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Old 05-11-2018, 01:54 PM
 
Location: Raleigh NC
7,781 posts, read 6,132,755 times
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I would think in every single sizable (200K+ people) market, there are some economists that provide the actual housing data.

there is no multiplier of income = safe amount of house to buy. It's only DTI (debt-to-income). Interest rates move, and taxes move. The house I can afford at 3.25% is different from the house I can afford at 8% (approximate 2004 rates)
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Old 05-11-2018, 02:03 PM
 
10,274 posts, read 6,515,435 times
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Quote:
Originally Posted by jm1982 View Post
During the crash the banks were dumping homes on the market in Vegas for 40k or less .

I’m not too familiar with Vegas besides the strip and stuff .. I’m guessing they weren’t great neighborhoods but I’m sure they are over 4x as much now . Which is pretty nuts.

Not all of them were in terrible condition either . Glad I purchased a home in L.A to live in but probably would of done better if I had actually bought a bunch of cheaper homes in Vegas and kept them rented .

Getting financing was a lot tougher back then too especially for investment property .
It was on another site an I checked the PMs I had with him the house did cost him about $40K and his mortgage was only $250 a month including PITI. It was a foreclosure, 1960s 3/2 1400 sq ft with a garage. He said something about a 2009 program that got him $4K back too and the bank paid the closing costs. I don't know if that was the program year or the year he bought. He said a flipper had started it and rewired it and put in new windows and abandoned it and he just had to put in flooring over concrete and a toilet bowl in. I don't think he was in a terrible area, he never said so. I"m thinking his home has to be worth close to $300K now.
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Old 05-11-2018, 06:16 PM
 
Location: Brew City
3,153 posts, read 1,963,091 times
Reputation: 4193
Quote:
Originally Posted by Coldjensens View Post
Yes there are some. We live in a township consisting of 14 islands south of Detroit. It is a high end place, a least a thousand waterfront homes, awesome schools, safest place in the state, and lots of open space, bike trails, woods, etc. However, it is not well known and it is surrounded by an area that was until recently mostly populated by blue collar factory workers and the factories they work in. The trendy area where all the yuppies flock is to the north of Detroit and they think there is nothing but slums south of 12 mile road (we are about 35 miles south of 12 mile). The homes in our community sit on the market for a year or so. the way high end ones (in the tens of millions) can sit for many years. I think this is because most people who can afford homes in this price range want to live up in the trendy area and sit in traffic.

Funny story Emenim (I think that is how you spell his name) was going to buy a house here, but he decided he did not want to ruin such a peaceful quiet place. (People find out where he lives and line up at along the road or do other crazy stuff to get a little closer to him. Plus we do not allow fences along the waterfront and he needs fences.

Sorry to drift, I was just reminded of that.
Obviously not every individual neighborhood is hot. Detroit itself is though.
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Old 05-11-2018, 06:50 PM
 
Location: Los Angeles (Native)
24,206 posts, read 13,710,461 times
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Cracks ... hmmm


‘Cracks appearing’ in Southern California housing market, one analyst says

http://www.ocregister.com/cracks-app...e-analyst-says
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Old 05-12-2018, 12:22 AM
 
16,519 posts, read 17,561,528 times
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Quote:
Originally Posted by jm1982 View Post
Cracks ... hmmm


‘Cracks appearing’ in Southern California housing market, one analyst says

http://www.ocregister.com/cracks-app...e-analyst-says
Oh please. There are barely any houses for sale. The market is cooling because there simply isn’t any supply.
I received some glossy “we sold in your area.” One area a place sold for 2.4 million. Another sold at 600,000 for a townhouse. 25,000 over asking. Next door to my old townhouse it sold for 520,000 almost 8 months ago.
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Old 05-12-2018, 03:08 AM
 
64,714 posts, read 66,206,532 times
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my son put his house up for sale last month in scarsdale ny which is in westchester .

the house was small by westchester standards , 1800 sq ft and 23k in real estate taxes . within 2 hours of being listed 5 people came . in 3 days 15 people came and 5 submitted bids and a bidding war started .the house went for almost 1 million dollars and was in contract in a matter of days .

people were writing him heart wrenching letters with the bids as to why they wanted the house . i never saw such demand .
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Old 05-12-2018, 04:59 AM
 
Location: New York Area
13,435 posts, read 5,224,349 times
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Quote:
Originally Posted by RosemaryT View Post
Anyone have the feeling that we're back in 2007 territory again with housing inventory, rising prices and easy mortgages?
****************
Have we come to the end of another real estate cycle? Are prices going to drop off a cliff soon?
I think we have a much more profound problem and that's with commercial real estate. All one has to do is look at commercial strips or shopping centers, with the possible exception of NYC. There are vacancies galore and not just from Toys 'R Us. While people will never stop shopping at bricks and mortar stores the demand is lower.

The demand would be absorbed at lower real estate prices and thus lower rents. Stores could become competitive again. When a property owner, and its lending bank decides that a property is "worth" a certain amount these days there are no longer always willing renters and buyers. Square foot rents and values have to drop. And it will be painful, something like 2008-9.

But it has to happen.
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Old 05-12-2018, 05:16 AM
 
64,714 posts, read 66,206,532 times
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we sold 2 manhattan co-ops we owned at the lows of 2008 -2010 . they went for just 10% less than the record highs .
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Old 05-12-2018, 05:55 AM
 
10,274 posts, read 6,515,435 times
Reputation: 10857
Quote:
Originally Posted by mathjak107 View Post
my son put his house up for sale last month in scarsdale ny which is in westchester .

the house was small by westchester standards , 1800 sq ft and 23k in real estate taxes . within 2 hours of being listed 5 people came . in 3 days 15 people came and 5 submitted bids and a bidding war started .the house went for almost 1 million dollars and was in contract in a matter of days .

people were writing him heart wrenching letters with the bids as to why they wanted the house . i never saw such demand .
That's crazy, that means when the new price goes to the tax assessor it will most likely increase. It's already almost $2K a month in just taxes which is insane and not sustainable for most retirees unless they have a great retirement package or a great 401K. I don't know if these programs/savings are protected from catastrophic illnesses but very few seniors will be able to pay $2K a month in taxes on just social security.
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Old 05-12-2018, 05:59 AM
 
10,274 posts, read 6,515,435 times
Reputation: 10857
Quote:
Originally Posted by mathjak107 View Post
we sold 2 manhattan co-ops we owned at the lows of 2008 -2010 . they went for just 10% less than the record highs .
I had an acquaintance in the early 90s who had a studio apartment off of 34th street near midtown. He was renting, and it wasn't huge, just a kitchen when you came in and then a main room about the size of a bedroom and a bathroom. He said it was for sale for about $30K and I told him to buy it. I lost touch with him, he was from Texas so maybe he didn't understand Manhattan property, I'm sure that studio condo is worth a small fortune now.
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