Posted on 11/18/2004 7:52:21 AM PST by SmithL
can I come with?
( I still love Buffalo though- the housign prices bargains are incredible too )
I sold my cottage (1 br., 788 sq. ft., no garage) in a small coastal town halfway between LA and SF last June for $337K. It sold the first day it was on the market, so I probably could have gotten more for it.
I moved to St. Paul, MN, and bought a 1600 sq. ft. 3-bedroom house with a two car garage for $174K. Since the CA house was paid for (I bought in in 1974 for $20K), I ended up with a nice chunk of change to put away for retirement.
Watch for this trend to grow, as the baby boomers in CA look for some way to cash in on their equity. Lots of them own homes in CA free and clear, like I did.
It's going to be a force in the market, I'll bet.
My parents sold their house in CA in 1991 for a very handsom profit. They originally bought it in 1972 for cash. They caught a pretty good cycle from the time they bought it and the time they sold it. I believe that the profit they made on it was somewhere around 400%. Yes, that four hundred.
Any city (or any place in the countryside) in Texas other than Austin.
I agree. The equity is what the Boomers want and their going to get it. It is crazy. I started with a condo in Irvine and sold it 8 months later for a 80K profit then bought two doors down as a bargain. 8 mo. later that one is up over 80K also. Granted i have put about 8K into each one to fix them up but good return on the money.
The scary thing is that people are doing 2% - 10% down with interest only loans. This is going to destroy them when their payment jumps $700 a month after the 5 years is up. Like I said, I am finishing up my MBA and getting a real estate license ASAP to take advantage of it.
Anywhere in Utah except for Salt Lake City. My boss moved to Utah after the car taxes got so exorbitant. all of our work is still in California, but we don't have to worry about living and working there. :)
Well, here's what usually happens.
If you were able to buy a house a few years ago, you now sell it at high price and either plow all of your capital gains into the new house to make it affordable or move further out in order to afford an upgrade.
Sometimes in addition to that, both husband and wife work full time jobs in order to make ends meet.
The only people who can usually afford to buy such overpriced homes are those that have sold THEIR overpriced home in the same area, which is a foolish excercise in my opinion.
The people that are priced out are usually Fisrt Time homebuyers. The housing market in California is essentially a pyramid scheme and the problem is we are not getting enough suckers to come in at the bottom of the pyramid.
I lived in Kalifornia all my life until I turned 30. No way in hell could I afford a home there. I got tired of paying rent for a one bedroom apartment when I could be paying for a house for the same price in another state. Had a baby on the way and decided Kalifornia was not where I wanted to raise a family. Ended up moving to Colorado, buying a nice 3 bedroom home with a finished basement (2 additional bedrooms down there) and large backyard for $200K flat. I'll never go back to Kalifornia. Screw 'em!
Pack up your SUV, rent a U-Haul and move here. A nice brand new starter home runs about $80,000. Existing homes can cost even less. A nice 3/2 in the 1800 sq ft range in a nice community will be about $120K. A well-appointed luxury home in a gated or country club type subdivision might run you in the low-to-mid 200's (and we're the expensive part of the state-LOL). BTW, there are lots of jobs here. http://www.millenniummortgagemississippi.lenderhost.com
40K in North Mississippi
Wow. Makes me actually grateful for Hawaii prices. Our home has almost doubled in value in just 4 years.
Unbelievable!!!
Of course, we have weather like the Amazon eight months out of the year too.
I didn't receive a job offer.
No, that's quite real.
We're one of the families who will be moving out of CA. Mr. RightField retires next year and we're outta here!.
Go south, young man, go south to Texas.
I used to live in Wa. State. When I first moved there prices were low, even in the late 80's you could buy a house with some acreage for about 50 to 60K. Then someone decided that Wa was the #1 place in the country to live. It was broadcast on all the news stations. In 3 years the prices of housing tripled, and it became a bastion of liberalism. Wa. was truly Californicated as they came up in droves, and would pay whatever the asking price was for homes.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.