California property prices...WHAT???

[SuzukiGirl1]

Holy crap...check this out!
No wonder people are having to start moving out of CA!!

http://biz.yahoo.com/usat/050705/12970339.html

Oh...and make sure you read on...YOU DON'T OWN THE LAND EITHER...

[themeatmanlandry]

Great view or not . . . you get screwed when you pay a million (or even $100,000) for a mobile home.

Cali folks . . . sorry, but your state blows the minds of the rest of the country. If you folks would all move out of there en masse, they'd have to change the way they do business. What's really sad is, the rest of the country looks to CA as an example of "where we're heading," which I think is a bad idea.

<the legalized weed thing sounds nice, though!! >

[inspiron]

Any more questions why I left Los Angeles?

[Scourge]

INSANE. You know though that someone will buy it.

My first culture shock came when I moved to the D.C metro area. Arlington VA. 400sq. ft appartments starting at $1K. $500/month for a bedroom and a shared bath in a house. The worst was when I watched them construct this modular home across from the hospital I worked at. They brought it in, in three pieces and it took em about two weeks to get everthing fitted right. It sat there for about 3 months unsold, so I go over a take a look one day. Nice looking home for a modular 2200+sq feet with a yard you could cut w/ a weedeater. I call up the realator on the sign to find out what they are asking for it and she coolly replies "oh that house it's going for 675." $675,000 for a modular home, it wasn't long after that that planes started falling out of the air, and I knew it was time to get my poor arse out of DC.

[sachmo]

Originally Posted by SuzukiGirl1

Oh...and make sure you read on...YOU DON'T OWN THE LAND EITHER...

Wow, not only do you not own the land but the lot fees are over $2600/month!

Makes me want to sing Rocky Top, but I won't, I hate that song but that is another post, and frankly I can't sing.

[themeatmanlandry]

Originally Posted by sachmo

Makes me want to sing Rocky Top, but I won't, I hate that song but that is another post, and frankly I can't sing.

[QUICK HIJACK]
I see you're from Chatt (I'm in Mempho), so I'm assuming that you are also a UT-hating Tennessean? Sort of makes the stomach prunish to hear Rocky Top if that's the case.

The reason I can't stand UT: I used to be indifferent, but now that they took a national championship (like . . . ten years ago ) suddnely everyone I know is wearing orange and saying things like, "Yeah, I've always been a fan, I just show it a little more now that we have somethign to be proud of."

Malarkey. I've known these idiots my entire life and they have NEVER mentioned UT before. Now, they suddenly have a closet full of orange gear and say the word "Manning" every other sentence.

[/QUICK HIJACK]

Back on topic . . .

[Trapper]

BTW Where is Dale? Oh, Dale, helloooooooooooo!

[SuzukiGirl1]

He's probably working!

He doesn't work in front of a computer all day like the rest of us!

[87gsxrnut]

Why do you think I left?!?!?!? Well, that was part of the reason anyway. The house and property I have here in TX would have run me $800,000 in No-Cal. And that is not even in SF or Sac.

- Nut

[themeatmanlandry]

I've got a good thing going house-wise:

1.2 acres
1600 square feet + 20'X30' garage
Full brick
I paid $87,000 for it about 9 years ago.
I re-financed about 4 years go, and now have a little less than 6 years left to pay.
My last property assessment (no, not appraisal, assessment) was for like $115 thousand.

Oh yeah . . . my property taxes are under a thousand bucks a year, I live in a nice neighborhood right off a major highway and the twisties are right across the street.

[tlwisner]

Originally Posted by inspiron

Any more questions why I left Los Angeles?

Because you wanted to move somewhere with a Hooters close by, right?

This real estate bubble cannot last. I'd sell my trailer at the high end of the market.

[sunny]

Originally Posted by tlwisner

This real estate bubble cannot last. I'd sell my trailer at the high end of the market.

they were saying that ten years ago. the bubble hasn't burst yet.

[inspiron]

Not that my new home is any better ... I have a 115 square meter apartment and paid over half a million Swiss Francs (or Canadian Dollars - about the same) for the place. This is the going price (the banks have statistics about the prices in each town - I was right on the mark with my place). I live in a small town (population 700) about 15 miles from the 3-corners border Basel / Germany / France.

I'll never pay it off ... I just pay the interest on the mortgage (Swiss tax laws are somewhat funny. I get to deduct the interest from my income, so I pay less taxes, but they add a "self-rental value" to my income ... basically what I would pay if I were rent ing this place). As long as your interest payments are higher than the self-rental value, there is a tax benefit to owing money on your home. As a result, almost no one in Switzerland owns their home outright.) The upside is that interest rates in Switzerland are very low ... I'm paing 4% on my mortgate, fixed until 2009.

[Trapper]

4.75% Here in NB Canada. Suburbs of a 120,000 pop Metro. 2600 sq feet, 2 car garage, finished basement. $100,000 , four years ago. I could sell it today fro $170k... But where would I go, everything else has gone up too.

BTW : Property tax is $1600 per annum

[St0nkingByte]

They say there's no housing bubble but I've got to wonder what will happen when all those baby boomers start trying to unload their houses for top dollar to fund their retirement in FL or AZ.

[FIVEINCH]

Their offspring will buy it under a 3-year ARM, default on the loan, the home will be sold for what the lender is owed, and the market balances.

[IntruderCruiser]

Having reviewed the prices in Oregon, Washington and Neveda (Reno, Carson City, and Las Vegas ) we are all in about the same boat -- I am glad I have my house -- since I don't think I could qualify for it at its market value now

[Scourge]

What's all this bubble business. Since when have RealEstate prices ever gone down??? It's pretty much always on the rise. Makes living in BFE pretty inviting.

[sachmo]

Originally Posted by themeatmanlandry

[QUICK HIJACK]
I see you're from Chatt (I'm in Mempho), so I'm assuming that you are also a UT-hating Tennessean? Sort of makes the stomach prunish to hear Rocky Top if that's the case.

The reason I can't stand UT: I used to be indifferent, but now that they took a national championship (like . . . ten years ago ) suddnely everyone I know is wearing orange and saying things like, "Yeah, I've always been a fan, I just show it a little more now that we have somethign to be proud of."

Malarkey. I've known these idiots my entire life and they have NEVER mentioned UT before. Now, they suddenly have a closet full of orange gear and say the word "Manning" every other sentence.

[/QUICK HIJACK]

Back on topic . . .

Off topic answer - I'm indifferent to any college sports; I think people are nuts that follow them so closely. My son goes to UT but I don't think he will get carried away when he graduates, he see them as a means to an end, getting into a graduate school. But I do hate that song and I'm with you on the Manning thing.

On topic - housing in Nashville is getting crazy, a lot of record label money going around (wish more was coming to me) but I bought a house/office last year and pricing has gone up 20% in our area. I bought in a "Historic District" and the house is over 110 years old and fully restored. Hope that bubble doesn't pop any time soon.

[inspiron]

Originally Posted by Scourge

What's all this bubble business. Since when have RealEstate prices ever gone down??? It's pretty much always on the rise. Makes living in BFE pretty inviting.

It has happened before ... and when it does happen, lots of people suffer. Suddenly there are many people who are paying off loans for much more than their house is worth ... and if it gets really bad, the bank can come along and demand a baloon payment to reduce their risk (since them selling their security - your property - wont get them back what you owe them). The result is that many people can't make their payments and simply walk away from their homes and declare bankruptcy. When that happens, the economy is in serious trouble.