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Old 11-25-2023, 02:41 PM
 
Location: Austin Metroplex, SF Bay Area
3,429 posts, read 1,566,956 times
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Quote:
Originally Posted by saibot View Post
I suppose it's not an issue if they can afford the rent and are happy with never being able to buy a house.
Well,

If someone sold a house and received $1 million in profit (not very far fetched if someone was a long time homeowner), with today's interest rates at 5%, that's an extra $50k a year that can be used for rent. Not really a bad way to go.
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Old 11-25-2023, 04:23 PM
 
Location: equator
11,054 posts, read 6,650,876 times
Reputation: 25581
Quote:
Originally Posted by halcyon1999 View Post
It's most likely just Californians who moved to Texas and didn't like it so they moved back to California. Many who leave California end up regretting it and they move back
Yeah, my sister did. She gave Texas 5 years at her right-wing husband's insistence and finally put her foot down about returning to SoCal.

They could only get a mobile home, but she is adamant about no more Texas, lol.
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Old 11-25-2023, 04:26 PM
 
Location: equator
11,054 posts, read 6,650,876 times
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Quote:
Originally Posted by Kings Gambit View Post
You see, that is the cool things about us Californians, and why we are so great is that we dont care about any influx of residents coming in from other states or countries here. We are cool. We are great. We are accepting. We are awesome. We are just so much better than like those folks in places like Texas who say "We hate the Californians moving here trying to California Texas" and other types of idiotic b.s. like that.

They are all like "Boo hoo hoo, stop moving to our Texas (or insert any other state here) from CA and trying to California it up here. Waaaah waaaah boo hoo......." crying. LOL.
I know right? Every state I moved to said "Get rid of your CA plates! Nobody likes you guys".

Yet CA welcomes all. IMO, everyone else is just jealous.
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Old 11-25-2023, 05:14 PM
 
24,580 posts, read 10,896,457 times
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Quote:
Originally Posted by saibot View Post
My sister will never forgive herself for letting her husband talk her into selling instead of renting their cute little house in Lakewood when he was transferred to Oklahoma in 2012. They bought a house there for about the same price, and its value has gone basically nowhere while the house in Lakewood has tripled. She hates Oklahoma and he now hates his job, but they can't come back. She periodically combs through Zillow looking, and then calls me and weeps.
She lives in the Edmond, Ok area? Considering how real estate has gone up within reasonable commute to the OKC metro plex and how Edmond is growing - something is off.
We are about 30 minutes west and values doubled for anything beyond 3/2 starter homes. I have given up on finding 3000 sqf new construction.
You can always go back but it will not be the same place.
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Old 11-25-2023, 05:38 PM
 
14,317 posts, read 11,714,153 times
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Quote:
Originally Posted by Threestep2 View Post
She lives in the Edmond, Ok area? Considering how real estate has gone up within reasonable commute to the OKC metro plex and how Edmond is growing - something is off.
We are about 30 minutes west and values doubled for anything beyond 3/2 starter homes. I have given up on finding 3000 sqf new construction.
You can always go back but it will not be the same place.
Well, you are more or less right. I went and checked Zillow.

The house they bought in OK was $189k in 2012 and is now estimated at $312k. So, not doubled by any means, but it has definitely increased. It's a 3/2 on 2.5 acres.

They originally bought their Lakewood house (a 2/1) for $160k, that's where I must have got that ballpark "same as their Oklahoma house"--my mistake) and sold it for $350k. The average Californian was not making anywhere near the million-dollar profit mentioned a few posts above at that time. The new owners converted the family room to a third bedroom and added a second bathroom, and it's now estimated at $920k.

But, the main point is that a house in Oklahoma is now selling for what a similar house in SoCal was selling for 12 years ago. Considering what's happened to CA real estate in the past few years, that makes it pretty darn hard to come back.
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Old 11-25-2023, 05:40 PM
 
Location: Austin Metroplex, SF Bay Area
3,429 posts, read 1,566,956 times
Reputation: 3303
Quote:
Originally Posted by saibot View Post
Well, you are more or less right. I went and checked Zillow.

The house they bought in OK was $189k in 2012 and is now estimated at $312k. So, not doubled by any means, but it has definitely increased. It's a 3/2 on 2.5 acres.

They originally bought their Lakewood house (a 2/1) for $160k, that's where I must have got that ballpark "same as their Oklahoma house"--my mistake) and sold it for $350k. The average Californian was not making anywhere near the million-dollar profit mentioned a few posts above at that time. The new owners converted the family room to a third bedroom and added a second bathroom, and it's now estimated at $920k.
Uh, anyone that has been a long time homeowner in a metroplex in CA surely will have a million dollar profit if they sell their house. Not sure how you can deny that. I wasn't talking about that time, but rather now from their original point of sale. The poster you responded to was talking about people that moved back after selling and opted to rent.
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Old 11-25-2023, 05:43 PM
 
14,317 posts, read 11,714,153 times
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Quote:
Originally Posted by blameyourself View Post
Uh, anyone that has been a long time homeowner in a metroplex in CA surely will have a million dollar profit if they sell their house. Not sure how you can deny that.
Of course I deny that! Anyone will have a million dollar profit? I live in Orange County. We bought our house 26 years ago (is that long enough?) for $160k and it's now estimated at $935k. I'm happy with that but it is not a million-dollar profit.
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Old 11-25-2023, 05:50 PM
 
Location: Austin Metroplex, SF Bay Area
3,429 posts, read 1,566,956 times
Reputation: 3303
Quote:
Originally Posted by saibot View Post
Of course I deny that! Anyone will have a million dollar profit? I live in Orange County. We bought our house 26 years ago (is that long enough?) for $160k and it's now estimated at $935k. I'm happy with that but it is not a million-dollar profit.
We bought our house in 1994 and could sell for $1 million in profit now as could many of my friends. I'm sorry your home didn't appreciate like the rest of Orange County.

https://www.laalmanac.com/economy/ec37.php

Even people that bought 2-3 years after you are showing a one million dollar profit. It does appear that's not the case in LA county. SF certainly is and San Diego is pretty close (and probably is if the chart goes to current prices today).
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Old 11-25-2023, 05:50 PM
 
Location: Land of the Free
6,750 posts, read 6,736,185 times
Reputation: 7597
Quote:
Originally Posted by 18Montclair View Post
https://www.cbsnews.com/sanfrancisco...ng-from-texas/

I have noticed this in the Bay Area but it's mainly people in tech so far as I can tell
Thanks for sharing, good data.

I'd be curious how many are moving back to LA. LA doesn't have the wages or the tech industry the Bay Area does.
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Old 11-25-2023, 05:55 PM
 
14,317 posts, read 11,714,153 times
Reputation: 39160
Quote:
Originally Posted by blameyourself View Post
We bought our house in 1994 and could sell for $1 million in profit now as could many of my friends. I'm sorry your home didn't appreciate like the rest of Orange County.

https://www.laalmanac.com/economy/ec37.php

Even people that bought 2-3 years after you are showing a one million dollar profit.
Your sympathy is wasted. Our home has appreciated just fine, but it is a small house. Believe it or not, there are still very nice smaller homes in Orange County valued at $1 million or less. You cannot make a million-dollar profit on a house that sells for one million, unless you got it for free.

In regards to your link, "median" means that half of all houses sell for less than the given amount.
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