[newerabuzz]

Originally Posted by Sigequinox

lol seriously. Vernon CT? on a list with The Bay Area, seattle and san diego...WTH?

Real estate booms always crash. From reading in the 'Oregonian' many locals and middle class people are being priced out. It seems that money is flowing into areas that might be 'immune' to climate change.

Prices in the PNW if they keep rising, will in affect keep out climate refugees in years to come.

An area can only 'boom' so long- then what comes next?

[pvande55]

Originally Posted by Tall Traveler

They're made possible to be that high by low interest rates primarily. SF & San Jose are driven mostly by Silicon Valley so they are vulnerable if for some reason SV falls into the doldrums but that is not visible for the time being. LA, OC, & SD are driven mostly due to the climate and a semi-strong economy. Seattle is due to the currently strong economy and lack of available land to build as well as it's an awesome city that attracts foreign investment (also true of Cali).

At the very least, I think it's risky to buy in these markets currently. When these super low interest rates go away, these high priced markets will be hit hard and/or if there economic base gets hit hard (which is true of anywhere)

Is there really a difference in interest rates in Silicon Valley vs Connecticut?

[newerabuzz]

a 200 thousand dollar price difference between Hartford CT metro and greater Portland Oregon is substantial folks
some of those posting here are are out of the loop. Connecticut outside of FF country is just not that expensive any more.

[Sigequinox]

Originally Posted by newerabuzz

a 200 thousand dollar price difference between Hartford CT metro and greater Portland Oregon is substantial folks
some of those posting here are are out of the loop. Connecticut outside of FF country is just not that expensive any more.

Right becuase it's becoming less and less desirable. The taxes make up the difference in cost against many other places. To pay the same amount in taxes in Franklin, TN as my regular Joe 325k house here in CT, I would need to spend 1.2 million dollars to reach 6,500-7,000 of property taxes (not including vehicle).

Depending on mortgage rates, down payment size etc, we could buy a house thats 200k more for the same "price" as CT in terms of monthly payments. CT is no bargain because the taxes eat up all the difference. High real estate generally means high desirability. I would rather pay more upfront on a house than get taken to the cleaners year after year, after year, after year on my house. On my car. On my income. on my gas. on my oil. on my electric. blah blah blah.

[Raider111]

The only comparables to those fine west coast cities in price and desirability are 6 towns in lower FFC.

[Tall Traveler]

Originally Posted by pvande55

Is there really a difference in interest rates in Silicon Valley vs Connecticut?

That's not what I was saying. The cost is based o supply and demand. People want to live in SV and the incomes are very high but they wouldn't be able to sell houses at that high average rate without low interest rates. Hartford is just not that desirable of an area to live in imo so that affects their prices accordingly.

[newerabuzz]

Over at the Oregonian, people are starting to complain about the soaring housing costs. As here taxes will go up, as the assessed value of homes increases. People in Oregon have high property taxes as well- so I would assume that many folks are getting hit with a larger tax bill.

I mean if you have a million dollar home- you should be able to pay the taxes rather easily- unless you where foolish enough to over extend yourself into such a costly form of shelter.

The Pacific Northwest is a very attractive place to live- especially west of the cascades- with a green environment and mild climate Wintertime temperatures are warmer then here by 11 degrees in the daytime in January, with warm summers with no humidity. With decreasing rain however, we will see more fires as in California.

It will in fact in the future be one of the least effected places to live in the lower 48 states due to climate change though warmer and drier, with droughts increasing, with more fires. But there will be a limit to how far housing will rise in price.

The rise in prices of over 1 million dollars for a home in San Francisco has the effect of forcing out the poor and middle class- the city is becoming a playground for the wealthy only. San Francisco faces problems with climate change as well, rising water levels in San Francisco and San Pablo bay-extreme water shortages will be in the long term starting now- as most of their water comes from the Sierra Nevada- which had no snow the last few years.

Many who post here have a very geographic centric and very dated view of Connecticut- being this extremely costly place to live. Yes many parts of FF county are expensive-- but the rest of the state is actually close to the median price of a home nationally. Compare West Hartford to the nicest suburbs in Dallas or Austin- prices have reached a parody, or some cases are now higher in those other locations.

Lets compare two nice Hartford area suburbs (Glastonbury & West Hartford) to two upscale suburbs near Portland Or

Median price for a home in West Linn and Lake Oswego, Oregon. $504K
Glastonbury 260k
West Hartford 291K

this is a huge price differential. Lets wake up and see what the world is really like today- Connecticut is not all that pricey.

[ctguy87]

Originally Posted by newerabuzz

a 200 thousand dollar price difference between Hartford CT metro and greater Portland Oregon is substantial folks
some of those posting here are are out of the loop. Connecticut outside of FF country is just not that expensive any more.

The tax burden is still extremely high, but there are real estate bargains in metro Hartford.

Oregon also has an income tax of 9% for incomes between 8,000 and 125,000 (I assume this range will fit most on this forum). That's thousands of dollars more than what you would pay in CT.

The prices on the west coast are just not sustainable. Eventually the pendulum has to swing the other way. San Fran has Silicon Valley and Seattle has Microsoft and Amazon, but what about Portland and Denver? Do they really have the jobs to sustain those kind of real estate prices?

[MiaMia411]

OP have you ever lived in the areas you are talking about ? I don't think you have.

[SeaDoo342]

You're comparing the most expensive parts of the west coast to the cheapest parts of Connecticut (and Vernon is one of the least desirable towns in CT)…. not a very accurate comparison… if you compare a city like LA to the greater Stamford area…. you'll find you get more for your money in LA….more to choose from.