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my buddy sold a beautiful home with 9 acres in rhinebeck ny a few months ago . it took 1-1/2 years to sell , just no buyers even looking , it wasnt like they may not have liked the house . ...... it was fun temporarily but after a while that lifestyle got way boring along with the chores .....it was a terrible investment for him . he started out at 488k and ended up selling at 420 and may have had to pay some buyer closing costs too not reflected in the sale price .. todays value is 407k
many of these areas are not investments anymore , like my pocono house they are simply places to live . they may be worth less .
I remember another discussion where you posted this information. Made me think twice about Rhinebeck so thanks! We are looking at Cape Cod for a retirement house and it's the same situation. Housing prices are the same or less than a decade ago.
If someone has years of enjoyment out of a second home, then I would frame it as prepaying for decades of vacations. But then, you would really have to love where you are.
I remember another discussion where you posted this information. Made me think twice about Rhinebeck so thanks! We are looking at Cape Cod for a retirement house and it's the same situation. Housing prices are the same or less than a decade ago.
If someone has years of enjoyment out of a second home, then I would frame it as prepaying for decades of vacations. But then, you would really have to love where you are.
Similar situation for Connecticut east of New Haven along shore line in New Haven county, Middlesex county or New London county. I think the housing price dropped a lot over last 10 years, now the price is about same in 2002 nearly 20 years ago. The pandemic changed market, maybe bumped up and tightened up the house price in Connecticut a little, but it is hard to dramatically to change a depressing market for so long.
East of New Haven in CT actually has commuter rail connection to New York city through New Haven, but still the housing price has a bear market for a long long decade.
Buying a house as "home" vs "investment" is different thing. Be careful and do the home work.
I remember another discussion where you posted this information. Made me think twice about Rhinebeck so thanks! We are looking at Cape Cod for a retirement house and it's the same situation. Housing prices are the same or less than a decade ago.
If someone has years of enjoyment out of a second home, then I would frame it as prepaying for decades of vacations. But then, you would really have to love where you are.
The problem becomes that you go no where else but the house...we felt obligated to go every chance we got. When we had the house we were working and tried to go every other weekend .
But of course you actually end up with a lot less use, especially winter .....so in five years maybe we took a vacation somewhere else once ."once the novelty wears off “ I much prefer going to a variety of places rather then the same house over and over.
Like I said we paid cash , had no mortgage and the house cost us 10k a year to keep open . Plus we gave up at least 10k on the 235k we spent .so that house really cost 20k a year with no mortgage .
We cold take some darn nice vacations every year with a 20k budget ...
The problem becomes that you go no where else but the house...we felt obligated to go every chance we got. When we had the house we were working and tried to go every other weekend .
But of course you actually end up with a lot less use, especially winter .....so in five years maybe we took a vacation somewhere else once ."once the novelty wears off “ I much prefer going to a variety of places rather then the same house over and over.
Like I said we paid cash , had no mortgage and the house cost us 10k a year to keep open . Plus we gave up at least 10k on the 235k we spent .so that house really cost 20k a year with no mortgage .
We cold take some darn nice vacations every year with a 20k budget ...
Sorry, I'm hijacking this whole discussion.
My husband is retiring next week and we are all over the map - literally - regarding relocation. He wants to move back to Texas and I want to be close to the kids in D.C. We also thought of a summer cabin on the Cape and an apartment Richmond. We talked about this post. Now, we think we'll travel more and spend our time in one location. Our newest idea for now.
It's interesting how different people experience and perspective help in our decision process.
Thanks, mathjak!
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