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Post by ntsf on Feb 25, 2021 16:57:42 GMT
the teardowns in my town are $800,000 or more depending on the lot. a house on my block that had not been remodeled since the 1940's went over asking for 1.2 million.
there are very well paid people who buy in san francisco. --actually if you can pay $3 million or more, you get a lot more house than the low end of the market which is about 1.4 million.
how do average people like me live here? we bought in 1983, about $155,000.. and have stayed and remodeled. still have 1650 sq ft. 3 kids raised and grown. so people live in small spaces and don't move..and due to the tax laws, you can inherit the tax basis from your parents and grandparents.. so if you want to live here.. you don't move. 60% are renters. there are fewer kids and fewer middle class people who live here.. so it is the well off and the very poor. and it is perfectly normal for people in their 30's to have roommates. rental prices have gone down, but are steady now.
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Post by MichyM on Feb 25, 2021 16:59:44 GMT
Yikes. Oh, Seattle. You beautiful and amazingly expensive city. Is downtown Seattle really minutes away from Seatac? Is anything minutes away from Downtown Seattle with traffic? Actually, this house is in the Brighton neighborhood (Rainier Valley-ish) so it really is minutes from both DT and the airport. And you can walk a mile to the light rail and not have to drive. That said, I wouldn't want to live there. And I personally wouldn't put $$ into renovating a home or building a new one there. It's a very depressed area of the city.
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Post by Patter on Feb 25, 2021 17:04:42 GMT
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Post by chaosisapony on Feb 25, 2021 17:25:55 GMT
You could get a pretty nice place in the closest town to me for $350,000. Easily 4 bed/2 bath on a suburban lot with a newly renovated interior. There are some new builds going for that price too but they tend to be in a rougher area.
Where I live almost everything is in lots of 5 acres or more so the prices are higher. I'm on 1/3rd acre which is next to impossible to find here which is why I jumped on the place. I don't want a ton of land to take care of but I like living here. A house just down the road for me is on sale for $550,000 and it's a nice 3 bed 2 bath with outbuildings, fencing, chicken coop, horse barn and 6.5 acres.
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Post by MZF on Feb 25, 2021 17:27:34 GMT
Wow, Patter, I'm thinking NC might be the place if we were to move! That house would be close to $1million ( didn't see how much land included) near me.
A quick check of Redfin shows nothing at that price point, other than a mobile home in a senior park. Prices have steadily increased since the pandemic started, with more people working from home and not commuting. We get lots of people from the Bay Area moving here and driving up housing prices.
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Post by austnscrapaddict on Feb 25, 2021 17:27:41 GMT
This thread is so fun! It reinforces the location, location, location theory.
In downtown Austin I can't find anything less than $450K the outer suburbs start at this price range. the market is crazy here.
I bought my house in the far outer suburbs for just over 200K in 2010, sold it in 2019 for 295 and it sold again for $425 last month with multiple offers. The house we live in now is an older home that we've remodeled and hope to stay in for a few years. I'm sure the market can't sustain this rate for the long haul. I also often wonder how people pay the large prices, except that I'm sure many of them have moved 'up' over the years. We are mortgage free and will stay that way. I feel sorry for those just starting out and wishing to purchase their first home.
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Post by Princess Amy on Feb 25, 2021 17:36:06 GMT
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Post by epeanymous on Feb 25, 2021 17:41:49 GMT
Yeah, I'm often asked how I afford a decent house in Seattle on a professor's salary, and my answer is -- I had the good luck to be born in the 1970s and to have first bought a house decades ago. If I had to try to buy a house now without the equity from another house on the current prices of houses . . . well, I could buy a house in Seattle, but it would not be the house I'm living in, that's for sure. I get REALLY MAD when I hear people who are my age and older criticizing people in their 20s for living in little apartments or even with their parents. What do they think you can buy on a starter salary? (Also the reports I get from my recent grads who make enough to buy a house but not $$$$ is that the starter-house market is if anything much worse than the middle-aged market -- maybe COVID has changed this, but they have often reported a half-dozen or more bids on a house they are trying to buy that is fine but nothing special.
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Dalai Mama
Drama Llama
La Pea Boheme
Posts: 6,985
Jun 26, 2014 0:31:31 GMT
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Post by Dalai Mama on Feb 25, 2021 17:43:03 GMT
I don't think you would find anything in Toronto for that little. This one sold for $1.8 million in Toronto this past August. link
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Post by Neisey on Feb 25, 2021 17:46:53 GMT
I’m in Canada so your $350US is around $440 here which would buy you a very nice home in my area. I am on the East Coast which typically has lower housing costs but we are also seeing a large increase in prices with things selling fast with multiple offers. I paid $270CAN for my 2 storey, 3 bed, 3 bath, 2 car garage, 1/2 finished basement 6 years ago and could probably list at $335 or so.
I fear for my kids getting on the property ladder in our area, can’t imagine where some of you are.
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Post by ~summer~ on Feb 25, 2021 17:48:03 GMT
The cheapest house right now on my small town is $1.4m. It is a fairly cute 3 bedroom 1300sf house. It looks like there is a $350k “house” a couple towns over which is more like a studio though it looks to be in good condition. Chain link fence and high crime area though.
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scorpeao
Pearl Clutcher
Posts: 4,521
Location: NorCal USA
Jun 25, 2014 21:04:54 GMT
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Post by scorpeao on Feb 25, 2021 17:55:12 GMT
These threads always mess me up. I picture all of you living in McMansions that cost a million dollars. It makes me wonder just what kind of wages everyone must make to be able to afford such homes. Either that or I wonder if people are just mortgaged up to the eyeballs. I have a condo (more like a duplex) that I purchased in 2008 for $190K. The most recent one sold a few months back for $379K. I currently owe, not including my HELOC, $130K. I also live in California and I live alone. As for my income...I've received all the stimulus checks, and I'll likely get the next one.
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Post by catmom on Feb 25, 2021 18:02:15 GMT
I'm just outside Toronto and in my town teardowns are going for $850k-$1.5m. I couldn't find anything for $350k but I did find a little condo for $439k (which is similar to $350k usd). The area is so-so and maintenance fees are $651 monthly plus property taxes. The prices are really outrageous here.
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Post by gorgeouskid on Feb 25, 2021 18:06:43 GMT
The run-down house next door to mine (it was really gross) sold for $900k about three years ago. It was torn down and the new construction sold for $1.9 million. It did great things for my property value.
Mind-boggling.
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naby64
Drama Llama
Posts: 5,916
Jun 25, 2014 21:44:13 GMT
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Post by naby64 on Feb 25, 2021 18:10:48 GMT
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Post by MichyM on Feb 25, 2021 18:17:25 GMT
Yeah, I'm often asked how I afford a decent house in Seattle on a professor's salary, and my answer is -- I had the good luck to be born in the 1970s and to have first bought a house decades ago. If I had to try to buy a house now without the equity from another house on the current prices of houses . . . well, I could buy a house in Seattle, but it would not be the house I'm living in, that's for sure. I get REALLY MAD when I hear people who are my age and older criticizing people in their 20s for living in little apartments or even with their parents. What do they think you can buy on a starter salary? (Also the reports I get from my recent grads who make enough to buy a house but not $$$$ is that the starter-house market is if anything much worse than the middle-aged market -- maybe COVID has changed this, but they have often reported a half-dozen or more bids on a house they are trying to buy that is fine but nothing special. This x 1000. This morning a cute little home in the neighborhood I grew up in, and moved back to and raised my son in, just went on the market. It is 1150 SF, 2 bedrooms. Perfect for me. I will go look at it in person on Sunday. It'll be the first house I've seen in person since starting the search a couple of months ago. I know I won't get it. And I probably won't even bother to put an offer in. It'll get multiple offers and go for 100-150k over ask. ETA: link removed
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Post by Neisey on Feb 25, 2021 18:30:58 GMT
Yeah, I'm often asked how I afford a decent house in Seattle on a professor's salary, and my answer is -- I had the good luck to be born in the 1970s and to have first bought a house decades ago. If I had to try to buy a house now without the equity from another house on the current prices of houses . . . well, I could buy a house in Seattle, but it would not be the house I'm living in, that's for sure. I get REALLY MAD when I hear people who are my age and older criticizing people in their 20s for living in little apartments or even with their parents. What do they think you can buy on a starter salary? (Also the reports I get from my recent grads who make enough to buy a house but not $$$$ is that the starter-house market is if anything much worse than the middle-aged market -- maybe COVID has changed this, but they have often reported a half-dozen or more bids on a house they are trying to buy that is fine but nothing special. This x 1000. This morning a cute little home in the neighborhood I grew up in, and moved back to and raised my son in, just went on the market. It is 1150 SF, 2 bedrooms. Perfect for me. I will go look at it in person on Sunday. It'll be the first house I've seen in person since starting the search a couple of months ago. I know I won't get it. And I probably won't even bother to put an offer in. It'll get multiple offers and go for 100-150k over ask. I don’t love the checkerboard floor but it’s a really cute spot. If you do decide to put an offer in - good luck!
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Post by ntsf on Feb 25, 2021 18:50:40 GMT
michy m.. that house is about 8 blocks from where my best friend lives .. I grew up not too far from it. great seattle style house.
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Post by jlynnbarth on Feb 25, 2021 18:51:58 GMT
I'm in Eastern WA and there are lots of houses listed close to that price point, but good luck actually getting into one. Looking at Realtor.com and Zillow, almost all homes, unless they were listed within the last 24 hours are "pending" sale. It makes zero difference what state the home is in, what the lot size is etc... They are selling within hours of being listed.
My dh's friend listed his home yesterday. It's a 1925 Craftsman that was updated in 2013 when they bought it for 155K. It's 5 bed- 2 bath- 2240 sq ft (includes basement) with no garage, on a 7405 sq ft lot on a busy road. They listed for 294K. They had showings booked every half hour yesterday. DH works with the guy, so I'm sure he will hear today what offers they got. I wouldn't be surprised if it goes for over 300K the way the market here is.
Our home is a 1974, tri level, 4 bed, 2 1/2 bath, 2 car garage 2400 sq ft on a 1/3 acre lot. We bought it in 2016 for 230K. My realtor says it now could be listed for close to 400k. We've only painted, added a 26x30 shop, updated the heater and water heater (with our home warranty actually paying for the appliances). The finishes were probably updated a few years before we moved in, so we haven't felt the need to update to anything new yet.
We'd love to take advantage of the profit we could make, but we wouldn't be able to find anything we would want to move in to. The new homes they are building that we could afford, don't have basements, yards larger than a postage stamp, and they have HOA's, which we wouldn't want to pay. We still have 10 years until retirement, so moving out of the area isn't an option yet. We keep discussing where we might want to go once we retire, but it's hard to know what areas are going to look like in 10 years.
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Post by MichyM on Feb 25, 2021 19:10:58 GMT
michy m.. that house is about 8 blocks from where my best friend lives .. I grew up not too far from it. great seattle style house. Yes! IIRC you and I had a discussion about where we grew up and I think went to some of the same schools I thought you might know my older sister, but she graduated a few years behind you? Cue: It's a Small World After All....
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schizo319
Pearl Clutcher
Posts: 3,030
Jun 28, 2014 0:26:58 GMT
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Post by schizo319 on Feb 25, 2021 19:30:16 GMT
This one is $348K. 4 br, 3+ baths, 3,541 sq ft on a cul-de-sac walking distance from a community pool, hiking trails and a golf course. You can buy a LOT of house for your money here.
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Post by Scrapper100 on Feb 25, 2021 19:34:32 GMT
That will get you a mobile home or some land. I found one condo that was coming in the market soon for $360. Prices have skyrocketed in our area. Our house is worth 40% more than what we paid for it 6.5 years ago. People have always moved here from San Diego or Los Angeles but I think more so now with more working from home. Our area is growing quickly with tons of new construction but it has been this way for the last 20 years.
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Post by jeremysgirl on Feb 25, 2021 19:51:55 GMT
I don't think you would find anything in Toronto for that little. This one sold for $1.8 million in Toronto this past August. linkThat is nuts! And I couldn't believe that the property taxes on a $1.8M home are only $5300. I nearly gasped when I read that. I pay more in property tax escrow a month than I do in mortgage cost.
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Post by Scrapper100 on Feb 25, 2021 19:56:02 GMT
I don't think you would find anything in Toronto for that little. This one sold for $1.8 million in Toronto this past August. linkThat is nuts! And I couldn't believe that the property taxes on a $1.8M home are only $5300. I nearly gasped when I read that. I pay more in property tax escrow a month than I do in mortgage cost. Wow that is cheap for taxes. Home is crazy expensive but taxes cheap. We pay more than that snd our house is no where near that much and we are in a “low” tax assessment area in our general area. We had to look hard to avoid paying thousands more per year.
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Post by epeanymous on Feb 25, 2021 20:52:56 GMT
Yeah, I'm often asked how I afford a decent house in Seattle on a professor's salary, and my answer is -- I had the good luck to be born in the 1970s and to have first bought a house decades ago. If I had to try to buy a house now without the equity from another house on the current prices of houses . . . well, I could buy a house in Seattle, but it would not be the house I'm living in, that's for sure. I get REALLY MAD when I hear people who are my age and older criticizing people in their 20s for living in little apartments or even with their parents. What do they think you can buy on a starter salary? (Also the reports I get from my recent grads who make enough to buy a house but not $$$$ is that the starter-house market is if anything much worse than the middle-aged market -- maybe COVID has changed this, but they have often reported a half-dozen or more bids on a house they are trying to buy that is fine but nothing special. This x 1000. This morning a cute little home in the neighborhood I grew up in, and moved back to and raised my son in, just went on the market. It is 1150 SF, 2 bedrooms. Perfect for me. I will go look at it in person on Sunday. It'll be the first house I've seen in person since starting the search a couple of months ago. I know I won't get it. And I probably won't even bother to put an offer in. It'll get multiple offers and go for 100-150k over ask. I really like that one! (Particularly the kitchen and the backyard). I don't know that area of Seattle well, but I have always thought it was incredibly pretty.
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Post by MichyM on Feb 25, 2021 21:06:45 GMT
This x 1000. This morning a cute little home in the neighborhood I grew up in, and moved back to and raised my son in, just went on the market. It is 1150 SF, 2 bedrooms. Perfect for me. I will go look at it in person on Sunday. It'll be the first house I've seen in person since starting the search a couple of months ago. I know I won't get it. And I probably won't even bother to put an offer in. It'll get multiple offers and go for 100-150k over ask. I really like that one! (Particularly the kitchen and the backyard). I don't know that area of Seattle well, but I have always thought it was incredibly pretty. Yeah. The back area (laundry and 2nd bath) need to be completely reconfigured, and the kitchen flooring needs to be replaced with wood. That said, it's awfully cute and I know the neighborhood like the back of my hand. Room in the nice, private backyard for both a catio (yeah, the girls are spoiled) and a small greenhouse for me too.
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Post by cmpeter on Feb 25, 2021 22:43:14 GMT
You can get this gem for $329K. Everything else in that price range in my suburb of Seattle is just a plot of land. www.zillow.com/homedetails/21234-NE-Redmond-Fall-City-Rd-Redmond-WA-98053/48747138_zpid/This is a unique property used by the current owners as an office, workshop, and storage space. From the 2nd floor of the existing building, you can enjoy the views of the pond filled with a cornucopia of wildlife. There is no running water or septic system. The value is in the usable land. The property could be operated as a vehicle storage lot or workshop for a business. We anticipate that bank financing will not be available due to the property’s unique attributes. The 360° scan provides the best views of the property. Detached bathroom.
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Post by Patter on Feb 25, 2021 22:50:17 GMT
Wow, Patter, I'm thinking NC might be the place if we were to move! That house would be close to $1million ( didn't see how much land included) near me. A quick check of Redfin shows nothing at that price point, other than a mobile home in a senior park. Prices have steadily increased since the pandemic started, with more people working from home and not commuting. We get lots of people from the Bay Area moving here and driving up housing prices. It's on 0.42 acres. There are lots of things like that around here. I have lived all over the U.S. and in Europe. This place is SO amazing that hubby decided to completely switch careers in his mid-50s so that we didn't ever have to move again.
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Post by natscraps on Feb 25, 2021 22:58:31 GMT
In our area, which could be considered a third ring suburb, $350k buys you a ~2500sqft home built in the late 80s-late 90’s on a half acre lot OR a brand new 1800sqft home on a lot less than 1/8 of an acre.
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Post by whipea on Feb 25, 2021 23:45:03 GMT
In the area where I live in South Florida you can buy a lot between $250,000 - 350,000. There is a country club development next to me where you can buy a house for $175,000 - 300,000 range. But mandatory club membership buy-in at a minimum $50,000 plus at least $1500.00 a month HOA and POA dues. Example: link
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