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SunnyvaleCA says
$31k/year for a 60 year old 3/2 of 1500 sq ft.
Which city in California is this in? I have friends who live in Corona, California. Beautiful weather most day of the year but I wonder if the taxes are worth it? Both are physicians, make good money, so money is not an issue for them.
I live in Cleveland, Ohio, weather sucks. So, good weather is valuable to me. Hope to move on from here but not sure where. I guess we will follow our kid to the city where he gets his job and decides to live, there is nothing like family, even the best weather pales in comparison.
People recently buying shacks in my neighborhood already have taxes to the moon. $31k/year for a 60 year old 3/2 of 1500 sq ft. That pales compared to the $160k/year interest on their mortgage, but still.
https://finance.yahoo.com/news/home-prices-begin-to-come-down-in-pandemic-boomtowns-like-austin-tampa-090042087.html
Home prices begin to come down in pandemic boomtowns like Austin, Tampa
Where exactly does Brylski live?
In a $1.1 million home in New Orleans. She says it is $15,000 a year to insure. I think that is very high rate (around 1.5% of the home (replacement) value).
SunnyvaleCA says
$31k/year for a 60 year old 3/2 of 1500 sq ft.
Which city in California is this in?
SunnyvaleCA says
People recently buying shacks in my neighborhood already have taxes to the moon. $31k/year for a 60 year old 3/2 of 1500 sq ft. That pales compared to the $160k/year interest on their mortgage, but still.
Sunnyvale, do you think they made a large downpayment from their RSU's?
AD says
In a $1.1 million home in New Orleans. She says it is $15,000 a year to insure. I think that is very high rate (around 1.5% of the home (replacement) value).
Insurers are raising rates a lot, lately.
It’s crazy how much they have gone up, the actual rate/valuation percentage has more than doubled for us: 2017 was 0.213%, 2024 is 0.433
This...along with property taxes.
https://lamag.com/real-estate/kanye-wests-mansion-loses-18-million-in-value
Kanye West's Mansion Loses $18 Million in Value
Around here, there is a shortage of home listed because people do not want to sell their homes. One major reason is this example:
Current home, $1,000,000 mortgage at 2% has a monthly payment of $3,696.
Downsize home, $750,000 mortgage at 7% has a monthly payment of $4,990.
Moving to a smaller home at today's interest rates actually can increase the monthly nut and that is after costs like realtor commission and loan origination fees.
https://lamag.com/real-estate/kanye-wests-mansion-loses-18-million-in-value
Kanye West's Mansion Loses $18 Million in Value
This kind of stuff means nothing. These high-end mansions are not moving in sync with the rest of the market because these brain dead celebrity bimbos tend to overpay when they want something now-now-NOW!
The median price was skewed by a surge in sales of higher-end homes.
According to the NAR, despite the overall decline in sales, the high end was hot:
Sales of homes of over $1,000,000: +22.6% YoY
Sales of homes of $750,000 to $1,000,000: +12.9% YoY
Sales of homes of $500,000 to 750,000: +6.9%
Sales of homes $250,000 to 500,000: +1.0%
Everything below fell.
So the mix of homes that sold changed toward the higher end, with relatively fewer sales in the mid-range to lower-end homes.
The median price is the price in the middle. And this shift in mix of what sells toward the higher end pushes up the middle of the prices that sold, and thereby the median price. This is an infamous shortcoming of the median price. We discussed the mechanics, including a chart, of how median home prices are skewed by changes in the mix here.
https://www.cnbc.com/2024/06/25/the-typical-newly-built-house-in-the-us-is-shrinking.html
The typical new home in the U.S. is shrinking
Absolutely true in my area.
It's really not "246 days", that's when Focus Homes listed the model which is at multiple lots. Same School District and unlike Commiefornia you can send you kid to one of a dozen charter schools, there's a Classical Academy in the area. You're guaranteed the next seat if they're overcapacity and high demand charter schools get more money to hire more staff to host more students. Florida also allows flexibility for taking your kid to a school more convenient to work or equidistant to co-parenting.
There's an available model that is $256k including the plot.
Focus homes is offering an intro rate of 5-6.5% with a 20% downpayment
Is homeloaner offering that? Or will the buyer have to get an 8% from the bank?
Manhattan is now a ‘buyer’s market’ as real estate prices fall and inventory rises
The typical new home in the U.S. is shrinking
For everyone who says rents have to go up, and you can't save money renting, read that last part again.
Anything else will be a condo where I don't have to do shit after 60-65. Probably a 2/2 in a fun/warm area. Bounce back in the summer/hurricane season to IL.
Last October, Hernandez’s mortgage rate jumped by 2% to 5.125%, the maximum allowed in the first adjustment year
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https://finance.yahoo.com/news/pimco-kiesel-called-housing-top-160339396.html?source=patrick.net
Bond manager Mark Kiesel sold his California home in 2006, when he presciently predicted the housing bubble would pop. He bought again in 2012, after U.S. prices fell more than 30% and found a floor.
Now, after a record surge in prices, Kiesel says the time to sell is once again at hand.