Is it me or are real estate prices going wacko again

[WhoBeDaPlaya]

It's pretty bad here. Even the $100k/yr Facebook and Google workers are having a hard time buying a house so they have to rent rooms for $5k/month.

~$250K/yr is the new "6 figure income", and I'm saying this as someone pulling down somewhere between $100K - $150K/yr

 

[Excelsior]

Just curious as to where you got that data.

Metropolitan area median price increases, year-over-year, right-most column:
http://www.realtor.org/sites/defaul...e-prices-q1-2015-single-family-2015-05-11.pdf

DFW prices are growing a lot at 10.1%/year. But other places are growing faster. For example:
Charlotte: 17.7%/year
Denver: 17.2%/year
Reno: 17.6%/year
Other metropolitan areas had even higher price increases, but (A) started at such a low price that percent increases are not very meaningful or (B) are relatively unknown so why post about them on ATOT.

Can confirm Charlotte. Just moved away but have lived there all my life. My place has risen in value by 50% or more from when I bought it in 2011. And it's a 730sqft 1br/1ba condo, which everyone told me would be a tough sell. However, it's surrounded by old homes that go for a minimum of 600K and well past 1mil, only 2 miles from the city center.

 

[Excelsior]

I live in Charleston SC as well. I bought my first home here for $40,000, 2 bedroom, 2.5 bath, 1150 SQFT. That was 1999, though. I sold it in 06 for $84k.

I got hosed on a $165,000 I built near the end of the bubble. Sold it a couple years ago for what I paid. Lost 20-30k total.

Built a $250k in 2014, now worth $350 or more.


Charleston is blowing up because Silicon Harbor is real. Our area is flooded with software jobs. Big old companies, new start ups, VC guys making it rain. Boeing, Volvo, Mercedes; they bring so many jobs to the area and tons of money.

I'm considering Charleston when I move back to the states because sailing, beaches, food, and women.

 

[purbeast0]

I'm considering Charleston when I move back to the states because sailing, beaches, food, and women.

on the flip side, i'd move to the "eastern carribean" in a heartbeat if i could.

 

[Excelsior]

on the flip side, i'd move to the "eastern carribean" in a heartbeat if i could.

I host couchsurfers, so folks are welcome. They just need to bring me some goods from the continent.

 

[SearchMaster]

I'm considering Charleston when I move back to the states because sailing, beaches, food, and women.

My son is a baseball player and I'm urging him to consider College of Charleston because they have a great program and everything you listed.

 

[PricklyPete]

My son is a baseball player and I'm urging him to consider College of Charleston because they have a great program and everything you listed.

I would recommend College of Charleston for the women alone. When I was in college (15+ years ago), the women there were beautiful and there was something like a 5 to 3 ratio of women to men at the university. Needless to say, your chances were much higher.

 

[Excelsior]

My son is a baseball player and I'm urging him to consider College of Charleston because they have a great program and everything you listed.

He absolutely needs to listen to you. There is no better city to live in for such an experience on the east coast, IMO, if not the country.

 

[Destiny]

Yeah, CA is crazy overheated thanks to all the Chinese coming over here to live. My neighbor's house just sold for $800 fucking K. The property tax alone is almost $10k a year which means a house hold needs to make at least $150k to afford it.

This is 100% true... the main reason is because the Chinese gov't are investigating why some people, especially gov't officials, have so much money in their banks (may be due to corruption?).

Anyhow to transfer money out of China to USA - the Chinese gov't only allow you to transfer at most $50K a year to a relative/friend. BUT what they are doing is transferring their money to Hong Kong Banks like HSBC (which there are no limits) then transferring all their money to USA - because at the moment there is no limit transferring from HK banks to USA banks. But once Hong Kong officially and fully transfer over to China in 2017 = that is all going to stop...


One of my accountant friends told me HSBC is under investigation for making and approving a mortgage loan under a 6 month old Chinese baby whom was born in the USA because the Chinese Mom and Dad didn't have anyone else in the USA to transfer their money to...

Also some these people smuggling their money over to park their money in USA homes, when they got caught by the Chinese Gov't - are being forced to sell and transfer money back to China by the Chinese gov't.

I've been looking to buy house thinking ok- base on normal appreciation from 2012 prices this house should be worth at most $300K but I see it on Zillow and asking price for $500K!!

My real estate friends - my real friends, tell me to not buy a house and wait. Even they know it is over inflated and they know the main reason why...

 

[Imp]

This is 100% true... the main reason is because the Chinese gov't are investigating why some people, especially gov't officials, have so much money in their banks (may be due to corruption?).

......

You're not the first to blame the foreigners, specifically the Chinese, for this, so I'm not singling you out.

My question is, did people blame foreigners for the housing bubble BEFORE it crashed in 2008?