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Old 07-02-2021, 06:29 AM
 
2,126 posts, read 6,802,659 times
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Quote:
Originally Posted by guinb View Post
I always say look around, all of these companies have owners, high level managers, etc. Not to mention if you have a 2 income household with some of the high paying jobs in town then you can make a $700k house happen. There is a lot of money in Huntsville.
Yep, Huntsville has been an anomaly for a long time with the high incomes and low housing costs. Hard to think of another place with such a big difference. People have figured it out and Huntsville has done a lot to recruit talent and improve the quality of life here. I have lived here 15 years and there is so much more now to attract young professionals. I think the 300-400k being 700k now is a bit of a stretch. But there are still plenty of people that can afford 700k if that is what they want. I am not arguing that things haven’t gone up insanely quick but it hasn’t been 100% in 3-4 years, closer to 50%, which is still crazy. I think the bubble will eventually pop but it will be more like 2008-09 bubble. Houses here lost a little value and were stagnant for a while but we didn’t see the drastic drop in prices areas in Florida and Arizona saw. There are simply too many high paying jobs coming here.
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Old 07-02-2021, 06:42 AM
 
109 posts, read 95,202 times
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I agree that it's probably folks that moved from NoVA, west coast or Chicago that have lots of equity.
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Old 07-02-2021, 06:52 AM
 
2,126 posts, read 6,802,659 times
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Quote:
Originally Posted by tn_native View Post
I agree that it's probably folks that moved from NoVA, west coast or Chicago that have lots of equity.
The transplant effect is definitely there and a big factor. However, there are a lot of high paying jobs and a lot of dual income couples, many of which have worked their whole career in Huntsville. . It really isn’t unusual for 2 income engineer/professional couples to be making $200-300k+/year combined. And that is just mid-level salaries, not upper management.
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Old 07-02-2021, 07:12 AM
 
Location: U.S.
9,510 posts, read 9,083,933 times
Reputation: 5927
Quote:
Originally Posted by steveklein View Post
What about gas that is twice as expensive as it was less than 2 years ago? Is that weird that people still fill up? Or people paying $3500 a share for Amazon stock when it was 20% of that 5 years ago?

Also... I think your 300k--->700k in 5 years is a bit of an exaggeration. Homes that sold for 300k 3-4 years ago are probably selling for more like 400-450 now. Show me a house that sold for 300k 3-4 years ago and 700k now, and I'll show you a house that got a big remodel.
The numbers are close.

Found this one for $500k in 2017 and it’s listed for $800k now.

https://www.zillow.com/homedetails/1...92076133_zpid/

Seems newer house, with no remodel, as the data doesn’t seem to go back farther than 2017. Zillow’s user interface on iPad at least is certainly worse now.
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Old 07-02-2021, 07:35 AM
 
30 posts, read 29,800 times
Reputation: 50
Quote:
Originally Posted by rnc76 View Post
Yep, Huntsville has been an anomaly for a long time with the high incomes and low housing costs. Hard to think of another place with such a big difference. People have figured it out and Huntsville has done a lot to recruit talent and improve the quality of life here. I have lived here 15 years and there is so much more now to attract young professionals. I think the 300-400k being 700k now is a bit of a stretch. But there are still plenty of people that can afford 700k if that is what they want. I am not arguing that things haven’t gone up insanely quick but it hasn’t been 100% in 3-4 years, closer to 50%, which is still crazy. I think the bubble will eventually pop but it will be more like 2008-09 bubble. Houses here lost a little value and were stagnant for a while but we didn’t see the drastic drop in prices areas in Florida and Arizona saw. There are simply too many high paying jobs coming here.
I don't understand why people think it's a good thing.
Don't you think it's ruining Huntsville? Five years ago, one could buy a decent house at 250-300K.

Our salaries have not doubled in the last five years. Our kids won't be able to afford a house at this rate. Do we want Huntsville to follow the footsteps of Washington DC and West coast real estate scenarios?
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Old 07-02-2021, 07:58 AM
 
Location: North of Birmingham, AL
842 posts, read 825,932 times
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Quote:
Originally Posted by HB2HSV View Post
Honestly, the second house on this list is the only one I really like. If I'm shucking out that much money for a home, I want a beautiful setting with some privacy. I don't want to be in a typical subdivision.

I just ran a Zillow search to see what's available in the area in the 200's. Wow, barely anything!
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Old 07-02-2021, 09:42 AM
 
50 posts, read 52,538 times
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Quote:
I think the bubble will eventually pop but it will be more like 2008-09 bubble. Houses here lost a little value and were stagnant for a while but we didn’t see the drastic drop in prices areas in Florida and Arizona saw.
I think it's going to be this way for a while. Pricing is being driven by high demand and a lack of supply. We might reach some equilibrium, but I'd be surprised if it popped. Other factors will help prop up prices and I demand is going to be there for a while.

I also think commute times are going to start increasing in the next decade, making homes closer to research park, the Arsenal and downtown more valuable.
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Old 07-02-2021, 10:37 AM
 
Location: U.S.
9,510 posts, read 9,083,933 times
Reputation: 5927
Quote:
Originally Posted by StreetSense View Post
I don't understand why people think it's a good thing.
Don't you think it's ruining Huntsville? Five years ago, one could buy a decent house at 250-300K.

Our salaries have not doubled in the last five years. Our kids won't be able to afford a house at this rate. Do we want Huntsville to follow the footsteps of Washington DC and West coast real estate scenarios?
It appears as an inevitable. We can’t do price fixing on houses and the population is exploding. The builders are racing to build more inventory but the volume of people is a primary driver. Overall it will/has caused increase inflation and the fed now doesn’t have the confidence to raise interest rates.

Some areas are far more extreme. Bozeman, Montana has seen a doubling in house prices in past couple years. Any person trying to downsize and stay in Bozeman is having challenges.
https://www.taunyafagan.com/bozeman-...rket-forecast/
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Old 07-02-2021, 11:00 AM
 
23,596 posts, read 70,402,242 times
Reputation: 49242
Quote:
Originally Posted by StreetSense View Post
I don't understand why people think it's a good thing.
Don't you think it's ruining Huntsville? Five years ago, one could buy a decent house at 250-300K.

Our salaries have not doubled in the last five years. Our kids won't be able to afford a house at this rate. Do we want Huntsville to follow the footsteps of Washington DC and West coast real estate scenarios?
It doesn't work the way you want it to. Pricing rarely remains totally flat. If you live in a desirable city or area, prices go up and the folks with more money build bigger. The alternatives are places like Bessemer or Roebuck.
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Old 07-02-2021, 11:31 AM
 
73,009 posts, read 62,585,728 times
Reputation: 21929
I'm not. Not unless the house is very large.
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