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How is the real estate where you live? I bought 2 yrs ago in this area, but from the projections from the NY Times, real estate is not booming like before.

Yet, I still see crazy prices and it gets me irritated.

In my area, some of the homes are like $500,000 for not much land.

In NYC- In Hell's Kitchen neighborhood (midtown), someone wants $865,000 for a one bedroom apt plus $1,100/mo maint. There was also a recent tearing down of a bunch of buidings near the Port Auth (Dan prob you saw this) to make room for condos that will cost like 2 mill a piece. In the Meat-packing district, new construction is also going into the millions. Where are all these millionaires coming from? Even in Park Slope Brooklyn, one place is going for $799,000.

The city is so priced out it's depressing! It makes me wonder how "diverse" it will eventually be.

I think other cities like Portland, OR or other places out west must have more reasonable prices, no?
 
It's really expensive here. I live 40 miles from downtown Chicago, and new homes here are around $500K, again with almost no land. It only gets worse as you get closer to the city.
 
I just picked up 17.5 acres for 11,400. Of course it is a mile from the hwy and there is no power, water or phone, and you have to walk in or ride a 4 wheeler...beautiful views, creek, nice area. Interior of Alaska.
 
Are you serious? That's amazing, what about jobs over there?
 
it's insane. you have to be a millionaire nowadays just to buy a fixer-upper. it's really sad. i hate to think about what it'll be like when my own children try to buy a house.

:hurl:
 
danceswithfish said:
I just picked up 17.5 acres for 11,400. Of course it is a mile from the hwy and there is no power, water or phone, and you have to walk in or ride a 4 wheeler...beautiful views, creek, nice area. Interior of Alaska.
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My brother did a similar thing a couple of years ago. For around the same price I bought my house for, he bought 30 acres in New Mexico where he built a house, stable, and barn.
Of course, it's on the top of a mountain, borders a national forest, had no electricity or road to the property, and it's about a 20 minute trip down the mountain to the nearest general store, and 45 minutes to the nearest town.

The state and federal governments subsidized him for having a road built and having the power lines run.

As for me, I've come to the realization that, in NYC, it's priced so ridiculously now that if you don't already own some property somewhere, it's virtually impossible for you to buy in now. And I'm not just talking about Manhattan... all 5 boroughs are like this. They're priced so unreasonably that the only people who can afford to buy are those who have been saving like crazy for 20 years, or those who already own property to leverage the purchase against.
The other downside is that it's raised prices in nearby areas (NJ, LI) so much that it's getting to that point too. We bought our house almost 5 years ago. In that time, the fair market value price has increased over 60%. Now, that's great for us, since we already own it, and that 60% is now profit for us when we sell, but at that rate of increase, it's virtually impossible for anyone to save enough money on their own to keep up with the increase in the market.

As for the luxury apartments in the city, Manhattan is just in another world when it comes to real estate pricing. Nothing there makes sense. I've seen 1 bedroom apartments there *rent* for more than my mortgage and property taxes combined. The owners of these properties are putting up buildings that will have a very limited clientele, and I'm certainly not in that demographic.

But in this area, things are definitely being priced out of the reach of the common person, and this isn't a new trend. It's been going on for some time.
 
Where I live in Connecticut down by the coast the house's range from $250,000 (the low end are what we call fixer upper houses) New Houses can cost $450,000 all the up to a couple of million dollars. Of course beach front propertys is more expensive. Rental houses start at $900.00 all the way up to $1,600.00 a month. Apartments start at $800.00 for one bedroom to $1,400.00 per month.

I agree with what most of you have said here. When me and my husband purchased our house when we were in our 20's the prices of houses were only in the 50 to 60 thousand dollar range. I really don't know how our children will be able to afford their own house. With the high cost of living expenses, working full time and having a good job they will still be stuggling to make ends meet.
 
That's one thing we don't have to worry about to much around here. In my neighborhood housed range from about $50,000 to 90,000. Prices never really went up much during the housing bubble. One of the reasons I didn't stay in Boston was the impossibility of owning property there.
 
Knock on wood, but housing prices finally seem to be dropping where I am. The townhouses that were selling for $250K - $300K are back down to the $190s; some are being sold at-cost, etc. Still, not that we can afford one, but it's something.
 
mthrlangl said:
Knock on wood, but housing prices finally seem to be dropping where I am. The townhouses that were selling for $250K - $300K are back down to the $190s; some are being sold at-cost, etc. Still, not that we can afford one, but it's something.
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Yeah, I just saw a report that prices are dropping all over...so at least it may help a bit
 
where i live its around $200k its a little crazy so much bs going on here trying to payoff the house with barely any income =\

real estate round here ranges between 190s-350s so yeah its a rich community
 
MO said:
Yeah, I just saw a report that prices are dropping all over...so at least it may help a bit
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i don't know. we were driving around last night looking at all the pieces of crap in the neighboring towns going for like $400,000 still. and i mean crap. no yard, on busy streets, needing tons of work.

it still seems like insanity to me. and here i am, a homeowner. you'd think i'd be happy :lol:
 
California is probably the only place that is even close to New York. The Bay Area is downright impossible to buy anything, and so people are spreading into other areas in northern Cali, and because of that the prices are going through the roof all over the state. Where I am living at now you could buy a house for $120,000 2 years ago, now there is absolutly nothing on the market that is less than $250,000. It is totaly crazy. I know those prices don't compare to the real expensive areas of california, or definatly NY, but the thing is that $40K is considered a high salary here, and the cost of living is going up so fast that you can hardley rent a place by yourself anymore. Its just sad, unless wages go up soon here, the people who work here, will no longer be able to afford living here.
 
Prox said:
Its just sad, unless wages go up soon here, the people who work here, will no longer be able to afford living here.
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Unfortunately, I think that's probably the case everywhere. That's why so many people are commuting now.
 
My friend Sean and his wife commute an hr each way (dep on traffic). He somehow felt the need to move from a 2 bedroom house to a large 4 bedroom with more land (and they dont have kids). Their quality of life is affected...I also noticed they can't go out as much to dinner, etc...or be as spontaneous.
 
With the way real estate is going, I will never be able to afford a house.

Back in the 80's, a house like the one I'm in right now would cost about 100k.

Today, it's value is about 450k. No, I don't own this house. I'm renting a room in the basement.

This is in Edmonton, Alberta, Canada.

The same house in Surrey, BC, would be about 700k.
 
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