Cha-ching!!!
05-12-2005, 11:35 AM
#1
Race Director
Thread Starter
Cha-ching!!!
Home ownership has been the best investment i've ever made. My house which I bought for 260k last September is, according to my realtor, is now worth about 300k!!
http://money.cnn.com/2005/05/12/real...ex.htm?cnn=yes
http://money.cnn.com/2005/05/12/real...ex.htm?cnn=yes
In the Northeast, prices rose 14.0 percent.
05-12-2005, 11:39 AM
#3
Outnumbered at home
Yup mine is up about 100k over what i paid for it. Problem is that I can't sell it because unless I move about 50 miles to the middle of nowhere I can't afford anything around here.
Great that my home went up but moving up to a larger house is not getting any easier
Great that my home went up but moving up to a larger house is not getting any easier
05-12-2005, 11:40 AM
#4
Race Director
Thread Starter
Originally Posted by 95gt
Yup mine is up about 100k over what i paid for it. Problem is that I can't sell it because unless I move about 50 miles to the middle of nowhere I can't afford anything around here.
Great that my home went up but moving up to a larger house is not getting any easier
Great that my home went up but moving up to a larger house is not getting any easier
05-12-2005, 11:52 AM
#6
Administrator Alumnus
Originally Posted by zeroday
Home ownership has been the best investment i've ever made. My house which I bought for 260k last September is, according to my realtor, is now worth about 300k!!
http://money.cnn.com/2005/05/12/real...ex.htm?cnn=yes
http://money.cnn.com/2005/05/12/real...ex.htm?cnn=yes
Welp... You gotta hold on to it for two years or you'll be required to pay taxes on the money you receive from the sale.
And until you sell and actually realize those gains... You haven't made shit.
05-12-2005, 11:58 AM
#7
Race Director
Thread Starter
Originally Posted by Scrib
Welp... You gotta hold on to it for two years or you'll be required to pay taxes on the money you receive from the sale.
And until you sell and actually realize those gains... You haven't made shit.
And until you sell and actually realize those gains... You haven't made shit.
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05-12-2005, 01:40 PM
#9
Team Owner
I paid 90k for my place in 97. I see simliar houses in the devlepment now listing over 260k.
It really doesn't matter though. Because if you want to sell the house you still need someplace to live and those houses are inflated too.
It really doesn't matter though. Because if you want to sell the house you still need someplace to live and those houses are inflated too.
05-12-2005, 01:49 PM
#10
is learning to moonwalk i
Originally Posted by Scrib
Welp... You gotta hold on to it for two years or you'll be required to pay taxes on the money you receive from the sale.
And until you sell and actually realize those gains... You haven't made shit.
And until you sell and actually realize those gains... You haven't made shit.
(sorry, but I felt a BM coming and figured this was as good a place as any to dump it)
05-12-2005, 02:19 PM
#11
Kenpachi Teichou
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haha you guys should come to california. if i could afford to buy a house I would make well over $100k in a year (pure profit). shit is sky rocketing... totally insane.
but that's cool cause i'll never ever ever be able to buy a house out here.
but that's cool cause i'll never ever ever be able to buy a house out here.
05-12-2005, 03:38 PM
#12
Race Director
Thread Starter
Originally Posted by doopstr
I paid 90k for my place in 97. I see simliar houses in the devlepment now listing over 260k.
It really doesn't matter though. Because if you want to sell the house you still need someplace to live and those houses are inflated too.
It really doesn't matter though. Because if you want to sell the house you still need someplace to live and those houses are inflated too.
3700sq ft, 285k
http://www.realtor.com/FindHome/Home...1&lnksrc=00001
05-12-2005, 04:31 PM
#13
Originally Posted by zeroday
05-12-2005, 04:54 PM
#14
Team Owner
05-12-2005, 09:16 PM
#15
Houses Won't Depreciate?
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Originally Posted by zeroday
Home ownership has been the best investment i've ever made. My house which I bought for 260k last September is, according to my realtor, is now worth about 300k!!
http://money.cnn.com/2005/05/12/real...ex.htm?cnn=yes
http://money.cnn.com/2005/05/12/real...ex.htm?cnn=yes
05-12-2005, 10:23 PM
#16
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Originally Posted by zeroday
That's fishy.
05-13-2005, 08:59 AM
#17
Masshole
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Originally Posted by KavexTrax
what the fudge? Drug repo? IRS repo?
That's fishy.
That's fishy.
Not fishy, it's just that real estate in many areas of TX is ridiculously cheap.
05-13-2005, 09:35 AM
#20
Team Owner
Maybe because the best job you can get there is cow shit flinger? 
05-13-2005, 10:08 AM
#22
Race Director
Thread Starter
Originally Posted by doopstr
Maybe because the best job you can get there is cow shit flinger?
05-13-2005, 10:11 AM
#24
Luke 1:37
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Now that I got my new car, I'm starting to save for a downpayment on a house/condo/town house/apt just for this reason. Real Estate is the best investment!
05-13-2005, 10:24 AM
#25
Houses Won't Depreciate?
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Originally Posted by virtualbong
Real Estate is the best investment!
And with increasing mortgage interest rates, the investment will not be as good as it was 2 years from now.
05-13-2005, 10:29 AM
#26
Houses Won't Depreciate?
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05-13-2005, 10:45 AM
#27
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Originally Posted by zamo
Long term, yes. Just do not think that what has happened in the last 4 years will continue to happen forever. It can stop 1 year from now and continue flat for the next 10 years (look what happened between 1990 and 1999).
And with increasing mortgage interest rates, the investment will not be as good as it was 2 years from now.
And with increasing mortgage interest rates, the investment will not be as good as it was 2 years from now.
And, of course, once you sell your house, then you have to - buy another. Only way to beat the system is to buy a house that increases in value because of changing values related to the neighborhood - "gentirification" - buy in a "marginal" neighborhood and ride the crest of value increase as the place gets yuppified..................
Our broker tells me that the local market is geting overheated a bit because of the threats of increase mortage costs; folks are running to buy or switch housing while they can................
05-13-2005, 10:56 AM
#28
Race Director
Thread Starter
Originally Posted by ric
The market is also uneven in the growth spikes - depending upon location, location, location. There will be those inequities between housing driven by the supply-demand matrix, and it can work for or against you.
And, of course, once you sell your house, then you have to - buy another. Only way to beat the system is to buy a house that increases in value because of changing values related to the neighborhood - "gentirification" - buy in a "marginal" neighborhood and ride the crest of value increase as the place gets yuppified..................
Our broker tells me that the local market is geting overheated a bit because of the threats of increase mortage costs; folks are running to buy or switch housing while they can................
And, of course, once you sell your house, then you have to - buy another. Only way to beat the system is to buy a house that increases in value because of changing values related to the neighborhood - "gentirification" - buy in a "marginal" neighborhood and ride the crest of value increase as the place gets yuppified..................
Our broker tells me that the local market is geting overheated a bit because of the threats of increase mortage costs; folks are running to buy or switch housing while they can................
yuppification is happening in my neighborhood; which is partly responsible for the price increases IMO. The neighborhood was mostly elderly folks up until very recently (development was built in the early sixties) and the old folks are moving on in one way or another, being replaced by yuppies like me...and almost all of them are fixing up their houses; new windows, new driveways, additions, etc etc...you can tell it's going to keep improving...something that didn't happen for the most part until the old folks started moving out.
Last edited by zeroday; 05-13-2005 at 10:59 AM.
05-14-2005, 12:47 AM
#29
Drifting
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Unsustainable...but buying a home still beats out renting...as long as you afford the mortgage payment.
I bought my townhome last August...its up $80k...obviously that trend wont continue. But I live In california..where its a high demand area and it keeps growing. You got a 10 to 1 ratio in most areas (Buyers to Sellers). Last year my area had 18% appreciation on average. If it only appreciates at a rate of 6% this year...i pretty much break even this year.
Where else are you going to get that rate of return, without being an insider? I also enjoy my townhouse and would not mind living here for at least 5 years..so Im not looking at ias an investment.
And yeah...like someone else said..long term you always do well in real estate...depending on location/condition of the property of course. People who think short term are the ones that might get into trouble.
I bought my townhome last August...its up $80k...obviously that trend wont continue. But I live In california..where its a high demand area and it keeps growing. You got a 10 to 1 ratio in most areas (Buyers to Sellers). Last year my area had 18% appreciation on average. If it only appreciates at a rate of 6% this year...i pretty much break even this year.
Where else are you going to get that rate of return, without being an insider? I also enjoy my townhouse and would not mind living here for at least 5 years..so Im not looking at ias an investment.
And yeah...like someone else said..long term you always do well in real estate...depending on location/condition of the property of course. People who think short term are the ones that might get into trouble.
05-14-2005, 04:09 AM
#30
Moderator Alumnus
Originally Posted by oneilc
haha you guys should come to california. if i could afford to buy a house I would make well over $100k in a year (pure profit). shit is sky rocketing... totally insane.
but that's cool cause i'll never ever ever be able to buy a house out here.
but that's cool cause i'll never ever ever be able to buy a house out here.
Looks like your market is cooling down...
http://www.signonsandiego.com/news/b...13housing.html
05-23-2005, 01:43 AM
#32
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i kno this rich snob who makes about a million a year selling real estate down in san diego....fool is 21 and owns a 02 911 turbo and a 03 m3, both on 3,000 dollar rims, plus 2 fat properties, fool didnt even go to college
why cant i be this lucky
why cant i be this lucky
05-23-2005, 08:54 AM
#33
Houses Won't Depreciate?
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Originally Posted by Liftedoff420
i kno this rich snob who makes about a million a year selling real estate down in san diego....fool is 21 and owns a 02 911 turbo and a 03 m3, both on 3,000 dollar rims, plus 2 fat properties, fool didnt even go to college
why cant i be this lucky
why cant i be this lucky
If he knows how to continue a succesful business, he will win. Real State is booming right now, who knows what will happen in 1 or 2 years. I will diversify my investments rather than betting them all in real state.
05-23-2005, 08:56 AM
#34
Rooting for Acura
iTrader: (1)
Originally Posted by Zapata
i would never live in texas.................
It's some nice livin' out here (Central TX at least).
And if you miss the 'big city' just drive down to H town or up to Dallas.
05-26-2005, 01:27 PM
#35
Safety Car
my bro bought a new construction townhouse for 405K and now they are going for 490K and the house hasn't even been built yet. He can easily sell the house now and make loads of money.
This is getting real crazy, it needs to stop so that I can afford a place in the near future.
This is getting real crazy, it needs to stop so that I can afford a place in the near future.
06-17-2005, 11:29 PM
#36
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Originally Posted by zeroday
Home ownership has been the best investment i've ever made. My house which I bought for 260k last September is, according to my realtor, is now worth about 300k!!
Only problem is that everything around here also apreciated at that rate, so it's only worthwhile selling if we move the family out of CA. There's no better place than home...
06-21-2005, 10:08 PM
#38
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Originally Posted by zamo
I thought that in Austin were good high-tech positions/
The cost of housing on the East/West Coast is horrendous. How in the blue hell do people save up just for the down payment for homes that cost over 200k? My hats are off to you. The East coast looks beautiful but I'll keep my arse in Texas. Sure its hot as hell but it's still cheap.
06-21-2005, 11:51 PM
#39
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Well a lot of buyers just trade up, which in essense offsets the cost of the downpayment as they are making money off their sold home. For example one of the guys at work sold his house for $400K and then moved into a $500K home. He only owes $100K on the new one so his mortgage isn't very high.
Everytime I watch the weather channel it seems texas is like 110 degrees at 9PM! A few other bad things I've noticed is the tornados in the north, hurricanes that reach the gulf, and the worst traffic in the country. Also since the state is so large it is a very large drive just to reach another major city. That is what is so convenient about the northeast, within 3 hours I can be in Boston, Providence, Hartford, and New York City. If the winters weren't so awful here I wouldn't be moving, but it is just so depressing from October - March.
Everytime I watch the weather channel it seems texas is like 110 degrees at 9PM! A few other bad things I've noticed is the tornados in the north, hurricanes that reach the gulf, and the worst traffic in the country. Also since the state is so large it is a very large drive just to reach another major city. That is what is so convenient about the northeast, within 3 hours I can be in Boston, Providence, Hartford, and New York City. If the winters weren't so awful here I wouldn't be moving, but it is just so depressing from October - March.
06-22-2005, 08:49 AM
#40
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Yeah, Hartford and Providence are "major" cities.
Apparently, Texans are among the happiest people in the country. Can't be the weather nor the traffic in the big cities. Must be the vibrant job market, at least in the Austin area.
I wouldn't move to Texas though.
Apparently, Texans are among the happiest people in the country. Can't be the weather nor the traffic in the big cities. Must be the vibrant job market, at least in the Austin area.
I wouldn't move to Texas though.