homeownership and nightmare prices - Ferrari Life
 
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post #1 of 15 Old 11-06-2004, 03:54 PM Thread Starter
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homeownership and nightmare prices

Today I spent 4 hours looking at places to live and it kills me to see the prices here in the San Francisco bay area. Here is one such example:

600 sq/ft (182 sq/meter) $355,000 USD

That gets you a brand new condo on the 5th floor with a lake view in Oakland, CA. Studio, so rasing a family is out of the question. A two bedroom in the same building starts at $650,000 USD. If I cross the bridge into San Francisco the price nearly doubles. That is very depressing.

I'm curious, what are the prices in your area?
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post #2 of 15 Old 11-06-2004, 10:00 PM
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Similar.

The question is why are so many willing to pay that price?

8)

12 cylinders or walk
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post #3 of 15 Old 11-07-2004, 02:55 AM
 
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not sure how much, depends a bit on wich town/location and also in witch provence, don't forget Belgium is small compared to CA

but i know for certain that it isn't that depressing
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post #4 of 15 Old 11-07-2004, 08:18 AM
 
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Sounds quite cheap Andrew - you should try living in London!!

Seriously - I do sympathise.
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post #5 of 15 Old 11-07-2004, 10:28 AM
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YOu have my full sympathy. Housing costs have really exploded in the last couple of years.
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post #6 of 15 Old 11-07-2004, 10:29 AM
 
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actually here it's going down, a lot that is standing for sale and you can even find "bargains" on big houses
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post #7 of 15 Old 11-07-2004, 11:18 AM
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yeah Dirk,
because You're all moving to the coast, I've bought my house 7 years ago, in november last year the house next door was sold (almost the same as mine), nearly double the price I've paid for mine. Here at the coast area the house and building space go up in price because all is bought by people from Brussels, Antwerp, etc
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post #8 of 15 Old 11-07-2004, 11:32 AM
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Andrew,
I'm really glad not to be living in America(or London) if I see the prices on houses and building lots. $355.000 for 182 sqr meter.
I've been in my house for seven years now and when I've bought it I've paid about 92.250 for it. OK, it's not new, but the house was build by the original owners themselves for themselves, so building quality is high and the second owner redid the whole house from top to bottom incl new roof, new heating and plumbing, you name it, they've done it. All that still needs to be done I can do now at my own pace and financial means. I've got 4 bedrooms, a garage and backyard big enough for the 5 kids to enjoy.
I haven't got an idea what you guys in the US or UK earn in a month, I think a lot of people are left in the cold for decent housing.
Jurgen
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post #9 of 15 Old 11-08-2004, 07:51 PM
 
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It's hard to live, let alone live comfortably in the Bay Area for a annual salary < $50K. That would be barely making it by, so you can imagine.

As Andrew explained, housing cots here are astronimical. It's settled down a bit, but houses are still selling over asking. A house a couple over from where I live sold within about a week if it being listed. That's some market for ya.

Andrew, over in Alameda(where my dad lives), they should be developing the old army base in a couple of years with about 1,000 new homes. Granted I don't think those are going to go cheap, but some will have a very nice waterfront view of the bay looking across to the City. Now that is some sight to behold...but I think that'll be at least 3 years out.
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post #10 of 15 Old 11-09-2004, 09:01 AM
 
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I've stated my opinion on the housing in the U.S., and elsewhere.

My advise would be holding off another 6 months to a year. Get into something cheap, rent wise, and put all your remaining pennies toward a down payment. Then start looking for foreclosures. I should have my California Brokers license by then. I'd be more than happy to help you out with your online search at that point.
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post #11 of 15 Old 11-10-2004, 05:11 AM
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Quote:
Originally Posted by senna21
I've stated my opinion on the housing in the U.S., and elsewhere.

My advise would be holding off another 6 months to a year. Get into something cheap, rent wise, and put all your remaining pennies toward a down payment. Then start looking for foreclosures. I should have my California Brokers license by then. I'd be more than happy to help you out with your online search at that point.
Now there's a good advise for you, Andrew.
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post #12 of 15 Old 11-10-2004, 09:15 AM
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I agree, from all the indicators I am seeing, the housing market is overdue for a correction.
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post #13 of 15 Old 11-10-2004, 10:12 AM Thread Starter
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Thanks for the advice and help. I'm thinking of getting into the market around tax season as prices tend to be soft then. I also know the end of the year (now) is generally a good time as well as after the new year prices shoot up a bit. Plus how long can interest rates stay this low?
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post #14 of 15 Old 11-10-2004, 10:54 AM
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Guys,
this is a very intresting bit of reading to me, I knew there are places in the world that are expensive and I can imagine there are others that are even more expensive than the ones meantioned above. It's nice to get some numbers stuck on them, so I can compare with the ones over here. What I've been wondering is: as I've been looking at those prices for real estate (and even Fcars for what it's worth) there are huge price differences with the prices over here. How in the world do you guys pay for them? Do you make so much more over in the US than we do? I know there's difference in salary, but what do you get in return? What kind of hours do you do in a week? How much of holidays? Pensions? Social security? What happens when you get unemployed? When you're on sick-leave? Or do you have to take care of that yourselve's through a kind of insurance?
On old chef of mine has worked 30 years over in the US making a lot of $$$ as a chef in a couple of resorts for 'the upper class' (aka rich), he returned to Belgium, bought himself a nice little castel in the Ardennes, but had to work at least 5 years back in Belgium to be OK for his Belgian pension at about 1250 a month and to get his full health-care plan running again (being diabetic that was important to him), it was to long ago and I was to fresh to be intrested in those kinds of things.
Enlighten me please!
Jurgen
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post #15 of 15 Old 11-13-2004, 11:04 PM Thread Starter
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DJ,

It is really easy. We are in debt! As Charles said above, after a few months he will be a broker, which means he can find lenders to lend me money. It is the American way, spend more than you have.

Also they now have all sorts of deals for home loans. Interest only for 5 years, etc. Most banks figure if you default on the payment they can just yank the land out from under you. Of course this doesn't mean anyone can get a loan for any amount, but it isn't difficult either.
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