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View Poll Results: How much has the value of your house dropped from the top of the bubble?
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Not at all. In fact, it's gone up
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9 |
6.38% |
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It's worth about the same now as it was then.
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17 |
12.06% |
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Down less than 10%
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23 |
16.31% |
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Down between 10% and 25%
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56 |
39.72% |
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Down between 25% and 50%
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32 |
22.70% |
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Down more than 50%
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4 |
2.84% |
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09-07-2010, 12:25 AM
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#21
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,860
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 Quote:
Originally Posted by M Paquette
Meh. It's down substantially from the peak, but still about three times what I payed for it. Invest for the long run.... ;-)
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Quote:
Originally Posted by mickeyd
I voted but my answer is "Don't know. Don't care." I do not plan on moving for many years and I gotta live some place, so here it is.
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Pretty much the same situation here. We bought at what turned out to be the trough of a decade-long housing slump (Aug 2000) and we subsequently couldn't afford to buy this place during most of the last decade, let alone today.
But it's mostly dead equity, and I think that's only moved down about 10% in the last few years. I think our rental property has held up better, and at today's assessment it tracks 20 years of inflation. Nice to see the drop in property taxes, but if the city council raises the millage rate then the next jump in real estate values will have a disproportionately higher jump in property taxes. At 3.65 mills, though, I'm not complaining.
Just filed for Hawaii's new photovoltaic property-tax exemption. We'll see how that pans out.
We've also been refinancing as fast as we can get the paybacks from the last refi. We're still mulling over whether to refi our current homeowner rate of 4.5%. We could jump on 4% at 1.5 points now, or 4.25% at 0.5 points, but rates still seem to be soft.
__________________
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Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
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09-07-2010, 05:55 AM
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#22
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Feb 2006
Location: Washington, DC
Posts: 11,331
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I don't know for sure. I selected > 10% since prices for similar houses near me seem about that far off what they were selling for at the peak. But it could be closer to 15%
__________________
Idleness is fatal only to the mediocre -- Albert Camus
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09-07-2010, 06:12 AM
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#23
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
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We are down about a hundred grand from what it was allegedly worth at the peak. Even though I contemplate selling in a 3 or 4 years, I don't really care. Rapidly amortizing the mortgage and we will swap for another house of similar value when the time comes. Still worth about 20% more than what we paid 8 years ago. Of course, let's not fail to mention the bathroom and kitchen renovations, the need to insulate and vent the attic, the $3k plumbing repair we just did, etc. This is a place to live, that is it.
__________________
"All animals are equal, but some animals are more equal than others."
- George Orwell
Ezekiel 23:20
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09-07-2010, 09:34 AM
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#24
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,860
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Quote:
Originally Posted by brewer12345
... the $3k plumbing repair we just did, etc. This is a place to live, that is it.
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Ouch. Did I miss that post? What happened?
__________________
*
Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
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09-07-2010, 09:51 AM
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#25
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
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Quote:
Originally Posted by Nords
Ouch. Did I miss that post? What happened?
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Its a 1951 vintage house. Generally well built, but it has been 60 years. So the main drain pipe that drains the upstairs bathroom and the kitchen into the sewer connection finally went. The good news is that they did not have to rip up the bathroom and kitchen to get to it. The bad news is that they had to pull off siding, insulation, and boards from the side of the house, replace the pipe, and put it al back together. Nature of the beast with a 60 YO house. At least we had competent contractors/plumbers we have used for other jobs.
__________________
"All animals are equal, but some animals are more equal than others."
- George Orwell
Ezekiel 23:20
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09-07-2010, 11:54 AM
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#26
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Thinks s/he gets paid by the post
Join Date: Oct 2006
Posts: 4,629
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Quote:
Originally Posted by mickeyd
I voted but my answer is "Don't know. Don't care." I do not plan on moving for many years and I gotta live some place, so here it is.
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ditto.
I do notice the listing prices on houses around mine, so I think I have a decent idea, but I really don't care. I live in it. If I move I'll have a sale and a purchase, so market movements aren't very important.
My vote was "no change". I live in a small town in Iowa that didn't catch the bubble.
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09-07-2010, 12:42 PM
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#27
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Thinks s/he gets paid by the post
Join Date: Apr 2007
Location: west bloomfield MI
Posts: 2,223
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Bought new construction $352k in 2005
just appraised for $262k today
refi to 4.25% was reason for appraisal.
__________________
Light travels faster than sound. That is why some people appear bright until you hear them speak. One person's stupidity is another person's job security.
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09-07-2010, 01:23 PM
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#28
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 7,677
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Having sold our townhouse and our SFH prior to the bubble bursting, we only hold our snowbird property in PV. It is down between 10% and 25% since we bought it in 2007 (ignoring exchange gains). We spend 7 months there each year and we are not going to sell it. Its market value might be an issue with our heirs.
For others who bought their vacation properties for speculative profits, there is plenty of suffering going on. There are 5300 properties for sale and YTD sales are only 300. And rentals are down because of 1) supply, and 2) fear of getting killed in Mexico. The first is real and the second is propaganda. But they both serve to depress the market for rentals.
__________________
For the fun of it...Keith
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09-07-2010, 01:49 PM
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#29
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gone traveling
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,851
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Quote:
Originally Posted by mickeyd
I voted but my answer is "Don't know. Don't care." I do not plan on moving for many years and I gotta live some place...
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Yup  ...
PS: I didn't vote - option not available...
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09-07-2010, 05:46 PM
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#30
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Recycles dryer sheets
Join Date: Jun 2004
Posts: 168
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Our home has gone down about 25%, but somehow with additional fees our property tax went up. What a crock of s..t.
__________________
Of all tyrannies a tyranny sincerely exercised for the good of its victims may be the most oppressive. It may be better to live under robber barons than under omnipotent moral busybodies, The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for own good will torment us without end, for they do so with the approval of their own conscience.
C.S. Lewis
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09-07-2010, 06:26 PM
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#31
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jun 2005
Posts: 10,252
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Our prop taxes have gone down because there are more homes in the area, so costs are spread out over more homeowners.
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09-07-2010, 07:20 PM
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#32
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Recycles dryer sheets
Join Date: Aug 2009
Location: Frederick
Posts: 333
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Mine is probably 40% less than the top of the bubble. All theoretical at this point but it still is worth 100k over what I paid for it in 1993.
__________________
I FIREd myself at start of 2010!
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09-08-2010, 06:24 AM
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#33
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Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,358
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If I believed zillow.com, I'd have to say the value is down nearly 20%. However, that's based on the average of houses sold in the area, and our house is not at all typical, due to a number of factors. It's not a high end house by any means, just not like any other house in the neighborhood.
We have no interest in selling, but there's no doubt in my mind that when we do decide to move, we'll get a decent profit out of it.
__________________
I thought growing old would take longer.
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09-08-2010, 08:21 AM
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#34
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Location: St. Louis
Posts: 1,563
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Quote:
Originally Posted by RonBoyd
The house was bought for ~$22K in 1972.
Might not be worth more than that now.
In between? Don't know.
I live here.
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Must be in the rough area of Denver.
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09-08-2010, 09:12 AM
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#35
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Thinks s/he gets paid by the post
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,698
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Quote:
Originally Posted by LOL!
Our prop taxes have gone down because there are more homes in the area, so costs are spread out over more homeowners.
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I'm sure you're not living in Florida.
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09-08-2010, 09:49 AM
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#36
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2008
Posts: 6,506
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Don't know.
We bought the place 4 yrs ago, have not had a reason to find out current market value. No intention of selling in the foreseeable future.
__________________
There must be moderation in everything, including moderation.
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09-08-2010, 10:04 AM
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#37
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jun 2005
Posts: 10,252
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Here is another informative housing related article: http://www.nytimes.com/2010/09/08/bu...leonhardt.html
Is housing a luxury good and priced accordingly? Or is it a staple like food?
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09-08-2010, 10:13 AM
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#38
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,145
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Not sure in our development. They raised the prices earlier this year and have still sold new homes to be constructed.
Of course we added so many upgrades, that I'm not sure if we would get the money back on some of them. But we don't care. We built this house for us to enjoy.
Audrey
__________________
Retired since summer 1999.
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09-08-2010, 03:20 PM
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#39
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Thinks s/he gets paid by the post
Join Date: Feb 2004
Location: Mid Hudson Valley
Posts: 1,781
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Quote:
Originally Posted by kyounge1956
Whose house went down more than 50%? Ouch!
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Mine. Living at the beach we are feeling the extremes of both boom and bust. Adding salt to the wound, the county reevaluated taxes during the boom. But around here we're used to the salt. 
__________________
In a panamax down by the river.
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09-08-2010, 03:23 PM
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#40
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Thinks s/he gets paid by the post
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,698
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If they lower the value they'll just raise the rate, you can't win.
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