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...it makes me glad I moved to the Triangle from California.
I'm watching Real Estate Confidential on the Fine Living channel. The episode is following first time home buyers in the Los Angeles area, and their budget is $550,000.
Then the narrator comes on to explain that the 'problem' with such a budget is that they will be relegated to townhomes, fixer-upers, and homes in less desirable neighborhoods! The median home price for a 3 bedroom is $660k +.
Bleh... It just brings back memories of one of the reasons I felt the need to leave. Housing prices are crazy in L.A.
Once I looked at a 900 sq foot, 1br 1ba condo for $375k, I knew it was time to go.
Raleigh will never be LA but eventually home prices will outstrip salaries and housing affordability will become a problem here too. It is already a problem in fashionable places like Chapel Hill and Cary where teachers, firefighters and other public servants can't afford to purchase homes in (or near) the towns that they serve.
I totally hear you on that. Yesterday, a friend of mine back at the old condo complex where we were renting told me that there are a number of foreclosures in the complex. I went to check out the listing price and a condo identical to the one that we rented for 1500/mo was selling for 395K. Keep in mind, this condo is 956 sq ft., 2 bedrooms and has additional 250/mo in HOA fees. That seems outrageous but what's even more outrageous is that 1 year ago the same condo would have sold for 450-480K.
As much as a I speculate about the housing bubble's force radiating out this way, homes here are much more in keeping with incomes. You can just get more for your dollar and this region looks so strong as far as future development. No question. So glad I moved from California.
It is already a problem in fashionable places like Chapel Hill and Cary where teachers, firefighters and other public servants can't afford to purchase homes in (or near) the towns that they serve.
I saw on the news yesterday where many Raleigh police officers are quitting at alarming rates, and it will soon be a safety issue for the city. The problem is pay rates. I was TOTALLY shocked to see that starting salaries for police offices in Raleigh is around $32k. Apparently it's higher in surrounding areas. So unfair.
Quote:
Originally Posted by Annieproductions
I LOVE NY BUT I GOTTA GO!
For about 3 weeks, I considered moving to NY from LA, 2 days into a 2 week visit, I said, "Nope." NY is only a 45-minute flight from RDU. I can be up and back the same day.
Quote:
Originally Posted by omamia
As much as a I speculate about the housing bubble's force radiating out this way, homes here are much more in keeping with incomes. You can just get more for your dollar and this region looks so strong as far as future development. No question. So glad I moved from California.
I didn't realize my home decor buddy was from Cali!?!?! hehe!
I saw on the news yesterday where many Raleigh police officers are quitting at alarming rates, and it will soon be a safety issue for the city. The problem is pay rates. I was TOTALLY shocked to see that starting salaries for police offices in Raleigh is around $32k. Apparently it's higher in surrounding areas. So unfair.
We'll eventually have to pay public servants more in order to keep them on....and in order to pay them more we'll need to increase taxes revenues....and so the cycle begins....
Gurl, I loved parts of living in CA while were there! We moved to CA briefly so that I could finish up my degree and thought we could make a go of it. But financially and lifestyle wise, I was happy to move on. Housing was only one piece of it. I think everyone has this idea of the laid-back Californian but I really found SoCal to be competitive and aggressive. Just getting on the highway to go to work stressed me out. People passing you on the right-hand shoulder, on your *ss if you're not going 80, not to mention that everyday on the news there seemed to be another fatal accident. And ugh (!) the rampant materialism. The teenagers in my suburb totally scared me with their blank 15 yr old stares, cocaine addictions, and Chloe bags. I do like to visit though and are happy that we can see friends and family when possible and get a taste of CA. That's enough.
Last edited by omamia; 11-28-2007 at 10:15 AM..
Reason: repetition
To me the question is what is/was driving those home/condo prices in LA and NYC area. Its market demand that did. If there was no demand or no one making good salaries to buy those inflated priced homes/condo's would they sell? Some of the sales and I would venture that a small minority of the purchases were sub-prime borrowers and professional flippers that bought some of the houses at the inflated prices but in my mind that does not support the average home price being driven up so rapidly. Is the salaries that much better in LA and NYC on average than say Raleigh area? Is the cost of non housing related items that much cheaper in LA and NYC area to allow people to spend more on their housing? I think not.
I am just amazed how much home prices have increased in some areas of the country like LA and NYC and South Florida without some fundamental economic reason for the run up. But all good things must come to an end and unfortunately for those that bought into those areas within the last 5 years are paying the price in real dollars!
Signed,
Recently moved from Los Angeles to Durham[/quote]
WOW so the $249,900 must be supported by Location, Location, Location. Sure wish they took some wide shots to see the neighborhood!
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