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Old 06-03-2012, 04:38 PM
 
8,317 posts, read 25,120,672 times
Reputation: 9066

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Quote:
Originally Posted by wanneroo View Post
There are gut decisions and ones based off a measly drive through town. Gut decisions are best made having had some personal experience with such subject. As I said, anyone that sinks $400k or $500k into some place they really know absolutely nothing about is a sucker. There is a big difference in gut decisions like deciding to eat or not eat at a particular restaurant and sinking a significant portion of your nest egg into a non liquid asset.

One of the reasons this country is in the toilet and up to their eyeballs in personal and national debt is because the baby boomer generation lacks any sort of self control and are impulse buyers. As Mark Steyn said in his latest column, future generations will look back in amusement and bemusement at those financial services company commercials showing 60 year olds looking forward to 30-40 year long retirement vacations and showing them lazing about fingerpainting, fishing, hiking and goofing off in their dream house. Those days are coming to a close, but not before the boomers have left us with a worthless dollar and a massive debt burden as they shuffle off with their big pensions, social security and free healthcare.
You've got it exactly right. I'm probably in better financial shape than most Boomers--no debt, nice nest egg, etc. But I hold no illusions about shuffling off into retirement soon. I plan to work, at least some, as long as I'm able to. Anytime I start feeling sorry for myself, I look at all of the Boomers that are flat broke if they look at their personal balance sheets realistically, many in the younger generation that will NEVER have the opportunities that I had because that has been squandered for them, and most all of the people who think that their investments, pensions, home equity--even their savings accounts--are going to remain intact for their retirement. I hold no illusions about a "secure" retirement--there is no such thing, anymore. People should think about that before they run off to a place where they know no one, where jobs may be non-existent, where their ties to the "outside world" may be much more tenuous than they think. They had better be able to accept that, or, as you've indicated, wanneroo, have a "Plan B" in case "Plan A" turns to crap. That is the kind of planning I'm doing right now--it's not easy, it's not fun, but I figure it will pay off in the end.

As an aside, I'm doing exactly the opposite of most posters here--I'm doing my damnedest to liquidate my last Colorado real estate holdings within a year or less because they think that they have zero upside potential and a huge risk for a big decline in value. They've already lost about 10 years of appreciation just in the last 12-15 months.
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Old 06-03-2012, 06:25 PM
 
20,321 posts, read 37,832,470 times
Reputation: 18113
Quote:
Originally Posted by wanneroo View Post
....the baby boomer generation lacks any sort of self control and are impulse buyers. .....
Please stow the stereotypes. Millions of us boomers are not the idiots you'd like to portray us as. Millions of the people caught up in the mortgage mess are NOT boomers either.

Quote:
Originally Posted by jazzlover View Post
.... I'm probably in better financial shape than most Boomers--no debt, nice nest egg, etc. ....
Millions of us boomers are in the same catbird seat. Don't sprain your arm patting yourself on the back, you have a lot of company.

If people wanna move to Durango, cool. It's a lovely place, y'all come.

Now, everyone get back on topic: DURANGO and the OP's questions.
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Old 06-03-2012, 06:37 PM
 
1,051 posts, read 1,577,546 times
Reputation: 1883
Quote:
Originally Posted by Fiddlehead View Post
Perhaps, but the 80% of the time it turns out dumb give the 20% of the time is it right a bad name.

I had an employee, who followed his gut and despite my JazzLoveresque warnings bought a $400k condo in Ashland, OR in 2005. His gut told him it was a "gold mine," my logic, research, and place-based knowledge told me to warn every one of my new employees off real estate for several years. His wife ended up getting pregnant and she insisted on moving back to their former town. He lost about $200k on that gut decision, all in a single year.
That 80% number you throw out is just a generalization. The actual number varies with the individual and their personal experience. Jazz was absolutely right about that. Logical decisions work well when everything is black & white but when many variables enter into the picture, you need to combine logic, personal experience, and a bit of ambivalence to support that gut decision. Every person & every situation are different. You don't make major life decisions without weighing all of the variables along with hard facts. Some people only make gut decisions and because they lack experience, they're usually wrong. 80% of your employee's gut decisions being wrong doesn't mean everyone else's are too.

I'm sure that the original poster will make the right decision for himself & his family. That's what smart people do. Durango is a lovely place & I can't wait to move there myself in another year. At this point, I've purchased a CAD package and am designing my new home. I'll be the GC for it so I've got a large project ahead for the next year or two. It's actually cheaper to build in the Durango area than to buy a resale. Just received the 2012 National Building Cost Manual and Durango comes in at 4% below the "average" national building cost. Building a timber frame so it should be interesting.

Nuff said......
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Old 06-03-2012, 06:45 PM
 
Location: Southeastern Colorado
319 posts, read 620,831 times
Reputation: 439
Quote:
Originally Posted by Mike from back east View Post

If people wanna move to Durango, cool. It's a lovely place, y'all come.

Now, everyone get back on topic: DURANGO and the OP's questions.
I heart our moderator.
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Old 06-04-2012, 08:20 AM
 
Location: Inis Fada
16,685 posts, read 27,933,513 times
Reputation: 7177
Quote:
Originally Posted by wanneroo View Post
Even the most rural areas of Long Island is big city life compared to the Durango region. And you can still get to a more populated area fairly quickly compared to Durango. Vermont, itself while rural, it's not that hard to get to the state border and get to Albany or Concord/Manchester or Boston easily compared to how Durango is situated.

Like I said, try before you buy. You've got nothing to lose renting for 6 months.

You'll either love it or not and then you'll know which way to go. Most people don't use their brain and instead get suckered into the "dreamer" category and buy thinking they know what they are talking about and then they are stuck with mountain real estate which takes a few years to sell. Understand the Colorado mountain real estate business revolves around suckers from out of town buying their piece of the "dream", who are completely unprepared for they are getting into. And believe me I know, as many of my family have been in the Colorado mountain real estate business for generations. Personally I think people that make decisions to spend several hundred thousand dollars or more based off of a tourist visit for a few days to be suckers. Don't be a sucker.
With respect to VT -- I am about 3 hours from Boston, 2.5-3 hours from Albany. 2+/- hours to Burlington (depends on weather.) Concord would be the closest city (which is a misnomer as it's really small, too) and it is not at all direct (no highways, mostly one lane in each direction, winding local roads with reduced speed limits.) One thing I did notice was that things are distant in CO. I noticed vast open space between one town to the next. Yes, it is different than LI and some parts of VT. NO argument there.

Having watched my parents go through the decision of whether of not to move to Florida, I learned from them about renting for extended lengths of time in order to ascertain what life would be like in a given area. It took them 4 years before they found the right fit. Some friends have gone to the Carolinas without doing this -- some are griping, others are happy. The Asheville region is one of the places I am starting to research in addition to CO and UT.

Whatever I decide to do, it will not be entered blindly or without having rented in the area. What I do know is that the current level at which our property taxes on LI are rising, will make it impossible to live here on a retiree's fixed income. Honestly -- can anyone here imagine shelling out $1,000 a month in property taxes? By the time I do go to sell my house, at the rate the taxes have been increasing, the taxes on this house will have easily exceeded that. Between my SEP retirement plan and SS, it would mean ALL of my SS benefit would go to paying taxes.
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Old 06-04-2012, 10:45 AM
 
Location: Wherabouts Unknown!
7,756 posts, read 16,465,200 times
Reputation: 9292
bovinedivine wrote:
Some choices lead us to unexpected outcomes and opportunities that defy rational thinking. Sometimes we end up better off than we imagined -- and sometimes we end up in a big ole mudhole, but nobody - no matter how much information they come armed with -- is about to steer us from our intended course. Life's like that...
Ain't that the truth! Well stated.
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Old 06-04-2012, 10:48 AM
 
Location: Wherabouts Unknown!
7,756 posts, read 16,465,200 times
Reputation: 9292
mfbe wrote:
Gas prices all over the state show plenty of competition. I see NO appearance of price gouging or collusion in these numbers; as usual, Jazz offers NO proof, just "opinions."
My gut ( opinion? ) tells me that jazz is right on the money with the collusion thing. His shortcoming was not to include the front range in the collusion. IMO, when it comes to gas prices, we are being gouged across the board.....all over Colorado.

Last edited by CosmicWizard; 06-04-2012 at 11:01 AM..
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Old 06-04-2012, 11:13 AM
 
9,817 posts, read 19,036,263 times
Reputation: 7541
Quote:
Originally Posted by OhBeeHave View Post
Whatever I decide to do, it will not be entered blindly or without having rented in the area. What I do know is that the current level at which our property taxes on LI are rising, will make it impossible to live here on a retiree's fixed income. Honestly -- can anyone here imagine shelling out $1,000 a month in property taxes? By the time I do go to sell my house, at the rate the taxes have been increasing, the taxes on this house will have easily exceeded that. Between my SEP retirement plan and SS, it would mean ALL of my SS benefit would go to paying taxes.
Yep it's crazy, I don't know how people do it. I live 20 miles from New York State and crossing over the border is like going into a 2nd world country by comparison. A lot of people that work in NYS, live over the border here because property taxes are 1/3rd of NYS.
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Old 06-04-2012, 11:25 AM
 
20,321 posts, read 37,832,470 times
Reputation: 18113
Quote:
Originally Posted by wanneroo View Post
Yep it's crazy, I don't know how people do it. I live 20 miles from New York State and crossing over the border is like going into a 2nd world country by comparison. A lot of people that work in NYS, live over the border here because property taxes are 1/3rd of NYS.
I too wonder how folks in NY, NJ, etc, deal with high tax loads, and I'm sure that's why a lot of them head out upon retirement, making low tax states attractive to many retirees.

IIRC you're in PA, which does have some attractive tax benefits for retirees, as in NO state income tax on pensions. But I've heard that some PA "townships" have stiff property taxes and that there's some sort of heavy state estate tax.
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Old 06-04-2012, 11:39 AM
 
24 posts, read 70,775 times
Reputation: 117
Vt. is awfully nice in several ways, why not go there full time? If it is for the Colo. sunshine and wilderness/scenery etc. then Durango is amazing, a true paradise despite all the crap you put up with reading on here. Vt. weather sucks and while the scenery is surprisingly nice, it is not the West.

But... how about Denver? You might be surprised at how accessible a lot of good outdoors is here. I know I have been very surprised at how good it is here and the cost of living is cheap compared to all these places you are mentioning. Denver has a ton of urban outdoor amenities that are truly spectacular, bike paths in every direction, gorgeous parks and an enormously active culture. Trails to classic Colorado hiking/scenery, huge mountains, alpine lakes, etc. are less than an hour drive in some cases. Then there's Boulder and its composition just 30 minutes down the street. And much less winter, much longer summers and more other things to do than any "Colo. Mtn town".
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