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07-15-2008, 03:55 PM
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Member
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Join Date: Jul 2008
29 posts, read 15,127 times
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To all the people with $700,000+ homes
What kind of jobs do the people who have these homes do? I know there are many jobs that pay well enough to afford them, but I think it would be interesting to see what people on here actually do to afford these homes. Are you all doctors, lawyers, finance people??
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07-15-2008, 04:12 PM
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Moderator
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Join Date: Feb 2007
Location: NJ
6,539 posts, read 5,370,770 times
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Quote:
Originally Posted by pete0428
What kind of jobs do the people who have these homes do? I know there are many jobs that pay well enough to afford them, but I think it would be interesting to see what people on here actually do to afford these homes. Are you all doctors, lawyers, finance people??
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i'd say most are those who have moved up the real estate ladder - not first time homebuyers. |
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07-15-2008, 04:13 PM
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Senior Member
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Join Date: Dec 2006
4,550 posts, read 2,146,489 times
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If I had to guess, many we're financed with a good chunk of equity from the sale of their previous homes.
Add in a high motgage and both husband and wife having to work, it can be done.
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07-15-2008, 05:06 PM
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Senior Member
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Join Date: Jul 2007
690 posts, read 787,177 times
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My dh is a senior manager at a Big Four accounting firm. He's in their advisory practice. I'm a SAHM.
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07-15-2008, 05:19 PM
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Senior Member
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Join Date: Aug 2007
Location: Bergen Co. NJ
264 posts, read 266,293 times
Reputation: 104
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Quote:
Originally Posted by pete0428
What kind of jobs do the people who have these homes do? I know there are many jobs that pay well enough to afford them, but I think it would be interesting to see what people on here actually do to afford these homes. Are you all doctors, lawyers, finance people??
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My cousin owns a million dollar home in Millstone. Both she and her husband are teachers. |
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07-15-2008, 06:10 PM
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LETS GO YANKEES
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Join Date: Jul 2008
5,278 posts, read 2,884,303 times
Reputation: 839
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LOL - great post. Whenever I see that only "McMansions" are being built now I think a) do the morons building them realize the financial situation the country is in right now? and b) how the f do people afford these things! LOL!
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07-15-2008, 07:08 PM
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Senior Member
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Join Date: May 2007
Location: Nashville, TN
2,616 posts, read 1,869,356 times
Reputation: 356
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Quote:
Originally Posted by EEEPNJ
LOL - great post. Whenever I see that only "McMansions" are being built now I think a) do the morons building them realize the financial situation the country is in right now? and b) how the f do people afford these things! LOL!
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Most of them Can't or are house poor. They don't take fancy vacations and say they can't afford the gas. Even though my husband is a Senior Vice President, I would never take a mortgage that high, or use a great deal of my disposible cash.
The house I bought here was less than I received for the house I sold, and also almost double in size.
I live below my means, cars and college for daughter get paid in cash. I have no debt. My only loan is a low mortgage that I took for a tax deduction.
Diane G |
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07-15-2008, 07:42 PM
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Senior Member
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Join Date: Jul 2007
690 posts, read 787,177 times
Reputation: 102
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Quote:
Originally Posted by Diane Giam
I would never take a mortgage that high, or use a great deal of my disposible cash.
Diane G
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People who buy 700k+ homes are generally not taking out 700k+ mortgages. Certainly not now, given the fall of the housing market. Banks are highly risk averse. (And if someone is borrowing that amount of money on a million or multi-million dollar home, and have been approved to do so in this market, he/she isn't house poor.) |
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07-15-2008, 08:06 PM
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Moderator
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Join Date: Jun 2006
6,574 posts, read 6,411,184 times
Reputation: 1445
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Quote:
Originally Posted by juliann1977
People who buy 700k+ homes are generally not taking out 700k+ mortgages. Certainly not now, given the fall of the housing market. Banks are highly risk averse. (And if someone is borrowing that amount of money on a million or multi-million dollar home, and have been approved to do so in this market, he/she isn't house poor.)
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True, but as recently as a year ago they sure were. Hell, they could get a $700k house with probably $20k down, and then pull a HELOC based on future appreciation. With the ridiculous interest-only ARM loans that were being written, you could have pulled a $700k mortgage for around $3k/month. Those are the folks who are in trouble now...... |
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07-15-2008, 08:20 PM
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Moderator
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Join Date: Feb 2007
Location: NJ
6,539 posts, read 5,370,770 times
Reputation: 1353
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Quote:
Originally Posted by juliann1977
People who buy 700k+ homes are generally not taking out 700k+ mortgages. Certainly not now, given the fall of the housing market. Banks are highly risk averse. (And if someone is borrowing that amount of money on a million or multi-million dollar home, and have been approved to do so in this market, he/she isn't house poor.)
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it would be interesting to see a breakdown (in NJ!) of foreclosures -vs- amount of loan. i would venture a guess those who have $700K + mortgages are NOT the majority of loans that have defaulted. |
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