FunkMiller
Member
This is definitely a subject matter that's impossible to talk about without getting political.
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Insane Housing Market, y'all be fuked
- Thread starter RJMacready73
- Start date
AJUMP23
Member
The more the government gets involved the worse it gets.
Dural
Member
Yep, overregulation has slowed down the ability to build new homes. There just aren't enough being built anywhere in the western world it seems.
Then you have ridiculous property taxes on top of it. Here in northern Illinois the property taxes are some of the highest in the country as a percent of the homes value. Ours went over $7000 this year, we bought it for $158,000 in 2018 and the taxes were $4900.
StreetsofBeige
Gold Member
Property prices have been edging up this year as people expect rate cuts (Canada did a modest 25 pt cut and more coming). People are trying to get in now before rates drop a lot and then tons more people jump in bidding up prices.
In Toronto, most new devs are condos since the city heavily green lights those projects. New houses and townhouse projects are slim pickings. So anyone amped up to moving up to a family house from condo living is shit of luck as you now got to bid with the rest of people who want the same.
The gov also purposely proetcts this radius green space thing in the northern part of the metro area. Its off the map, but still close enough to the metro area. For anyone who doesn't mind living a little bits away it'd be fine. But gov has shut down any builders wanting to build there. There's shit loads of space when you zoom out a few clicks on Google maps. All you see is green. Nope. It's "protected areas". Yet they have no problem building more towers with zero improvement to roads or mass transit.
The city's biggest money maker is condos since a builder can jam a 40 floor/400 unit tower on a corner in the same space as maybe 20 houses. Insane incremental permit fees and property tax from a condo.
So now you guys know why some cities skew to condos.
True.
In Toronto, most new devs are condos since the city heavily green lights those projects. New houses and townhouse projects are slim pickings. So anyone amped up to moving up to a family house from condo living is shit of luck as you now got to bid with the rest of people who want the same.
The gov also purposely proetcts this radius green space thing in the northern part of the metro area. Its off the map, but still close enough to the metro area. For anyone who doesn't mind living a little bits away it'd be fine. But gov has shut down any builders wanting to build there. There's shit loads of space when you zoom out a few clicks on Google maps. All you see is green. Nope. It's "protected areas". Yet they have no problem building more towers with zero improvement to roads or mass transit.
The city's biggest money maker is condos since a builder can jam a 40 floor/400 unit tower on a corner in the same space as maybe 20 houses. Insane incremental permit fees and property tax from a condo.
So now you guys know why some cities skew to condos.
Topher
Gold Member
Curious. How much square feet. Moved to Atlanta area in 2019. Bought our house for $270. Now Zillow says it is worth over $438. Ours is about 2200 sq feet.
hybrid_birth
Gold Member
Bought our house for $220k in 2012, in a gated neighborhood with a pool.
Now its worth double as we got offers for $480k
My parents probably aren't selling this house. As They only pay a $300 a month mortgage.
Im in South Texas.
Now its worth double as we got offers for $480k
My parents probably aren't selling this house. As They only pay a $300 a month mortgage.
Im in South Texas.
How are they defraying the property tax? On $480k that's almost 10K/yr alone! 100% disabled vet or are they really old and grandfathered in at some low rate?
hybrid_birth
Gold Member
They are retired and in their 70s. They got a freeze on property taxes years ago. Im not actually sure what they pay in taxes but its low.
I am 100% disabled so when my parents pass and leave the house to me. i wont have to pay taxes. According to our government website, people on disability income don't have to pay taxes..
StreetsofBeige
Gold Member
You guys got some crazy property tax rates. It's I think 0.7% of city appraised value here (not market value which is way more).
Sounds like some of you guys' US rates are like 2%? Wow.
Sounds like some of you guys' US rates are like 2%? Wow.
Well, in Texas the high property tax rates are offset by no state income tax. But that was before property values skyrocketed with californians fleeing their own mess.
Of course all state governments are hurting for lack of cigarette tax money. Texas needs to get on the pot tax bandwagon, hasn't Colorado had to give money BACK a few times because of that cash cow?
IntentionalPun
Ask me about my wife's perfect butthole
My house is appraised over $1 million. I owe about $200k. (15-20 minutes from downtown Seattle)
Worked out for me but I’m kinda over home ownership. Might cash out and rent for a bit and then get a condo or something.
I know they can be a racket but I’ve got like massive trees that could take out a neighbor at any time and don’t want to deal with it lol
Worked out for me but I’m kinda over home ownership. Might cash out and rent for a bit and then get a condo or something.
I know they can be a racket but I’ve got like massive trees that could take out a neighbor at any time and don’t want to deal with it lol
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ramuh
Member
3400 sq feet. That is after I finished the 1200 sq foot basement.
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Topher
Gold Member
Nice sized house. Once I finish my basement I'll be a little over 3000.
ramuh
Member
lol i messed up. I dont have quite that big of a house. Only 3400. Been saving my coins for a place with land though.
Topher
Gold Member
lol....still a good size though. I'd love some land myself. One day......
ThatStupidLion
Gold Member
Where in atl are you?
I bought here in 2018, now wife and i are priced out of everything that were looking for. Best option is just to build on current lot and reno, but thats a whole nother can of worms.
Bought at 565k 1700sq, now valued at 760, personally knowing the market, im confident we could get 800-850 range. Kinda annoying though because other properties have essentially doubled in value in our hood. Only reason we didnt buy one of those types of properties when we first moved here was because it was our starter home with a tiny baby. Now weve got 3 kids and a dog. Such a regret of ours, but easy to say that now of course. In like 2021/2022, new builds were going for like 1.4-1.7, now new builds are 1.7-2+,
And theyre not even awesome lots or quality and built so close together. Its disgusting.
Man, 1700sq with 3 kids must be ROUGH. When I lived in ATL we rented a 1600-1800sq place in Druid Hills so I could be close to work. The lots were decent sized, usually long and narrow, and most neighbors had demoed the 40s era "starter home" for a mcmansion squeezed into the lot. Our place could have been fleshed out with a finished basement or some sort of detached garage but that's about it. It was fun to live close to work in an area with so many unique homes and little pockets of parks or commercial places, but damn, you needed $$$ just to get on the street!
ThatStupidLion
Gold Member
yeah - my oldest is 6.5 youngest is 15 months. so were definitely starting to feel it. esp since both my wife and i work from home. im definitely familiar with druid hills. I'm in brookhaven. doesnt matter how wide your lot is though, thats one of my issues with new builds. these developers cramming unnecessarily large homes onto lots where they dont belong and end up being on top of eachother with no breathing space or privacy, which i value.
Shadowplay1979
Member
fuck that, just save up a little more at that point 1.9
https://castleist.com/1-9m-wooler-england-historic-english-castle-for-sale/
https://castleist.com/1-9m-wooler-england-historic-english-castle-for-sale/
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StreetsofBeige
Gold Member
You guys live in cheap priced places.
The condo I move from 10 years ago (2 bedroom/2 bathroom/1,000 sq ft) I sold for over $550,000.
The condo I move from 10 years ago (2 bedroom/2 bathroom/1,000 sq ft) I sold for over $550,000.
Dirk Benedict
Gold Member
We really need to Rethink the political stance, as it keeps creeping up in all facets of life.
WhamBamThankYouMaam
Member
Oh, if the mega rich tech guys just keeps buying all areas then all will be just fine. It will just magically sort itself out.
