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The housing bubble blowing up...especially CA... animation :
"Total value of U.S. homes is $31.8 trillion – Los Angeles homes now valued at $2.7 trillion, the size of the U.K. economy. Chinese home buyers in the U.S.", Dr Housing Bubble: Total value of U.S. homes is $31.8 trillion
Housing values in the U.S. have reached a new peak. In total, U.S. homes are valued around $31.8 trillion according to Zillow. That is 1.5 times the GDP of the U.S. and close to three times the GDP of China. Crap shacks in Los Angeles are now worth $2.7 trillion, which is more than the United Kingdom’s GDP.
You also have many ex-pats now taking their money abroad and retiring in more affordable countries where they can stretch those Taco Tuesday dollars while money from China is flowing the other way and boosting prices in some areas dramatically.
Oh "foreign money"...another BIG cause that was forgotten here!
Ah all these overseas CA "investors" with corrupt/mafia money, some of whom never set a foot in the US.
Land is expensive everywhere in the US. It has increased much more than the rate of inflation. It was 30 years ago when you could last buy a house on a half acre lot for under $100,000 in my area.
The median detached single family home price for both Wooster and Alliance is nearly $160,000.
When I was looking for a home in the 1980s, I found that the homes in my price range would require tens of thousands of dollars in plumbing, electrical, heating, air conditioning, and roofing upgrades. I bought land and built instead.
I was able to buy nearly 15 acres for $20,000. The brine injection well, which has paid me $150 a month for decades, kept the price down. The Black Angus across the street have been replaced by a subdivision, I have city sewer now, and the Rover gas pipeline goes through my backyard.
There was an auction of 54 acres and barn within a mile of me recently. It went for $366,000.
Home prices went up everywhere in the US since the recession...but price increase in Ohio isn't even remotely comparable to the handful of Western states...
(there're Ohio homes now for under 100K in decent areas, in "rental condition", wasn't looking there myself but a family member is an investor).
Auction for a barn on 50 acres for 366K is interesting...this is North Cal pricing. Someone got fooled (or was it with mineral rights where they're to get good royalties or something?)
There's no water/rights...and has a solid track record of screwing naive investors out of their money and into "buying a piece of the West" since 1860, apparently....what's not to love!
There's no water/rights...and has a solid track record of screwing naive investors out of their money and into "buying a piece of the West" since 1860, apparently....what's not to love!
Quote:
Originally Posted by Usrname
Noooo .....won't even go to a gym or store in La Jolla, good luck avoiding traffic and crowds now...rather drive to Poway!
Pahrump is a lot more civilized. Still live and let live but little friction. Most agree doing what you choose is OK.
Only real problem in Pahrump is there are more water permits then there is water. And that always leads to trouble. But water is available for most lots.
We had a home building boom that went bust during the Great Recession and developers walked away - some left town but most shut down to almost nothing. Now the only homes being built in any numbers are by custom builders building under contract or super expensive spec homes waiting for cash rich west coasters to move in. Those folks don’t know that you can buy a great house for 25% of what they are used to paying in California. That drives prices up. There is a shortage of affordable homes for families but it looks like there is (or was?) a slight increase in housing starts for a while.
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.....won't even go to a gym or store in La Jolla, good luck avoiding traffic and crowds now...rather drive to Poway!
