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Old 02-05-2016, 05:19 PM
 
Location: Aliso Viejo, Orange County, CA
4,747 posts, read 5,963,517 times
Reputation: 3844

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There are no houses available in my city for $250K. You can't even get a condo here at that price. The cheapest condo I found listed was this $289,000/ 685 sq ft /1bd/1bth in its original (ugly)1983 condition:
https://www.redfin.com/CA/Laguna-Hil...6/home/5739032

The description says the condo is in this city's second most walkable neighborhood. If I lived there, I would probably walk out and never return.
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Old 02-06-2016, 08:42 AM
 
6,179 posts, read 3,278,285 times
Reputation: 12540
$250k to you is a lot of money. To others, $350k is a lot of money. To still others, $500k is a lot of money.

Everything is relative.

Walking 1/2 mile isn't a big deal. Unless you're really old or inform, in which case, walking 1/4th mile is a big deal. For others, walking 1 mile is no big deal.

Everything is relative.
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Old 02-07-2016, 06:02 AM
 
4,801 posts, read 4,697,071 times
Reputation: 5537
Quote:
Originally Posted by pacific2 View Post
There are no houses available in my city for $250K. You can't even get a condo here at that price. The cheapest condo I found listed was this $289,000/ 685 sq ft /1bd/1bth in its original (ugly)1983 condition:
https://www.redfin.com/CA/Laguna-Hil...6/home/5739032

The description says the condo is in this city's second most walkable neighborhood. If I lived there, I would probably walk out and never return.

I was expecting much worse, since a one bedroom condo would probably go for a similar price here and have none of those amenities onsite. But that apartment is not that hideous---I bought mine and it was much uglier/outdated.
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Old 02-07-2016, 08:14 AM
 
Location: Jamestown, NY
7,841 posts, read 6,946,712 times
Reputation: 13779
Quote:
Originally Posted by Pitt Chick View Post
Exactly.
But the OP will will continue to tear apart every sentence that goes against his manifesto...
^^^
Quote:
Originally Posted by North Beach Person View Post
Yawn. Excuse me, I'm sorry, that wasn't aimed at you. Yep, same song, different thread. I hope if he buys a house that it doesn't depreciate like a car does or need repairs.
The OP's manifesto is just another take on his opposition to home ownership, which he has repeatedly posted on this and related forums ad nauseum.
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Old 02-07-2016, 08:17 AM
 
Location: Jamestown, NY
7,841 posts, read 6,946,712 times
Reputation: 13779
Quote:
Originally Posted by ncole1 View Post
All houses need repairs eventually. That's a given. And future prices are unknown to anyone. The key is to mitigate one's risk. I think we can all agree on that. Where we disagree is on how to mitigate that risk.
All rents go up, so you either pay up or you move, generally every year at lease renewal. Don't forget to include the cost of moving in your little spreadsheet on renting vs buying.
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Old 02-07-2016, 08:21 AM
 
Location: Jamestown, NY
7,841 posts, read 6,946,712 times
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Quote:
Originally Posted by Pitt Chick View Post
LOL!
Yes, a house.

I would be thrilled if my house sold for that amount.
4 BR, 3.5 bath, 2400 sq ft on 1/3 landscaped acre.
Granite and quartz updates, hardwood floors, decks and patio, etc.

Probably will go for $200-210 when we sell.
Hell, around here, you can get a nice house on the lake or a large updated home with acres of land and a barn for horses and toys for $250k ... both within a few minutes of all city conveniences and some with city water/sewer.
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Old 02-07-2016, 08:26 AM
 
9,359 posts, read 11,211,285 times
Reputation: 12560
Quote:
Originally Posted by BostonMike7 View Post
I don't even think you can buy a house for $250K here. Alternative is $2000-2500/month in rent...and climbing.
Funny I was thinking that a single parking space in Back Bay was around 250K!
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Old 02-07-2016, 08:53 AM
 
Location: Wisconsin
16,528 posts, read 16,017,438 times
Reputation: 39000
Quote:
Originally Posted by Pitt Chick View Post
Which is exactly why his premise is illogical.
$250,000 gets you a HUGE home in my area, but will get you one-step-up-from-a-hovel elsewhere.
very true.
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Old 02-07-2016, 08:57 AM
 
12,404 posts, read 9,244,216 times
Reputation: 8869
Quote:
Originally Posted by germaine2626 View Post
very true.
I never said you could get a house for $250k everywhere - far from it. But the general pattern that seems repeated over and over is that the expensive metro areas like LA, SF, NYC, etc. are the places where it makes more sense to rent and invest instead of buying. The middle of the country, where buying makes more sense, has plenty of $250k houses to go around.
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Old 02-07-2016, 09:53 AM
 
12,404 posts, read 9,244,216 times
Reputation: 8869
Quote:
Originally Posted by Linda_d View Post
All rents go up, so you either pay up or you move, generally every year at lease renewal. Don't forget to include the cost of moving in your little spreadsheet on renting vs buying.
I use the NY Times calculator - I suppose 1/12 th the cost of an annual move should be added to the monthly rent or 1/24 th the cost of a once-every-two-years move. Of course if one moves that often the penalty for owning is huge.

If one stays put for 7 years, the monthly rent would only have to be increased by 1/84 th of the moving cost.

In the long run, I assume rent only keeps pace with inflation but obviously it is local and variable and could go by more or less than that in any one area.
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