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Old 02-24-2018, 04:54 AM
 
Location: Colorado Springs
4,327 posts, read 4,350,986 times
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https://www.mercurynews.com/2018/02/...y-area-exodus/

Exodus from California reminds me of 2006 when I observed the same thing in the prior housing bubble. It's deja vu all over again!

He expects to get a lot more for his money. The median home value in Colorado Springs is $263,000, compared to $1 million for a single family home in San Jose, according to real estate website Zillow.

Hicks came to Jamison with a proposal: sell all three homes, so he could buy a half-dozen newer, bigger and cheaper homes in the smaller, mountain town, home to the U.S. Air Force Academy.
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Old 02-24-2018, 07:45 AM
 
608 posts, read 319,980 times
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I like how they called it a mountain town.
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Old 02-24-2018, 08:11 AM
 
Location: In Transition
1,628 posts, read 1,551,179 times
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Another article about the exodus from the Bay peninsula to Colorado Springs... https://www.eastbaytimes.com/2018/02...y-area-exodus/

Quote:
Tony Hicks of San Jose and his wife, Fidessa, have decided to leave Silicon Valley for the cheaper and less crowded Colorado Springs, CO. Hicks, who owns investment properties, is selling his three homes in San Jose. His tenants, whom he considers friends, are moving to Colorado with him and will live in new homes that Hicks plans to buy with the proceeds.
Well, wave bye bye to affordable housing prices. So much for moving to here...
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Old 02-24-2018, 11:05 AM
 
608 posts, read 319,980 times
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Quote:
Originally Posted by jkbatca View Post
Another article about the exodus from the Bay peninsula to Colorado Springs... https://www.eastbaytimes.com/2018/02...y-area-exodus/



Well, wave bye bye to affordable housing prices. So much for moving to here...
With the exodus from Denver I think it was inevitable regardless. But, job growth has fallen for the first time in a few years and much of the jobs seem concentrated in a few areas... meaning I'm not sure how much the city can support unless like the first article, it's a wave of retirees.

Fortunately, there's still older homes in the less desirable areas sub $200k and lots of condo and *townhome availability, combined with super low property taxes and relatively low interest rates.

Also, it seems many military families buy and then move a few years or less later, so hopefully that helps keep things going.

*ETA, the less desirable areas are actually pretty nice and even the, "worst," school district has an IB elementary, and some other good things going for it, and relatively high test scores for the demographics.
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Old 02-24-2018, 01:58 PM
 
Location: Colorado Springs
2,668 posts, read 1,668,301 times
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Quote:
Originally Posted by jkbatca View Post

Well, wave bye bye to affordable housing prices. So much for moving to here...
Sorry, that happened a long time ago. My first purchase was a townhome on the eastside for $15k. My first house in Cos was a 3 bd 2bth on the west side that I paid $50k for. That was 30 years ago. Those townhomes are now $95k and the house sold for $210k in the last year. My current home in ONEN has gone from my purchase of $115k to $450k in 18 years.

I didn't read either of the articles, but unless these transplants are bringing jobs with them, or in the case of the first one, appear to be retired, moving here for less expensive real estate and lwoer taxes will also lead to lower wages if you are depending on the local economy to support yourself.
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Old 02-24-2018, 07:48 PM
 
647 posts, read 340,571 times
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Quote:
Originally Posted by Vision67 View Post
https://www.mercurynews.com/2018/02/...y-area-exodus/

Exodus from California reminds me of 2006 when I observed the same thing in the prior housing bubble. It's deja vu all over again!

He expects to get a lot more for his money. The median home value in Colorado Springs is $263,000, compared to $1 million for a single family home in San Jose, according to real estate website Zillow.

Hicks came to Jamison with a proposal: sell all three homes, so he could buy a half-dozen newer, bigger and cheaper homes in the smaller, mountain town, home to the U.S. Air Force Academy.
Agree, itís not like any of this is new. People have been banking real estate gains and moving from California for 30 years.
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Old 02-25-2018, 09:32 AM
 
Location: In Transition
1,628 posts, read 1,551,179 times
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Quote:
Originally Posted by TCHP View Post
Sorry, that happened a long time ago. My first purchase was a townhome on the eastside for $15k. My first house in Cos was a 3 bd 2bth on the west side that I paid $50k for. That was 30 years ago. Those townhomes are now $95k and the house sold for $210k in the last year. My current home in ONEN has gone from my purchase of $115k to $450k in 18 years.
This is pretty much what is happening all over the western half of the U.S. Especially in California.

Quote:
Originally Posted by TCHP View Post
I didn't read either of the articles, but unless these transplants are bringing jobs with them, or in the case of the first one, appear to be retired, moving here for less expensive real estate and lwoer taxes will also lead to lower wages if you are depending on the local economy to support yourself.
Yes people have been moving out of CA for a while now and jacking up real estate prices. But the reason my posted article caught my eye was the people moving were real estate investors, not just average "I want to live in place X instead of Y".

The following is my own opinion...

Real estate speculators are driving up the cost of housing just like what happened in the bay peninsula. There basically is going to be a relatively small group of people who will own a large percentage of houses and make rent / owning housing astronomically unaffordable, just like the place they moved from. And anyone who wants to genuinely buy a house and live in it will have to compete with people who walk in with fists full of cash and offer to pay more. Who has the ability to do this? Investors, no average person is going to have hundreds of thousands of dollars to buy a house. This has been happening in CA for the last 12 years and look at the real estate prices now. Who do you think the seller is going to sell the house to? This is happening right now in California, and now (with the article posted) coming to a western state near you. Revisit my post in 10 years and see if I'm right or not.
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Old 02-25-2018, 10:48 AM
 
Location: Colorado
79 posts, read 47,208 times
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Quote:
Originally Posted by jkbatca View Post
This is pretty much what is happening all over the western half of the U.S. Especially in California.



Yes people have been moving out of CA for a while now and jacking up real estate prices. But the reason my posted article caught my eye was the people moving were real estate investors, not just average "I want to live in place X instead of Y".

The following is my own opinion...

Real estate speculators are driving up the cost of housing just like what happened in the bay peninsula. There basically is going to be a relatively small group of people who will own a large percentage of houses and make rent / owning housing astronomically unaffordable, just like the place they moved from. And anyone who wants to genuinely buy a house and live in it will have to compete with people who walk in with fists full of cash and offer to pay more. Who has the ability to do this? Investors, no average person is going to have hundreds of thousands of dollars to buy a house. This has been happening in CA for the last 12 years and look at the real estate prices now. Who do you think the seller is going to sell the house to? This is happening right now in California, and now (with the article posted) coming to a western state near you. Revisit my post in 10 years and see if I'm right or not.

I am a lifelong Colorado resident - moved to the Springs last year for a job. I'm saving for a down payment for a small home or condo, because I would like to stay here permanently - but helplessly watching as prices are rapidly escalating beyond my price range. I'm trying to figure out alternatives.
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Old 02-25-2018, 11:48 AM
 
Location: In Transition
1,628 posts, read 1,551,179 times
Reputation: 890
Quote:
Originally Posted by DrDog View Post
Agree, it’s not like any of this is new. People have been banking real estate gains and moving from California for 30 years.
The difference is the newly incoming are not buying one house to settle in, they are real estate speculators. They are coming to buy multiple houses. With cash that they just made from the sales in the bay area. They cannot make a profit with the hyperinflated prices in the bay area. They can make a huge profit in areas such as Colorado Springs.

I personally know someone who is doing exactly this in another market area.

When you want to buy a house in this area, and the other person offers to buy the same house for $20K more, totally in CASH, you will now know how this happened.
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Old 02-25-2018, 03:39 PM
 
1,245 posts, read 1,631,290 times
Reputation: 1499
Real estate investors continue to gobble up the supply of lower-priced homes in up and coming markets. Happened where we moved from except there were a lot more tear-downs there. Younger buyers just looking for a house are not able to get a foot in the door.
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