Very low housing prices in Charleston 25302 (for sale, real estate market, insurance)

[ArizonaBear]

I just took a gander over on realtor.com and damn near fell out of my chair-------why are housing prices so 'stupid' cheap in ZIP 25302?

I saw several many pretty 1920's-30's homes going for well under $50K.

As in W of the Elk River and N of the Kanawha River----West Charleston.

Is that area that dangerous or simply there are no jobs?

[harborlady]

complicated- but yes, it's absolutely true. those houses really are that price. most are handyman specials that need some work, but the bones are still good on many of them. the problems come from a few sources. regular crime like you're thinking isn't here. there's a stalemate between govt/commerce/people that isn't budging for a very very long time. here are some of the factors involved;

-long term economic slump- older than most alive.
-charleston as a municipality can't impose taxes by state law, (same as all other cities in WV.) Which on one hand keeps cost of living low, but on the other hand, doesn't enable municipalities to take care of business as it comes up. severely restricted determination. Like making household decisions without a pocket book.
-law is tilted toward favoring only tennants rights, not landlord rights
-tennants either don't qualify to own due to income levels/personal finance mgmt, or are unwilling to lock themselves long term into this economy. Some do qualify, but don't make enough to follow through with property maintenence.
-younger generation (obama theme) sick of the stalemate prefer new construction elsewhere not wanting to inherit 'someone elses problem', and if a job isn't here, they will travel wherever it takes. Sometimes it means they won't come back.
-real estate market is soft (and has been for long time) due to decrease in population from once upon a time boom that must have occured to justify so many units. over development is what I suspect- many properties from 1920's and 1940's.
-many properties are grandfathered in codes, lead walls ect, which is manageable but doesn't help with overall property values when not updated.
-out of state investors hoping to get rich quick get burned hard, and when they realize what happened, they abandon their investment. too many non-owner occupied units hurts the whole neighborhood, allowing squatter situations, burden the cops more. local gov gets burdened with costs of condemned properties at times, putting a strain on existing tax base wrongfully if they attend the problem, and a burden on those who do take care of neighborhood when city ignores the abandoned.
-abandoned properties where druggies get in them tend to get burned. by whom is various debate, but it further allows insurance companies to justify a policy of red line neighborhoods and offer no policies at all. Please see wv thread -who's in good hands with allstate on this subject.

it's a bit of chicken egg cunundrum, and I've got some ideas to resolve all sides equitably, but I'm a newbie here and not qualified for political anything. I've been meaning to join the mooses, and maybe I should hash some ideas around with them (and in this blog).
Another big problem in WV is that people cannot as easily petition the law the way they can in other states. It's kept legislation from becoming a frankenstien, but at the price of people not feeling heard. I know someone has already tried and failed at things similar to the issues I'm concerned about, but I don't think it should stop me from trying.

I'm very happy with my neighbors, and with my house, and with the reasonable taxes. I don't care what insurance or realtor blah blah blah says. Happiness is its own proof. Abandoned properties need to get managed better, though. More people moving here would help that along. Sometimes gov't has to see when it gets in its own way, sometimes commerce thinks they're owed free lunch, and other times people have to remember what faith is all about by putting a stake in the ground and minding their fence. That's why I chose to come.

NOW, my fellow west virginians- have I been paying attention? Have I missed anything?

[ArizonaBear]

harborlady:

What you just described is quite plausible, line for line.

Note: I am here in Phx and you are there (Charleston)

I may be off-base here: but; with the way our economy is going-------would would be shocked if Charleston does not have an economic renaissance that would eclipse even the good days of 50 years ago.

The ingredients are already in place (very inexpensive housing, water supplies, basic infrastructure, good road connections, etc); something will be the 'detonator'. If I were a gamblin' man; the magical word will be coal.

Can someone say coal gassification with oil prices N of $135 a barrel?

[snorpus]

AB,

I'm really surprised we haven't heard more about coal gasification lately. IIRC, we did it in WWII, but when oil prices/availability returned to normal after the war, the technology was largely forgotten/ignored.

I'd marry that with robotic mining techniques. Get the CMU Robotics Institute together with the mining engineers of WVU, and let the machines go underground, not the miners.

Another impetus for in-city living: as gas prices go up, a short commute looks better and better.

[ArizonaBear]

Originally Posted by snorpus

AB,

I'm really surprised we haven't heard more about coal gasification lately. IIRC, we did it in WWII, but when oil prices/availability returned to normal after the war, the technology was largely forgotten/ignored.

I'd marry that with robotic mining techniques. Get the CMU Robotics Institute together with the mining engineers of WVU, and let the machines go underground, not the miners.

Another impetus for in-city living: as gas prices go up, a short commute looks better and better.

As you stated; line for line.

The Germans did coal gassification as well during WW II.

To me at least: it makes a lot more sense than this ethanol bit------especially with impending food shortages in at least Third World countries.

[harborlady]

Originally Posted by snorpus

AB,

I'm really surprised we haven't heard more about coal gasification lately. IIRC, we did it in WWII, but when oil prices/availability returned to normal after the war, the technology was largely forgotten/ignored.

I'd marry that with robotic mining techniques. Get the CMU Robotics Institute together with the mining engineers of WVU, and let the machines go underground, not the miners.

Another impetus for in-city living: as gas prices go up, a short commute looks better and better.

Ariz- I hope there isn't another 'boom' for charleston like that because as it is now it's pretty laid back. I'd hate to lose that for the mean hussle of too much commerce driving up prices artificially. IMO people living too close on top of one another and working too hard for bare minimum is source for grief.

Snorp I'll add to that plan one more thing- make the greenies work on making sure air quality in production of that coal gasification.

Nothing ends ugly arguments so effectively than when concerned parties are forced to work on solutions. They have legit concerns, but the whining element of their movement has not helped anyone. In fact, it's hurt us all.

[ArizonaBear]

Originally Posted by harborlady

Ariz- I hope there isn't another 'boom' for charleston like that because as it is now it's pretty laid back. I'd hate to lose that for the mean hussle of too much commerce driving up prices artificially. IMO people living too close on top of one another and working too hard for bare minimum is source for grief.

Snorp I'll add to that plan one more thing- make the greenies work on making sure air quality in production of that coal gasification.

Nothing ends ugly arguments so effectively than when concerned parties are forced to work on solutions. They have legit concerns, but the whining element of their movement has not helped anyone. In fact, it's hurt us all.

I can understand your concerns about too much money (yes, that can create problems as well. ); which tends to divide people due to a 'dog eat dog' attitude.

Lake Havasu City here in Arizona is a textbook example-------in 2000 the place was laid back with both inexpensive housing as well as OK jobs. The California money came in and drove prices through the roof and helped create a climate of bald faced greed IMHO.

As for environmental concerns: any 'greenfield' (new construction) factory, mine, etc. has to meet the latest safety/emissions regulations.

[harborlady]

arizona bear its not just lake havasu-- florida, ny, NC felt it really bad. They cant afford to live in their own hometowns! I can relate because thats what happened to me on long island NY.
More urban people are going to vote with their feet, which only brings burdens to rural folks in ways they don't realize until its too late. Before you know it, it takes legislature to plant a tree where you want it, and property taxes are up 500% to pay for explosive infrastructure.
WV stalemate kept them out of the loop from wild speculator hype running off with what they've got in their hands. GOOD FOR THEM! Smarter than anyone gives them credit. They've been burned enough in history to see inequity schemes. I think when the win-win solutions get offered, they'll be rewarded for standing their ground.

Over zealous capitalism becomes a game of musical chairs- when the tune stops, who cashed out in time and doesn't have to be responsible for bills anymore? Who has to shoulder the burden alone? Economic report states used homes for sale reached a record 450 million. WV has been sheltered from storms of wild highs and lows, although I'm not sure martinsburg won't suffer from america's ailments inadvertantly as people bail away from VA market.

[ArizonaBear]

Side question here:

Is road salt used in the winter in Charleston? Being a Wash DC refugee; I hated to see what happened to vehicles (severe body rust) when assaulted by that evil crap

[harborlady]

when I was scouting properties february last they were using it on interstate to keep it bone dry asap during snow storm. side roads not so much (which made for slushy side roads).