plan to spend time in the Summer along the Oregon Coast. Love the many nice places South of Reedsport. rent a house or condo big enough for my son and his family to visit. Get away from the 100 plus Pahrump weather during July/August.

gagrice

Fintail, this should make you feel warm all over. Seattle went from 7th fastest growing city to number 2.

https://www.forbes.com/sites/samanthasharf/2018/02/28/full-list-americas-fastest-growing-cities-2018/#569d62967feb

fintail

With Tacoma hot on its heels.

This is much more alarming

The amount of debt I have seen people take on is a little alarming. Bidding wars everywhere.

gagrice

Have to wonder what tariffs on steel and aluminum will do to the housing market. I don't know for a fact, I think this house has steel studs. Hung some towel bars and it acted like steel vs wood studs. They are 6 inch walls 10 foot tall. Steel studs may be less expensive. Tariffs will raise the price of commercial buildings for sure.

I think of San Diego being expensive. Then when I watch some of those East coast shows and what people get for a million bucks, I just shake my head.

fintail

Houses here are made of cardboard and compressed oatmeal , 45's moronic tariff ideal won't impact them. And even if it did, people would just pay up.

1MM in my zipcode has you in condos unless you want an old fixer (at best, maybe a teardown).

gagrice

Seems you would have to have over $150k family income to qualify with a big down payment. I will be glad when my over priced McMansion in CA belongs to someone else. A solid buyer with a $700k offer would be accepted. Still take close to $400k equity out and pay off this place. Then look for bargain foreclosures to invest in. Watching this place if it comes on the market. Great location on our golf course. Cash should talk to a lender wanting to unload. Market softening here.

https://www.zillow.com/homedetails/1740-Augusta-St-Pahrump-NV-89048/62708299_zpid/?fullpage=true

fintail

I'll just say I know of almost nobody here in my age demographic who has bought a house in the past 10-15 years who didn't have substantial family help (20% down on a 700K house is substantial in my eyes). I think that's a key factor nowadays, and it might also be linked to declining socio-economic mobility. Any bites on your house at all? I would have thought it would sell by now.

I like the look of that linked house, but assuming I make it to retirement age, I wouldn't want something so big. Since I've been on my own, I haven't had a place more than 1200 sq ft or so, and I don't pine for anything larger. Not that it matters around here, as I doubt I will remain in my exact location once my working days are done.

fintail

The insanity continues

gagrice

Higher housing means higher property taxes. That is just the way it works. Seattle may start losing retirees.

https://www.seattletimes.com/seattle-news/enough-is-enough-some-local-homeowners-say-this-years-property-tax-increase-will-force-them-to-move/

fintail

I can't say I have more than a minimal amount of sorrow for those lucky generation members. Boo hoo. They'll just have to cash in that winning lottery ticket and move to a quieter area with 7 figures in their pocket, and their house will maybe sell to a money laundering offshore speculator who doesn't have to worry about vetting, even less now that the swamp is overflowing. Not to mention, with the gridlock here and other cost of living issues, this isn't a great area for retirees anyway. I don't plan to stick around if/when I am lucky enough to hang em up. Even if I wanted to, I likely couldn't afford it. That's the modern world.

My grandma (over 90 years old now) gets a senior citizen exemption, as her income is under 40K a year. Her taxes are a pittance - and even though I have a decent enough income, I could never afford that house. If I'm not entitled to affordable housing, luckyboomers aren't entitled to affordable taxes. I'd feel bad for a little old granny who is attached to her house but can't keep it up, but with the exemptions, I think those might not be the demographic most likely to be displaced by prices.

Some of the comments on that site are hilarious, maybe a few Russia-based shills or more of the typical types around here who don't understand how much less fortunate they'd be in a low tax low amenity low wage area. Go back in time, spend your life in Mississippi, and see what would become of you.

Maybe tax the foreign buyers at a huge rate, 50% or more, and use that to either give relief to older or low income property taxpayers and/or go to infrastructure.

gagrice

You should look into those exemptions. I know some places it is just deferred taxes. Meaning when she passes it onto her heirs, they get to pick up the back taxes with interest. When we looked at real estate on Vancouver Island, we learned that is how they work it. High property taxes with exemptions for seniors. Then when they die the heirs have a tax bill higher than the value of the home many times. My advice is move where you can live well below your means. That is where we are now. Saving about 50% of our income. Ready to spend some this Summer living on the Oregon coast. That is if our CA house ever sells. Oh well,

I think you are not very realistic. When politicians get your money they spend it where it will gain them the most votes in the next election.

fintail

It's an exemption, >40K income and elderly, and you pay a sharply reduced rate, something like under 1K/year. I think it is even mentioned in the article.

Maybe your price on the CA place is too high? I'd want to cut it loose and move on.

If building out infrastructure or trying to address the affordable housing crisis here (even more insane when there are tons of neglected vacant properties sitting around, owned by speculators and offshore crooks free from "vetting") wins votes, I am all for it.

gagrice

We are going to lower again this week. Want to get rid of it. Costs us about $2500 a month interest, insurance, taxes and utilities. We are just moving into the buying season. All indicators are good for San Diego. Alpine is a unique area for executives that don't want to be close to the office. And a lot of well off retirees.

fintail

You won't be losing anything, right? I'd want the monkey off my back. Maybe give it a small reduction and wait a couple more months - if the economy stays alive, you could have luck.

gagrice

Agent suggested dropping about $10k to $740k. We still have over $400k in equity after commission, taxes mortgage. As you say best to get it off our back. Selling my share of the MN farm to my partner. That has been a hassle with the state of MN. Sooner I get rid of the loose ends the better.

fintail

You could have a lot of fun with 400K, enjoy it. Once I reached a certain age, I think I'd want to cut some cords and not deal with the hassles.

gagrice

fintail said:

You could have a lot of fun with 400K, enjoy it. Once I reached a certain age, I think I'd want to cut some cords and not deal with the hassles.

If I can convince my wife. I want to make some long road trips. She enjoys it once on the road. Does not like to leave her cozy nest and garden. I plan to spend the money to have all the irrigation here covered automatically. And have a gardener come in every week to make sure all is well. I feel safe leaving this place with good neighbors both sides of me.

fintail

Use some of it for fun on the road, some for fun at home. 400K is still a lot of money for recreation, even in this day and age. That'll pay for a lot of yard work.

gagrice said:

If I can convince my wife. I want to make some long road trips. She enjoys it once on the road. Does not like to leave her cozy nest and garden. I plan to spend the money to have all the irrigation here covered automatically. And have a gardener come in every week to make sure all is well. I feel safe leaving this place with good neighbors both sides of me.

gagrice

Now this one is for the books and in your neck of the woods. "The Spite House" just sold for $630k last month.

https://www.zillow.com/blog/seattle-spite-house-196265/?utm_campaign=zpd_fb_acq_dc_desktopvideo&utm_medium=social-paid&utm_source=facebook

https://www.zillow.com/homedetails/2022-24TH-Ave-E-Seattle-WA-98112/49098189_zpid/?fullpage=true

fintail

Oh yeah I've heard of that one. I'm surprised it brought that little, seems like the kind of thing trust fund hipsters would be tripping over themselves to buy. Decent area too, would work well for a single or couple.

gagrice

May have been bid up from the asking price of $599,900. Still below the Zillow estimate of $643k. One comment on FB said it is a very busy street. Sure nothing I would live in. After 25 years in a 10x12 camp room, I like lots of space. Our new home with 3321 sq ft is just right with 1100 sq ft 4 car garage. Our plan is to buy the lot 29 to protect our view of the golf course. We can keep it as taxes are only $98 a year. Thinking of putting in fruit trees to make it look nice. If family wants to build we will have control over where the house sits on the lot. Hoping to get it for around $30k.

fintail

I have no desire for 3000 sq ft - too much to maintain. But I'd like the garage! I'd also probably have a "desert lawn" of pumice and cactus or something.

30K for what, a 1/4-1/3 acre lot? I can't imagine.

gagrice

fintail said:

I have no desire for 3000 sq ft - too much to maintain. But I'd like the garage! I'd also probably have a "desert lawn" of pumice and cactus or something.

30K for what, a 1/4-1/3 acre lot? I can't imagine.

Both are half acre owned by the same person. When the house sells I will offer $60k cash for both. He is 85 so may be wanted to unload them. A good rule to remember, the older the home the more it takes to maintain it. This is the easiest home I have ever owned to keep at an even temperature. Highest bill to heat, all electric, with 3 heat pumps, was $227. We froze in our CA home to avoid $500 a month propane bills. We also have a housekeeper that polishes everything every two weeks, for $80. This is the house for your retirement. How many MB can you get into 3000 sq ft garage.

https://www.zillow.com/homedetails/5921-Santovito-St-Pahrump-NV-89061/67885820_zpid/?fullpage=true

fintail

Land that cheap is wacky to me. A half an acre of flat buildable land for a SFH in my zipcode would be around 7 figures - and they'd no doubt fight for zoning to put in townhouses or shoebox condos or apartments.

I don't want so much square footage in an old or new house, unless I happen upon a winning lottery ticket or something. Too much to maintain, and it encourages junk accumulation. My place here is all-electric, and as it isn't large, costs little to run - average monthly bill might be $40. This place is half the size of my prior condo, and it was liberating to thin out the herd a little.

I could afford that linked place now, but the commute would be killer (not to mention the summer heat) . Pretty cool setup though, a real bachelor pad, or maybe for a couple with a very tolerant spouse. I might want to put in some kind of pavers for the front. Google Earth has it looking like a junkyard, which it would probably become if I had it and accumulated parts cars or things I wanted to save from the crusher.

gagrice said:

Both are half acre owned by the same person. When the house sells I will offer $60k cash for both. He is 85 so may be wanted to unload them. A good rule to remember, the older the home the more it takes to maintain it. This is the easiest home I have ever owned to keep at an even temperature. Highest bill to heat, all electric, with 3 heat pumps, was $227. We froze in our CA home to avoid $500 a month propane bills. We also have a housekeeper that polishes everything every two weeks, for $80. This is the house for your retirement. How many MB can you get into 3000 sq ft garage.

https://www.zillow.com/homedetails/5921-Santovito-St-Pahrump-NV-89061/67885820_zpid/?fullpage=true

gagrice

The Google roadside photos show what the place did look like. Someone put in Concrete block wall on three sides and real nice fence and power gate in front. We drove by it. About 8 miles south toward Las Vegas. Take a buyer with lots of cars or wanting to set up a business. Zoning in most of Pahrump is very lax. You can put a business most places. Especially when you are a couple miles from the center of town. Unless it is a subdivision with CCRs and HOA fees, then your yard better be pristine or they come down on you.

fintail

I'd probably have some common courtesy and keep the junkyard in the back 40 and/or behind a fence, and keep the good ones in some kind of building. Lax zoning can be good or bad - just hope your neighbor doesn't start a tire dump or a puppy mill. I could imagine living in such a place, but I might choose one in eastern WA vs there, at least for now. I think eastern WA will become favored by local retirees more in coming years just due to affordability - we're now into a generation here that for many simply can't afford detached housing near work.

gagrice

Talked with a guy from Yakima WA while waiting to get my hair cut. 12 years ago he bought an acre lot, put in well, septic and big shop. He brings his 5th wheel down and lives very cheap for the winter. He was getting ready to head back home with a couple stops along the way. You can still buy an acre for $15k. Getting a permit for a well could cost a bundle. There is a very large aquifer. People are starting to consider the impact of more people. The lots we are looking at all have city water to them. No worries about the pump going out. and our bills are under $25 a month.

fintail

I have family in the Yakima area, and I visit once or twice a year. Nice climate, but the city itself can be a mixed bag - be careful where you live. Not a huge amount of career type jobs, but housing costs are a fraction of here. I think it has a big retiree base, and that will probably grow. Wenatchee and Walla Walla are also magnets for that. You can still get decent enough little houses in many areas for no more than 150K.

gagrice

Cheapest house in San Francico! Listed $649k realtor expects $800k-$1 million.

http://sanfrancisco.cbslocal.com/2018/05/01/cheapest-house-for-sale-san-francisco/

Zillow says $792K. No way looks like a ghetto with wires running everywhere. I have not visited SF since the 1960s, and have no plans to go wander through the poop covered sidewalks. Yuck

https://www.zillow.com/homedetails/459-Ralston-St-San-Francisco-CA-94132/15189794_zpid/?fullpage=true

Would you want to lived jammed up like that and pay $6000+ a month for the privilege.

fintail

People will put up with a lot for desirable jobs and trendy locations. Everyone still wants to be in the bay area, and I don't think it has as much unvetted offshore money as Seattle/Vancouver.

Here's the cheapest detached house in my zipcode, per zillow - pending, and I'll wager it is going for over ask.

gagrice

Amazing what people will pay. We just accepted a $720k offer on our place in CA. It is fairly new built in 2000. Still all the regulations that have to be met to sell a house. Makes you wonder how an older place gets sold. How do the homes built 100+ years ago or even in 1969 pass all the electrical, plumbing, lead paint regulations etc etc? We are just happy to unload another expense. Life keeps getting better. One house left in Indiana and we will be out of the real estate business. Maybe...... We will have a lot of cash to invest. I really like this house right on the nicest golf course in Pahrump. It would be an investment and a place for family that want extended vacation with us. waiting for the price to drop during the Summer. The owner lives in Orondo Washington


https://www.zillow.com/homedetails/5747-Jaborandi-Ave-Pahrump-NV-89061/83177726_zpid/?fullpage=true

Mr_Shiftright

Just make sure you notice where the golf balls are landing. Sounds like a joke, but it's not. Just ask my brother!

fintail

Congrats on the sale, gagrice, one less monkey on your back. Regarding the regulations, I guess it all goes through an inspector, and you either deal with it, or sell "as-is".

I like the look of that linked house in Pahrump, reminds me of a house from the 20s. Not sure I would want to live next to a golf course though. Orondo is heading for Lake Chelan - the area between there and Wenatchee is attracting a lot of lucky retirees, I think - nice weather, and housing costs probably a third or less of the metro here.

gagrice

Mr_Shiftright said:

Just make sure you notice where the golf balls are landing. Sounds like a joke, but it's not. Just ask my brother!

Very true concerning the golf course. We are a long ways from the Tee on our current home next to the 11th Green. So far only 2 balls in our yard. What I found interesting driving by 5747 Jaborandi is the fact none of those golf course lots are built on yet. Been 10 years since the 3 model homes were built and sold in this picture. Everything looks just the same. Current owner bought at foreclosure in 2012. She may get antsy if it does not sell soon. Going to have the realtor show us the house.

gagrice

Fintail: Congrats on the sale, gagrice, one less monkey on your back. Regarding the regulations, I guess it all goes through an inspector, and you either deal with it, or sell "as-is".

If it is a Health or Safety issue you can be compelled to rectify. Under foreclosure the banks can sell to flippers ASIS.

Michaell

Sold our current house in 4 days here in CO. Moving to a newer house closer to wife's work.

Also have my MIL's house in Cheyenne on the market. Built in 1905.

https://www.zillow.com/homedetails/216-W-27th-St-Cheyenne-WY-82001/15014786_zpid/

fintail

Is that a CA thing maybe? With so much housing stock pre-1978 or whatever, I have to imagine lead paint is just a thing, you sign a waiver and move on.

gagrice said:

If it is a Health or Safety issue you can be compelled to rectify. Under foreclosure the banks can sell to flippers ASIS.

fintail

I can't imagine something like that anywhere near here for that kind of money. Does not compute. That'd be heading for (or already at) seven figures in any even somewhat desirable area here.

Michaell said:

Sold our current house in 4 days here in CO. Moving to a newer house closer to wife's work.

Also have my MIL's house in Cheyenne on the market. Built in 1905.

https://www.zillow.com/homedetails/216-W-27th-St-Cheyenne-WY-82001/15014786_zpid/

gagrice

Michaell said:

Sold our current house in 4 days here in CO. Moving to a newer house closer to wife's work.

Also have my MIL's house in Cheyenne on the market. Built in 1905.

https://www.zillow.com/homedetails/216-W-27th-St-Cheyenne-WY-82001/15014786_zpid/

Quite a nice old home in Wyoming. Great place to retire if you don't mind snow. Great taxes. Only downside to buying a home on the National registry, is you cannot do much to it other than repairs. It looks pretty solid so just live in it and keep it looking nice. Love those big old trees. Have you thought about renting it?

gagrice

You can sell a house with lead paint. It has to be disclosed. Will the banks want to carry it with that problem? Most old homes are selling along with new homes. So I assume the problem is remedied or the house is sold as is. The old house we own in Indiana, my son stripped to the stud walls. All new sheet rock, insulation, roof and siding. Cost me about as much as building new. That is the downside to remodeling. Did provide my son 8 months of work. Hopefully my renters get financing.

laurasdada

Michaell said:

Sold our current house in 4 days here in CO. Moving to a newer house closer to wife's work.

Also have my MIL's house in Cheyenne on the market. Built in 1905.

https://www.zillow.com/homedetails/216-W-27th-St-Cheyenne-WY-82001/15014786_zpid/

Gee, as a New Englander, pricing/taxes do not compute, either! Bahgan (translates to Bargain in non-fake Bostony accent).

Michaell

gagrice said:

Michaell said:

Sold our current house in 4 days here in CO. Moving to a newer house closer to wife's work.

Also have my MIL's house in Cheyenne on the market. Built in 1905.

https://www.zillow.com/homedetails/216-W-27th-St-Cheyenne-WY-82001/15014786_zpid/

Quite a nice old home in Wyoming. Great place to retire if you don't mind snow. Great taxes. Only downside to buying a home on the National registry, is you cannot do much to it other than repairs. It looks pretty solid so just live in it and keep it looking nice. Love those big old trees. Have you thought about renting it?

Funny you should mention renting. Cheyenne is a transient town, because of Warren AFB. The house is pretty close to the base, so might make a decent rental property.

However, we aren't running the show here. My sister-in-law is managing the estate.

fintail

I wish the family had kept my great grandma's house in Seattle when she went into assisted living in 99 (at the age of 99), and used it as a rental. She/we got what we thought was a decent price for it then, but it is worth more than 3x as much now.

gagrice

Being lucky when to sell has been good to us. Especially in Hawaii. Woke up to the news that fissures with lava flowing have opened up just a few hundred feet from the acre lot we sold last year in Leilani Estates. That was our last piece of real estate in Hawaii. It is a beautiful area, just high risk for volcanic activity.

http://www.hawaiinewsnow.com/story/38087728/puna-warned-series-of-quakes-could-indicate-eruption-is-possible

gagrice

Well Fin, I did it. Bought the two lots that could have blocked part of my golf course view with the wrong sort of homes. Bought the two half acre lots with full golf course border for $85k cash. No HOA fees, and the golf course was just bought by the county. They are putting $400k into upgrades. The owner had just turned down an offer of $38k for one of the lots. That was too close. It was a local contractor with 3 other homes in the area he is building.



We were following this family on our morning walk through the golf course.

fintail

For a view acre and protecting your views, well-bought indeed. The land has more useful value to you, get it while you can. An acre in my zipcode would be a couple million.

Interesting twist on money laundering in local real estate - there have been numerous similar cases in the past year or so. So now the embezzling party members are speculating in the higher end as escape routes, and the cartels are buying up the lower end for drugs. Funny. Where's that vetting the so-called right drones on about so much?

gagrice

Conservatives are campaigning strong to keep pot farmers out of our valley. We have plentiful water, and they are trying to buy up agricultural water rights. They won't get a foot hold without a battle. And we are all well armed. Pot heads cannot own firearms without being nailed by the DEA. We don't need them and we don't need their tax money. They can go to California.

gagrice

Hope your state is happy with their Pot laws. I don't see much positive coming from them. It is legal here as well. So far it is low key with a population of mostly retired people. Our draw is racing, Fireworks and Brothels.