1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Housing prices are nuts, paid $17 million now

Discussion in 'General' started by L8RSK8R, Jan 16, 2022.

  1. motion

    motion Nihilistic Member

    OUch, 7k is a lot. One of my goals has always been to have a low tax burden and I have that in Montana. Couldn't imagine buying anything in Cali at this point, unless prices crater 75%.
     
  2. L8RSK8R

    L8RSK8R Well-Known Member

    Was built for the Copley family.
    Current owner also bought Copleys newspaper, San Diego Union Tribune.
     
  3. shakazulu12

    shakazulu12 Well-Known Member

    I was almost about to start a thread about the bolded area recently to see what Beebers had already done it. My GF and I think this is the route we will go, as we can get there realistically in a few more years and don't have kids etc to slow us down in another country.
     
    youngR likes this.
  4. njracer

    njracer Well-Known Member

    I'm on the border of Monmouth and Middlesex County and the real estate market here is insane. List on Friday and it's in attorney review by Monday.

    I work at a mortgage company and I have clients that have been looking for almost a year with no luck. You can't even put an offer in at full list and expect to get the house in this market. The cash buyers from NY are going way over list, waiving appraisals and inspections just to get the house. It's going to be ugly when this bubble pops.
     
    DmanSlam, Montoya and ClemsonsR6 like this.
  5. TWF2

    TWF2 2 heads are better than 1

    Same in my neighborhood, my is more than double what I paid 5 years ago. Crazy.
     
  6. gixxerboy55

    gixxerboy55 Well-Known Member

    My brother lives in Thailand, says he can live on 500 bucks a month.
     
  7. Chango

    Chango Something clever!

    Sounds about like Tulsa. According to Zillow my house has gone up about 40% in the two years we've lived here.
     
  8. TWF2

    TWF2 2 heads are better than 1

    California migration :). Every one listed gets sold in few days. I hope it stays this way for next 5 years and I will be set to retire :)
     
  9. diamondj

    diamondj Well-Known Member

    I figured you are in NJ with the Krogh's logo as your avatar. There are some nice little shacks around Lake Mohawk although probably not any $55 million ones like the California listing.
     
  10. IrocRob

    IrocRob Well-Known Member

    upload_2022-1-16_14-23-2.png
    Nice catch, I should probably update that one to this one but I am too lazy to bother.....
     
  11. StanTheMan

    StanTheMan Well-Known Member

    There was an article in todays news that median house prices in Durham have risen 33.3% in the last year. We just refinanced our house recently to get a better rate, and their appraiser appraised our house 60% higher than what we paid 4 years ago.
     
    jrsamples, Phl218 and L8RSK8R like this.
  12. Chain

    Chain Well-Known Member

    Heres the thing, "real" estate is real. You can see, feel and even take a dump on it. Stocks, financial instruments and bitcoin are not "real", when institutions start buying up a real asset class, join the party and hold on tight.
     
    auminer likes this.
  13. auminer

    auminer Renaissance Redneck

    Especially when the bank will lend you a half million at about 1/3 of the rate of inflation!
     
  14. Phl218

    Phl218 .

    Yeah black rock is sweeping up a lot right now
     
  15. Alex_V

    Alex_V Dump the diesel

    And just like that the taxes will go up, and insurance... Yet, I doubt anyone is seeing a 20-30% salary increase.
     
    418 likes this.
  16. shakazulu12

    shakazulu12 Well-Known Member

    Is that with or without a ladyboy budget?

    Asking for Cortez
     
    KneeDragger_c69 likes this.
  17. gixxerboy55

    gixxerboy55 Well-Known Member

    That includes everything,ladyboy or lady.
     
    shakazulu12 likes this.
  18. TurboBlew

    TurboBlew Registers Abusers

    thats just it... institutions have been buying "residential real estate"...lol I would say its a safe 10% annual return. But the caveat is its not really "real"... youre just staking a claim to a parcel the local municipal has alotted! Dont even get me started on "co-ops"...hehe This also doesnt account for perverted HOAs or assessment fees in buildings/condos. And property assessors are working OT to establish those property tax rate hikes!
     
  19. SGVRider

    SGVRider Well-Known Member

    A property like that I assume 95% of the value is the real estate. If I were a stinking rich asshole instead of a poor asshole, I would just knock the fucker down and build a new one that’s not old as balls. What’s it going to cost to build a fitting mansion for the property, $5-10 million? If you’re already spending $50 million, who gives a shit. Also, I’d think a property like that would be an attractive investment to flip not so much a home you’d want to live in.

    Looking at the distribution of real estate prices in Los Angeles at least, it seems to be extremely compressed at the low end but much more reasonable in comparison when you go upmarket. As in, you can barely buy a shitbox for $1 million. But if you spend $3 million, you don’t get something 3x better , you get something 10x better.

    This tells me that normal people are struggling to get into the market at all, but the competition for the next tiers up isn’t nearly as fierce.

    I’m currently interviewing for 100% remote positions and looking at moving the family (and me :) ) to the Atlanta area. If commute time isn’t a real factor, it seems there are plenty of areas where you can still get excellent value for money.


    If you’re adventurous, both.
     
    DmanSlam likes this.
  20. Chain

    Chain Well-Known Member

    Get in now, if its a growth area or it has potential the wave will hit it. Real Estate is like a slo mo Ponzi scheme, when the institutions get involved it creates a shortage which creates FOMO which fuels the first homers which drives the market. It has to be residential in stable or growing centres, or where the ROI is high. E.G. buy a house in shitsville for 50k but the rent is 250 a week and your making serious bank, buy 20 of em and attract other investors, sell for a hundy and walk away with 100% for 18 months work and fuck up the locals while youre at it.
     

Share This Page