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Re: Real estate-- calling the top.
Old 11-25-2005, 10:35 AM   #61
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Re: Real estate-- calling the top.

Quote:
Originally Posted by MRGALT2U
DW has started to scan the real estate ads lately
(she either caught the bug from me or is thinking of moving out)*

Anyway, she found a "fishing cabin" with 2 acres and river access
"remodeled" , about 600 SF, asking price.......35K.* I told her to
look up the realtor's website.* She did and I know right where
it is.* It's in the flood plain (could be why it's been remodeled).
Anyway, I'm going to look at it just for grins.* It's a lousy neighborhood, outside the city but convenient.* The other day she spotted a 2BR ranch in decent shape for 20K asking.* Again the
neighborhood was iffy, but outside the city and convenient.
She called.* It sold for 18K, and this was NOT a fixer-upper.
We wouldn't live in either of these, but you could hardly lose
buying and holding (or flipping) at those prices.

JG.*
In September 04, I paid $53,500 for a parking space in the lower basement parking level of my building.* * * *

As we don't own a car, the space rents for $360 a month.
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Re: Real estate-- calling the top.
Old 11-25-2005, 10:39 AM   #62
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Re: Real estate-- calling the top.

Quote:
Originally Posted by Honkie
As we don't own a car, the space rents for $360 a month.
No maintenance, tenants can't trash it-- the perfect rental property!
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Re: Real estate-- calling the top.
Old 11-25-2005, 10:41 AM   #63
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Re: Real estate-- calling the top.

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Originally Posted by Nords
No maintenance, tenants can't trash it-- the perfect rental property!
Correct.

And if they don't pay the rent I have them towed.
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Re: Real estate-- calling the top.
Old 11-25-2005, 12:12 PM   #64
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Re: Real estate-- calling the top.

A friend who is a real estate agent was bringing some motorcycle parts over to me a couple of days ago, and I asked him what our 1100 sq foot 3bf/1ba house on a 25x120' lot was going for these days, and he said $650-700K.

That's so stupid.

We're 3 blocks from the ocean and 2 blocks from Golden Gate park, but it is far from being a ritzy neighborhood. But I suspect that San Francisco properties are likely to stay highly valued (even if they slump a bit) just due to the scarcity. In a 7x7 mile city, there just isn't much space, and no where to expand into.

Has anyone noticed how tortured the styling is on so many of the McMansions? How can people stand to live in such ugly places?

We wouldn't mind having more space in the house, but 2000-2500 sq ft would probably be just fine. If I could double the garage space to then I could get out of my rented warehouse space and have everything handy to me here at home.

Comparing real estate prices/values/properties in different parts of the country is an amusing pastime.

cheers,
Michael
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Re: Real estate-- calling the top.
Old 11-25-2005, 01:12 PM   #65
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Re: Real estate-- calling the top.

I sold in Seattle in mid-October. I think I got about as close to (this) top as I could get!

Of course the next timing bit of magic would be to know when to get back in...
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Re: Real estate-- calling the top.
Old 11-25-2005, 01:33 PM   #66
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Re: Real estate-- calling the top.

Quote:
Originally Posted by The Other Michael
A friend who is a real estate agent was bringing some motorcycle parts over to me a couple of days ago, and I asked him what our 1100 sq foot 3bf/1ba house on a 25x120' lot was going for these days, and he said $650-700K.

That's so stupid.

We're 3 blocks from the ocean and 2 blocks from Golden Gate park, but it is far from being a ritzy neighborhood.* But I suspect that San Francisco properties are likely to stay highly valued (even if they slump a bit) just due to the scarcity.* In a 7x7 mile city, there just isn't much space, and no where to expand into.

Has anyone noticed how tortured the styling is on so many of the McMansions?* How can people stand to live in such ugly places?

We wouldn't mind having more space in the house, but 2000-2500 sq ft would probably be just fine.* If I could double the garage space to then I could get out of my rented warehouse space and have everything handy to me here at home.

Comparing real estate prices/values/properties in different parts of the country is an amusing pastime.

cheers,
Michael
Yep, it's amusing. In our area, unless you were on the water or the house was unusually fancy, it could go for under 100K.

JG
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Re: Real estate-- calling the top.
Old 11-25-2005, 11:25 PM   #67
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Re: Real estate-- calling the top.

Quote:
Originally Posted by The Other Michael
A friend who is a real estate agent was bringing some motorcycle parts over to me a couple of days ago, and I asked him what our 1100 sq foot 3bf/1ba house on a 25x120' lot was going for these days, and he said $650-700K.
Other Michael,
Unless you can bear living anywhere else, then you just have to be part of the insane SF prices.

My brother and his wife rent out their SF properties and live now in Mt Shasta. Apparently a lot of Bay Area types have made the move, too, but it's pickup and chainsaw country, so it won't be a fit for every San Franciscan. What about Portland? I doubt you could move into a bigger house anywhere in the Bay Area and save money, though. Can you add square footage where you are through a remodelling job?

I have been noodling around an idea that certain cities will 'demographically specialize' during the decades ahead. Sure young families won't necessarily find SF or NYC congenial, but these cities will specialize in being places where creative class professionals love to be and will pay top dollar to live in them. Other places will seek a more rounded approach and work hard to keep prices under control, schools strong, zoning congenial and so forth. But if a place like SF stays true to its liberal/creative roots, and preserve that feeling, there will alway be people willing to move from all over the world and pay up to live there.
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Re: Real estate-- calling the top.
Old 11-26-2005, 12:37 AM   #68
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Re: Real estate-- calling the top.

Quote:
Originally Posted by ESRBob
But if a place like SF stays true to its liberal/creative roots, and preserve that feeling, there will alway be people willing to move from all over the world and pay up to live there.
At least until the quake comes.

ha
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Re: Real estate-- calling the top.
Old 11-26-2005, 04:29 AM   #69
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Re: Real estate-- calling the top.

Quote:
Originally Posted by MRGALT2U
DW has started to scan the real estate ads lately
(she either caught the bug from me or is thinking of moving out)*

Anyway, she found a "fishing cabin" with 2 acres and river access
"remodeled" , about 600 SF, asking price.......35K.* I told her to
look up the realtor's website.* She did and I know right where
it is.* It's in the flood plain (could be why it's been remodeled).
Anyway, I'm going to look at it just for grins.* It's a lousy neighborhood, outside the city but convenient.* The other day she spotted a 2BR ranch in decent shape for 20K asking.* Again the
neighborhood was iffy, but outside the city and convenient.
She called.* It sold for 18K, and this was NOT a fixer-upper.
We wouldn't live in either of these, but you could hardly lose
buying and holding (or flipping) at those prices.

JG.*
I checked the "fishing cabin". Now, that neighborhood is REALLY
scary! Way worse than I expected. There should be a sign by
the entrance. ABANDON HOPE, ALL YE WHO ENTER HERE
Location, location, location.............

JG
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Re: Real estate-- calling the top.
Old 11-26-2005, 12:25 PM   #70
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Re: Real estate-- calling the top.

Quote:
Originally Posted by The Other Michael

Has anyone noticed how tortured the styling is on so many of the McMansions?* How can people stand to live in such ugly places?
Do NOT get me started. I could rant on this for pages. But I won't.
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Re: Real estate-- calling the top.
Old 11-26-2005, 02:44 PM   #71
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Re: Real estate-- calling the top.

Quote:
Originally Posted by Sheryl
Do NOT get me started. I could rant on this for pages. But I won't.
It seems to be all about the square feet. Big ugly cavernous places with no character.

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Re: Real estate-- calling the top.
Old 11-26-2005, 09:47 PM   #72
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Re: Real estate-- calling the top.

"At least until the quake comes.

ha"


The quake already came and went. Mostly little damage as always now days. It is not 1906 anymore.

How do you like those hurricanes. They will be coming like clock work unlike earthquakes.

b.
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Re: Real estate-- calling the top.
Old 11-26-2005, 10:22 PM   #73
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Re: Real estate-- calling the top.

Quote:
Originally Posted by boont
"At least until the quake comes.

ha"


The quake already came and went. Mostly little damage as always now days. It is not 1906 anymore.

How do you like those hurricanes. They will be coming like clock work unlike earthquakes.

b.
Loma Prieta? Surely you jest.*

Ha
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Re: Real estate-- calling the top.
Old 11-27-2005, 03:09 AM   #74
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Re: Real estate-- calling the top.

I just paid my house off this summer. It's 1230 sqft on 3 acres with a trout stream in the back yard. I paid $100k for it 13 years ago. It's about 30 miles to Portland, OR where my partner and I both work.

After living in Boston for eight years this place is like heaven.

I would really hate to be a first time buyer right now. I would much rather wait for the blue light specials that will be occurring before too long.

A pending recession (check out that yield curve !), over leveraged society, ARMs and interest only mortgages - it's a train wreck waiting to happen.

-helen
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Re: Real estate-- calling the top.
Old 11-27-2005, 09:20 AM   #75
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Re: Real estate-- calling the top.

If you think rental property in SF is expensive, check out some of the hot rental properities in Hong Kong:

http://www.sallmannsres.com/hot/

Reference # 23940
Property Name Hillsborough Court
Mid-levels
Bedrooms 3
Bathrooms 2
Size 1369 sq feet
Price Rent: HK$45,000 inclusive (per month) USD = $5,700
An elegant 3-bed apartment in this sought-after and beautiful maintained development in upper Mid-Levels. Peaceful mountain views. Pool & Gym.

Reference # 26303
Property Name Broadwood Road,
Happy Valley
Bedrooms 4
Bathrooms 3.5
Size 4396 sq feet
Price Rent: HK$230,000 exclusive (USD $30,000) per month!!!
Stunning penthouse duplex in this prestigious new complex in Happy Valley. Separate family room, balcony, 2 covered carparks. Amazing views over the racecourse and city. Superb fittings throughout. Great clubhouse.

I wonder how do people afford this kind of rental given the income per capita of $26,810 in Hong Kong, China (it ranks 22nd while US ranks 4th)

http://www.finfacts.com/biz10/global...epercapita.htm

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Re: Real estate-- calling the top.
Old 11-27-2005, 10:43 AM   #76
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Re: Real estate-- calling the top.

Quote:
It's about 30 miles to Portland, OR where my partner and I both work.
Ah, you must have found the coast range foothills and work on the west side of the metro area. Good choice. That commute wouldn't make me happy, but compared to the NE it is a breeze.
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Re: Real estate-- calling the top.
Old 11-27-2005, 11:11 AM   #77
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Re: Real estate-- calling the top.

Quote:
Originally Posted by ESRBob
Unless you can bear living anywhere else, then you just have to be part of the insane SF prices.

My brother and his wife rent out their SF properties and live now in Mt Shasta.* Apparently a lot of Bay Area types have made the move, too, but it's pickup and chainsaw country, so it won't be a fit for every San Franciscan.* What about Portland?* I doubt you could move into a bigger house anywhere in the Bay Area and save money, though.* Can you add square footage where you are through a remodelling job?
We paid off the house a few years ago, so we're looking good on that front. The market value of our house is mainly an issue if we were looking to sell, which we aren't at this time.

We looked into an expansion of the house in the early 1990s, but at that time it would have been a real stretch to afford it (the estimate was about $120K cutting most every corner possible). At that time the residential code was looking very uncertain, with it not being clear what the requirements would be over the next period of time while they fiddled with them.

Based on what I've seen of some remodeling jobs done by some friends around here I'd expect that if we could get approval for what we'd originally looked at (but even that really didn't add enough space to make us feel like working to make it happen) it would easily be $250K with Bay Area labor prices, and getting saddled with a new mortgage now that we are both FIRE'd isn't something that either of us want to do. Plus, living in a construction zone (or having to live elsewhere more likely) for a year or more isn't very appealing.

The Portland area might be doable, but the coast might fit our climate preferences better. I can see living on the outskirts of a city, but my one experience living in a small town (Ruston, LA) 30 miles from the nearest city in one direction and 60 miles in the other, didn't leave me with any desire for a semi-rural lifestyle.

I suppose much of it is just finding a place that "feels right". But we're not in a hurry at this time, so we aren't going to rush into anything.

cheers,
Michael

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Re: Real estate-- calling the top.
Old 11-27-2005, 01:07 PM   #78
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Re: Real estate-- calling the top.

Quote:
Originally Posted by HaHa
At least until the quake comes.

ha
Yep, we're waiting for the big one. I'm 15 minutes from SF.
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Re: Real estate-- calling the top.
Old 11-27-2005, 01:27 PM   #79
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Re: Real estate-- calling the top.

I enjoyed my eight years in the bay area, but would never move back.* The SF real estate market is but part of a micro-economic anomoly that seems to exist in several places, primarily in New York, DC, SF, and LA-SD.* Its the type of emotion that takes place at auction, when the panic for making the buy kicks in and the 'actioneer" (read real estate agents & their hype) create a sense of false need and urgency. The prices are greed driven and not value driven. The only one who wins is the casino, the acution house, and the real estate cartell of money lenders and fee gatherers.

There is plenty lifestyle friendly real estate to choose from in the US and world wide.* Right now Az works for me, but I can not say what will work in ten years, and I am spending more time each summer in eastern europe. I like the Crimean Black Sea coast. Still full of issues, but so is San Diego, at many* times the price risk.* Anyway, all real property is possesion subject to premptive government policy, and no one really ever owns what they believe they have.* So enjoy, and thats the payback.*
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Re: Real estate-- calling the top.
Old 11-27-2005, 09:49 PM   #80
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Re: Real estate-- calling the top.

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Originally Posted by LEX

Anyway, all real property is possesion subject to premptive government policy, and no one really ever owns what they believe they have. So enjoy, and thats the payback.
Lex,
Good point -- I remember the first time this all came clear to me. We owned our house free and clear, and were happily thinking of living there for life and handing it on to our kids, when the local property taxes got re-assessed. I realized what you said, then: owning is just a partial ownership, because the taxing authority where you live has an untramelled right to tax what you 'own' and take it if you don't pay. Not that I object to this system, but it isn't ownership in quite the same sense that we own anything else.
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