Is it me or are real estate prices going wacko again

[Ns1]

i'd have to pay 300$k for a house i can buy here for 100$k, but 300$k is too much for me

The land it sits on is worth more in CO

 

[purbeast0]

i'd have to pay 300$k for a house i can buy here for 100$k, but 300$k is too much for me

if you could buy it there for $100k, then it wouldn't be in CO.

 

[Imported]

Market is insane. We're debating if we should keep renting with a 5 minute commute or buy with a 40+ minute commute.. argh.

 

[leper84]

I hope Austin stays semi-sane for the next ~3 years, because I'll likely be settling down then

It isn't really right now at all. Prices in city limits are already nuts. Out in the suburbs prices are shooting up pretty good, most sales end up over asking price. Hell most rentals stay on the market a whole 2-3 days unless the LL is asking for good credit, those go in a few weeks.

 

[purbeast0]

Market is insane. We're debating if we should keep renting with a 5 minute commute or buy with a 40+ minute commute.. argh.

if it were me i'd definitely keep renting.

 

[rh71]

Market is insane. We're debating if we should keep renting with a 5 minute commute or buy with a 40+ minute commute.. argh.

Well you're staying in the SF area because of opportunities / higher pay. The longer commute would allow you better overall quality of life (space, greenery, kids' opportunities, etc.) at the expense of a couple hours a day. My wife does 3-hr roundtrip every day to Manhattan and much prefers our suburban lifestyle than the concrete jungle.

Purbeast, you'd give up your new home to go back to renting because of that commute? It's not for everybody, but I'm surprised anyone would go backwards.

 

[PricklyPete]

Well you're staying in the SF area because of opportunities / higher pay. The longer commute would allow you better overall quality of life (space, greenery, kids' opportunities, etc.) at the expense of a couple hours a day. My wife does 3-hr roundtrip every day to Manhattan and much prefers our suburban lifestyle than the concrete jungle.

Purbeast, you'd give up your new home to go back to renting because of that commute? It's not for everybody, but I'm surprised anyone would go backwards.

Commute by train and commute by car are very different things ... Especially when talking about 3 hours.

I also would never commute 3 hours...heck, I wouldn't even do 1 total hour. If you get 6 hours of sleep, that means you are spending 17% of your awake time just getting back and forth to work. If you are working 8 hour days, than 67% of your day is spent involved in your job. I'm with purbeast...no thanks.

 

[kranky]

Some city neighborhoods around here are white-hot for reasons that escape me. One guy bought a 90-year old rundown place for $45K, put $30K into renovations, and just sold it for $160K all in 8 months. These are neighborhoods that never had a bubble, where the families essentially hand down a house through a couple generations. Now the current owners feel like they won the lottery. The house was paid off by their grandfather, now they have $150K of equity in a place they paid maybe $20K for a couple decades ago when they bought it from the grandfather. It's crazy.

 

[Rage187]

I'll be sleeping, jerking off or surfing the net in my automated car. I don't care about the commute. Hell. give me more.

 

[Ns1]

Well you're staying in the SF area because of opportunities / higher pay. The longer commute would allow you better overall quality of life (space, greenery, kids' opportunities, etc.) at the expense of a couple hours a day. My wife does 3-hr roundtrip every day to Manhattan and much prefers our suburban lifestyle than the concrete jungle.

Purbeast, you'd give up your new home to go back to renting because of that commute? It's not for everybody, but I'm surprised anyone would go backwards.

The argument can be made that a 3 hour daily commute is a decrease in quality of life.

 

[Childs]

Market is insane. We're debating if we should keep renting with a 5 minute commute or buy with a 40+ minute commute.. argh.

I'm in the same boat, and decided renting + 5 min commute makes more sense. I just can't bring myself to buy anything around here. Even a few years ago when things were cheaper it just seemed like there was no value. I've resigned to the fact that when I retire I will probably do it somewhere else.

 

[Imp]

Market is insane. We're debating if we should keep renting with a 5 minute commute or buy with a 40+ minute commute.. argh.

I would just rent. As long as they allow pets. I used to think renting = paying someone else's mortgage and my own home = some sort of accomplishment to get approval from my so called "friends" who mostly got downpayments from parents, but then prices got insane, and I don't care anymore.

 

[rh71]

The argument can be made that a 3 hour daily commute is a decrease in quality of life.

Yet there's over 200,000 people who do it here every day on the LIRR. I do acknowledge that it's easier than driving 1.5 hrs each way - on the train my wife just reads/listens to music or sleeps. Easy peasy for her. Not only does she get a higher salary, her bonus is some people's salaries. Only in the big cities. Me, I've been home forever and wouldn't dream of doing it since commuting anywhere is already a decrease in quality of life.

 

[Capt Caveman]

No land to build with a Harvard, MIT, dozens of colleges nearby, dozens of hospitals nearby, hub of tech and biotech with over a million of sqft of office/lab space coming online in the next few years, I get asked if I'm willing to sell/rent all the time. Place has gone up 40% in value just the last couple of years. Rent is around $1.5k for a basement apt. Love having a 10 minute commute.

 

[Ns1]

Yet there's over 200,000 people who do it here every day on the LIRR. I do acknowledge that it's easier than driving 1.5 hrs each way - on the train my wife just reads/listens to music or sleeps. Easy peasy for her. Not only does she get a higher salary, her bonus is some people's salaries. Only in the big cities. Me, I've been home forever and wouldn't dream of doing it since commuting anywhere is already a decrease in quality of life.

The fact that 200k people are willing to do it really doesn't change my statement at all.

Just presenting a different viewpoint man. You apparently value giant house and money. I value 3 hours of my life - yeah I "piss away money in rent" but my transportation costs are $1/day and my commute is 20 minutes round trip.

And let me be perfectly clear, there are definitely times that I seriously consider trading my short commute and rental for a house and long commute.

 

[purbeast0]

no way no how would i commute 3 fucking hours a day to work. fuck that noise. i wouldn't even do 45 mins each way. my commute right now is 30 minutes and that is cutting it close. i rage when there is traffic.

although i have taken the subway (dc metro) to work before for a couple years, but i lived across from the station and my job was not even above ground when i got off. so it was extremely convenient. and it was only 45 minutes. but it was nice to sit and watch stuff on my phone. hour long network shows are about 42 mins so i watched so many series while commuting those years.

 

[MrSquished]

i rent and my commute is 4 minutes on foot each way to the office. but i am a realtor and freelance photographer, so that does involve additional driving to go to locations both to show and to shoot. but i live in the city i do those things in, so my max commute one way to a shoot or showing is 15 minutes by car. i cherish the time i have additionally now from when i lived in the burbs.

 

[Red Squirrel]

Market is insane. We're debating if we should keep renting with a 5 minute commute or buy with a 40+ minute commute.. argh.

As much as owning has it's perks, in your case it probably makes sense to just keep renting. Forward planing, I'd try to work on a way to move to a place where owning is more feasible and does not have a long commute. Not really easy though as you need to secure a job in that location that you know you'll keep.

Taxes here are getting insane, I always have it on the back of my mind that I'd love to just buy a cottage somewhere under no real jurisdiction and live there, but would pretty much need to win the lotto for that. :biggrin: Might do that when I retire though. My house will probably be worth over 300k by then.

 

[PricklyPete]

Surprised to see Pittsburgh and Louisville on the list...

http://money.cnn.com/gallery/real_e...lued-housing-markets/index.html?category=home

 

[thestrangebrew1]

I wish the Central Valley housing market was going up like some of these other places in this thread. It's a very slow increase. My house appraised at $185k last June, houses in my neighborhood are still selling at or barely above that price now. I think my sister in law put in an offer at $190k on a floor plan slightly smaller than mine in our neighborhood.

As far as commute, I drive about 40 mins 1 way, but it's not the typical bumper to bumper. I'm actually driving 24 miles as opposed to stop and go, so it doesn't seem as bad. Coming home it's especially nice because it's my decompress time. I just chill and listen to podcasts or sports radio.

 

[Anubis]

no way no how would i commute 3 fucking hours a day to work. fuck that noise. i wouldn't even do 45 mins each way. my commute right now is 30 minutes and that is cutting it close. i rage when there is traffic.

although i have taken the subway (dc metro) to work before for a couple years, but i lived across from the station and my job was not even above ground when i got off. so it was extremely convenient. and it was only 45 minutes. but it was nice to sit and watch stuff on my phone. hour long network shows are about 42 mins so i watched so many series while commuting those years.

my drive is 45 min and 0 traffic. its not bad
53 miles door to door, 99% highway with no traffic

 

[Tommy2000GT]

Another wave of foreclosures is imminent. I heard on the news today a lot of peole took out HELOCs in 2005/2006 when housing prices were at it's peak. It has been 10 years so now it's time to start paying the loan back.

 

[RagingBITCH]

no way no how would i commute 3 fucking hours a day to work. fuck that noise. i wouldn't even do 45 mins each way. my commute right now is 30 minutes and that is cutting it close. i rage when there is traffic.

although i have taken the subway (dc metro) to work before for a couple years, but i lived across from the station and my job was not even above ground when i got off. so it was extremely convenient. and it was only 45 minutes. but it was nice to sit and watch stuff on my phone. hour long network shows are about 42 mins so i watched so many series while commuting those years.

All about perspective and opportunity. Last job I'd "rage" (hah!) if my drive took longer than 15 minutes each way. Now, the average is close to 40. Granted no traffic yesterday and leaving at 6:30am, I made it to work in 23, but that was outside the norm. (Didn't have to take my son into work)

Far happier here than where I was and far more opportunity to succeed/grow. Now I just accept there's going to be traffic and listen to ESPN or music on the drive in/back.

 

[dr150]

I wish the Central Valley housing market was going up like some of these other places in this thread. It's a very slow increase. My house appraised at $185k last June, houses in my neighborhood are still selling at or barely above that price now. I think my sister in law put in an offer at $190k on a floor plan slightly smaller than mine in our neighborhood.

As far as commute, I drive about 40 mins 1 way, but it's not the typical bumper to bumper. I'm actually driving 24 miles as opposed to stop and go, so it doesn't seem as bad. Coming home it's especially nice because it's my decompress time. I just chill and listen to podcasts or sports radio.

What part of the Central Valley do you reside in?...

 

[thestrangebrew1]

What part of the Central Valley do you reside in?...

Merced area