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Old 07-04-2017, 12:19 PM
 
24,756 posts, read 26,824,957 times
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Old 07-04-2017, 03:54 PM
 
4,310 posts, read 2,452,293 times
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Quote:
Originally Posted by Ultrarunner View Post
My first home was a home nobody wanted... I bought it for 1/3 of list price and it had been on the market 90 days+

I really didn't want it either but the Broker was slick in a good way... as we talked she kept asking me for what I would be willing to pay cash for an AS-IS sale.

An hour later she had my earnest money check and I had signed the offer...

I was 21 and told my folks that night what I had done... there was a lot of silence and then I reassured them I had offered 1/3 of the MLS listing...

The next day the Broker called to congratulate me and now I had 14 days to come up with the cash which meant selling my pride and joy restored car and liquidating my savings and just about anything I had of value...

The second hurdle is the property was scheduled for a condemnation hearing so I had to act fast to nip that... and I did with my first dumpster arriving on the day I closed...

Oakland California and I still own this home today and the single best financial decision of my life... buying a home that no one wanted and scheduled to be condemned...
In the 1950s I talked to an old man who told me he bought 10000 acres in future Cupertino for 1000 dollars in 1910 and saved money by painting fences. He sold those 10,000 acres for 200,000 dollars in 1950. It's just that easy right ultra runner?
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Old 07-04-2017, 03:59 PM
 
4,310 posts, read 2,452,293 times
Reputation: 2424
Quote:
Originally Posted by Ultrarunner View Post
Demand for sure...

Walking to school in Oakland California I would walk by abandoned homes the city was "Selling" for $1

These are homes that were abandoned and the catch is a person would need to move in for 5 years and spend 5k making improvements... a new roof, paint, etc would cover the improvements.

Several of these abandoned $1 homes have sold recently in the 300 to 400k price range that I know and some probably have sold for more.

Demand or lack of is what drives prices.

On a related topic it is very costly and with risk attempting to build in my city... friends have been in the permit process for several years and typically have more than a 100k in design and permit fees to build a single family... another friend simply gave up and lost a lot because the process with neighborhood design review, etc... simply proved to much for most not in the business.
In the 1950s I bought a 3 bedroom ranch home for 10,000 dollars working minimum wage. I can use hyperbole too.
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Old 07-08-2017, 09:45 AM
 
Location: North Idaho
21,022 posts, read 25,817,479 times
Reputation: 39470
A big contribution to the lack of affordable housing is the government fees imposed on construction.

My son is doing a lot split. The government fees are $30,00 per lot, plus they required all utilities to be put in at a cost of over $10,000 per lot. Then, there is a systems development fee of nearly $30,000 for each lot, building permit fees, which are cheap; under $5,000, and a thing called an affordable housing fee, which is another $5,000.

So, how is a builder going to build a nice starter home for under $100,000 on one of those lots?

The city councilors love to go on TV and cry that something has to be done about the high cost of houses and how we need affordable housing for low income people. I notice they never offer to cut the cost of the city fees to make building cheaper.
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Old 07-08-2017, 11:00 AM
 
25,863 posts, read 49,763,368 times
Reputation: 19313
Quote:
Originally Posted by Perma Bear View Post
In the 1950s I bought a 3 bedroom ranch home for 10,000 dollars working minimum wage. I can use hyperbole too.
Not sure who's leg you are pulling?

Nothing changes the fact that for some the only way we can get into the SF Bay Area housing market is to buy a home that 99.9% of home buyers don't want.

My first home was two blocks below East 14th street in East Oakland and had been for sale for about a year... I've posted pictures on CD showing just how bad it was... I also DID NOT WANT it but the broker kept fishing for an offer and I finally shot her a price about 1/3 of asking and the next day she called to congratulate me

I have repeated the scenario in various forms and always buy home with problems... neighborhood, structural, fire damage, etc. and it has served me.

You mentioned in posts being much younger and not living with family and how you bought a home in 1950

For me it was simple... I took a rational look at home prices and kept adjusting my sights lower until I bought the least expensive Oakland home listed on the MLS...

It's not rocket science but it does explain why some will never own here and it is simple... they have Champagne tastes on a Brown Derby budget...
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Old 07-08-2017, 11:03 AM
 
25,863 posts, read 49,763,368 times
Reputation: 19313
Quote:
Originally Posted by oregonwoodsmoke View Post
A big contribution to the lack of affordable housing is the government fees imposed on construction.

My son is doing a lot split. The government fees are $30,00 per lot, plus they required all utilities to be put in at a cost of over $10,000 per lot. Then, there is a systems development fee of nearly $30,000 for each lot, building permit fees, which are cheap; under $5,000, and a thing called an affordable housing fee, which is another $5,000.

So, how is a builder going to build a nice starter home for under $100,000 on one of those lots?

The city councilors love to go on TV and cry that something has to be done about the high cost of houses and how we need affordable housing for low income people. I notice they never offer to cut the cost of the city fees to make building cheaper.
Exactly... the hard costs of preparing a site to build... both for infrastructure, engineering, permits, special fees, etc... are astronomical and most don't have a clue and this doesn't even include the cost of the lot.

One of my friends finally was at a point to build their dream home on a lot they had purchased 22 years prior and found a new ordinance required upgrading fire hydrants so they had to pay a $50,000 fee to add a single fire hydrant as a condition to build... all of their neighbors had no such requirement and they all in theory now benefit.

And here it is on the day I first saw my future home...

http://www.city-data.com/forum/attac...s-scan0008.jpg
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Old 07-09-2017, 04:49 AM
 
Location: Amelia Island
2,578 posts, read 3,674,176 times
Reputation: 2361
Quote:
Originally Posted by chiluvr1228 View Post
In my area of Southwest Florida, the rents have had the largest increases in the nation (according to news sources). Around here they blame it on the large amount of foreclosures back during the housing crisis which caused people to lose their homes, ruin their credit and force them to rent. Plus we have too many people moving here and not enough places for them all to live.


I am seeing some new apartments being built that are going for over $1000 a month for a studio or 1 bedroom when in 2009 apartments were giving all kinds of incentives to get you to move to their place. I was paying $540 for a large 1 bedroom back then. Yes, I realize that was 8 years ago but this area has never seen the kinds of rents that we are seeing now. To make matters worse, the older complexes are hiking up their rents to "market value" so even living in an aging complex isn't going to be much cheaper than renting from one of the new places.


Thankfully I will be a homeowner soon and I can stop worrying about the constant rent hikes.
Not sure what is also happening here in Northeast Florida, after the crash there were enough supply of lots in empty subdivisions to last two years. About two years ago it had started to get white hot here. Rents and home prices are going crazy and yet they are continuing their climb because demand is not weakening. Those empty subdivisions are now full and new ones are being started.

We could no longer afford our home in this location if we were starting over today.

Even though this will be my final resting place I am simply amazed by the crazy upticks in affordability of housing.

Friends and family in California have said things are heated there also.

I am not a doom and gloom type person.....................but could housing crash again?

If mortgages are a lot more difficult to obtain in comparison to the prior freewheeling of several years ago, what is driving the demand and creating shortages of housing?
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Old 07-09-2017, 05:00 AM
 
4,229 posts, read 1,909,438 times
Reputation: 3787
Quote:
Originally Posted by JBtwinz View Post
I am not a doom and gloom type person.....................but could housing crash again?
It could (and will) if credit markets are frozen again. The era of widespread and significant declines in home values was a simple downstream effect of the credit crisis. It had nothing to do with housing itself, and indeed, housing markets behaved just as they should have throughout.
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Old 07-09-2017, 12:08 PM
 
4,310 posts, read 2,452,293 times
Reputation: 2424
Quote:
Originally Posted by Ultrarunner View Post
Not sure who's leg you are pulling?

Nothing changes the fact that for some the only way we can get into the SF Bay Area housing market is to buy a home that 99.9% of home buyers don't want.

My first home was two blocks below East 14th street in East Oakland and had been for sale for about a year... I've posted pictures on CD showing just how bad it was... I also DID NOT WANT it but the broker kept fishing for an offer and I finally shot her a price about 1/3 of asking and the next day she called to congratulate me

I have repeated the scenario in various forms and always buy home with problems... neighborhood, structural, fire damage, etc. and it has served me.

You mentioned in posts being much younger and not living with family and how you bought a home in 1950

For me it was simple... I took a rational look at home prices and kept adjusting my sights lower until I bought the least expensive Oakland home listed on the MLS...

It's not rocket science but it does explain why some will never own here and it is simple... they have Champagne tastes on a Brown Derby budget...
My point is your outdated hyperbole advice is unwarranted and useless. It would be like a guy telling you to buy Cupertino land for .50 cents an acre like they did in the early 20th century.
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Old 07-09-2017, 12:42 PM
 
Location: The Triad (NC)
26,878 posts, read 57,960,239 times
Reputation: 29317
350Million people require more bedrooms than 180Million
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