I'm gettin pissed.

For the past year I have been looking for a home / condo here in the Salt Lake Valley. In 2005, you could buy a new 2200sq/ft home for $160k. This year a 2000sq/ft home is $300k. That's too high for me... so I put in an offer $3k above the asking price on a 1200sq/ft condo... got outbid by a ****** f*cking California investor wanting to rent it out.

Turns out, all of our lovely Cali neighbors have found out they can sell their million dollar NORMAL SIZED homes & move to Utah and live like kings, which drives up all the prices... because sellers know they can ask well over the appraised value, and still have people fighting to buy it.

I name the Cali people because there is a new HUGE project going on at the south end of the valley called "Daybreak." They are building thousands of very nice homes in a large community bordering a new "man made" lake. ... What happens? Ten California investors come in, buy ALL the homes, and start renting them out... there are NO homes for sale there... you can only rent, starting @ $1k/mo. Awesome!

The best part... everyone says the real estate market in the USA has burst... It's the "buyers" market now... Thousands of new homes lay empty in Kansas because no one will buy....

 

That's the same reason people in all of the other western states hate californians. We cash out of the expensive state and buy up all of your low priced real estate. More power to us.

 

you should try Sydney guys...a hole in the wall POS flat here costs 300K plus

 

Sorry Nismo... I didn't know it was you I was outbidding!


Rod.

 

1k a month rent??? are they nice homes??? cuase thats cheap... a chitty apartment by me cots a bit over 1k a month...

 

ya, my crappy house mortgage payment is $980/m and I live by myself... ? That's cheap. but at the same time, not cheap. I can't afford a BMW

 

ugh, house prices suck. busy looking myself. i want to be in something before xmas. but my range limits me mostly to condos. did find a manufactured home on 1/4 acre that i might be able to make a deal on. and the property is just begging for a shop . and in a few years, sell it of to developers, or build my own place to rent out, and move on to something else for me. gotta get my foot in the door before i am totally priced out of the market tho.

 

nobody wants to live in south dakota. And the real estate prices show it. The place I'm renting right now is $375 a month I'm not sure what the square footage is but it's 2bdrm and pretty spacious (except the bathroom). The house we just moved out of was $525 a month and was over 2000 sq/ft and on a HUGE lot. But this place has a garage Of course these are rental prices. I dont want to buy a house in south dakota and get stuck out here

My dad purchased a few as of yet undeveloped acres out in AZ for next to nothing a few years back. They just got power/phone lines out to the area in last year or so. Once its been developed a bit more he plans to retire and have a house built out there. God knows what he sells his house in CA for will cover the cost of having the house built.

 

1/4 acre??? thats tiny... mi casa has 1.5 acres of land... and i still feel it could be bigger...

 

The cost of a home (or anything for that matter) has to be looked at relative to the average wages in the area. Homes in Cali cost a lot, but the people buying them usually have enough income to pay.

In one year here in Utah, the cost of a home has almost doubled, but my yearly wage hasn't.

 

mabye it should..... do you own a gun?

 

Good point!

 

the entire time i was raising my son here in cali--nocal and socal--i found there was no way i could ever afford to purchase--and i have aloways been an icu/er, nursie. my rent now would make youz guyz cry. but i own my own sailboat-at 35 feet length overall, it is considered by many places to be the minimum lgth for liveaboard boat. i do not live in a marina--even those are way too rich--for my size boat, 600$. cough, hack,sputter......i do not live on anchor, either--zero rent. lifestyle ending. i rent a mooring from a corporation that owns some marinas in cali and other places. i pay very little for this privilege--after 2008, aug, we might be extinct. do not know yet.
too bad we cannot gate the 'hood.

 

Renting might be my lifestyle for a while yet. I just hate thinking $600-$800/mo down the drain... when I could be paying into a mortgage and building equity.

And to all my fellow Cali ZDriver'rs... In no way am I pointing a finger atcha.

 

it's ok nismo, i know its my fault in driving the prices up...and causeing all these crimes and all the violence....oh wait it's not me it's the illegals ...anyways i'm moving to cali to make some bank and retire in 5 years...then either move to logan or nocal...and my house costs 389 a mth...and thats to buy.

 

I think the whole "gotta buy a house" thing is a bit of a crock...my parents didnt buy a place until i was 27 and Im not in a rush either.

Interestingly in a lot of European countries owning your house is unusual

 

i own a boat--don't need no da,m house.

 

Seriously, the market has peaked. The foreclosure rate and interest rates are going up. Over the last few years alot of people have bought overpriced houses with creative financing and adjustable rates. I'd sit tight for a short time while the market starts to adjust and then shop the foreclosure market.

 

western washington is one of the few places that the bubble never seems to burst, thank you microsoft . it levels out for a bit, but then up it goes again.

 

I'll find you a house. don't worry

 

Here in Vegas, house prices doubled over the last 3 years. This was mainly caused by an exodus from Cali. That's OK, though. The investors that came here from Cali are getting their asses handed to them now. There are some who are actually upside down in their houses and are being forced to rent. They came here with the hope of flipping a few houses and making a quick buck. Now they're stuck. I hope they all go in to foreclosure. The market has slowed so much that some builders are offering up to $100,000 in incentives on $500,000 homes. The average price in Vegas is around $330,000. I'm getting ready to move to the Dallas area in the next year. I can buy a 5 year old 2,000 sq. ft. house on an acre with a pool and spa for under $150,000.

 

This is something right up my alley.....I've been in the mortgage biz for almost 8 years now. There are a lot of crappy loans out there and people need to be careful. I have seen too many people get into loans that they don't understand and wind up over their head in no time. When you're buying your home, make sure you're working with a realtor and a lender you can trust. Consider what you look for when you take your car in to have someone work on it....now multiply that by 1000.

Even with the market shift, buying a home is still one of the best investments out there because as long as the population continues to grows, there will always be people needing places to live. The market is very different now. People can't buy a home, then sell in 1-2 years and double their money. As long as you are looking to buy a house and stay in it for a while 5-10 years, then you will make $ in the end. Amy and I own our home and have for almost 3 years. We love and really the tax writeoffs. Even though the market has cooled, we are still looking into purchasing a home as an investment property. The real estate market is very different from the stock market. The stock market is all about timing the market. The real estate market is all about time IN the market. Get in and stay in...ideally for your entire life.

We all come on this site hoping to learn more about our cars....there is way more that can be learned about mortgages and real estate. I think I know a fair amount my car, but I know I have way more knowledge about mortgages and real estate.

If any of you have mortgage/real estate questions, please fell free to post them here and I'll help out as much as I can. Or, if you prefer to discuss it offline, PM me, shoot me an e-mail, or call me. Feel free to check out my website....www.jodybartley.net.

 

if it's upside down and burning then you lifted in the turn


i think we learn about everything in these forums


i like boats. they definitely depreciate, but they FLOAT

 

I was hoping your California Girls pic had more to it than that!

 

bleachie!! then i would have to get blinders for snowie's virginia ears!!!!!



after all, it IS 2 topless chix!