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Old 03-11-2009, 12:05 PM
 
85 posts, read 162,984 times
Reputation: 25

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Quote:
Originally Posted by Newk View Post
This is an excellent thread and gives a good perspective on the unique beast that is the NOVA housing market. Which is part of the reason that I relocated from NOVA (everything that I have ever known) to San Antonio, where housing is a lot more reasonable, and your buck goes farther. Now in SA, you well see that appreciation on housing is a lot slower, and people have not made as much money on their housing as someone that bought a NOVA house in the 1980s. But you also have a population that is a lot less educated, and more blue collar, so the prices have come to reflect that. With 300,000$ around here, you can get a NICE, real NICE SFH in a nice neighborhood.

Imagine the Possibilities.
That's a great move Newk. Now, TX is much more normal RE environment. It hasn't gone up like crazy and it won't see the downturn like what we are likely to see in other places...NY, DC, LA, NV, FL and CA etc.

Off-topic, how do you compare SA, Austin and Dallas? Which one do you think are better cities as far as schools, employment, traffic & weather is concerned? I guess Austin is a college town, but I don't know much more than that. Sometimes I feel like relocating there. Your thoughts? Who are the major employers in the region?

Last edited by spidercharm; 03-11-2009 at 12:16 PM..
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Old 03-13-2009, 08:40 AM
 
Location: San Antonio, TX
993 posts, read 2,193,412 times
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Quote:
Originally Posted by spidercharm View Post
That's a great move Newk. Now, TX is much more normal RE environment. It hasn't gone up like crazy and it won't see the downturn like what we are likely to see in other places...NY, DC, LA, NV, FL and CA etc.

Off-topic, how do you compare SA, Austin and Dallas? Which one do you think are better cities as far as schools, employment, traffic & weather is concerned? I guess Austin is a college town, but I don't know much more than that. Sometimes I feel like relocating there. Your thoughts? Who are the major employers in the region?
The BIG 4 - Dallas, Houston, San Antonio, Austin

They compare 4 cities in this thread.

I have only been to San Antonio and Houston, and from what I can see, Houston is an international, oil and gas city. Bad traffic, and horrible surface streets, but electic old areas, such as the heights. Largest city in TX, a bustling metropolis, supercity. More busy.

With San Antonio, it has a heavily influenced Hispanic population, and the traffic is not as bad, but it still gets bad if you live 15 miles out, and is sprawling day by day. It is an old town feel and is better for raising families, not as much crime, but it does have its bad areas, and don't leave anything in plain view.

Compared to NOVA where I was before, SA is more blue collar, and lower income, and the drivers are usually big a$$ trucks, acting like they have something to prove. They seem to bully little hatchback drivers like me. The roads are not as good condition, either, and road construction projects seem to take forever. But everyone here that I have talked to in person, has been pretty friendly, and willing to help.

You can't beat central time either, if you are a big sports fan. Last night I got the Spurs Lakers game at 7pm on TNT. It was great. Back east it comes on at 8pm.
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Old 03-19-2009, 07:48 PM
 
4 posts, read 11,076 times
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when i bought my first home 10 years ago, i remember the realtor telling me that on average homes will nearly double in value every 10 years...i never did the math on this, but it seems plausible.
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Old 03-19-2009, 09:50 PM
 
280 posts, read 912,827 times
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Originally Posted by mlupone View Post
when i bought my first home 10 years ago, i remember the realtor telling me that on average homes will nearly double in value every 10 years...i never did the math on this, but it seems plausible.
The "rule of thumb" on investments is that the stock market doubles every 7, so 10 for houses seems reasonable, even conservative.

In general of course--last few years have been crazy up then crazy down.
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Old 03-19-2009, 10:21 PM
 
85 posts, read 162,984 times
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Originally Posted by mlupone View Post
when i bought my first home 10 years ago, i remember the realtor telling me that on average homes will nearly double in value every 10 years...i never did the math on this, but it seems plausible.
It is all about affordability, home values can only go up as much as income go up. Also, people seem to forgot that construction depreciate overtime. Last 10 - quite abnormal - years can make a lot of things plausible until reality strikes.

http://upload.wikimedia.org/wikipedia/en/thumb/d/d6/EconomistHomePrices20050615.jpg/300px-EconomistHomePrices20050615.jpg (broken link)

Last edited by spidercharm; 03-19-2009 at 10:51 PM..
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Old 03-20-2009, 11:22 AM
 
52 posts, read 184,929 times
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Quote:
Originally Posted by spidercharm View Post
Also, people seem to forgot that construction depreciate overtime.
Depreciation is a complex thing.

A 20-year-old house from a cookie cutter development of like houses may not have the shiny appeal of a comparable new house, with up to date rather than dated finishes, and with a new roof and boiler and appliances rather than systems and fittings at the end of their life expectancy. Then again, its location nearer a center of employment or various amenities may work strongly to its favor.

Issues of maintenance and location step in to cloud the waters. Arlington and Del Ray aren't thick with grand homes, in fact they're mostly pretty modest, but their once inexpensive homes have become expensive by the increased desirability of those locations over time, the tranformation from outer to inner suburbs. A two-bedroom frame house in Waterford might have been built for under $500 in 1806 and now offered at $1M; how do you factor its "depreciation," restored or unrestored, in value since Waterford became a desirable preservation district around 1970?

Considering the loss of value due to age or wear assumes a static property, or requires adjustments to account for post-purchase investments and maintenance. Market conditions are another cause of loss (or gain) in value, both broadly as in a national recession or boom and locally in the increase or decrease in desirability of a location or house type or size, etc.

Buying a new house (or any house) isn't at all the same as driving a new car off the lot. Figuring depreciation on a house isn't fractionally as clear cut as with a car because so many more variables are at play. It's a nice accounting trick, but perhaps the least useful factor in assessing the worth of a house.
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Old 03-20-2009, 03:04 PM
 
85 posts, read 162,984 times
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Quote:
Originally Posted by RW333 View Post
Depreciation is a complex thing.
Your point is well taken. What you are referring to is the value of the land on which construction stands on, that's what maintains the value of your home and help it appreciate to a reasonable extent.

However, construction by itself absolutely depreciates unless you are talking something of historical value. You need new roof etc. Maintenance cost goes up as things get older. Homes are not as straightforward as used furniture or car..agreed. But, you will see relatively newer home selling for higher price compared to an older home. Given the location - older construction is less valuable.

When you look at the assessment over last few years - You can't help but notice eye-popping increases in your improvement (construction). That's your culprit.
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