Ford Muscle Cars Tech Forum banner
1 - 20 of 25 Posts

·
Registered
Joined
·
3,700 Posts
Discussion Starter · #1 ·
A guy up the street just listed his house at $290,000.00 and has an offer for that, they are in the process of closing on as I type.

His house is not so different than mine (same Sq Ft.) ... except he has a pool. And this guy is also a customer of mine,so I know full well what his house is like inside and out.

Queenie and I refinanced about five years ago to consolidate a "second mortgage" I took out to start my business and also to get to a 15 year loan ...

Our property (at that time) appraised at a "Fudging It" $135,000.00 so we could avoid the PMI.

I find this pretty damn hard to believe.

Is this happening anywhere else out there?


_________________


<font size=-1>[ This Message was edited by: monstermach on 6/5/04 9:23am ]</font>
 

·
Registered
Joined
·
3,700 Posts
Discussion Starter · #3 ·
I guess my point isn't how expensive ... or ... cheap it may seem to folks in a given different "neck of the woods" ...

It's the appearant 100% (plus) increase in market value in only five years.

I find this pretty damn hard to believe.

Is this happening anywhere else out there?

_________________


<font size=-1>[ This Message was edited by: monstermach on 6/5/04 7:53am ]</font>
 

·
Subscriber
Joined
·
0 Posts
here in uk, the house market price still climbing and climbing.
looks like it will never stop.
in the city of Liverpool, the average house price in the city had risen by 21.2% in the past nine months.

but the down side is, NO improvements have been made on the houses, it's "The Market".

Stephane

_________________
www.fordmustang.co.uk
Waldorf: "The question is, what is a Mahna Mahna?"
Statler: "The question is, who cares?"

<font size=-1>[ This Message was edited by: kermit on 6/5/04 7:56am ]</font>
 

·
Registered
Joined
·
1,635 Posts
Hawthorne,California.3 miles south of LAX and 3 miles inland from the beach.Middle class 3 bedroom 1 bath standard 1960's houses on my block,$465,000 starting and up.
 

·
Premium Member
Joined
·
1,402 Posts
MonsterMach,
My wife and I just bought a house in Sparks for $245,000. There were people from CA making offers site unseen on this house and others in the neighborhood. We snatched it up a few hours after it listed. We considered ourselves lucky to get it. FYI...home prices in the Reno/Sparks area increased 15% over the past 12 months. This is soley due to the number of Californians who have slowly seen their lives stripped away in an area that is now paralized with congestion. We don't even get in our cars during a holiday weekend and decided that was no way to live.

After a few visits to Sparks, I can't believe I have been in the SF Bay Area so long. The median home price in the SF area is $601,000. The medain income is $51,000/yr. It takes $98,000/yr to qualify for the median priced home. Do you see the problem? The average Californian is not a homeowner. This is why the house in your area sold for $290,000. You should be happy that your home is increasing in value so rapidly. One of the hottest housing markets in the US.

PS. I'm changing my CA plates to NV plates before we move so the neighborhood doesn't learn I came from CA.

Jon



<font size=-1>[ This Message was edited by: keylesschuck on 6/5/04 8:04am ]</font>
 

·
Registered
Joined
·
3,700 Posts
Discussion Starter · #7 ·
Jon ...

I sure do see the problem ... I lived in So. Cal. from 79 to 89 and that problem existed there (to a degree) way back then as well.

My business is Carpet and Upholstery Cleaning, Flood Damage Restoration, etc, etc ...

I deal with these properties daily and can't believe what I am seeing.

Several months ago a realtor told me, if someone wants to purchase a house in the neighborhood we were in at the time ... the buyer could not offer the asking price, because if they did ... they would lose the house.

We have "Bidding Wars" going in Vegas and houses selling in hours for well over the asking price.

I'd love to upgrade to a nice five car garage and get Queenie more closet space and such, but if I sell ... I still have "The Market" to deal with on the purchase end ... unless I move nearly out of town.

It’s odd that things can appear real good on one end, but no different once you get to the other end.


When you're five years into a 15 year mortgage with a payment of $1,050.00, it's hard to decide that selling and having maybe double the mortgage payment on the other end ... would be a great idea.

But, Damn ... do I ever need that five car garage


You'll do well in Nevada ... I bet



_________________


<font size=-1>[ This Message was edited by: monstermach on 6/5/04 8:29am ]</font>

<font size=-1>[ This Message was edited by: MONSTERMACH on 6/5/04 9:29am ]</font>
 

·
Registered
Joined
·
4,154 Posts
Ugh, Californians. I'm in the market for a home for my family, and we cant hardly find anything in our price range. Just a few yrs ago we could easily have bought right in over in LArry's neck of the woods. As it is right now, Im trying real hard to find a place where I dont have to put bars on the windows of my car and carry a pistol to mow the lawn or take out the trash.
 

·
Registered
Joined
·
114 Posts
I've seen what you are talking about Monstermach. I own a real estate inspection company in central Florida and we have about the same growth here as you do there. Well I think calling it growth may be a mistake but you know what I mean. My house is worth about 60% more now than when I bought it 3 years ago, but like you said, ya gotta live somewhere so if I sold this place I'd still have to pay the inflated real-estate prices on another house. The real benefactors of this huge property value explosion are those that have had rental property forever. These people are selling off their rental property like crazy and making a fortune doing it. The smart ones are reinvesting this money in land and holding on to it. The land around here will follow suit in the coming years. I'd look for this trend to start to slow down pretty soon and maybe even reverse for awhile. Be warned the other side of the coin isn't pretty. Having your house go up in value TOO fast is kinda weird, having your house go DOWN in value too fast is down right horrifying. There will be a lot of people around here that are paying top dollar for their new house for the next 10 years (meaning: the value of their house is probably at it's peak right now). It's no different than investing in the stock market. Buy low sell high. These people are buying high thinking that this market will just keep on sailing sky high, they are wrong, dead wrong, and a lot of them are going to lose their asses because at least around here wages aren't shadowing real estate increases.
 

·
Registered
Joined
·
3,700 Posts
Discussion Starter · #11 ·
FHIprez


Yeap ... You just hit the nail on the head ...

Should I sell ... and take advantage of the "Price Increase" available to me now ... or should I wait for those that (later on) discover they are in "way over their head" ... and take advantage of their misfortune later


Either way I guess I'm in a better postion than some "Renter"

With my business being dependant on the population base in Las Vegas, I hate to run myself too far out of town.

But, one Al Qaeda bomb in the city .. and all bets are off anyway. Being outside of town may seem pretty good at that point.

Such difficult decisions.

_________________


<font size=-1>[ This Message was edited by: monstermach on 6/5/04 11:10am ]</font>

<font size=-1>[ This Message was edited by: monstermach on 6/5/04 11:18am ]</font>
 

·
Administrator
Joined
·
22,096 Posts
On 2004-06-04 20:03, keylesschuck wrote:
This is soley due to the number of Californians who have slowly seen their lives stripped away in an area that is now paralized with congestion. We don't even get in our cars during a holiday weekend and decided that was no way to live.

PS. I'm changing my CA plates to NV plates before we move so the neighborhood doesn't learn I came from CA.

Jon
This was probably the case in Oregon during the mid seventies also. I was young then and didn't pay a bit of attention to housing markets but I can sure tell ya the Californians were moving in by the droves and every one was complaining. I was around 11 or 12 yrs old. We lived at the end of an approx 1/4 mile driveway. Nobody around us for quite a distance. Then here came those "Californian prune pickers" (don't ask me, that was something my grandfather called them
) We had people move in halfway down the drive and someone move off to the left not far from our house but they picked a good distance away, and then one built a road and moved up behind us on the hill. It was like the British invasion!! We had to build a fence to keep our horses in cause they used to have free roaming rights, the people started griping about the driveway being muddy and sinky in the winter. Heck it never had so much traffic on it. My dad tried to get everyone to pitch in to put some more gravel on the driveway and nobody wanted to so he said heck with them then. He had a 4x4 and could get out, let them worry bout how they were getting out themselves. He figured he put that drive in yrs before that and if they were going to use it they could help maintain it. So Jon, smart move on the license plates, the people will think it's an invasion there too.
I do have to add, it didn't bother me to have new neighbors, one bunch had horses and a cute boy a couple years older than me!


Deb
 

·
Registered
Joined
·
2,341 Posts
On 2004-06-04 19:48, MonsterMach wrote:


Is this happening anywhere else out there?

_________________
Not here, Larry. Except for select areas out in the sticks where the 'yuppies' are paying inflated prices because they want to own 'a piece of land', housing prices haven't risen beyond the rate of inflation. I bought my (then) 2 year old home a bit over two years ago for $83,000...it'd likely be worth about $175K out your way. Similar homes aren't bringing much more than what I paid now. As I've mentioned before, the employment situation here in the Rust Belt which stimulates home sales is bleak....


Jan
 

·
Registered
Joined
·
3,700 Posts
Discussion Starter · #15 ·
Jan ...

You need to get out of there ...

We have an empty guest room .. we could put you up for a bit ...

Queenie and I have been doing that for friends for a while now.

Think about it ... assuming you don't have too much baggage


Gotta-Love-Helping folks out of lifes miseries


_________________


55 Ford F100 project (Queenie's Truck)
67 Camaro SS350 (also Queenie'

<font size=-1>[ This Message was edited by: monstermach on 6/5/04 11:34am ]</font>
 

·
Administrator
Joined
·
22,096 Posts
On 2004-06-04 23:32, MonsterMach wrote:
Jan ...

You need to get out of there ...

We have an empty guest room .. we could put you up for a bit ...

Queenie and I have been doing that for friends for a while now.

Think about it ... assuming you don't have too much baggage


Gotta-Love-Helping folks out of lifes miseries


_________________
I agree! Move out this direction and she can drive her favorite ride year round just about!
You know, there is a drawback to that. When you can drive year round you hate to park them long enough to work on them.

Now the baggage part might be a little much though.
 

·
Registered
Joined
·
328 Posts
It's amazing how fast properties have appreciated, especially in So. Cal.

I'm so tempted to sell right now and take the money and run.
Houses in our hood are selling in the $600k to $750k range.

Like Larry said, it's a tough decision to give up that low mortgage payment.

I think we're going to stick it out a little longer,then move somewhere where it's not so insane and cost prohibitive.
 

·
Registered
Joined
·
848 Posts
i have a 4 bedroom/2 bath/2 car garage about an hour north of tampa. paid $75k in 98 and added the 4th bedroom/extended faimily room in 01 for $20k. it's about 2000 sq ft. i just talked to a real estate guy who said it will bring $155-$160k no problem now, and i don't even have a pool. homes have shot up wicked in the last couple of years around here.
 

·
Registered
Joined
·
114 Posts
MonsterMach,

If you can sell and move to another area where the inflation of real estate isn't so pronounced I would if I were you. I'd be willing to bet that after the election (whoever wins doesn't matter) real estate prices will plummit. I really have no basis in fact for this argument but I've got a gut feeling and with real estate at least, my gut feeling is usually pretty good. All I know is that this boom can't and won't last forever. Just like the over-valued stock market did a few years ago, real estate has to go the other way. It will be pretty low for a few years then stabilize. Then the cycle starts all over again.

On the other hand, if you are happy with your house and your mortgage there is always the argument of staying put. The people who are selling and moving next door so to speak are the ones taking a beating right now. If I move out of this house I'll probably just keep it and rent it. Then just move to an area where I can still service my customers but not pay these ridiculous prices (i.e. BFE probably).


Nick
 

·
Registered
Joined
·
3,700 Posts
Discussion Starter · #20 ·
FHIprez

Short of something extremely out of the ordinary happening ... I'll most likely stay put for a bit.

It does seem pretty clear to me that things in this country could change ... maybe over night ... and maybe in a huge way ...

My Daughter is a senior in High School and my Son is just starting High School ... I'm inclined to want to not change things up too much right now.

I have some debt from restoring too many cars too quickly and an Effie still on the burner, so I'd like to get the debt gone and the 55 F100 finished off.

At that point I'll feel pretty well set up to decide what is really best for Queenie and I ... we will both be 50 by then and life could take some "twists and turns" once we have only ourselves to concern.

Thanks for the input ...
 
1 - 20 of 25 Posts
Top