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How do you a figure it's questionable that a modest home perfect for the average lower-middle class American family with a child or two would be in high demand? Homes like that even here in Greece are selling like hot cakes.
One of the homes we put an offer on before we purchased our current home went in to a bidding war between us and another party, with them winning out by paying full asking price. It was a smallish but updated 3 bedroom ranch, probably only 1300 sq/ft if memory serves correct, and they got what they wanted at 107,500.
There shouldn't be anything hard to believe about it, not all of us are fortunate enough to make 100k salaries and afford 2000 sq/ft homes in Victor/Pittsford/etc. The lower middle class is thriving and that level of real estate proves it. Couple that on top of the fact a lot of people want to downgrade homes in fear of job security, plus all the boomers that no longer need their large home since the kids are long gone to college, and it all makes perfect sense.
Oh... Sorry, I left out how much the house sold for... Listed for $170k sold for $185k. I don't question this type of home or even the area being in high demand ( we love Rochester). We question that size home selling for that amount given the fact that you can buy a fairly new home for that amount in many places in the area...
I think what OT is getting at is that the market is being driven largely, probably more than any time since the 50's....by first time homebuyers as opposed to "move up" buyers. Young couples starting families who just want a house to call their own who aren't really making the big bucks for a big/new house with all the bells and whistles....this is true across the country. And with interest rates at record lows, it is making these first time homebuyers come out in droves. And especially in an area like Rochester where the housing boom and bust never really happened...there aren't nearly as many homes on the market as there are people looking for their first home (or empty nesters as also mentioned) when compared to those badly hit real estate markets. Thus, the demand is up, but supply is not...so prices stay firm or increase and bidding wars happen.
I have read that taxes are high in Rochester. I live on Long Island on a half acre and pay 10,000 on property taxes. How does this compare to there? Thanks. I am trying to get away from TAXES.
Yes as a percentage of home value, property taxes are absurdly high in Rochester. Just search for homes on Re/max or another real estate site and you will see that even modest two bedroom homes in Greece, selling for around $60k, will have annual property taxes of at least $3k. So is $250 per month just for taxes fair for single income households? Clearly it isn't. I'm not taking into account the STAR rebate program however, which can slightly lower your taxes.
And blah blah blah with the "It's tax deductible" argument. If the standard deduction is $5,950, why would I itemize?
Last edited by RottenChester; 02-14-2012 at 09:47 AM..
Reason: fixed typo
This should make all the complainers about area taxes being too high, not feel left out...
Our property taxes on our home were increased by 5% last year, this year they are again increasing by 4%, so a 9% increase in a years time...
We will now pay close to $13k in property taxes for our 1/4 acre lot .. In addition to our school taxes and occupation taxes...
This should make all the complainers about area taxes being too high, not feel left out...
Our property taxes on our home were increased by 5% last year, this year they are again increasing by 4%, so a 9% increase in a years time...
We will now pay close to $13k in property taxes for our 1/4 acre lot .. In addition to our school taxes and occupation taxes...
Can you challenge your assessment? Are there any exemptions that you could take advantage of? What state or area is this in?
This should make all the complainers about area taxes being too high, not feel left out...
Our property taxes on our home were increased by 5% last year, this year they are again increasing by 4%, so a 9% increase in a years time...
We will now pay close to $13k in property taxes for our 1/4 acre lot .. In addition to our school taxes and occupation taxes...
Sounds right for LI, as home values there are higher. I can't believe what modest pre-war houses bring there in sales prices, well into the hundreds of thousands.
No wonder so many people there have in-law apartments in their houses, and have people renting out their basements.
Rochester has less expensive...everything...compared to Long Island. Our tax rate is actually higher than yours down in LI...but the overall cost is much lower because housing is much, much cheaper. Depending on what town/village/school district you are in....property taxes on a typical 3 bedroom 2 bath house (1500-2000 sq ft) with a half acre lot will be somewhere between 3k-6k....and the house itself would probably be priced from $120k-$180k depending on size and upgrades.
Baloney! ...I just fell in love with a custom built house in Greece..2800 sq ft built in 1998 on half acre...3 baths gorgeous landscaping..12225 in taxes...this is in Greece...is this unusually high or typical?
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