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spdrun.
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September 17, 2014 at 12:04 PM #778144September 17, 2014 at 12:21 PM #778145
spdrun
Participant^^^
High property taxes (at least the cost of a $100k mortgage per month if not $200k) depress prices nicely. As did the judicial foreclosure process. Homes that started the process in 2010 are just hitting the market now in a big way and the governor isn’t too eager to help suckers who overpaid in 2005-2006.
This is what $300-350k can get you in a small city that’s about 1 hr by train from NYC, and close to more local job centers.
Live in one 3/1 unit, rent the other to some schlub for $1500-2000 and have your mortgage paid for you.
Compared to San Diego, it’s good bang for the buck.
September 17, 2014 at 12:36 PM #778146bearishgurl
Participant[quote=spdrun]^^^
High property taxes (at least the cost of a $100k mortgage per month if not $200k) depress prices nicely. As did the judicial foreclosure process. Homes that started the process in 2010 are just hitting the market now in a big way and the governor isn’t too eager to help suckers who overpaid in 2005-2006.
This is what $300-350k can get you in a small city that’s about 1 hr by train from NYC, and close to more local job centers.
Live in one 3/1 unit, rent the other to some schlub for $1500-2000 and have your mortgage paid for you.
Compared to San Diego, it’s good bang for the buck.[/quote]
WOW … Isn’t Morristown pretty upscale? I had some in-laws who lived there for awhile and they were very well-off longtime local biz owners at the time.
I liked the house/duplex … not for myself cuz I don’t want stairs. I’d probably refinish a few floors and change a few things like get rid of fake FP’s and that crazy closet sticking out (a streamlined Ikea closet organizer on another wall would look a lot better).
spdrun, if you can upgrade the electrical yourself (what is not already done and then get it signed off) and get it anywhere close to that price and get as much rent as you say you can for the unit(s) you don’t want to live in, it’s probably a winner.
Does the bank allow an inspection period where you can take an engineer or inspector on the property?
I’m kind of shocked this large of a place in this particular town is listed for this price. I feel it’s definitely a better deal than D-e-e-etroit, even if you can get the same size (rundown) property there for $40K or less.
September 17, 2014 at 12:44 PM #778148ParticipantI’m actually not looking at this particular house, but I offered it as an example of what’s relatively common on the East Coast.
Morristown is mixed, some areas are better than others, it’s not all Daughters of the American Revolution.
September 17, 2014 at 1:03 PM #778151moneymaker
Participant“The one thing I absolutely can’t stand about CA…
The idiotic, bureaucratic CARB rules….”flu- I totally agree with you, now we have to spend twice as much for a pour quality gas can. Where are the good old gas cans?
September 17, 2014 at 1:04 PM #778149The-Shoveler
Participant[quote=flu]Texas actually has a decent high tech community, especially around Dallas….
And Gov. Perry keeps throwing bones at California businesses to relocate there too…. I think there were a few companies in SD that just relocated to Texas….And gotta love the no state income tax…[/quote]
TX makes up for no income tax in property Tax,
Probably works out well if you have CXX in your job title though.I know a colleagues who pays 16K a year in the Dallas area on her 300K home.
In the better areas home prices typically exceed 500K in Dallas and Austin near the High tech job centers.
One piece of advice I got is that if you don’t have a working ranch or farm, it is best to have as little land as possible.
September 17, 2014 at 1:07 PM #778152Participant[quote=spdrun]Get a pre-1997 diesel. Problem solved, no smog test required. And Mercedes made some damn nice cars in the early 90s that would last forever :)[/quote]
Saw a Mercedes 300D today, wow that car is still running and it’s older than my oldest (1988). Used to have a neighbor that only owned these, for good reason.September 17, 2014 at 1:10 PM #778153Participant[quote=The-Shoveler][quote=flu]Texas actually has a decent high tech community, especially around Dallas….
And Gov. Perry keeps throwing bones at California businesses to relocate there too…. I think there were a few companies in SD that just relocated to Texas….And gotta love the no state income tax…[/quote]
TX makes up for no income tax in property Tax,
Probably works out well if you have CXX in your job title though.I know a colleagues who pays 16K a year in the Dallas area on her 300K home.
In the better areas home prices typically exceed 500K in Dallas and Austin near the High tech job centers.[/quote]
I agree that property taxes are prohibitively high in TX considering the property values there.
However, I disagree that a buyer needs to pay $500K to get a house in a “better” area in TX. In every larger city there, one can buy a perfectly acceptable ~2400 sf brick ranch with 2/3 car garage on a 1/4+ AC lot in a “better” area for $275K to $325K. Sure, if you want 3600+ sf with massive tray ceilings, a MBR fireplace and “luxury” bath, a swimming pool and a 1/2+ AC lot located in a gated community, you might pay between $425K and $550K.
A ~$500K home in TX is a large “luxury” home with nearby amenities such as a community lake, tennis, HOA, etc. A similar home would cost $1.2M ++ in Poway, CA, and would likely not have the square footage (in either the house or lot) of the TX home.
September 17, 2014 at 1:10 PM #778154desmond
Participant[quote=bearishgurl][quote=desmond][quote=flu]Texas actually has a decent high tech community, especially around Dallas….
And Gov. Perry keeps throwing bones at California businesses to relocate there too…. I think there were a few companies in SD that just relocated to Texas….And gotta love the no state income tax…[/quote]
SpaceX in McGregor is hiring. On another note if you ever watch “Fixer Upper” on HGTV we just bought a home in the Castle Heights district in Waco, close on it next Thursday, $185k. Waco is “up and coming”, our neighbor is like nothing we could afford in California.[/quote]
WOW … I’ve been thru Waco in the late 90’s … I almost got sideswiped into a ditch there. Back then, it seemed very low-income … with “dollar” stores, no-tell motels, no-brand gas stations and the like situated wa-a-a-ay off the hwy and street. Lots of parking, though.
Time to tour the C-Bad caverns again and make that trip to Wichita Falls so I can see what you’re talking about :)[/quote]
They can’t get this done in San Diego, Baylor’s new $266 million dollar stadium.
http://www.nytimes.com/2014/08/31/sports/ncaafootball/baylors-stadium-makes-its-debut-against-smu.htmlSeptember 17, 2014 at 1:31 PM #778156ParticipantA ~$500K home in TX is a large “luxury” home with nearby amenities such as a community lake, tennis, HOA, etc.
Since when is an HOA an amenity instead of a ball-and-chain? I’d rather live in a town with a community park (possibly with pool and tennis courts) as is common on the East Coast. You end up with more rules on the township level and fewer on the private/HOA level, but at least towns are subject to Constitutional oversight.
September 17, 2014 at 1:37 PM #778157Participant[quote=spdrun]
A ~$500K home in TX is a large “luxury” home with nearby amenities such as a community lake, tennis, HOA, etc.
Since when is an HOA an amenity instead of a ball-and-chain? I’d rather live in a town with a community park (with pool and tennis courts) as is common on the East Coast.[/quote]
Well, you really don’t need “gates” in TX. Or even in SD, for that matter. I think it’s kind of ridiculous to pay for a gated community. TX has a lot of man-made lakes which have housing subdivisions built around them on the order of a “master-planned community” in CA (ex: Eastlake – Chula Vista, CA) except there is generally a lot more room between houses and wider streets there. Those types of communities DO have HOAs set up to provide all the amenities they offer. Some HOAs there even have RV storage and horse boarding!
I’m with you, spdrun. I wouldn’t buy a house in a HOA which had monthly dues. I would however buy a house in a subdivision which had annual dues of $500 or less if the assn was well-established and well-managed. This money is usually used to lobby for continuing water rights, distribute a monthly community newsletter, snow removal on the main arter(ies), maintain community hiking trails, etc.
September 17, 2014 at 1:40 PM #778158FlyerInHi
Guest[quote=spdrun]http://www.realtor.com/realestateandhomes-detail/18-Cutler-St_Morristown-Town_NJ_07960_M59528-59430?row=2
This is what $300-350k can get you in a small city that’s about 1 hr by train from NYC, and close to more local job centers.
Live in one 3/1 unit, rent the other to some schlub for $1500-2000 and have your mortgage paid for you.
Compared to San Diego, it’s good bang for the buck.[/quote]
That house looks like a lot of maintenance! Not including all the money it would cost to bring it up to today’s standards.
I mapped it. It’s 1 hour ++ by train to NYC. Add waiting time, and connecting to the subway, you’re talking 2 hours, one way.
You could live in Riverside and commute to LA.
I personally think the East Coast looks messy and dirty. Out of control vegetation, etc… not nice tidiness of Southern California.
September 17, 2014 at 2:10 PM #778160ParticipantThere are a lot of jobs, especially in telecom and pharma locally vs in NY.
You fix. You don’t spend to excess modernizing. People will still rent it.
I rather like the untamed vegetation. It adds to character. Remember that things also grow faster in the climate, so there’s simply MORE vegetation.
September 17, 2014 at 3:07 PM #778162GuestI’ve been to NJ and I have a friend who lives there. Extremely boring in the middle of all the vegetation. You don’t see anything but green trees on end. Humid and hot, or humid and cold. People look forward to the spring and fall.
The redeeming thing is that it’s close to NYC so you can go on weekends.
From what I understand, people stay in Jersey for jobs only. Then they move away after retirement.
On the East Coast, I’d live in the cities only. If suburban, South Florida would be better.
September 17, 2014 at 4:11 PM #778165flyer
ParticipantHave a brother who moved to Dallas many years ago for business reasons. He kept some property in San Diego, so they visit often, but, for the most part, he, his wife, and four kids have pretty much lived the TX lifestyle.
As native San Diegans, they’ve all admitted they had to get used to things they’d never dealt with here, but, overall, it’s worked out well for them. If you have a really good reason for living there, it seems to be worth it for many.
Since all of his kids now have their own homes and families in the area, my brother and SIL decided to retire in Horseshoe Bay, rather than leave the area. We’ve visited them there, and, even though we’d prefer not to live in TX, this is a pretty nice spot:
http://www.horseshoebay.com/ -
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