Author Topic: Make sure you have the money. (Read 4700 times)

Tom · « **on:** March 24, 2021, 01:44:43 PM »

News reports out here for the average 3 bdrm/2 bth home on 10K sq. ft. on Oahu, Honolulu County is $917,000. (reported sales)

To actually be in the game you need to spend about $950,000 to 1 million.
On this island it's about $200,000 less but if you're financing consider $900,000.

I know that if I was in Vegas or Mesa. I could have a home for less but that would mean I would have to live there.

https://www.khon2.com/local-news/low-inventory-high-demand-driving-oahu-home-prices-through-the-roof/

keuka4884 · « **Reply #1 on:** March 24, 2021, 02:23:12 PM »

Where I live in the Finger Lakes in upstate New York, Keuka Lake, lake homes are out of sight. A home 5 doors from our home sold in the dead of winter for close to $600,000. 1300 sq ft, 2 bedrooms, one up and one down with the only bathroom on the middle level, and 36 ft on the lake. There are 2 homes for sale now on the lake. 100 miles of shoreline. It is as if Crazy Eddie is setting the prices. Insane.

Tom · « **Reply #2 on:** March 24, 2021, 02:33:26 PM »

Any home on the water cost more even out here. Crazy.....until hurricane season.

Shorty · « **Reply #3 on:** March 24, 2021, 02:39:53 PM »

I think Hawaiians brag more than Texans......

wavedog · « **Reply #4 on:** March 24, 2021, 02:52:06 PM »

House prices are crazy. When my family lived in Hawaii in the sixties I remember my dad saying that to live in Hawaii you have to be a millionaire just to live in poverty.
My wife and I bought a house after we got married in Washington state that was on the beach. Lowest bank waterfront in the area, in a cove looking west. It was a 100' wide by 150' long lot with a small cabin style house. Cost us ten grand. I sold it a couple years later. That and my G.I. bill got me thru school, and paid for a few other things.
Recently I looked at a couple of houses that I built in Arizona and the prices are almost back up to what they were before the great market crash of a few years ago. Scary.

Tom · « **Reply #5 on:** March 24, 2021, 03:52:14 PM »

Quote from: Shorty on March 24, 2021, 02:39:53 PM

I think Hawaiians brag more than Texans......

Kanaka Ma Oli or people that live in the state?

and no bragging if you looked at the vid link.

PeteS · « **Reply #6 on:** March 24, 2021, 04:20:36 PM »

Quote from: keuka4884 on March 24, 2021, 02:23:12 PM

Where I live in the Finger Lakes in upstate New York, Keuka Lake, lake homes are out of sight. A home 5 doors from our home sold in the dead of winter for close to $600,000. 1300 sq ft, 2 bedrooms, one up and one down with the only bathroom on the middle level, and 36 ft on the lake. There are 2 homes for sale now on the lake. 100 miles of shoreline. It is as if Crazy Eddie is setting the prices. Insane.

Now tell them what the property taxes are on those properties. Taxes alone can double your monthy payment.

Pete

Tom · « **Reply #7 on:** March 24, 2021, 04:22:21 PM »

Hate to think that after you pay off your mortgage, you have to make monthly property tax payments that equal a mortgage payment.

ampm7 · « **Reply #8 on:** March 24, 2021, 04:29:59 PM »

A recent article in the WSJ said that there are more real estate agents than homes for sale. When I was growing up in Del Mar, Ca in the 50's-60's a 750 sq ft house would be $10,000 dollars or less now they are tear downs for millions of dollars.

Tom · « **Reply #9 on:** March 24, 2021, 04:33:49 PM »

Supply & demand. A house by the water is not always the best. Higher humidity, roaches, more sand, off shore breezes that affect anything metal aka corrosion. More maintenance.

elrealistico · « **Reply #10 on:** March 24, 2021, 04:43:13 PM »

Supply is also kept artificially low in a lot of cases, mostly in the US big cities, California being the most obvious one. There's lots of reasons for this but it mostly all comes back to the same--'MUH PROPITTY VALYUUUS'

we could have cities with mile high skyscrapers and multilayer flying car highways like in 5th element, Star Wars, etc. And keep the greenery outside for motorcycle riding

Tom · « **Reply #11 on:** March 24, 2021, 04:58:29 PM »

The U.S. philosophy is working. "You want. You pay."

pebra · « **Reply #12 on:** March 24, 2021, 06:21:44 PM »

Abundant, cheap money => asset prices reach levels you thought were impossible

Shorty · « **Reply #13 on:** March 24, 2021, 08:34:20 PM »

Quote from: Tom on March 24, 2021, 03:52:14 PM

Kanaka Ma Oli or people that live in the state? and no bragging if you looked at the vid link.

Probably just Texans who moved there....

Tom · « **Reply #14 on:** March 24, 2021, 08:42:23 PM »

Well then that would explain it.

stubbie · « **Reply #15 on:** March 24, 2021, 08:56:01 PM »

House prices are going insane here too. Not that I'm looking but a friend of mine is, after his divorce. High demand, low availability so people are offering thousands over the asking price just to secure a home. Some home opens are attracting 50-100 people at opening time. Bit like toilet paper hoarding I think.

John Croucher · « **Reply #16 on:** March 24, 2021, 09:14:17 PM »

1 mile from my home is the largest manufacturing, warehousing, research, technology and distribution facility being built in the U.S.

A massive housing shortage and inadequate infrastructure for housing development. Old retail centers are being replaced with high density housing because all the infrastructure is in place.. Home prices are projected to increase 20% this year. There will be a need for over 40,000 Sleeper Cells for just the low income unskilled labor workforce to live in.

I recently bought a rehab project cheap. Materials are expensive and in short supply. A sheet of OSB plywood is over $50 and 2 x 4' are $8 each.

People are stopping at the house wanting to rent as soon as available. Realtors are sending letters asking me to sell my personal home. Not for sale. I built it, I like it, it is my home.

AH Fan · « **Reply #17 on:** March 24, 2021, 11:40:03 PM »

Well just to make a contribution....... ..... we are also in the mix here.
You wont be in the game in our area less you have mid 7 figures.
Not sure what's driving this madness but I'm sure when the Govies get called on there spending spree things are a gonna change.
Be careful out there boys and girls.

Ciao

Perazzimx14 · « **Reply #18 on:** March 25, 2021, 05:47:05 AM »

25 Hawaii's could fit in Texas. Not sure I could deal with such a small place polluted with tourists while getting price gouged at every turn.

I'd take a substantially less expensive property in middle Appalachia where the neighbor is one or two hollers over any day.

larrys · « **Reply #19 on:** March 25, 2021, 07:10:21 AM »

Prices in my AO are way high. People from NYC fleeing the city. Electric Boat Shipyard ramping up production and hiring bigly. Houses routinely sell for more than the listing price. Ex BIL just bought a house near Stowe, VT. Says its the same there with New Yawkers driving up prices. Wonder what commercial and residential property values in NYC are doing with everyone running away?
Larry

Ncdan · « **Reply #20 on:** March 25, 2021, 07:29:43 AM »

Real estate is a sometimes strange thing. A couple years ago I sold some property in southern VA that was my Parents. In that particular part of the state land is cheap and usually won’t even bring tax value. A story and half farm house that had been remodeled years ago and 5 acres of beauty land with a mountain stream running through the middle, only brought 69k. Go figure.

guzziart · « **Reply #21 on:** March 25, 2021, 08:02:17 AM »

Quote from: Tom on March 24, 2021, 04:22:21 PM

Hate to think that after you pay off your mortgage, you have to make monthly property tax payments that equal a mortgage payment.

Yep, that's where I'm at and then some!

motogoro · « **Reply #22 on:** March 25, 2021, 08:54:22 AM »

Yep! Nothings cheap on a rock. "Everything" is shipped. I looked online at lots near Pahoa ten years ago. Expenses aside, lava floes and water issues soured that fantasy.

Any National rally I rode to was also a work and retirement reconnaissance run. Saw a lot of beautiful country. Every time ,without fail, I found myself happy to be home.

Decided rural SE WI was more to my liking, so I stopped looking . It's close enough to cultural "hotspots" like Chicago, Milwaukee and Madison. Ditto for transportation hubs.

I don't mind winter. It keeps the bugs down. Work trips to TX and visiting HI (FLA, too!) taught me that!

We built a home last year. Coincidently, started moving in one year yesterday. The day WI declared it's "Stay at Home" order.

I can't imagine building today. I lose my mind every time I buy a 2 x 4, sheet of OSB or plywood. The price is always higher than the last purchase.

Bottom line advice? Ya might think long and hard about anywhere Home Depot doesn't ship! LOL "We're unable to ship this item to homes and stores in: AK GU HI PR VI" All beautiful places I'd love to visit.

Ncdan · « **Reply #23 on:** March 25, 2021, 09:04:21 AM »

Quote from: motogoro on March 25, 2021, 08:54:22 AM

Yep! Nothings cheap on a rock. "Everything" is shipped. I looked online at lots near Pahoa ten years ago. Expenses aside, lava floes and water issues soured that fantasy.

Any National rally I rode to was also a work and retirement reconnaissance run. Saw a lot of beautiful country. Every time ,without fail, I found myself happy to be home.

Decided rural SE WI was more to my liking, so I stopped looking . It's close enough to cultural "hotspots" like Chicago, Milwaukee and Madison. Ditto for transportation hubs.

I don't mind winter. It keeps the bugs down. Work trips to TX and visiting HI (FLA, too!) taught me that!

We built a home last year. Coincidently, started moving in one year yesterday. The day WI declared it's "Stay at Home" order.

I can't imagine building today. I lose my mind every time I buy a 2 x 4, sheet of OSB or plywood. The price is always higher than the last purchase.

Bottom line advice? Ya might think long and hard about anywhere Home Depot doesn't ship! LOL "We're unable to ship this item to homes and stores in: AK GU HI PR VI" All beautiful places I'd love to visit.

You are exactly right. We built our river house at the end of 2019. A sheet of OSB was 8 bucks. I understand today it’s triple that amount. I subbed my house myself and had 120.00 a square foot in the house. I wonder what that cost would be today?

pebra · « **Reply #24 on:** March 25, 2021, 09:23:48 AM »

I think prices in our area are ridiculous.

We had relatives from California visiting a couple of years ago - they thought our rental and property prices were ridiculously low!

s1120 · « **Reply #25 on:** March 25, 2021, 10:07:39 AM »

I am quickly planning on leaving NY.. Really might be the first time I make a buck on a house the way prices are going. But its not the houses so much, but knowing what you are going to pay for taxes!!! They want to make it look like the tax increases are not that bad.. so they reassess the house for 100K more.. Bleed us dry, or push us out. Heading to the south Atlantic states I think,, NC, SC, or Ga.. Taxes a lot better for in a few years when retirement comes.. house prices are WORLDS better then NY, and the winters less harsh and not as long..

Dave Swanson · « **Reply #26 on:** March 25, 2021, 10:28:32 AM »

Interesting thread to read! I am glad I have not desire to move anywhere, as I don't think I would have the stomach for all it would take to relocate. I am thankful that I am very content where I am at. Hopefully this house is where I will be carried feet first out of.

Northern Illinois wouldn't be high on most folk's list for the best place to live, but I really like it here. I guess that is why I have been here all of my life.

Stretch · « **Reply #27 on:** March 25, 2021, 10:37:12 AM »

Even up here in Maine prices are being pushed up by New Yorkers and folks from Massachusetts.
People have gone nuts.

My older son is currently trying to buy a house, and if you're not the first person to look at it, it's gone.

There's going to be a price adjustment when all of this shakes out. I bought my current home 7 years
ago. A couple got a no-down-payment mortgage at the height of the madness in 2007/2008, and couldn't
make the ridiculous payments. I got a great deal on a short sale. I can see this happening again in a few
years.

-Stretch

keuka4884 · « **Reply #28 on:** March 25, 2021, 12:53:39 PM »

Our home on Keuka Lake is assessed for $525,000. Value is around $650,000. Taxes are $7500 a year. We figure since we have lived here (1985), the value of our home has gone up by $1400 per month for every month we have lived on the lake. So taxes may be a bit high but when you factor in the appreciation on the home we are doing just fine. Oh, and by the way, the views are priceless!!!

berniebee · « **Reply #29 on:** March 25, 2021, 01:07:18 PM »

Quote from: Tom on March 24, 2021, 01:44:43 PM

News reports out here for the average 3 bdrm/2 bth home on 10K sq. ft. on Oahu, Honolulu County is $917,000. (reported sales) To actually be in the game you need to spend about $950,000 to 1 million.
On this island it's about $200,000 less but if you're financing consider $900,000. I know that if I was in Vegas or Mesa. I could have a home for less but that would mean I would have to live there.

https://www.khon2.com/local-news/low-inventory-high-demand-driving-oahu-home-prices-through-the-roof/

'
I've visited Hawaii twice (O'ahu and Maui) and loved it, but I could never live there. As a biker, I would get bored in no time. The cost of living is insane, the traffic in Honolulu is unbelievable and there's too many dang tourists! (Like me.)

News:

Author Topic: Make sure you have the money. (Read 4700 times)