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Whatever you do stay as far away as possible from Rosemont. In your price range I would be thinking east of downtown Hillsborough ( or west of Carrboro out near Bradshaw Quarry Rd. area) for a long term "love it" investment.
Hey, I saw that one too and almost fell off the elliptical machine.
What on Earth made this couple believe they could afford a bloated temple to American greed?
What galls me is that I rent an apartment but get smacked by taxes. Someone can borrow up to $1 million and get the tax code to subsidize up to over 30% of the interest based on their marginal tax rate.
So, how are we who try to be frugal rewarded?
Someone who makes, say $500k and has $50k of interest is still paying a huge amount in taxes in most cases and if you looked at the percentage of income they pay in taxes I'd be willing to bet it's a significantly higher percentage than what you pay.
Hey, I saw that one too and almost fell off the elliptical machine.
What on Earth made this couple believe they could afford a bloated temple to American greed?
What galls me is that I rent an apartment but get smacked by taxes. Someone can borrow up to $1 million and get the tax code to subsidize up to over 30% of the interest based on their marginal tax rate.
So, how are we who try to be frugal rewarded?
I couldn't agree more. At the very least, the mortgage interest deduction should be capped at a reasonable level ($200,000 mortgage?). Why should I have to subsidized someone else's $500,000 McMansion? I am not bothered by the fact that a portion of my income goes to subsidizing the needy, but the fact that a portion of my income is subsidizing the rich really makes no sense.
Uh... Hmmm...
So, the thread has veered off from the high-end home market to the politics of envy?
Counting the other guy's money is one of the most destructive forces in human endeavor.
Unfortunately, the appeal of jealousy is a stepping stone to political power.
I couldn't agree more. At the very least, the mortgage interest deduction should be capped at a reasonable level ($200,000 mortgage?). Why should I have to subsidized someone else's $500,000 McMansion? I am not bothered by the fact that a portion of my income goes to subsidizing the needy, but the fact that a portion of my income is subsidizing the rich really makes no sense.
Mike
Unless you have a very high income and no deductions I'm sceptical that you're really subsidizing the rich.
That's not how it works. You've borrowed money at 5% and would have to be completely inept at investing not to bring in at least 10% a year (missing very few years) over the course of a 30 year mortgage. Most years you should be able to bring in more than 10%.
OR you can pay cash for the house so that cash used is gone gone gone. Can't make any money on it.
My partner and I are in this very position of deciding which way to go. We are in the mid market and currenty have a mortgage. We are leaning in the direction of paying it off. When I look at all the options in my 401k portfolio, I cannot come up with any investment that has averaged 10% or higher over the last decade. Wouldn't it be wise to own outright something that is tangible instead of owning shares in something that is an unknown?
Oh PLEASE tell me how to get 10% returns in this environment!
I understand that there are certain funds that you are asked to join (Special clubs/groups), require you to have substantial funds/investments (hedge funds), or do illegal things to make a good return (Ponzi). Keep in mind Madoff gave a 10.2% annual return and the guy busted for a Ponzi scheme in North Raleigh also gave a high return.
In fact tell me how to get a constant 8% return right now! If you say stocks...I'd ask who your insider is or how diversified you portfolio is.
I do have to say that I did think about purchasing stock in Cree and the gaming company in Cary, since I have an ear to the ground, but too late now.
In this day and age, a good 5-6% return is good. Unfortunately, a typical kid is not going to know how to take his subsidized college loan and invest properly to help him after he/she graduates.
Just a reminder, folks, that the OP is asking for ideas about where the high-end market is heading. Discussions about tax burdens, "subsidizing" the rich, etc., belong in a different forum.
Rosemont is in a totally different ballgame so please do not compare it to anything listed above. People that buy in there typically build a house they have dreamed of and stay there forever. If they do move, they have enough money to carry any loss that comes up.
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