Houses cost too much!

fintail

Two new low priced listings in my zipcode - they are neighbors no doubt owned by the same person. What bargains!

So cheap

I love how the price is described

It's wacky here. Have fun with the noise and foot traffic.

gagrice

fintail said:

Two new low priced listings in my zipcode - they are neighbors no doubt owned by the same person. What bargains!

So cheap

I love how the price is described

It's wacky here. Have fun with the noise and foot traffic.

I am still laughing about the place surrounded by a High School. I won't even look at a home within a mile of a High School. I can handle people walking their dogs. Not gangs of thug kids. Pahrump looks better by the day. Should hear if they accepted our $280k offer.

A blue kitchen for only $799k. That is funny also. How about half an acre with pool on a Golf Course? My wife's sister and brother in law are now wanting to get out of San Diego. He likes trees so sent him several places on golf courses with lots of trees. Priced from $200k to this one.

https://www.zillow.com/homedetails/1720-Cypress-Point-Ct-Pahrump-NV-89048/62708140_zpid/?fullpage=true

fintail

To be fair, the high school is one of the best in the state/country (and this is a low crime area), but I still wouldn't want the foot traffic. Looking at those little old houses on Google Earth tells the story - touching the high school. No thanks. When I was a kid, we lived near the elementary school, but that was different, and it was a sought after neighborhood for that reason.

Those old houses would have been well under 100K under 30 years ago. More lucky lottery winners here, but maybe won't admit it. I suppose best case scenario for those would be for the city to claim eminent domain and give market value plus for them - the local transit board did that for some similar old cottages not far from there, and those people made out like bandits.

Even in less desirable areas here, that golf course/pool house would be that much or more. Not sure I would want a pool though, seems like a black hole of maintenance and operating expense. I'd look at it more as a liability.

gagrice said:

I am still laughing about the place surrounded by a High School. I won't even look at a home within a mile of a High School. I can handle people walking their dogs. Not gangs of thug kids. Pahrump looks better by the day. Should hear if they accepted our $280k offer.

A blue kitchen for only $799k. That is funny also. How about half an acre with pool on a Golf Course? My wife's sister and brother in law are now wanting to get out of San Diego. He likes trees so sent him several places on golf courses with lots of trees. Priced from $200k to this one.

https://www.zillow.com/homedetails/1720-Cypress-Point-Ct-Pahrump-NV-89048/62708140_zpid/?fullpage=true

gagrice

fintail said:

To be fair, the high school is one of the best in the state/country (and this is a low crime area), but I still wouldn't want the foot traffic. Looking at those little old houses on Google Earth tells the story - touching the high school. No thanks. When I was a kid, we lived near the elementary school, but that was different, and it was a sought after neighborhood for that reason.

Those old houses would have been well under 100K under 30 years ago. More lucky lottery winners here, but maybe won't admit it. I suppose best case scenario for those would be for the city to claim eminent domain and give market value plus for them - the local transit board did that for some similar old cottages not far from there, and those people made out like bandits.

Even in less desirable areas here, that golf course/pool house would be that much or more. Not sure I would want a pool though, seems like a black hole of maintenance and operating expense. I'd look at it more as a liability.

gagrice said:

I am still laughing about the place surrounded by a High School. I won't even look at a home within a mile of a High School. I can handle people walking their dogs. Not gangs of thug kids. Pahrump looks better by the day. Should hear if they accepted our $280k offer.

A blue kitchen for only $799k. That is funny also. How about half an acre with pool on a Golf Course? My wife's sister and brother in law are now wanting to get out of San Diego. He likes trees so sent him several places on golf courses with lots of trees. Priced from $200k to this one.

https://www.zillow.com/homedetails/1720-Cypress-Point-Ct-Pahrump-NV-89048/62708140_zpid/?fullpage=true

Yes a pool is a pain in the butt and wallet. Figure minimum $100 per month to keep it from turning green. Had one with my home in Lake Havasu. That home would be a decent buy without the pool. So many of the homes we looked at were vacant. The AC was on and nobody living there. Seems like they would want to sell as fast as possible. One realtor we ran into looking at a home said anything over $275k was hard to sell in Pahrump. Hard to imagine when you cannot buy a buildable lot here for that price.

gagrice

Your favorite rant. Looks like Canada is number two on using US real estate for the laundering operations.

http://www.cnbc.com/2017/07/18/foreigners-snap-up-record-number-of-us-homes.html

fintail

I looked at listings the last time I was in Florida (also cheap stuff, and I'll guiltily admit I kind of like the north FL coast) - if I saw a pool, I moved on. That money could be so much better spent on a nice garage, although that might not appeal so much to families. Any word on the offer you put in?

A question about that Canadian money would be how long it has been there. I know a lot of Canadian snowbirds snap up cheapo winter places in AZ and FL though. It's an issue our dear leaders should look into however, if Big Orange is going to whine about "vetting" and H1B, he also needs to look at "vetting" EB5. Not likely, of course, as his meal ticket may be part of it.

gagrice

They will not come down to my price. So we have to decide if we are willing to pay top dollar of $115 per sq ft. We did not find a second choice we both like. My wife is fine with paying $305k .

Our friends that put an offer on a condo in Yuma AZ had it accepted put their house here on the market. It sold the same day for $10k more than they had it listed for. The Condo in Yuma is on a golf course one level 1500 sq ft. The owners in Canada accepted their offer of $160k. They had it listed at $175k. Our friends are retired missionaries that were living above their small income here. We encouraged them to find better COL.

https://www.redfin.com/CA/Alpine/1936-Larkspur-Dr-91901/home/5105232

This is where they are moving.

https://www.zillow.com/homedetails/12172-E-Via-Loma-Vis-UNIT-31-Yuma-AZ-85367/8809544_zpid/?fullpage=true

fintail

But are you OK with 305K? Or does it matter?

Half a million dollar house for small income missionaries is pretty impressive. 6000 sq ft lot though, wow, that's just like the cardboard 'n plywood tract houses here.

I think that condo or a similar townhouse would be the way to go. Some people don't need land or space around them, and the easy maintenance can be a tradeoff.

gagrice

fintail said:

But are you OK with 305K? Or does it matter?

Half a million dollar house for small income missionaries is pretty impressive. 6000 sq ft lot though, wow, that's just like the cardboard 'n plywood tract houses here.

I think that condo or a similar townhouse would be the way to go. Some people don't need land or space around them, and the easy maintenance can be a tradeoff.

They are both 79 so they don't need a lot of yard work. They saved and his cousin invested their money well. They only have about $200k equity in the home they sold. They were getting buried as their investments were not keeping up with the expenses. They will be far better off in Yuma.

As for us we plan to pay the asking price of $305k on the Pahrump house with all the furniture and appliances left. They will have to pay to open and inspect the septic system, and pump though it is probably empty. So I expect it is a done deal and we have our work moving cut out for us.

fintail

I'm half that age and I don't want a lot of yard work The idea of a "desert lawn" has appeal. I think this place will end up like CA in that it won't be ideal for retirees outside of the public sector.

If they are playing hardball with the price, you can play hardball with the inspection. The furniture might also be more of a liability, although it looked barely used, maybe someone will want it.

Hire good movers, not worth the time and effort to do it yourself.

gagrice

Well that deal is OFF. Owner decided he wants more than $305k the listing price. Being from San Diego he probably thought there would be a bidding war for his home. Took it off the market and plans to rent it. He will likely be sorry he turned down our full offer. I am somewhat relieved. That was top dollar at $115 per sq ft. I am now focusing on a golf course property. We may make a quick trip over if they accept our $310k offer. It has a total of 3321 sq ft with the 514 sq ft Casita in front. Those are common in Pahrump an addition that does not add to the sq footage of the residence. This one has the third bathroom with shower. The 4 car garage is over 1000 sq ft. All underground utilities on the golf course. With NO HOA fees.

https://www.zillow.com/homedetails/1260-Eldorado-Way-Pahrump-NV-89048/65315957_zpid/?fullpage=true

fintail

I can't imagine rent there would equal the general market ROI on 300K.

That's not a bad looking place, very clean, and the casita could be useful. Nice garage too. But could you stand having neighbors and a mere half acre (sure looks smaller)?

Those early 2000s style built in TV units from before flat panel TVs are amusing.

gagrice

fintail said:

I can't imagine rent there would equal the general market ROI on 300K.

That's not a bad looking place, very clean, and the casita could be useful. Nice garage too. But could you stand having neighbors and a mere half acre (sure looks smaller)?

Those early 2000s style built in TV units from before flat panel TVs are amusing.

What to do with that useless space. Maybe a big salt water aquarium. We don't have a TV in either of out living rooms. It is close to neighbors. We did go through this place with lots of space from neighbors. A bit over priced for the market there.

https://www.zillow.com/homedetails/870-W-Chipmunk-Rd-Pahrump-NV-89048/79886415_zpid/?fullpage=true

This is also close to neighbors and I would need to build a shop in back. My wife liked it when we went through it. Owners live in TX, so not sure how motivated they are.

https://www.zillow.com/homedetails/580-E-Jaybird-St-Pahrump-NV-89048/62707153_zpid/?fullpage=true

Probably go back in a couple weeks.

fintail

They both look nice, but for the first a 20% price increase in a year and 15% higher zestimate in a month makes me wonder about the numbers. It must be overpriced. I doubt that's the best place for speculation and quick flips.

Would you want a shop built before you move in? I'd have thought you would want it turn key, too much drama to deal with.

gagrice

My wife did not like all the foo foo in those two houses and did her own research. She came up with this place and we just signed an offer of $195,900.

https://www.zillow.com/homedetails/3611-Ranger-Way-Pahrump-NV-89048/65315840_zpid/?fullpage=true

Garage was converted by original owner that died in 2015. Wife let it go back to the bank. Flipper bought it and painted and replaced all the fixtures. Talked to neighbor that was good friends with them. Said the guy was a cook and had a Viking range in that big spot where they put in an electric Range. Gas hookup is still there. My wife wants to put a nice 48" range back in there. The carpet is trashed. So we will put that tile that looks wood throughout the house. We both hate carpeted floors. Probably drive up next week if we get accepted. I have a contractor that will build me a 40x50 foot garage all insulated and finished inside for about $40k. So I get the shop I want and she likes the house. Not real fancy but all we really need.

fintail

Maybe spend 20K renovating the house a bit? You might come out ahead. Not a fan of that garage conversion, but maybe you can make it look less obvious on the outside. I hate carpeting too, and if I was buying a place, first step would be hard floors, if not already installed - done before move-in. Thar's one pro I notice about houses in southern or tropical areas, hard/tile floors are common. What would you do with the lawn area, leave it as is, no maintenance needed? You get some land this way too.

gagrice

They countered at $205k and we accepted. So headed over Sunday to inspect what we have bought. So much fun. My wife stresses over these things. It only gets my adrenaline pumping. Love buying and selling real estate. Here is the land from Google. As you can see I have plenty room for a shop. The contractor talked me into a 30x50 steel garage, which should be large enough for two vehicles and a very nice shop. The property is 165x300 ft. 75 feet from the house to the fence.

fintail

Wow, congrats. Sounds fun, a person could do a lot with that piece of land. When will you move in, when the renovations and garage are completed? It will soon be a good time of year for construction, too, I suspect the garage and interior work won't take an eon.

The real fun will be selling the place in SD.

gagrice

Contractor says 3-6 weeks depending on materials for the garage. Wife has her heart set on a BlueStar range. Made in PA. with Hood about $11k. Can't take it with you. And she is a good cook. So life is good.

https://www.bluestarcooking.com/cooking/ranges/48-rnb-series-range-with-24-griddle/

fintail

Can't take it with you, indeed. She should enjoy something, you should too. These are the good old days

Summer/early fall renos, then spend some winter time there?

gagrice

Another day in the saga of buying a place in Pahrump. Hope 3 is a charm. The house we drove over to inspect before closing the deal, needed way more work than we want to do. Visited the place on the golf course I liked before I ever saw it. Wife really likes it. All move in ready with lots of room. Big 4 car garage. Waiting to hear if the owners will accept our offer.

https://www.zillow.com/homedetails/1260-Eldorado-Way-Pahrump-NV-89048/65315957_zpid/?fullpage=true

fintail

That one definitely looks nicer, but less land. Can you live with being so close to the neighbors?

I looked at the prior house on google earth - it appears the previous residents didn't take care of it, it looked to be a mess when the google car drove by/

gagrice

It is still a mess. The original owner did not do much with the land. The flipper did very little cosmetic work. Realistically it needed new cabinets and counter top. Big hole in back the current owners dumped building scraps in and burnt. Left metal and debris Just happy we came over for inspection. Inspector only charged $50 because we did not need a report. Roof needed work several broken roof tiles. I am much happier. Next door neighbor at the new place came over and we visited with him. Green Grass and trees all around that I don't have to water. This place is right around the corner. My wife wants her sister and husband to buy it.

https://homesforsale.century21.com/property/2840-S-FIRESTONE-CT-PAHRUMP-NV-89048/89060271/detail

gagrice

I think this is a done deal. They countered at $330k and we accepted. My wife said ok if we get rid of the carpet in the Living room and master BR. Went to the tile place and that only adds about $6k to the price. Also getting new Refrigerator, washer and dryer. We have decided to get what we want. The heirs would just piss it away on a new Mercedes.

fintail

When I saw the other house on google, I think it had some kind of structure or junk in the front yard, too. Not a good sign.

Congrats on the new place. Hard floors are something I would want, too. You worked for it, enjoy it. The others will do fine with what you leave them, no need to overdo it

fintail

It just keeps getting crazier - when will it end, and when will anyone dare to discuss the origins of so much of the money?

gagrice

The house next to us is on 10 acres. It is 1800 sq ft built in 1942 and shows its age. Just sold for $750k. And no way the county will let them split that property. The owner has been trying for 10 years. Only thing they can do is tear down that old place and build a nice estate home. Another home smaller than mine just sold for $826k. I would jump at a buyer willing to pay me $800k.

fintail

And what did you pay for that place?

gagrice

$700K ten years ago. Right about the peak of the housing bubble. We do love the house and would be fine living here if not for the fact it is in CA. Almost everything costs far more here. We will cut our property taxes and Insurance to less than half. Utilities will be 1/3rd or less. Gas and diesel are about 50 cents a gallon less. And CA is raising the tax 20 more cents a gallon. The local Chevron is already at $3.29 for RUG. Not to mention this has been the coldest winter and hottest summer I can remember. Hot and humid. May as well be in TX or FL.

fintail

That's not the worst performance, compared to many parts of the country (like the south). Even here, in all but the trendiest zipcodes, you might not have done much better. The bubble was big here, and it burst, but things have inflated far past it now.

Popular parts of southern CA and western WA will have one thing in common - not for retirees (unless public sector).

fintail

I wonder how many speculators around here are funded with this kind of money - ask no questions!

gagrice

fintail said:

I wonder how many speculators around here are funded with this kind of money - ask no questions!

Money talks. Thankfully we are getting away from the centers of that sort of thing. I cannot imagine a Chinese Millionaire moving to Pahrump. We are headed over Sunday. Supposed to close on 31st. Then comes the hard part packing and moving.

fintail

Yeah probably none of that in Pahrump, but I bet some of that money is playing the market in LV (the reason why NV has anything at all). Especially as this new regime is courting black money more than any prior regime. Getting kinda swampy out there.

I'd pack my precious items myself, and hire someone else to do the rest. The next time I move, someone else will do the heavy stuff.

gagrice said:

Money talks. Thankfully we are getting away from the centers of that sort of thing. I cannot imagine a Chinese Millionaire moving to Pahrump. We are headed over Sunday. Supposed to close on 31st. Then comes the hard part packing and moving.

gagrice

I will personally pack all the antique glass, porcelain etc. We plan to take our time. Though I may get tired of driving back and forth and just let the moving company do it. We plan to let family come and get anything they want that we don't plan to take. Rest goes to the Churches annual rummage sale. Should end up without about half as much stuff (junk).

fintail

I'd only move the breakables. Let someone else deal with the heavy stuff, and maybe thin out the herd, too. The last time I move, a bit of stuff went to either Goodwill or the dumpster. It's a liberating feeling. Now's the time to be rid of some collectible items too, the market has changed, and many items that were sought after a generation ago are less popular now, so only keep it if you like it, the investment aspect might be gone.

gagrice

Collectibles are in the Toilet. about 15 years ago I went crazy on eBay with Dept 56 porcelain buildings. I have over 100 of them. We have the largest dealer in the US here in San Diego. I called and he wanted me to send my list. I sent him the list and he never bothered to respond. They may be worth half what I paid for them. I would just as soon give them to family and friends that like them. I sold about 40 of them on Craigslist locally about 10 years ago. Now I get no response to ads. Also have a lot of model railroad stuff. Thought about donating to the RR Museum at Balboa Park. At least write-off the loss.

fintail

Yeah, any of that 90s made to be collectible stuff won't take off. Older collectors are downsizing, and young people don't want it. Find someone who likes them and use as gifts, or donate them. Some once-legit collectibles have slumped too - much old glassware, pottery, heavy old furniture, etc was often worth more 25 years ago than now. This might be a better time to sell than in another 20 years, where values will likely be even lower.

Some toy-related material can be valuable - prewar model RR stuff, high quality German made material, and accessories like model buildings and cars. But it mostly needs to be mint in box.

gagrice

I like to set up the little houses with lights in them at Christmas. Not sure this year if we will be completely moved. Hoping so. All my RR stuff is New in the boxes. Some may be worth more than it was a decade ago. I have put it on Craigslist in other cities and little response. Maybe now with my big garage shop that is heated and AC I will get creative. Then again I may not. It is my addictive nature to collect and then lose interest. I doubt the kids want any of it. Young people are not collectors like us old people. At least I can afford to move it and decide what to do later.

fintail

I'd sell the RR stuff on ebay, or have someone do it for you. It can be tough to find local buyers. I bought a pile of older Marklin stuff at a yard sale a few years ago, I did OK with it. If you're not enjoying it, maybe sell it to fund new toys.

I collect less than my hobbyist antique dealer parents, most of what I collect is a bunch of old toys that fit in my TV cabinet. My siblings don't collect anything, my sister shuns it. That'll be the new reality, and those with cabinets full of depression glass and art pottery might not turn a profit. I hope a lot of these people keep their knicknacks for the fun of it like my mom, and not for a retirement fund.

How long can it go on? Maybe forever, especially if the sources of money never receive "extreme vetting", as our "law and order" new regime would like to say.

But maybe not likely

Also funny to see the smarmy members of maybe a couple certain demographics in the comments, those who didn't have to work half as hard as younger adults today to have the same housing opportunities, whine about "socialism" and veiled political insult. No self-awareness.

I am pretty sure now that Seattle-Vancouver has to be in the top 10 of real estate money laundering areas on the planet.

gagrice

You see the latest Oregon tax proposal? Tolls on the Interstate coming in from WA. I know my Brother in law down in Long Beach is upset. They go to Astoria for shopping, doctor, dentist.

As for collecting, I see more young people with the minimalist thinking. Likely the end of an Era.

19% Above 2007 is close to what I am seeing here. That is what am hoping for with my home, though I would be happy to break even.

fintail

I think to get from Long Beach to Astoria, you use a secondary highway (101) and not an interstate like I5 - that's right on the coast. Maybe he'd be OK. I only make it to Oregon once or twice a year, and often not via Portland, it wouldn't impact me in any real way.

I think there is a minimalist ideal - younger generations don't want stuffy dusty clutter, they just want their gadgets. Also, when a starter home around here can consume 50% or more of income, there's no money for collecting. I've known people who are foregoing traditional retirement savings in order to make the mortgage. To be fair, the house is performing better than many other investments. I think you will do fine with your SD place.

gagrice

Well it is a done deal. Closed this morning. Parked the VW in the garage and will leave it there for now. Driving the new PU to San Diego and pull a trailer load of stuff back. I don't like crowded garages. So these should be good.

fintail

Nice! Big garage, I could easily put 3 cars and several bikes in there.

Will the Lexus be moving in?

gagrice

No she is giving the Lexus to her nephew that collects stuff. Selling the Nissan Frontier, so only two vehicles if VW does not buy back the Touareg. Now I have plenty of room for my power tools. Still open the doors wide without hitting anything. Loving Pahrump more every day. The car dealer we bought from gives lifetime car wash rights. For any car you own. Washed both today after a little rain last night. Nice library for my wife. She got her library card the other day after getting her Nevada DL. No test just hand over your out of state card. NV has the REAL ID card that CA has not gone to.

fintail

I hope he takes care of that LS - the amount of decent survivors continues to decline, and these won't be restored. Many of them are miled up and worn out. We've hit the point where genuinely nice original cars should be taken care of. There's no real collectible value, but it will be a special interest car at some point.

That "real ID" thing sounds funny - so CA doesn't have it, but NV will grant it to a CA ID holder simply by handing over their CA ID? Seeing how the Feds botched a lot of that stuff after 9/11, I am skeptical of the data quality today. I know the new regime likes to tell fanciful stories about "vetting", they should probably pay attention to the background of residency purchasers and maybe stories told by central European models as much as much as they do state ID standards.

I suppose you are there at a good time too, the hottest weather should be just about wrapped up.

gagrice

Our nephew is a contractor that hangs out with collectors of all things motive. From Cushman to MB. His wife drives an MB GL450. Wife told him sell it if he wants to. Just one less thing for me to deal with.

Nevada is stingy with their REAL ID. She had to bring proof of SS like her 1099, Passport or birth certificate and proof of NV residence own or lease. They punch holes in your CA DL and give it back to you. After 65 only good 4 years. Eye test, no written or driving test.

Here is our back yard ready for landscaping taken from the 12th green.

gagrice

For those that don't mind small lots and $88 HOA fees this is a beautiful Mt Falls Golf course community with homes starting under $200k. Great restaurant and easy living on a budget. About 7 miles south of the shopping district of Pahrump. Two miles to Spring Mt resort and race track. Buy a new Corvette and you get a membership to use the longest road racing track in the USA.

fintail

What kind of landscaping will you go for? Artificial, desert, or take the plunge for real?

Looks like an ideal retirement place, too bad it is just a little distant for those who can't work from home. I'd expect places like this to become more common as cities become untenable for retirees.

gagrice

So far we have not decided on our landscaping. Want some large planter boxes for veggies. They will need shade covers for the Summer heat. Mostly low water and maintenance. We have plenty of grass on the golf course. They water it every day to keep it nice. Lots of TX Sage, Rosemary and Lantana. They are all drought tolerant.

gagrice

Talking to my cousins that live in Branson. They remodeled the family home of 50 years in Toronto and put it on the market. It sold over asking price to a doctor from China. I guess Toronto housing is outrageous.