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Thread: Property Value

  1. #1
    Damage your reputation seenbad's Avatar
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    12.15.17 @ 10:48 AM
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    So, last year I made about 40k on my house. I think I lost 7k in the last two months.

    I live in Portland and from what I gather, we've not had it too rough.

    What are some of your examples in other areas of the country?

    I saw this being discussed in another thread and it got me curious.

    Sub prime mortgage owners got a minor break today, but are still pretty balloonish. Glad I refi'd to a fixed at the beginning of the year. sounds like a bunch of folk out there are getting a wallop.

    My cousin down in Medford Oregon Managed one of the larger lenders in the area and for YEARS recently it's not been uncommon for him to bring down 35-40k PER MONTH. I bet with how much they've buttoned up the risk/criteria for lending he's probably only pulling a "normal" salary now.

    I think the beginning of the bottom has been hit.

    What's going on where you're at?
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    Hang 'Em High sickman's Avatar
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    Well in my city I bought a house 10 years ago for $100,000.00. I had it appraised 1 year ago and the value of it was at $265,000.00. At the same time a few of my neighbors put their houses on the market and got around $245,000.00 for their homes and this year another right next door that needed a lot of updating such as getting rid of the 60's era decorating sold for $235,000.00. My wife and I have talked about selling and making one hell of a profit but than we would have to shell out so much more to find a better house. Besides that when we found this one we both agreed we could live in this house for the rest of our lives.
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    well seenbad,

    i'm sorry to tell you, but i strongly disagree with you concerning the "hitting the botton" right now.

    i work in financial markets (fund industry) and i'm pretty convinced that the housing prices on US, England, New Zeland and other spots will fall down a lot more. there was a bubble market and it's about to be blown.

    lots of reasons, but basically:

    1) with less credit available, people will tend to buy less homes (demand and offer) - there is an average of 11 months to sell a home in US today, this will probably increase;

    2) the construction investment is droping, people who build homes know how's the market and what to expect - no need to invest in a bear market with bad expectations;

    3) those who can't afford their interest resets will default, there will be a huge "stock" of houses on the market - more pressure on the prices;

    4) with the prices falling down, many will see their assets (houses) worth less than their liabilities, better default than keep paying for something that has less value than what you're supposed to pay for - back to 3).

    i've been in constant contact with investors all over world, US, Europe, Asia and LATAM, this opinion is widelly spread...

    so, i'm pretty sure that that housing market in most of US will keep falling, the bubble is blowing.

    this is "no good". beleive it or not, i'm facing tremendous losses, this had hurt me more than you can imagine.
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    Forum Frontman It's Mike's Avatar
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    Seen,

    I've never paid much attention to my house value for a simple reason, it doesn't really matter. Unless you're selling and moving to another city, what does it matter if your place goes up in value (or down in value)? If you're selling and buying another place that discount/premium is basically going to be offset. As long as you buy what you can afford, the best thing you can do is not even think about it.

    All that said, the markets in Canada and Toronto specifically have been practically unaffected by that mess in the States. The banks here are much more careful about who they lend to (and for good reason). My house is probably worth 30 or 40 K more then when I bought it 2 years ago.

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    12.11.17 @ 03:59 PM
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    we've had our house 3 years but were thinking about moving. Our realtor told us that property went up 8% 1st year 4% the next year and then 0% this past year. She said we should wait to sell until sometime next year


    IMO--houses in our area are about $100,000 overpriced. but I won't compain if I get to jack up the price of my house like everyone else.
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    Atomic Punk chefcraig's Avatar
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    The following article truly points out why there are so many houses foreclosed upon or simply abandoned in my area now. From today's Sun Sentinel.
    http://www.sun-sentinel.com/news/loc...a_tab01_layout

    Property tax relief ready, but middle class might vote with feet

    Michael Mayo | News Columnist
    November 1, 2007

    Rick Thompson is the kind of voter who should love the property tax plan hatched by the Legislature this week. He's getting married in six months, wants to start a family and move to a bigger home. But he's not feeling much love today, because unlike the politicians in Tallahassee, he sees the bigger picture.

    "I don't really see this as a way to keep the middle class coming here or to allow the middle class to stay here," Thompson, 43, of Deerfield Beach, said. "What's this going to do for the future of Florida?"

    He knows the new tax proposal will mainly help those fortunate enough to have joined the Homesteaded Club before the real estate boom of the early '00s. He's in that club, having bought a small townhouse for a reasonable $140,000 in 2002. His latest property tax bill was a manageable $2,160.


    The new proposal will double part of his homestead exemption to $50,000. Under the portability provision, he'd be allowed an additional $102,000 exemption if he moves to a more expensive home, but he said he's still going to vote against the plan come January. So what's the problem?

    He knows if he gets a bigger break, it means somebody else will have to shoulder a bigger burden. He knows a fundamentally unfair system will remain unfair. And he worries what that means for business owners, renters, young couples looking to buy their first home and workers who want to move here from out of state.

    "If my boss can't afford the higher taxes, then maybe I don't have a job here anymore," said Thompson, who holds an M.B.A. and has a $75,000-a-year job in information technology. "I don't know what the answer is."

    Even though he earns a good living, Thompson has a general unease about South Florida. Property taxes are a small piece of the puzzle. There's soaring property insurance and health care, rising food, fuel and utility costs.

    "The middle class is getting flushed right out of here," he said. "Pretty soon there are going to be two classes here — the very rich and labor."


    He moved here from Louisville, Ky., in 1991 because job prospects there were so bleak. He loved South Florida, wanted to stay for life. But now he's rethinking that. Here's an excerpt from an e-mail he sent me:

    "We really want to have children and raise a family. With all of that comes more everyday expenses, and necessities such as health insurance will increase....As I sat down and did the math at lunchtime, I came to the realization that I cannot stay in South Florida. I cannot afford all of the things that are going to be required to raise a family and buy a house.

    "I can continue to live here, but I will have to work many more years because all these expenses will eat into my ability to save....I will never be able to afford to send my child to a private school and since the schools will get less money with property tax reform I can be sure that the poor public schools in South Florida will get worse."

    When I called him, he spoke about how he used to love hanging out at some of the smaller mom-and-pop shops and bars on Fort Lauderdale beach. "But all those are gone," he said. "Now you've got luxury hotels charging $800 a night."

    He looks around and sees empty new mansions and high-rise condos with darkened units. "We've got all these homes for people who spend two weeks, maybe two months, a year here, but what kind of community is that?" he said. "We need people who establish roots, people who contribute and give a place an identity." He spoke about his family in Louisville, which can trace its lineage there to 1760.

    "In order for Florida to survive, we have to keep attracting new people," he said. "We also have to find a way to stop running people out of here."

    A headline over a recent front-page Wall Street Journal story asked, "Is Florida Over?" Despite the latest orgy of self-congratulation from Tallahassee, Thompson and countless others fear the answer might be a reluctant yes.
    "The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore, all progress depends on the unreasonable man."
    George Bernard Shaw

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    Baluchitherium Ted Van Halen's Avatar
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    It pretty much topped out this past summer where I'm at. Starting to slip a little now but we're seeing more and more "transplants" from up north who originally started out in Florida realizing they can still be near the ocean & not have so much weather trouble to deal w/ so I suspect it'll be a short dip. Being a resort area w/ golf, hunting, fishing & other water sports available pretty much year 'round makes it an attractive place. For instance: back in '00 the lakefront house 2 lots down from me sold for $270K. It sold earlier this year for $540K. That is not uncommon for lakefront homes here. 2nd row scum like me don't usually fair quite so well but it's pretty well understood that you can't lose money on property here. We've been in our house for 2 years now & I could sell it today & walk away w/ $100K min. in my pocket. I'm just glad I got into it when I did. The realtors are in a bit of a quandry though because if you want to sell a lakefront property all you do is put a for sale sign by the road. Average time to sell is probably 2 weeks & you don't even have to give a realtor a cut. That's how we sold the property we did have & bought the one we've got now.
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    Atomic Punk chefcraig's Avatar
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    Quote Originally Posted by Ted Van Halen View Post
    ...Average time to sell is probably 2 weeks & you don't even have to give a realtor a cut. That's how we sold the property we did have & bought the one we've got now.
    Are you high at the moment, Ted? Houses in Broward county are being abandoned because folk would lose their shirts to sell them! There are homes in my neighborhood that have been on the market for over two-three years. The pools are green wastelands, the yards are overgrown. I have three friends that are attempting to move north, who happen to be stuck with two properties (the old and new) and making payments on both of them.

    The wages are dismal, property tax is increasing while the value of the homes has remained stagnant. This is happening across the nation. Just because you happened to be very fortunate does not wipe out the very frightening truth that folk are losing their collective asses at an alarming rate. Foreclosures in my area alone point to the collapse of the housing market, and there is to be little relief in site.

    Believe me, we are in the process of trying to bail out of Broward county ourselves, and the task has been, quite frankly, daunting and dispiriting. We are looking down the barrel of losing a sizable investment in this house and property. Be thankful that you were indeed lucky, yet spare me the misplaced optimism regarding the reality of the situation.
    "The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore, all progress depends on the unreasonable man."
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    Damage your reputation seenbad's Avatar
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    Quote Originally Posted by uncle ted View Post
    well seenbad,

    i'm sorry to tell you, but i strongly disagree with you concerning the "hitting the botton" right now.
    Please note where I said "beginning" of the bottom. I should have italicized that word for emphasis. I'm absolutely in line with the rest of your post and very concerned for others posted in this thread that don't see it from that perspective but rather the last known sale down the block.
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    Eruption uncle ted's Avatar
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    Quote Originally Posted by seenbad View Post
    Please note where I said "beginning" of the bottom. I should have italicized that word for emphasis. I'm absolutely in line with the rest of your post and very concerned for others posted in this thread that don't see it from that perspective but rather the last known sale down the block.
    i'm very worried myself. didn't notice the "beginning", sorry.
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    Quote Originally Posted by seenbad View Post
    Please note where I said "beginning" of the bottom. I should have italicized that word for emphasis. I'm absolutely in line with the rest of your post and very concerned for others posted in this thread that don't see it from that perspective but rather the last known sale down the block.


    Seen, there was an article I was reading in the paper yesterday that was talking about roughly the same thing. It's funny reading all of this thread because the article especially highlighted how the Pacific NW was one of the few regions that was bucking the trend of the rest of the country. The region that was having the most trouble? Florida.
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    Baluchitherium Ted Van Halen's Avatar
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    Quote Originally Posted by chefcraig View Post
    Are you high at the moment, Ted? Houses in Broward county are being abandoned because folk would lose their shirts to sell them! There are homes in my neighborhood that have been on the market for over two-three years. The pools are green wastelands, the yards are overgrown. I have three friends that are attempting to move north, who happen to be stuck with two properties (the old and new) and making payments on both of them.

    The wages are dismal, property tax is increasing while the value of the homes has remained stagnant. This is happening across the nation. Just because you happened to be very fortunate does not wipe out the very frightening truth that folk are losing their collective asses at an alarming rate. Foreclosures in my area alone point to the collapse of the housing market, and there is to be little relief in site.

    Believe me, we are in the process of trying to bail out of Broward county ourselves, and the task has been, quite frankly, daunting and dispiriting. We are looking down the barrel of losing a sizable investment in this house and property. Be thankful that you were indeed lucky, yet spare me the misplaced optimism regarding the reality of the situation.
    I only commented about the area where I live as the OP asked. I do understand that OVERALL there is a HUGE problem hanging on the housing market and am very thankful that I'm in the spot I am. Sorry if I came across otherwise.

    Ted
    Last edited by Ted Van Halen; 11.01.07 at 11:43 AM.
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    Atomic Punk chefcraig's Avatar
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    Quote Originally Posted by Ted Van Halen View Post
    I only commented about the area where I live as the OP asked. I do understand that OVERALL there is a HUGE problem hanging on the housing market and am very thankful that I'm in the spot I am. Sorry if I came across otherwise.

    Ted
    Hey, I apologize as well. Perhaps I'm simply too tied up in the issue, yet in truth this has literally been an albatross around our necks for about the past 11 months here, and the forecast does not seem to be anything aside from further doom and gloom.

    Sorry if I snapped at you.
    "The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore, all progress depends on the unreasonable man."
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    I'm in Broward County like Chef Craig and I can say the situation here is a freaking mess. My house is fine but I always figured I'd probably be in a bigger one by now. However, how can I buy another house? For one, who's going to buy mine? People can't sell their houses right now, I've got three homes in my development going into foreclosure. Who's going to pay full price for mine? If someone did buy it, to move into an even slightly more expensive house would cause my property taxes to double or worse because of the way our homestead exemptions are set up. I'm pretty much trapped right now, but at least I'm in a nice house I can afford. In So. Florida, that practically puts me in the minorirty.

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    Quote Originally Posted by Menlow View Post
    at least I'm in a nice house I can afford. In So. Florida, that practically puts me in the minorirty.
    u just perfectly summed up the entire subprime mess.

 

 

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