This statement (Boone: transplants, real estate, foreclosed) - North Carolina (NC) - City-Data Forum

Weis02 · 08-12-2006, 09:32 AM

I was reading an article about how the costs of housing and taxes are driving people out of their areas.
In the article was this statement:

High land value is making people property rich and cash poor

How true it is -

RaleighRob · 08-12-2006, 12:09 PM

And if they don't yet have property, then yer just poor.

Sharon R. · 08-12-2006, 02:44 PM

This is so true! My cousin lives up in the mountains not far from Boone. Has around 100 acres. The land has been in the family for many years, my grandfather was born there. She loves it, doesn't want to sell. She's got 3 kids she's trying to get through school. On paper, she's practically a millionaire, yet she can barely pay the taxes. Has worked for the same place for years, does well, lives modestly in a doublewide. Just doesn't seem right!

mountain_time_Blues · 08-12-2006, 02:58 PM

But wouldn't it be much more efficient if we all lived in concrete houses stacked on top of each other? lol It's these socialist politicians that we keep on electing. They want to put tax, upon tax, upon tax for what? These stupid social services. Hopefully NC won't turn into a New Jersey. Gettin there though....

Miker2069 · 08-12-2006, 04:46 PM

Quote:

Originally Posted by mountain_time_Blues

But wouldn't it be much more efficient if we all lived in concrete houses stacked on top of each other? lol It's these socialist politicians that we keep on electing. They want to put tax, upon tax, upon tax for what? These stupid social services. Hopefully NC won't turn into a New Jersey. Gettin there though....

can you name a few of the social services that are "new jersey-like"? Just curious. I don't want a tax-you-out-of-your mind system either, but I'm unaware of where it may be creeping in.

just_sayin' · 08-12-2006, 05:14 PM

NC is becoming another NJ and FL. People seem to forget how these areas became so overpriced and "corrupt". People moved there in droves for affordable homes and land, and for a supposed better quality of life. Some of them wanted more services that they had back "home", the need for many other services, infrastructure, schools, etc..... all created a need to increase taxes. It IS going to happen here if the current rate of growth keeps up much longer. It's already showing the signs. The longer a person has lived here the more they become aware of it (usually). Lifelong NC residents can probably make the point even better than I can.

Racelady88 · 08-12-2006, 05:32 PM

It happened in FL. It happened so fast I almost went under. I sold my house & moved to SC, where at least I can still afford to insure my house, insure my car, run the A/C, buy gasoline, etc.

The over-inflated value of the house that I sold for what I was told was not enough money paid cash for my SC "fixer-upper". At least if it happens up here I won't lose my home.

deercelene · 08-12-2006, 05:35 PM

As I am a newbie on this forum, from what I have scoured on many posts, tons of NE people along w/FL are moving down or up to NC. As a resident of FL, I myself for boo-coo years now, had to endure w/all the NY'ers and NJ'ers moving into the sunshine state and, of course, they made our values escalate (thank u all u NE'ers), but it wasn't easy back when; when we wanted to purchase a move-up home. I feel the pain of the locals and/or semi-locals w/taxes, traffic etc. Unfortunately, this is America and people will go where the best values are after the gouging of taxes etc. in some of these major cities...but, it is going to catch up w/them once and again,we all can't escape the tax game and home gouging... the politicians will milk it down the road.....and take advantage of their beautiful state, NC.....

Miker2069 · 08-12-2006, 06:15 PM

It's a bit unfair to say all the NJ/NY transplants moved into FL and over inflated real estate. I grew up in Florida (in Miami). My family were NY transplants back in 1979. I had a better quality of life and am absolutely glad we left Queens back then. Up until the tech-boom of the mid 1990s, home appreciation and the cost of home ownership weren't on a skyrocketing pace. So this corruption and increase in taxes didn't happen as has been suggested. Up until 1996 and 1997 it was very doable for someone to buy a home in the NE and FL, and in most other places. So if you're saying that its' all migrations fault, that's just not true. Much of it had to do with historically low interest rates, an over-valued stock market, particularly in the tech sector, that led many to be able to buy "more house" because the monthly payments were low. It's a small but significant segment of the workforce in CA and in the NE that made lots of money on stock options, and used that to put down 20-30% on a home. Many of my friends wouldn't have been able to come up with the down payment otherwise (i.e., through saving it). These conditions existed until last year (well not the overvalued stock market, that popped in 2000).

If you want to lay rightful blame, speculators came in and really messed up FL RE in the last 7 years. However many of them have been burned (i.e., foreclosed, or had to sell for less than they bought).

So what's the moral of this story? Should rates rise to dramtically slow down RE momentum, forcing people to buy smaller homes and slow down appreciation? Would you still buy your home if your interest rate was 12% and you didn't have several hundred thousand in equity in your current home to pour into the new home?

Racelady88 · 08-12-2006, 06:29 PM

I would have killed for several hundred thousand in equity. I didn't even sell for several hundred thousand. It was the reason my house sold.

It was the property tax and insurance jump that got me, along with flat salary. The last couple of years have been rough on the average working person in FL.

I am happy to be an average working person somewhere else. I had lived in the Carolinas before, and I came back.