Topic: We hit the Big Time!! (Housing thread)

[754]

 
Well I am not that happy about it..


Our town Kelowna BC has been rated as the most unnaffordable place to live in Canada!!.. This mean that housing prices in relation to average income are the highest in this country.   


And perhaps worse yet, we are rated 13th  (in the world I think) which is based on resullts out ofof 6 different countries..


 So how bad are things where you live ??

[Jonesy]

Come to southeastern Michigan. There's such a glut of houses for sale and with the average prices falling like a rock due to all of the foreclosures, it seems like homes can be bought for pennies on the dollar....

[mark]

It's going to hell in a bucket.

I bought the place because it was at the end of a road that doesn't go anywhere, and the price was reasonable.

The next-door neighbor(hundreds of acres with a nice view) is older than God, and his kinfolks are known to prefer townhouses and golf courses over the old man's cows.  They would be more than happy to build a 'somewhere' for my road to go to. Sucking my well dry to water another golf course probably wouldn't bother them much.

The place across the road, a secluded country hideaway with an awesome view, got bought by a multi-gazillionaire whom I shall not name. He could kill the golf course in a heartbeat, if so inclined. I hope he is.

Anyhow, much to my dismay(okay, and maybe some serious fiscal gain), my little piece of nowhere has become an upscale neighborhood.

dammit.

 

[HITMAN]

A nice quiet little hood originally built in the 20's, where every house had a double lot.  In 97' most of the 'rentals' were finally sold, and with owners in the houses it really cleaned up.  BBQ, beer and football in the street, it was great.  Then the WHOLE neighborhood started developing (main street 2-blocks away included) and the property values shot up.

Now everyone is selling, sub-dividing, building.  The values are still going up here, but so are the property taxes.  Most of the people buying and moving in are not as friendly as used to be 10-20 years ago, and of course crime is slowly creeping up.

Now with previous mortgages (variable) falling on their face, all the new people that bought in a couple years ago are bailing cheap and the values are starting to get stale.

The last 5-years the value of my house went up 80K!!!  Now it could go back down.

[333]

Good and bad,  depending on your point of view.  Northern Virginia, inside the Washington D.C. Beltway.  The house was built in '54, my parents bought it new.  Real brick construction, real plaster walls.  Price in '54- $18,000.  Price today- in the mid to upper $600,000s.

So, (re)developers are buying up these homes, and tearing them down.  They then build a house 3 times the size. They started out asking 1.8 to 1.9 m.  Then the housing market took a downturn, but they're still getting 1.5m.

Makes me sick.

[BobbyR]

From what I am reading you guys bought well and are well fixed. 

[Terry in Australia]

Here in Oz, housing prices are rising at a scary rate. I bought my house in Melbourne's northern suburbs for $205,000 in 2001, and last year the house next door (similar design to mine but smaller, with no side-driveway or garage, on a smaller allotment) sold immediately for $340,000.

I'm guessing mine would go for closer to $400,000, which is nice to think that I'm ahead by quite a margin, but it doesn't bode well for my two sons, who at the rate that real estate is increasing in price, may never be able to comfortably afford their own properties. So much for the dream of owning your own little corner of the world. Cheers, Terry.

[BobbyR]

I heard the same thing when I was young. People figured that we would never own a decent home. Every generation feels that all the best deals are gone. Prices adjust to the market and salaries rise also. My Firebird cost 6K, I was making 20K. The Firebird will cost more today but even at 30K it would be a lower percentage of my income. There is hope for your Sons and mine.

[Terry in Australia]

Well I hope so Bobby, the sooner they move out and get their cars outta my driveway so I can get my bikes out, the better! Cheers, Terry.

[BobbyR]

I hear ya!!!!!!!!!!!!!!!

[firecracker]

Move to Oklahoma.  As with everything else, YMMV, but it seems most new homes are going for about $100 per square foot.  Less if you live outside town.

I'm in a college town, so housing never slows down.  The only drawback is, it's SO cheap here, you could never afford to move away.  Hmmm, think they planned it that way?

 


Here's my wife's favorite website:

http://www.openhouseok.com/wc.wwt?ohok~showcity~&city=norman&state=ok

click on one of the column headings to change the sort (i.e. sort by square footage, etc.)

[Terry in Australia]

What a great site! Those houses are nice (and cheap) too, I think I'm gonna emigrate! Who wants me to move in next door?

[754]

Around here a house that was around 180K, say 10-12 yrs ago is at least 500 K..

.......and probably would have sold for 250K  4 or 5 yrs ago...

..pretty hard for a young couple to get into a house now...



.. a broken down unihabitable crackshack in a rough neighborhood will probably bring.. 300 K..!!..

[Terry in Australia]

I take it that a "crackshack" isn't much like a "loveshack"?

[firecracker]

What a great site! Those houses are nice (and cheap) too, I think I'm gonna emigrate! Who wants me to move in next door?

Come on over!  I could use a neighbor that could help with my wiring...   

[malcolmgb]

Well I hope so Bobby, the sooner they move out and get their cars outta my driveway so I can get my bikes out, the better! Cheers, Terry.

have you tried changing the locks Terry 

[Terry in Australia]

Well I hope so Bobby, the sooner they move out and get their cars outta my driveway so I can get my bikes out, the better! Cheers, Terry.

have you tried changing the locks Terry 

Nah, I'm not allowed to mate, "her inside" would rather have the boys at home and kick me out!

[FunJimmy]

Kelowna has been getting outta hand for quite some time now.
Probably something to do with having the BEST wine region in North America!

My little Vancouver neighborhood has ballooned over the last 5 years too.
Whistler 2010 Winter Olympics have influenced the whole region.
Deals to be had in 2011!

Anyone coming up for the winter games?


Jimmy