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Honest Real Estate Listing


By Patrick   Follow   Thu, 15 Mar 2012, 12:52pm PDT   696 views   4 comments
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http://www.theonion.com/articles/in-over-your-head,27614/

rootvg   Fri, 16 Mar 2012, 6:39am PDT   Share   Quote   Permalink   Like   Dislike     Comment 1

There are plenty of honest real estate listings.

They just aren't in parts of the country that have plastic fantastic, bubble economies that are funded by people from Asia, getting off airplanes with suitcases full of money.

http://www.realtor.com/realestateandhomes-detail/920-Brook-Rd_Wadsworth_OH_44281_M47236-86987

http://www.realtor.com/realestateandhomes-detail/3131-Rainbow-Ln_Richfield_OH_44286_M35682-91781?ex=OH521896797

This one surprised me. That's a fortune in that part of the country, which tells me someone up there is making money, probably the doctors and probate lawyers. It also tells me the economy is starting to get seriously out of whack and we need a change in monetary policy. If I see it, others will see it as well.

freak80   Fri, 16 Mar 2012, 6:53am PDT   Share   Quote   Permalink   Like   Dislike     Comment 2

rootvg says

This one surprised me. That's a fortune in that part of the country

Of course the name of the town IS "Richfield." :)

rootvg   Fri, 16 Mar 2012, 6:59am PDT   Share   Quote   Permalink   Like   Dislike     Comment 3

It's out in the boonies between Akron and Cleveland.

You can buy a nice house there in the high twos. A friend of mine bought a fixer there for forty grand in the mid eighties (built in 1929, all brick not just the front) and rebuilt it from the inside out. It's now worth ~$300K...and his ex-wife ended up with it.

I'd buy that house in a second.

freak80   Fri, 16 Mar 2012, 7:50am PDT   Share   Quote   Permalink   Like   Dislike     Comment 4

The Rust Belt is great...if you can find a good job ;-)

Where I live now (Corning-Elmira, NY) you can get a decent place for just over 100k. NY income taxes are high, but it's better than shelling out thousands per month in mortgage interest.

RE here is the complete opposite of CA. Rents have been driven up by the natural gas boom just south of the border in Pennsylvana. My one bedroom apt. is $750. Cheap by Bay Area standards, but expensive for here. For a mortgage payment of $750/month I could actually buy a decent house with a 20 year mortgage.

The main reason I don't is relative lack of job security. There are only a few major employers here, and if one of them (including mine) were to have a big round of layoffs, I might not be able to sell w/o taking a major loss. Heck the RE market here probably tracks Corning Inc's (ticker GLW) stock price closely.

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