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What Gives With Housing ?

 
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Old 03-31-2019, 01:23 PM   #21
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Re: What Gives With Housing ?


Plaster is a pig. So is blown in insulation. It's a huge negative in remodeling. The mess discourage a lot of otherwise simple upgrades.

The lead paint thing is what it is don't eat it.... I have family members in their 90's that lived through all of this kind of thing their whole lives and I still going.
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Old 03-31-2019, 01:26 PM   #22
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Re: What Gives With Housing ?


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Originally Posted by Jaws View Post


I formed the foundation, framed, roofed and trimmed a 1225 sq ft rancher on the corner of 5th and oak in Burner when I was 18 for my dad's boss. Total bill time with all subs and everything for that house was like 12 weeks, he sold it for $119,000 and I think he made 20. Nice little house, three bedrooms, small utility room, small kitchen and living room and a garage. Insert showers and tubs, laminate, cheap tile. Good paint work and mechanicals



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Yep John, your post sent me down memory lane . Built my first spec house in 1976. It was a solid brick and block Chicago style bungalow out side dimensions 27' 4" x 47' 0" three bedrooms,bath and 3/4, all oak floors,doors,and trim full basement with 8' ceiling,two masonry fireplaces,one above the other in basement and upstairs living room.

Sold it for $ 52,000 and with my labor put about 16 K in my bluejeans.

Today,the margins just are not out there,at least not in this neck of the woods.
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Old 03-31-2019, 02:46 PM   #23
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Re: What Gives With Housing ?


An individual or couple, who want to pay $1,000 P&I, will buy the maximum house they can for that amount. A lower interest rate, allows them to buy a larger and/or more expensive house.
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Old 03-31-2019, 07:29 PM   #24
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Re: What Gives With Housing ?


You can spend a fortune turning an old house into a new house. That's always a mistake, IMO. Buy the right one and remodel right, and it can be pretty darn nice.
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Old 04-01-2019, 12:03 AM   #25
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Re: What Gives With Housing ?


People who have been in their homes for many years don't walk away when SHTF. Allows home prices to stay stable in many areas of OC. It was the new developments that took the brunt of the hit during the last crash. Bottom line is those of us with loads of equity in our homes stay put. Most of my neighborhood are in this category. Very few foreclosures helps tremendously on keeping prices from tanking.


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Old 04-01-2019, 12:17 AM   #26
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Re: What Gives With Housing ?


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People who have been in their homes for many years don't walk away when SHTF. Allows home prices to stay stable in many areas of OC. It was the new developments that took the brunt of the hit during the last crash. Bottom line is those of us with loads of equity in our homes stay put. Most of my neighborhood are in this category. Very few foreclosures helps tremendously on keeping prices from tanking.


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This is true. One foreclosure in my neighborhood can put comps in the toilet and by the same token one upsell drives the comps up.

I don't like it when the comps rise too much because that equals tax increase.

No matter what I got for this house I simply couldn't replace it if everything else went up too. So I stay put.

I stole this one. That won't happen twice.

I won't use it as a piggy bank either no matter how bad I need the money. Even though I stole it for cash it was hard getting here.

EDIT: It is now worth a little over twice what I paid for it. This would tempt a lot of people. If I have anything to say the only way I'm leaving is in a body bag

Last edited by Irishslave; 04-01-2019 at 12:27 AM.
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Old 04-01-2019, 12:36 AM   #27
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Re: What Gives With Housing ?


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This is true. One foreclosure in my neighborhood can put comps in the toilet and by the same token one upsell drives the comps up.

I don't like it when the comps rise too much because that equals tax increase.

No matter what I got for this house I simply couldn't replace it if everything else went up too. So I stay put.

I stole this one. That won't happen twice.

I won't use it as a piggy bank either no matter how bad I need the money. Even though I stole it for cash it was hard getting here.

EDIT: It is now worth a little over twice what I paid for it. This would tempt a lot of people. If I have anything to say the only way I'm leaving is in a body bag


We don't pay taxes on what our home is worth, only what we initially paid for it. Thanks to prop 13.

However, selling here means we can move into a pretty nice place in most states. Idaho in particular.


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Old 04-01-2019, 04:57 AM   #28
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Re: What Gives With Housing ?


Quote:
Originally Posted by Calidecks View Post
People who have been in their homes for many years don't walk away when SHTF. Allows home prices to stay stable in many areas of OC. It was the new developments that took the brunt of the hit during the last crash. Bottom line is those of us with loads of equity in our homes stay put. Most of my neighborhood are in this category. Very few foreclosures helps tremendously on keeping prices from tanking.


Mike.
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That didnít happen in Detroit where the annual property tax bill was double the value of the house. People who lived in their houses for decades walked away from fully paid for houses.
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Old 04-01-2019, 12:39 PM   #29
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Re: What Gives With Housing ?


I thought the Tiny Home craze was filling the void?

The market, as it always does, will drive this... the banks are the ones loaning for the builds... if it's too big, no go... brings what's being built in mass back down a notch...

What we're seeing is McMansion "options" becoming the new selling points in homes with less than McMansion SF... especially in the flip community... becoming more expected...

Rentals are going up in price but so is the level of quality of the rental...
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Old 04-01-2019, 05:59 PM   #30
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Re: What Gives With Housing ?


Quote:
Originally Posted by KAP View Post
I thought the Tiny Home craze was filling the void?

The market, as it always does, will drive this... the banks are the ones loaning for the builds... if it's too big, no go... brings what's being built in mass back down a notch...

What we're seeing is McMansion "options" becoming the new selling points in homes with less than McMansion SF... especially in the flip community... becoming more expected...

Rentals are going up in price but so is the level of quality of the rental...
Got to disagree on the rentals, they still are pretty ****y and they're getting outrageous money for them. I feel bad about some of the rent I get. LOL

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