Very Special Thread Of Real Estate Randomness

[JustJo]

Originally Posted by betenoire

I've been hearing a lot of that lately.

Actually, there was an article in the local newspaper here about how shitty it is for sellers right now, especially where I'm living. Houses in Sarnia are actually -cheaper- now than they were 3 years ago when I moved here. To top that off, according to the article, a few summers ago there were -maybe- 400 houses for sale in Sarnia during the month of august...this year there are 3x that and -nobody- is buying. People are getting lowballed left and right and some people are selling at a loss because they are so desperate to get out of their mortgage. I guess that's just another symptom of the bad economic situation right now.

I watch the listings pretty religiously because I really want to get out of my apartment and get into a house. And it's true - houses just aren't selling. There is one house that has been for sale since I moved here. SINCE I MOVED HERE which was just over 3 years ago. That's insane.

Yep...it's crazy. Luckily I bought an inexpensive house 9 years ago, so I'm fortunate in that I don't have to sell. If I did, I'd be screwed. The only offers I've had barely cover what I paid 9 years ago and the improvements I made.

The house we're buying has been on the market a little over 3 years. I can't even imagine how that feels. Mine has been listed since February...and I'm giving up for now. Maybe in a few more years... It's a good time for you to be buying though. You should be able to get an awesome deal.

And amen to what Gayla said up there ^ about pre-approvals. My experience has been that banks have consistently approved me for amounts that I know I couldn't afford. Maybe I'm paranoid, but I've never gone anywhere near what they said I could spend...and it's saved my butt financially a couple of times. I know a lot of people who are mortgaged to the hilt...if someone gets sick or loses a job or anything, they're in trouble. That just feels too scary to me.

[betenoire]

Originally Posted by JustJo

And amen to what Gayla said up there ^ about pre-approvals. My experience has been that banks have consistently approved me for amounts that I know I couldn't afford. Maybe I'm paranoid, but I've never gone anywhere near what they said I could spend...and it's saved my butt financially a couple of times. I know a lot of people who are mortgaged to the hilt...if someone gets sick or loses a job or anything, they're in trouble. That just feels too scary to me.

Yeah, I hear that. There is no freaking way I'd be willing to spend as much as the bank will tell me I can afford - the bank is clearly an idiot. I'm hoping to keep my mortgage+taxes+utilities around what I'm paying now as a renter.

[Soft*Silver]

I paid $11,500 for my house. Its 100 years old and nothing cosmetic has been changed in it since the 1950s. However, all new windows, plumbing and electrical work has been done. Its paid off and its nice not to have a mortage over my head. I have 1700 sq ft living space and a 2 car garage.

A house up the block from me is being auctioned off to the highest bidder. Pristeen shape. Move in condition. Everything is newer inside than my house. Its expected to sell for $5000.

I live in a nice neighborhood. I live close to not so nice neighborhoods. Its a good school district.

[Sachita]

Originally Posted by JustJo

Yep...it's crazy. Luckily I bought an inexpensive house 9 years ago, so I'm fortunate in that I don't have to sell. If I did, I'd be screwed. The only offers I've had barely cover what I paid 9 years ago and the improvements I made.

The house we're buying has been on the market a little over 3 years. I can't even imagine how that feels. Mine has been listed since February...and I'm giving up for now. Maybe in a few more years... It's a good time for you to be buying though. You should be able to get an awesome deal.

And amen to what Gayla said up there ^ about pre-approvals. My experience has been that banks have consistently approved me for amounts that I know I couldn't afford. Maybe I'm paranoid, but I've never gone anywhere near what they said I could spend...and it's saved my butt financially a couple of times. I know a lot of people who are mortgaged to the hilt...if someone gets sick or loses a job or anything, they're in trouble. That just feels too scary to me.

I havent used Realtors in many moons but I've bought and sold many properties. My place in Adirondacks, the suggested listing from the one Realtor I did contact was a lot lower then what I got.

anyhow, when i decided to sell my place in Florida it was with 18 acres and unique property. I cant tell you how many were all over it. After 4-6 months of contracts people couldnt get loans for I decided to only do pre-approval, which worked but in the end they decided (the bank) they didnt want to risk rural property that size in the everglades. To make a long story short I finally just said CASH. You must have and prove you have the cash. I was sick of spending so much time showing and giving tours. A guy comes in and buys it cash.

The place I have now I found myself and did seller financing for the first few years then refinanced. In todays real-estate market I would search for seller offers. Get lots of pics, ask the right questions, locate the county GIS maps and reports, see what the value is, taxes, zoning and any permits that had been issued. Compare properties next to it and close by. This is easy to do once you know where you're looking.

Buy a place that is structurally sound. Hire companies that do nothing but inspect. What are they called again? brain clutter. It's like 200 bucks but if you get to the point of offer you'll want this for sure. Then take your time fixing it up and building equity, if thats possible today.

lol- ok final tip, always buy something you know you can afford worse case scenario. Don't rely on two incomes to pay for a house.

[betenoire]

I'm still semi-casually looking. There are three within walking distance of my work that I think look interesting/promising.

0.60 miles from work - I really dig that it has a loft bedroom

0.22 miles from work - I kinda hate corner lots, though

0.20 miles from work - this is my favourite of the 3. LOVE the kitchen!

[Medusa]

I'd love to tell some stories about the houses that Jack and I viewed while looking for a house in California.

I'll start with a little blurb about a house that was completely FULL of trash, dirty diapers, broken glass, and rotting food and the yard has FOUR broken down cars, a chicken coop, and about 100 mounds of trash piled all over the place.

It was built in the 70s, was next to an abandoned lot full of garbage, at the end of an industrial complex, and 2 blocks from railroad tracks.

They wanted over $400,000.

[betenoire]

Originally Posted by Medusa

I'd love to tell some stories about the houses that Jack and I viewed while looking for a house in California.

I'll start with a little blurb about a house that was completely FULL of trash, dirty diapers, broken glass, and rotting food and the yard has FOUR broken down cars, a chicken coop, and about 100 mounds of trash piled all over the place.

It was built in the 70s, was next to an abandoned lot full of garbage, at the end of an industrial complex, and 2 blocks from railroad tracks.

They wanted over $400,000.

God, how much does a NICE house cost in California??

My parents bought their house from the bank, the previous owners has been foreclosed on. I guess the previous owners had been renting it out or something - because there is NO way that people who actually owned the house would treat it like that.

They had a tonne of work to do. There were dirty needles and human feces on the floor, huge holes in the wall, graffiti, etc. Trash everywhere. They had to get these biohazard-ish suits to wear when they went in to clean it up. They got it for next to nothing, though - and since they did all the work themselves they didn't really have to put THAT much money into it. New flooring, drywall, and paint was really all that it needed. Well - that and removing of all the gross stuff.

My dad must really love my mom. My mother wanted that house for 10 years before they bought it - it was down the street from where me and my sister went to school and every time she went by she'd slow down and stare at it. When the house started to go to hell she'd rant for hours about "how could anybody treat that nice house so badly?" I guess when they found out it was for sale though the bank they went and looked at it and my dad was like "oh HELL to the no" but eventually gave it because it was mom's dream home.

It's actually a wicked cute house. Brick bungalow in an older neighborhood. Lots of trees. Too big for my tastes, though.

[Hack]

I live in Michigan. Granted, I don't live in Detroit, but I spend a lot of time there for work and for fun. I live 90 minutes to the west of the city, to be honest.

Ask most Michiganians about Detroit and you will get a lot of different reactions. Mostly, though, you will hear "it's not that bad."

Yes, a lot of asshat mayors in recent years (with the possible exception of Dennis Archer). A lot of police corruption, true.

And while there are entire sections of the city that are all but abandoned, there are also amazing, amazing parts of the city:

1. The Cultural Center District. The DIA is one of the best art museums in the country. And the African-American History Museum is superb. Not to mention the Max, home of the Detroit Symphony.

2. The Stadium District -- Comerica Park (home of the Detroit Tigers) and Ford Field (home of the hapless Detroit Lions) have spurred a strong resurgence in bars, restaurants, etc. I think there will be more good things to come.

3. Campus Martius Park -- an extraordinary public space in the heart of downtown, with the nearby Compuware Building, which has to be one of the most amazing high-tech office buildings I've ever been in. Campus Martius was recently named the top urban park in the US.

4. The Riverfront -- a lot of hard work has gone in to keeping the Detroit Riverfront PUBLIC, and not pimped out to office buildings and other private development. I'm very proud to have a small role in this through the William G. Milliken State Park, Michigan's first urban state park -- a 31-acre oasis in an urban setting, which is now connected to Eastern Market (another amazing Detroit institution) by the DeQuindre Cut, an amazing walking/jogging/biking trail that connects to sectors of the city. Oh, and by the way? The Detroit River is cleaner than ever thanks to a lot of cooperative environmental remediation. There are now people canoeing, kayaking and fishing on the river all the time. There is a healthy, diverse fishery in the river.

5. Mexicantown -- a buzzing neighborhood filled with great, authentic restaurants, bakeries and shops.

6. There is a thriving arts and music scene in Detroit. There are amazing bookstores. And most of the suburbs offer something cool as well.

I like Detroit. Yeah, it has that gritty feel to it, but the people are real, the food is diverse and good (some of the best Middle Eastern food in the country). There are more than 100 languages spoken in the city, indicative of its multi-culturalism. Don't write it off just yet. Detroit has lots of wounds to heal that go back to the race riots in the 1960s (if not further), but it is not quite down for the count.

Proud Michiganian,
Jake

[dixie]