Real Estate Prices OMG!

[Jenn D]

No offenses taken. I understand it's expesive, but it's the only house we found in our price range that wasn't in the ghetto (or other questionable neighborhood). We have great neighbors and the location is just enough out of the way. We actually offered the asking price on the spot and got the seller to commit the night we looked at it (the day BEFORE it hit the market). When the house hit the market officially the guy got several offers that were $10K over what we signed the contract for.



FWIW, it's a great little house, and all Scott and I could ever need (for the time being). Sadly, I screwed myself over by becoming a school teacher. I'll probably never be able to afford a palace by the sea, but that's the lot in life I chose I guess.

 

[Jenn D]

To give you an idea of house prices here...a girl at my work just bought a 1300sqft 2br/2bath house built in the early 70's with single garage for $220K. My place looks like a palace in comparison.



Check out what $200K will get you in other big cities. My cousin lives in New York City and just sold his 1400+sqft house with practically no yard for $780K. Sad but true....he could take just his profit from the sale and move to orlando and buy a modest house outright.



Maybe one day I can sell my place and move somewhere my money will be worth more. But until that day comes, I'll enjoy being able to hop in my ST, strap the kayaks to the roof and spend a day at the beach (only 30 mins away). Then, I can come home and go to Disney, or something else cheesy like that, the next day.

 

[Thomas Rogers]

Yup, Jenn...it's all "location, location, location".



This is what 255K bought us in 1998...appraises for 425K these days:



[Broken External Image]:



TJR

 

[Bill V]

TJR--Jenn's right, that's not very expensive at all. If Orlando real estate is anything like Twin Cities real estate (and everything I've heard indicates that it is), she got a bargain. 6 months ago I sold my 1300 sqft townhome in suburban Twin Cities for $200k. It does have a small backyard, but I suspect Jenn has at least 3 times as much as this place had. And on top of the $200k price, the new owners also inherit the $150/month association fees.



My wife and I recently built our new house, finished back in April. We got in as the first house in a new development, and got the best lot in the neighborhood by far. Since then, there are comparable houses going up on lesser quality lots in our neighborhood, that are asking for $250k MORE than what ours cost!



--Bill

 

[Fer Echegaray]

I wish I could get a home like that for less that a million and a half...





Look:

 

[Paul Maurer 2]

Prices falling here in Key West due to hurricanes and too many sellers/flippers facing reality of pay option ARMs, 100% financing and rate spikes-market is dead. My house is probably worth under $2 million now. The upside- I just bailed out a friend who couldn't close on a pre-construction deal from 18 months ago- bought half of the house for closing costs and 6 mo. mortgage payments.

 

[Michelle Widell]

The Rockford, IL area has very inexpensive housing (I actually live in Machesney Park, where it's a little more expensive but the taxes are about 4% lower than Rockford, so it evens out). I don't know what the sq footage of my house is - 3 bedroom raised ranch, 1-1/2 bath, 1 car garage, bought it for $85k earlier this year, with a 1/3 acre lot. The last house I owned was built new - a 3 bedroom, fully exposed ranch, great room, 2 full baths, 1/4 acre lot, 3 car garage - bought for $119k and sold fo $153k a few years later. (My taxes on that house were $3300 a year, and this house it's $1700).



A house like TJR's was sold new across from my old house in 1998 for about $150k, but now it's worth about $250k. My brother's house is HUGE (2 floors, partial exposure fr basement, hardwood and tile throughout) on a 2 acre lot in the country (wireless Internet, btw!).. and he built it for $260k. I'd say it's worth another $50k or so at least.

 

[Jenn D]

A house like TJR's with his lot here in central FL could easily go for $800K to $1 mil. Heck, my grandparents live in Windermere, FL and their 2000sqft house appraised at $700K. I need to get out of FL. I can't afford to live here LOL.

 

[Ryan Schaecher]

Check out Edwardsvillie, IL. Back in 1978 my parents bought a house on a nice lake for $50K. In 1988 they sold it for $140K. Today, that same house is over $300K.



The house my parnets built in 1998 in Edwardsville cost around $200K to erect. Today it appraises for nearly $600K.



Also see Ramona, CA (namely the San Diego Country Estates). My parents built a house for under $150K. Sold it in 1997 for $320K. Today that same house is now well over $500K.



Amazing.

 

[Thomas Rogers]

BTW, Jenn D, our house is on 1.3 acres, is just over 2800 sq ft, not including the finished basement which adds a home theater area, a play area for the kids, a gameroom area, an enclosed home office (an additional 900 sq ft), and outside we have a fenced in, inground pool. So, how much for that in sunny FLA now? ;-)

 

[Jenn D]

Hell, just for that amount of land alone here in FL would probably be worth twice what your entire property (house and all) would appraise for in PA, and that's only if it's not swamp land. Even swamp land east of orlando is selling like mad...the builders are just filling it in with fill dirt and building right up on it. It's funny, I live in the retirement capitol of the US and I can't wait to retire north. :lol:

 

[Thomas Rogers]

I hear you about retirement.



I am almost 40 but I dream of retirement every day.



My wife and I want to be snowbirds.



Build our dream "cabin" in the woods somewhere. A nice, three bedroom deal log deal, very rustic, huge fireplace, sunken radiant flooring, big kitchen, old fashioned pantry, that kind of thing.



Then, we buy/rent a timeshare or somesuch in Fla or Az and live their 3 months out of the year.



TJR