|
United States5162 Posts
On November 02 2011 23:37 Manifesto7 wrote:Show nested quote +On November 02 2011 23:32 Myles wrote:
LOL at everyone losing their mind at a 65k house. House prices in FL have plummeted due to high supply leftover from the recent housing boom. A lot of houses were built/bought as an investment thinking that prices would continue going up at a ridiculous pace(for ex. my parents house was built for 60k in 1985, appraised at 300k in 2006, now it's less then 100k) and now people just want them off their hands. Don't know why you say LOL. For most areas housing prices haven't gone that way. You are the anomaly, not the norm.
I just thought it was funny. It may be the exception nationwide, but around here it's completely normal.
On November 02 2011 23:39 Probe1 wrote:
What part of Florida are you referring to Myles. They certainly haven't fallen that much here in Tallahassee.
Ft. Myers area.
|
On November 02 2011 23:50 Aphasie wrote:Show nested quote +On November 02 2011 23:39 Sm3agol wrote:On November 02 2011 23:25 Aphasie wrote:
What? How? You spent 65k on a 1300 sq. ft. house? Things like this blow my mind.
I bought my first apartment (relatively) central in Oslo, Norway this winter at the nifty price of 227k and it has only 350 sq. ft. Its considered a cheap appartment (moderate standard / proximity to city center) here in Oslo. Sometimes the differences across the pond amaze me. (Even though i assume apartments are cheap cuz of the crash/slump in the american economy). 0_o If you don't mind me asking, what is your income level? The reason mine was so cheap is because there is a huge glut of houses in Jacksonville(FL in general, actually, but Jack is very "bad"), due to way too many houses being built during the boom. 4 years ago this same house had a value of $180k. It still is worth close to that, imo, but value is what people are going to pay, not what it is worth. And if there's people desperate to sell a 2000 sq ft house built in 2009 for $180k, then no one is going to buy a 1300 sq ft 1993 house for $180k. Hopefully in 10-15 years the prices are more or less back to normal. My income is fairly low. Im a student working part time 2-3 days a week, which nets me about 20k a year and i get 14k a year as a student loan. The only reason i could buy it was that my parents gave me an advance on my inheritance, 135k and my mother co-signed on my loan on the rest (which i pay). On the remaning 90k i pay about 400USD a month on a 3,7%/30 year loan.
Ouch! I was expecting a little more than that. So are housing prices are super high, and income hasn't caught up with it, or has it always been that way? I don't really follow housing prices elsewhere, obviously, although I've heard that in places like NYC/LA/Milwaukee etc they are pretty ridiculous. I really haven't heard anything about European prices until now.
I make quite a bit more than that, I fall well below the recommended "housing shouldn't cost you more than 25% of what you make" advice that I've heard.
|
On November 02 2011 22:43 MrBitter wrote:Super grats to the OP. I remember buying my first house. It was before the whole real estate bubble bursting. Like, three weeks before. fml. 
Wtf is it normal for people to buy multiple houses or houses in that young age? i mean in the usa.
Cause here in germany you cannot afford a house before you hit your 40 i would say. lucky bastards 
EDIT: I forgot the most important: CONGRATULATIONS!! *highfive*
|
my god thats cheap, shows what the banks in America will lend comapred to the uk, bought my first house a year ago and needed at LEAST 25% had to put down £30,000 deposit for a value of £120,000. Even then about 3-4 companies wouldnt lend and both me and my partner worked full time....
|
On November 02 2011 23:35 nvs. wrote:
So cheaaaap. A tiny house around here (Vancouver Canada) is minimum 350,000 for a sweatbox. T.T
yup same here in Southern California....property bubble bursts....prices drop...from 500k to 350k. still expensive here lol
|
On November 03 2011 00:05 LayZRR wrote:Show nested quote +On November 02 2011 22:43 MrBitter wrote:Super grats to the OP. I remember buying my first house. It was before the whole real estate bubble bursting. Like, three weeks before. fml. Wtf is it normal for people to buy multiple houses or houses in that young age? i mean in the usa. Cause here in germany you cannot afford a house before you hit your 40 i would say. lucky bastards
Not really. Basically none of my friends my age have houses. And I'm not that young, I'm 26. I have a decent job, plus I've been saving a crap-load of money since my freshman year of high school. I've bought all of my cars with straight cash, with the exception of my last, which I got a small loan for just to get some credit, and paid it off as soon as I could without losing all the credit you get for that(one year). I'm also a cheap bastard, and don't spend money on anything but video games and music lessons.
On November 03 2011 00:07 Tommylew wrote:
my god thats cheap, shows what the banks in America will lend comapred to the uk, bought my first house a year ago and needed at LEAST 25% had to put down £30,000 deposit for a value of £120,000. Even then about 3-4 companies wouldnt lend and both me and my partner worked full time....
It's basically the same here, I'm just fortunate in that I have good credit. I have several friends having a lot of trouble getting financed for any loans because they missed a few car payments/ couldn't pay a medical bill/etc. If you have any "flags" on your credit history, you're screwed.
|
In the Southeast, property prices have been super low for a very long time.
Last August a bought a small place (about 1200 sq ft) with two bedrooms and a single bathroom for $21,000.
Just using it as a rental right now, but at $600/month the place will pay for itself very quickly.
Obvoiusly property value changes a lot based purely on where you are in the country, but I know of several properties around Georgia that are amazing steals.
My first home I bought for $140k prior to the bust. Now it's probably worth between $60-80k.
Definitely a buyers market.
|
I realize you guys are probably pretty careful about this, but it would probably be for the best if you guys reduced the amount of information you're handing out. At the least make it more vague.
|
On November 02 2011 23:59 Sm3agol wrote:Show nested quote +On November 02 2011 23:50 Aphasie wrote:On November 02 2011 23:39 Sm3agol wrote:On November 02 2011 23:25 Aphasie wrote:
What? How? You spent 65k on a 1300 sq. ft. house? Things like this blow my mind.
I bought my first apartment (relatively) central in Oslo, Norway this winter at the nifty price of 227k and it has only 350 sq. ft. Its considered a cheap appartment (moderate standard / proximity to city center) here in Oslo. Sometimes the differences across the pond amaze me. (Even though i assume apartments are cheap cuz of the crash/slump in the american economy). 0_o If you don't mind me asking, what is your income level? The reason mine was so cheap is because there is a huge glut of houses in Jacksonville(FL in general, actually, but Jack is very "bad"), due to way too many houses being built during the boom. 4 years ago this same house had a value of $180k. It still is worth close to that, imo, but value is what people are going to pay, not what it is worth. And if there's people desperate to sell a 2000 sq ft house built in 2009 for $180k, then no one is going to buy a 1300 sq ft 1993 house for $180k. Hopefully in 10-15 years the prices are more or less back to normal. My income is fairly low. Im a student working part time 2-3 days a week, which nets me about 20k a year and i get 14k a year as a student loan. The only reason i could buy it was that my parents gave me an advance on my inheritance, 135k and my mother co-signed on my loan on the rest (which i pay). On the remaning 90k i pay about 400USD a month on a 3,7%/30 year loan. Ouch! I was expecting a little more than that. So are housing prices are super high, and income hasn't caught up with it, or has it always been that way? I don't really follow housing prices elsewhere, obviously, although I've heard that in places like NYC/LA/Milwaukee etc they are pretty ridiculous. I really haven't heard anything about European prices until now. I make quite a bit more than that, I fall well below the recommended "housing shouldn't cost you more than 25% of what you make" advice that I've heard.
It certainly doesnt work like that in Oslo. I guess on avg. a house cost 3-5 times the annual income of the household. The reason is that nobody wants to build (i.e. gets approval) high buildings. The city is mainly divided on an east/west axis where there workingclass lives in the east and thats the only place they build more houses, further raising housing on the west side and/or city center. Basically the only way to get into the market is getting money from parents (not that usual) or buying a small place like mine with an avg. income (i think the avg. income in oslo is around 70-80k/year) and then starting to build a bank from there. One of the main reasons that it works out this way is that prices are incredibly stable and that the rise in population far exceeds the building of new houses.
|
just the value of the homes is what is suprising me the lowest in bad places where ive been looking in the UK the lowest for a complete rundown is £70,000 - 80,000 in uk money.. lol
Looking at Cardiff now most are going between 80-110k for a basic 2 bedroom no frills house and theya re in nasty areas...
|
On November 03 2011 00:30 foom wrote:
I realize you guys are probably pretty careful about this, but it would probably be for the best if you guys reduced the amount of information you're handing out. At the least make it more vague.
What kind of information that I gave out could be used against me?
|
Man I wish the Swedish market would bust. Well, I don't really but I kind of do. If I didnt have to consider anyone else, I'd hope it busts.
If I want a house in decent vicinity of the city I live in (115000 people) I'm looking at 450k USD.
|
Wow. With prices like that I will be moving to Jacksonville soon. A similar house here would cost a minimum of 300k. Congrats!
|
Katowice25012 Posts
Congrats! Sounds fun
|
Man, I need to move out of the big city... I'm paying more than double your mortgage for a ~1150 square foot (107 square meter) apartment in Düsseldorf.
Congrats on your first house, that's a great achievement!
|
Remember to build your own bar. Looking nice, congrats!
|
65k? Jesus. So cheap. Nice find.
|
On November 03 2011 00:30 foom wrote:
I realize you guys are probably pretty careful about this, but it would probably be for the best if you guys reduced the amount of information you're handing out. At the least make it more vague.
Lol wtf?
congratulations! Great to see your financial responsibility paying off like this
|
On November 03 2011 00:25 MrBitter wrote:
In the Southeast, property prices have been super low for a very long time.
Last August a bought a small place (about 1200 sq ft) with two bedrooms and a single bathroom for $21,000.
Just using it as a rental right now, but at $600/month the place will pay for itself very quickly.
Obvoiusly property value changes a lot based purely on where you are in the country, but I know of several properties around Georgia that are amazing steals.
My first home I bought for $140k prior to the bust. Now it's probably worth between $60-80k.
Definitely a buyers market.
Wow that's the price of a car here in France (21k), even 140k for a house is incredibly low for me, that's not even the price of an appartment here.
|
Where I come from, a proverb exists:
There are three things for a man to achieve in his life:
- build a house
- become a father
- plant a tree
Since building a house with one's bare hands is kinda outdated, I think buying one will fulfill that condition completely. And that's by far the hardest step imo. You're on the best way to become a real man =)
Also, congratz on that deal.
|
|
|
|
|
|
EPT
