Home prices getting interesting, what price are homes in your neighborhood?

[ShokWaveRider]

In your neighborhood, within say 3 or miles of your home. If you are gated within your gates. Location would be helpful in comparing.

In our community, (Gated) what used to be ~$400k - ~$700k ~5 years or so ago are now ~$700k - ~$2m (Only 2 or 3 mansions over $2m. We are in N.E. Florida in a beach town.

Makes one want to think about moving and downsizing. BUT, where would we go?

 

[Midpack]

Home prices are through the roof in my neighborhood, and homes sell in hours not days. The Zillow estimate on our house is up 40% in the 2-1/2 years since we bought it - at what we considered a premium at the time. While Zillow estimates can be suspect, ours is totally believable because we've seen homes all around us sell in those much higher ranges.

The last house (Jan 22) that went on sale in our neighborhood a block away listed at $615K, had 12 offers in the first 24 hours (the realtor is a neighbor), and sold for $650K!

I said it in another thread, but we wouldn't be looking at the house we live in at the price it would list at today...that's more than a little disturbing.

 

[COcheesehead]

Built our house in 2020 for $770,000 all in (window coverings, epoxy garage, etc), moved in beginning of 2021. A smaller house across the street, without our mountain view sold for $910,000 a couple months ago. So we figure ours is creeping up on $1mil - in less than 14 months.

We think about flipping it - for about 2 seconds - because there are really no options unless we really want to compromise and we like our home. So we’ll stay longer term.

 

[Car-Guy]

Property in this area sells by chunks of acreage... Some with homes, some without. A few years ago there were usually a number of properties up for sale within 5 miles or so. Today I don't see many (if any) up for sale and I'm told when something does come on the market, the price is up significantly.

 

[JRon]

We built 5 years ago for $380,000 - smaller house, but nice finishes and 4-stall garage. A few blocks away there are 3 houses currently for sale at $525k, $575k, and $615k. They are larger than ours, but 5 years ago they would have sold closer to 325, 375, and 415.

 

[Fermion]

We are currently building a house right now, doing all the work ourselves (even dug the foundation). I estimate we will spend about $250,000 when all is said and done, including the purchase price of the property and tree removal. Based on prices I see in our area, this size house would sell for about $250,000.

Houses have not kept up with materials and labor costs in our area...do not know how this can continue.

 

[ncbill]

3BR/3BA townhomes like mine here in my development that were selling for ~$200k...the last sale was ~$230k.

2BR/2BA models here have seen a much larger percentage increase because they're easier to rent (university less than 2 miles down the road)

 

[laurence]

Here in North County San Diego we've been invaded by Bay Area transplants. I bought my house in one of the cheaper cities (San Marcos) in the cheaper zip code for $492,000 in 2009. My exact model just sold in a bidding war for $1,250,000 all cash offer. Non descript 2500 sq foot home.

But at the same time by my math that's less than an 8% return y.o.y. so is it a bubble? Compared to stocks it doesn't seem to be....

 

[Gumby]

I'm not convinced that Zillow is correct on an absolute basis, but if I assume that their methodology is at least consistent over time, then my house value has gone up by about 20% in two years. And I think that is roughly reflected in sale prices for this neighborhood. If I take the longer view, however, my home value has about tripled over 30 years, so a little over 3% a year or roughly the rate of inflation.

 

[laurence]

Gumby, exactly, there is a short term bump no doubt, but I don't feel like things are crazy. If prices flatten this year (and I think rising interest rates will play their part) this is almost a reversion to the mean, a completed recovery from the crash of 2007.

Now if I could just get my rental paid off so my cash flow for retirement was secure....

 

[RobbieB]

Mine, a K&B 1400 sq-ft, cookie cutter tract house in the central valley of CA, bought 1989 for 127. Now selling for 650.

 

[PandaBear]

Zillow says my house is 1.7 million.
Realtor.com says 1.67 million
Redfin says 1.97

We purchased it for 310K in 1992.
4 bedrooms, under 1800 square feet. When we bought it I was absolutely sick. I never imagined how we could ever pay off such a huge amount.

 

[Another Reader]

Silly Valley and it's just silly here. 2,500 sf tract house on a large lot in a good school district. Paid around $354k brand new, closed in 1989. Zillow shows a bit over $2.3M. If it weren't for the capital gain pain, I would sell. Crime, traffic, pollution...all seem to be up as much as the house price!

 

[laurence]

The one time $500k shield on taxes on profit would help, no?

 

[Fermion]

Silly Valley and it's just silly here. 2,500 sf tract house on a large lot in a good school district. Paid around $354k brand new, closed in 1989. Zillow shows a bit over $2.3M. If it weren't for the capital gain pain, I would sell. Crime, traffic, pollution...all seem to be up as much as the house price!

not to mention prop 13 lol.

You probably pay a tenth of what your neighbor pays in taxes for the same house

 

[Dtail]

2,886 sq ft house purchased for 370k in Apr 2019, now around 550k in New Tampa.
No thoughts about moving.

 

[Another Reader]

The one time $500k shield on taxes on profit would help, no?

I rolled the gain on my first house into this one. Paid around $111k for that one in 1984. Sold it for around $270k to buy this one. If I move, I will borrow out the equity and rent it. Let the estate deal with it.

 

[Freedom56]

We were just offered $625K (all cash offer - unsolicited) for our two bed/two bath condo in WPB Florida. We are considering selling. The local ABC news network was recording a story about the out of control rent and housing costs in West Palm Beach last night at the waterfront (See photo) while we were out for a walk. They were using the city skyline for the background. I guess news production teams still have not embraced chroma screens. They called the story "Paradise Lost". The reporter stated that people can no longer afford to buy or rent and are now living in their cars or finding roommates. From what I observe from our condo is that many renters spend a lot of money on their cars, the latest iPhones, meals using Grubhub, and Starbucks coffee leaving less money for rent.

Our five bedroom/ three bathroom home in Southern California is now around valued at $1.8M.

 

[W2R]

In your neighborhood, within say 3 or miles of your home. If you are gated within your gates. Location would be helpful in comparing.

Our neighborhood is not gated, but is pretty strictly delineated by large surface drainage canals (very common in New Orleans) and a very busy 6-8 lane street. This neighborhood is embedded within a very urban inner suburb of New Orleans, and extends about 1/2 mile in each direction from us, instead of 3 miles.

Right now there are 9 houses for sale in our neighborhood. Asking price for the highest priced home is $1.7M, for the lowest priced home is $375K, and asking prices for the other 7 range between $419K - $575K. Like in many areas these days, the asking price is just a starting place for negotiation and bids.

We don't plan to ever sell barring unforeseen circumstances. We love it here.

That said, the topic we just finished discussing over lunch (before seeing this thread), was "If an atom bomb was dropped on New Orleans and there was nothing left of Louisiana but a hole down to the center of the earth, yet we somehow survived, where would we want to live?" Neither of us could think of anywhere else we'd want to live. Many of the places that once appealed to us, have changed through the years. So, that conversation ended up as a discussion about sleeping in my Venza while searching for a new location.

 

[ShokWaveRider]

It does make one wonder. Our home is $200k higher (maybe even more) now than it was during the peak of 2006 just before the last decline. We purchased it a few years after the decline. I am a great believer in the ~18 year Real Estate Cycle. You can google it and read the info.

 

[Golden sunsets]

Also huge increases in value in our area. But I would take Zillow and Redfin values with a grain of salt. We just closed on the sale of our home a week ago. We had owned it for 31 years and sold for $900,000, a full $202,000 more than the Redfin estimated value.

 

[Retch The Grate]

Assuming Redfin and Zillow are correct, houses are going for $1-2M in Daly City. Not gated, and with the density here 3 miles gets you to attached houses in the less nice parts of Daly City as opposed to the detached houses in Westlake where we are. Zillow gave us an estimate of 15-30% increase in our house value since we bought it in december 2020, but who knows how real that is. Not planning on selling any time soon so lots of time for the housing market in the bay area to change radically because of remote work, or a return to the offices, who knows what will occur.

 

[Stormy Kromer]

Just sold our primary home for 30% over Zillow. Funny thing. I checked back a week after the sale and Zillow had our house priced 10% over what we sold it for.

Get a good realtor if you plan on selling. One that will price it for what the market is going to be, not when looking at comparables from last year. A comparable sale from 6 months ago is as obsolete as last year's gas prices.

 

[Out-to-Lunch]

In the spirit of how you asked the question, that is, "in my neighborhood," houses go for around $350k to $500k. These are about 1400 to 2300 sq. ft.

I realize this violates the spirit of the question you asked, but you got me curious with the "3 miles" part. I did a quick look, and found the following prices and distances from my location for habitable houses:

$7.0M 1.6 miles
$2.2M 1.1 miles

$65k 1.4 miles
$54k 1.9 miles

On the low end, you can find as many ~$50-60k houses as you want within 3 miles. (And, of course, less for houses in disrepair.)

 

[ElizabethT]

We are in a 90% gated city in coastal Orange County California. We paid $1.2M in 2016 for our 2750 sq ft ocean view home. Redfin currently shows $2.1M, and Zillow shows 1.95M, so if we go with midrange of 2M, about a 40% increase in value in 5 years.

We expanded our home’s ocean views considerably by removing our rear fencing and creating a large viewing platform, so I would hazard a guess that it would sell for highest listed value, and then some. It is all about views of and proximity to the ocean here.

Homes in the immediate area, within 1/2 mile, range from about 1.5M for a ‘no views’ 2000–2200 sq foot home, to multiples of, and even 10’s of millions, so it’s tough to get a sense of what’s ‘average.’

It’s all noise to me at this point, though, as we are never. ever. leaving the ocean.

If the housing market flattens or falls, we may then move up in price to get even closer to ocean, close enough to stroll to beach on a whim. Currently we can walk there, but it’s just far enough away to take some thought. California passed a proposition recently where we would only have to pay the property tax difference between our selling vs buying price if over age 55. Meaning our 1.2M base would be protected, tax wise, and we would be responsible only for the new home amount over and above what we sold our current home for. So, if we sold at $2M and bought at $2.5M, our taxes would only go up by the additional $500,000, or $5000 in tax dollars.