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Old 10-24-2008, 07:11 PM
 
Location: Scarsdale, NY
2,775 posts, read 10,721,926 times
Reputation: 794

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Quote:
Originally Posted by krudmonk View Post
What the **** does this have to do with value?
What doesn't it have to do with value? It's not a million dollar home if it's a rental home. A million dollar home rents for less than it would be sold for. Look at apartments in your area in your price range and then look up houses to buy in your area in your price range. The rentals will always be nicer and cheaper.
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Old 10-24-2008, 07:11 PM
 
Location: Zurich, Switzerland/ Piedmont, CA
32,363 posts, read 55,164,890 times
Reputation: 15433
Also, you dont have to be a Millionaire to buy a Million Dollar Home. It just doesnt work that way.
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Old 10-24-2008, 07:13 PM
 
Location: Zurich, Switzerland/ Piedmont, CA
32,363 posts, read 55,164,890 times
Reputation: 15433
Quote:
Originally Posted by FutureCop View Post
What doesn't it have to do with value? It's not a million dollar home if it's a rental home. A million dollar home rents for less than it would be sold for. Look at apartments in your area in your price range and then look up houses to buy in your area in your price range. The rentals will always be nicer and cheaper.
Oh then I should have been more specific.

This is a ranking of 'owner occupied housing units'. No renters here.

Thank you for bringing that point to light.
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Old 10-24-2008, 07:15 PM
 
Location: Scarsdale, NY
2,775 posts, read 10,721,926 times
Reputation: 794
Quote:
Originally Posted by 18Montclair View Post
Also, you dont have to be a Millionaire to buy a Million Dollar Home. It just doesnt work that way.

That explains why the foreclosure rate is so high.
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Old 10-24-2008, 07:16 PM
 
Location: Zurich, Switzerland/ Piedmont, CA
32,363 posts, read 55,164,890 times
Reputation: 15433
Quote:
Originally Posted by FutureCop View Post

That explains why the foreclosure rate is so high.
No, because as I stated, million dollar homes arent the properties being foreclosed.
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Old 10-24-2008, 07:19 PM
 
Location: Scarsdale, NY
2,775 posts, read 10,721,926 times
Reputation: 794
Quote:
Originally Posted by 18Montclair View Post
No, because as I stated, million dollar homes arent the properties being foreclosed.
A house right here in Scarsdale was owned by a millionaire couple who ironically work on Wall Street... It's foreclosed.
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Old 10-24-2008, 08:17 PM
 
Location: Mission Viejo, CA
2,498 posts, read 10,289,503 times
Reputation: 1598
Quote:
Originally Posted by FutureCop View Post
You also need to take into account that most New Yorkers rent... Including the rich. Many of our athletes rent apartments, celebrities, politicians, executives, stock brokers, etc.

New York is a renting city.
And Los Angeles isn't a renting city?
LA Owner Occupied Housing Units: 40%
Renter Occupied Housing Units: 60%
Los Angeles city, California - Fact Sheet - American FactFinder

NYC Owner Occupied Housing Units: 34.4%
Renter Occupied Housing Units: 65.6%
New York city, New York - Fact Sheet - American FactFinder

They seem comparable to me. Both are renter majority cities, just wanted to clear that up. Just so you don't get angry, I realize NYC has FAR more millionaires and stuff than Los Angeles, but that doesn't correlate to the highest amount of owner occupied $1 million + homes which this whole thread was about in the first place.
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Old 10-25-2008, 02:40 PM
 
Location: Sun Diego, CA
521 posts, read 1,491,544 times
Reputation: 325
Quote:
Originally Posted by 18Montclair View Post
No, because as I stated, million dollar homes arent the properties being foreclosed.
why do you guys even bother talking sense into him?
Talking to FutureCop is like talking to a stupid brick wall!

...thats right, not just any ordinary brick wall....a stupid brick wall
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Old 10-25-2008, 03:06 PM
 
Location: San Diego
217 posts, read 235,894 times
Reputation: 37
Quote:
Originally Posted by wesside View Post
why do you guys even bother talking sense into him?
Talking to FutureCop is like talking to a stupid brick wall!

...thats right, not just any ordinary brick wall....a stupid brick wall



Hilarious!!!!
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Old 10-25-2008, 03:15 PM
 
Location: New England & The Maritimes
2,116 posts, read 4,202,596 times
Reputation: 1114
As much as I would love to rep the east, Futurecop is being a little *****.

18montclair always puts up stats that make the bay area look good but they are still accurate stats so theres really nothing to complain about. IMHO, The "fairest" way to look at it would be percentage of MSAs which would probably make NYC and LA look slightly less dominant.

That being said I am pretty content with Boston and Middlesex Counties spots on the list.
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