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Old 06-06-2008, 08:06 AM   #21
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I am a bottom fisher by inclination, for better or worse. Gawd made me a cheap bastid that loves a bargain investment, and the more everyone is positive that things are terrible, the more I am interested. So imagine my reaction when I find that the largest, nicest homes in my area appear to be asking (heh) at least 25% less than selling prices of two years ago. Meanwhile my own more modest home has held up better (maybe off 10%) and cash equity is not a problem.

Now I hate moving and don't really need a larger house, but visiting some friends who just bought a place larger than ours definitely got the wheels turning. I think inertia, the pain and expense of moving, and property taxes approaching a grand a month (gulp) have stopped me in my tracks. Is anyone else tempted to upgrade amidst the wreckage?
Brew, I'd stick with the move to Colorado plan. From first hand experience, the outdoorsy culture is way better, the scenery is 10x better than most states in the East, and the micro brewery scene is way better. Heck, my cycling team was sponsored by Fat Tire. No jokes please. If it weren't for the fact that none of my relatives are anywhere close, I'd still be living there.

Oh, the property tax on my new townhouse was $50 the first year. At the end, when the assessor finally caught up, the tax was $600. I thought I was being bled dry. Little did I know.
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Old 06-06-2008, 08:07 AM   #22
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I have the opposite problem I have a large house I'd like to sell but I will not give it away so I'm staying put until the market picks up a little . The nightmare of having my house on the market for a few years keeps me from listing.
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Old 06-06-2008, 08:12 AM   #23
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Brew, I'd stick with the move to Colorado plan. From first hand experience, the skiing is way better, the scenery is 10x better than most states in the East, and the micro brewery scene is way better. Heck, my cycling team was sponsored by Fat Tire. No jokes please. If it weren't for the fact that non of my relatives are anywhere close, I'd still be living there.
I concur. Plus I could bunk up a couple weeks free. No wait......you have screaming little tots. Crap. Forget Colorado and just save your money.
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Old 06-06-2008, 08:19 AM   #24
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Brew, I'd stick with the move to Colorado plan. From first hand experience, the outdoorsy culture is way better, the scenery is 10x better than most states in the East, and the micro brewery scene is way better. Heck, my cycling team was sponsored by Fat Tire. No jokes please. If it weren't for the fact that none of my relatives are anywhere close, I'd still be living there.

Oh, the property tax on my new townhouse was $50 the first year. At the end, when the assessor finally caught up, the tax was $600. I thought I was being bled dry. Little did I know.
Great. Now show me a few dozen hedge funds there so I have my pick of jobs...
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Old 06-06-2008, 08:23 AM   #25
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What? I thought you were going to retire or semi-retire.
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Old 06-06-2008, 08:24 AM   #26
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What? I thought you were going to retire or semi-retire.
Thatwould be nice, but I am not there yet $-wise. Two small children tend to increase your portfolio requirements. If I were single, would be retired and living a very frugal existence already.
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Old 06-06-2008, 08:41 AM   #27
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friends who just bought a place larger than ours
You need to get other "friends" ...

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Old 06-06-2008, 08:44 AM   #28
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Yes, I have thought often of just going back, renting one of the cool little bungalows downtown and just be the best cycling maniac I could be. Very attractive idea.
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Old 06-06-2008, 09:06 AM   #29
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I am actually in the process of trying to upgrade.... put in a bid a few months ago at about 15% lower than what the distressed prices are going... but the guy filed for bankruptcy prior to us getting a deal...

NOW, I wait and wait and wait... they were going to do a short sell at my price because nobody else is stepping up and they would rather sell it than keep it afloat... but he would not sign... now months later.. he would, but his wife will not.... so I wait some more...

Eventually they will foreclose and I think I will pick it up at about $20 to $30K less than the going rate......

Now, I do need a bit bigger house because of a bigger family and also wanting to get out of my neighborhood.... it is starting to go downhill... better to get out now... but for me... I have a paid off house, so will not have two mortgages...

My thought, for what it is worth... it is only worth it if you will feel better in the new house as opposed to the old one... all things considered (including taxes).... to me it sounds like a 'no' for you...
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Old 06-06-2008, 09:17 AM   #30
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Shouldn't that be: "Never buy a house that has more rooms than you want the maids to clean." ?
Yes it should be, but maid service is terrible lately.
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Old 06-06-2008, 09:24 AM   #31
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I do need a bit bigger house because of a bigger family and also wanting to get out of my neighborhood.... it is starting to go downhill...
Sounds like a "need" rather than just a "want". In that case, it makes sense ..

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Old 06-06-2008, 09:29 AM   #32
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Heck, my cycling team was sponsored by Fat Tire.
I love that beer!!! It was my sister's favorite, so we served it at her celebration of life event.......

Plus, she had a lot of buddies in the USCF, so she got out to CO all the time.........
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Old 06-06-2008, 09:52 AM   #33
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Snap out of it....

Although the realtors/housing industry are waiting for that one person to start the house-buying chain reaction--is it Brewer who could save the industry?
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Old 06-06-2008, 10:21 AM   #34
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DW and I occassionally think it'd be nice to move into a "better" house. The current house is paid off, but there are many things that we don't really like about it. Of course, I'm sure it'd be cheaper to put in that $40,000 kitchen than it would be to move...
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Old 06-06-2008, 10:57 AM   #35
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I battle this every 18 months. It just takes running the numbers to snap me out of it, especially the one where it potentially delays retirement.
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Old 06-06-2008, 11:00 AM   #36
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I battle this every 18 months. It just takes running the numbers to snap me out of it, especially the one where it potentially delays retirement.
The way the markets have been lately, won't be retiring any time soon anyway. But I agree, running the numbers helps a lot. Right up until I trip over a pile of toys in the living room.
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Old 06-06-2008, 02:36 PM   #37
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Maybe try scratching your itch to bottom-fish by buying some obscure beat-down REIT that you hunt around for? (Milton--I ended that sentence with a preposition and am proud of it. Sue me.) Or, at worst, find an honest investor who wants to buy income property with you, he'll do the management and fix-up.

While neither would give you more sq ft to live in, they'd both let you actually profit from a turnaround in the market without having to move (twice), carry two notes, pay the horrendous property taxes, etc.
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Old 06-06-2008, 05:39 PM   #38
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Trends, both upward and downward, tend to go longer and further than we expect. The house bubble went up for a long time and a long way, so now...
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Old 06-06-2008, 06:21 PM   #39
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Brewer the grand a month for the taxes made me pucker. I've been reading your stuff long enough to believe your motto there would be "H$ll No I won't pay!!

Yeah, last year the much larger house across the street was offered by a megacorp for about what I thought mine was worth. It definitely had my attention for a few days. Unfortunately mine isn't worth what I was thinking but like your situation not off as much as the one I was looking at. No dislocation for the kids, only moving 80 yards, but realtor fee's etc. etc. all for the privilege of a bigger mortgage is just the opposite of the direction we are trying to go.
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Old 06-06-2008, 07:11 PM   #40
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I have a modest house now, and my next one will be smaller but nicer. Large houses don't appeal to me at all, not only the taxes but the utility costs can only get worse. A larger house makes as much sense as a new Hummer-Excursion-Surburban IMO. And I don't want wealthy neighbors - 'the richer your friends, the more it will cost you.' Fortunately we're all wired differently, good luck with your decision...
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