Dose of Reality in re BRAC (Huntsville, Madison: assessor, hotels, buy)

[ionlife]

If the recent issues facing new developments in Madison County, Huntsville and Madison are any indicator, then the big wave we expected from the BRAC isn't going to save the area soon.

But that doesn't apply to taxes or deductions I guess... just how hiney's feel after they buy and get a little "sucker" moment with their developers.

[mm42]

Originally Posted by HB2HSV

Now can you say 'I was wrong' too?

I was wrong in my thinking when I first replied - I thought the $500K limit and the rollover were still in force. I didn't realize until I looked it up that they had completely eliminated the rollover.

The $500K figure for couples, on the other hand, is not wrong. Incomplete, perhaps. But really, in the current real estate market, the idea that there is any significant pool of people who have $500K capital gain in less than 2 years is not worth considering.

[Charles]

"BRAC is still on. Before it's over, some 9,700 new jobs will relocate to Redstone Arsenal, giving the Tennessee Valley one of the largest, single economic impacts ever to hit Alabama."

from

BRAC recruit focus changes, not jobs

[Southlander]

Originally Posted by Charles

"BRAC is still on. Before it's over, some 9,700 new jobs will relocate to Redstone Arsenal, giving the Tennessee Valley one of the largest, single economic impacts ever to hit Alabama."

from

BRAC recruit focus changes, not jobs

I'll believe it when it's all over.

[ionlife]

Originally Posted by Charles

"BRAC is still on. Before it's over, some 9,700 new jobs will relocate to Redstone Arsenal, giving the Tennessee Valley one of the largest, single economic impacts ever to hit Alabama."

from

BRAC recruit focus changes, not jobs

This article reiterates several posters' views regarding the BRAC. Many of us warned the naysayers: lots not declaring their intention to move, many in NOVA near retirement and don't want to come here, the economy HAS AFFECTED ability to sell houses and move, the recruiters are going to college campuses and other areas to hire entry level workers for the BRAC. This means: less people, with less money, with less income potential who can't afford the monster houses on the market.

Sellers will have to be willing to negotiate, not speculate.

And this state better get its act together regarding the non-disclosure laws. Another reason to resist coming here in general.

[HB2HSV]

Originally Posted by ionlife

This article reiterates several posters' views regarding the BRAC. Many of us warned the naysayers: lots not declaring their intention to move, many in NOVA near retirement and don't want to come here, the economy HAS AFFECTED ability to sell houses and move, the recruiters are going to college campuses and other areas to hire entry level workers for the BRAC. This means: less people, with less money, with less income potential who can't afford the monster houses on the market.

Sellers will have to be willing to negotiate, not speculate.

And this state better get its act together regarding the non-disclosure laws. Another reason to resist coming here in general.

The point being, the job vacancy is allocated to Huntsville whether the people come or not. The "new hires" either from local or new graduates will still be able to afford to buy a home here, though may not be the $500K+ range, they still represent a positive local real estate market.

In fact, in most cases the company (or agency) banks on the fact that senior/ experience people will not transfer, therefore afford them an opportunity to hire "lower pay grade" staff to reduce cost.

[ionlife]

But that makes my point: the BRAC caused over speculation and greed pushed a lot of dirt -- high end dirt, not the houses touted now.

So less money will come here--and wait till they see the sales tax.

[Mawoods]

I think the sales tax is high but it isn't as high as I have paid in San Francisco or Chicago and places in between.

[HB2HSV]

Originally Posted by ionlife

But that makes my point: the BRAC caused over speculation and greed pushed a lot of dirt -- high end dirt, not the houses touted now.

So less money will come here--and wait till they see the sales tax.

Probably the end result is that high-end houses are not selling, but the lower end price ones are selling well.

Personally, I don't see engineers buy high end houses, same reasons they buy Toyotas but not the Mercedes, maybe the managers & the executives.

[tammie2]

The funny thing about the sales tax rate is that my mom in a suburb of Chicago pays 8.75 on everything except non prepared food(prepared food, ie restaurants are still 8.75), food is 4.5 and 6.25

Her property taxes are four times mine for house 1/3 of the size. Then there is the IL state income tax...which is also much higher than AL.

My mother's taxes would be further increased if she were to move to the city, or closer to the city like my aunt who pays more in sales and property tax...and my aunt is glad she doesn't live in the city itself since taxes there are even higher.

Perspective I guess.