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This was probably discussed before, and I did try to search for it, but didn't see much.
So for those that are buying houses in neighborhoods built mostly around the peak, or maybe even for those that were the ones that bought around the peak, do those neighbors that have been there since the beginning hold a grudge against those that are just moving in and paid much less than they did?
On one hand, I don't really blame them, because as many say (whether or not it's accurate), "it's bringing down the property values" and it may be tough for those people to get above water on their mortgages, and it's gotta be even tougher to watch someone buy a similar house than they did for a much lower price. But if the people that bought the house didn't buy it, then someone else (hopefully) would have, and the price might've been even lower, and obviously it's not the new buyer's fault that the prices have fallen so much.
Has this caused any rifts between neighbors and maybe prevented some friendships from forming? I really don't know, just curious if anyone's had any issues relating to this.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Not only would you be paying much less for the similar house, but your purchase is lowering their property values, and you will be paying less property tax than them. Some people will resent that. It's not the buyer/new neighbor's fault, but I'd expect mixed reactions, some will still be nice and welcome you, others not. Not justified but human nature.
I'm glad to see this thread. We have many sub divisions where the newer houses being built are 2/3 or less the size of the earlier (2006) houses because that price range is selling more than the former. Here there are two issues, the market decline and the smaller houses which might mean your neighbor paid half of what you paid to live in the sub division. I'm sure the original owners have mixed emotions about these new homes (and the owners) vs. non-developed lots in the sub division for years.
I've seen it more from investors than owner occupied. Some of the investors here way overpaid for properties and then discovered that the market rent wouldn't cover their nut and got hit again when property values dropped. These were mostly inexperienced people.
The house next to me is one such, the investor overpaid and has made my life a living Hell from day one. She's filed code complaints over my yard (she can't see into it and it annoys her) and even called the SWAT team when I bought a new shotgun. She's now going for a ban on chain link fences (90% of the ones in Town) and unfortunately has allies on both the Planning Commission and Town Council. I should mention she doesn't live in Town but owns several properties.
What people pay is no ones business but the owners. If someone decides they don't like me because my house costs less, well eff them.
Not if it's public record as it is in some places (and they probably at least know what the asking price was). I do agree with your second sentence though.
Quote:
Originally Posted by manderly6
When I moved about a year and half ago many of my new neighbors told me what a great deal I got. No one was bitter or angry about it.
Well it would probably take a real jerk to come out and say something about it to the person, but I wonder if they would stll feel any resentment inside. It's easy for the people buying now or even third parties to say "that's dumb" but I wonder if we have any people on here that were in the opposite position that have the luxury of sharing their opinion anonymously.
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