real estate costs can be insane

[chuckmiller]

800sqft 400,000. Sound good, sound bad?

I recently met a person who lives in Lake Taho. She was liquidating her father's estate here. People were asking her why she wasn't taking more of his stuff back with her. Her answer was she lives in a 500sqft house, it's worth 1.4mil, and that will have to do if she wants to stay there.

[geoffbot]

Sounds average to me

When I'm older I'll move to the country and get some land. I wanna do archery and stuff.

In my new house whose specs you quote in the OP I actually have a small back garden, then a shared rear access path then another 70ft garden behind it. Long but thin. I could shoot arrows from my house I guess. Shout fore in advance perhaps.

What's it like where you live chuck?

[scottjc]

When I'm older I'll move to the country and get some land. I wanna do archery and stuff.

Good luck with that plan.
I live in rural South Shropshire, an area that has always been extremely good value, but property prices have risen ridiculously in the last 12 months.

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[hayday]

I bought my current house in June 2018. Today, I could sell it in a day for nearly double.

[geoffbot]

I bought my current house in June 2018. Today, I could sell it in a day for nearly double.

Yeah that's nuts

[skywatch]

Some of you know that my wife and I just moved. We lived around the corner from Google - literally - and our 80 year old 1400 sq ft bungalow is expected to sell for around $2.3 M. That's about 8x what we paid in 1989. We moved 90 miles south to a more beautiful place (Carmel CA) 4800 sq ft of buildings and an acre of land for $2.9 M, which feels like a bargain. The old place should sell rather quickly once we list it. The premium in Silicon Valley is land, with proximity to work putting extreme pressure on housing. The only place to grow is vertically, so it's shifting from a funky ex-agricultural suburb to an urbanizing boomtown. As sellers, we benefit from a dearth of "inventory."

[chuckmiller]

...What's it like where you live chuck?

When we came to this area 2 years ago 400,000 would get you around 4,000 sqft. Now it will get you around 2,500 sqft. Of course the level of craftmanship detail and material quality in the house, along with the amount of land included can alter that.

Just this week an article was published on housing costs in Tampa and surrounding areas. The story was on the top 20 areas in the USA where people are paying above market value. Tampa ranked 13th and Lakeland ranked 15th in the nation with both areas showing completed sales prices around 35% above lender appraised values. I'm sure Orlando is close to the same. The worst one, somewhere in the USA, is 48%. Add to that houses here are selling in a day with 15 offers all above the asking price. This is all driven by the thousands of people coming to the area and being forced to pay extra for a house if they want to get it. It's crazy.

[Samanator]

We wanted to be on the water. We had a 4 acre lot on a little lake in a gated community, but didn’t like most of the houses being built there. Add that to build the house we wanted would cost 2.5x what it was 2 years ago so we sold the lot for a decent profit.

After that we got way more serious. We almost bought a condo on the Indian River in Titusville that was 600 square foot larger than our house in Pompano. Then we were very close to buying a penthouse in new construction building also on the Indian River in Titusville. The issue is my wife brother who lives with us is legally blind and deaf and we did not feel the condo thing would work with him. He would not have any freedom and he does not like to be helped all the time. Add that no one else in my wife’s family seems willing to take him in.

Then we stumbled on the lake house. It had everything we wanted and was actually cheaper than the Pompano place. It’s about 400 square foot larger but feels much bigger than that. The lot is about three times bigger than the Pompano place. The living spaces are open and there is a large amount of outside area that is covered. We lost one bedroom, but the ones we have now are 2-3 times larger and each has French doors to go outside. The main house has a 360 degree patio around it so you can walk around if it is raining. The guest house is nearly 800 square feet of living area including a small kitchen. I gave up a two car garage for a car port that fits a 40 foot RV and a 20 x 12 air conditioned shed. It has a circle drive in the front and a long side driveway that goes to the back building, the breezeway /carport and the RV car port. Between the driveways, carports and stone areas you could park about 20 cars and maybe another 8-10 across the street in front of the Tiki bar on the lawn. We also gained a great view of the lake, a Tiki bar, a pier and a boathouse. We love the community and our neighbors. It needs a few things, but what doesn’t . Her brother seems more happy here as are we.

[litlmn]

Looked today and the model that we just bought is selling for $100K more than we paid for the new ones they re building now….good timing.


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[is that my watch]

Real estate is truly the safest way of making money. The thing is that everything is going to get more expensive.

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