FunkMiller
Member
This is definitely a subject matter that's impossible to talk about without getting political.
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Insane Housing Market, y'all be fuked
- Thread starter RJMacready73
- Start date
AJUMP23
Parody of actual AJUMP23
The more the government gets involved the worse it gets.
Dural
Member
Yep, overregulation has slowed down the ability to build new homes. There just aren't enough being built anywhere in the western world it seems.
Then you have ridiculous property taxes on top of it. Here in northern Illinois the property taxes are some of the highest in the country as a percent of the homes value. Ours went over $7000 this year, we bought it for $158,000 in 2018 and the taxes were $4900.
StreetsofBeige
Gold Member
Property prices have been edging up this year as people expect rate cuts (Canada did a modest 25 pt cut and more coming). People are trying to get in now before rates drop a lot and then tons more people jump in bidding up prices.
In Toronto, most new devs are condos since the city heavily green lights those projects. New houses and townhouse projects are slim pickings. So anyone amped up to moving up to a family house from condo living is shit of luck as you now got to bid with the rest of people who want the same.
The gov also purposely proetcts this radius green space thing in the northern part of the metro area. Its off the map, but still close enough to the metro area. For anyone who doesn't mind living a little bits away it'd be fine. But gov has shut down any builders wanting to build there. There's shit loads of space when you zoom out a few clicks on Google maps. All you see is green. Nope. It's "protected areas". Yet they have no problem building more towers with zero improvement to roads or mass transit.
The city's biggest money maker is condos since a builder can jam a 40 floor/400 unit tower on a corner in the same space as maybe 20 houses. Insane incremental permit fees and property tax from a condo.
So now you guys know why some cities skew to condos.
True.
In Toronto, most new devs are condos since the city heavily green lights those projects. New houses and townhouse projects are slim pickings. So anyone amped up to moving up to a family house from condo living is shit of luck as you now got to bid with the rest of people who want the same.
The gov also purposely proetcts this radius green space thing in the northern part of the metro area. Its off the map, but still close enough to the metro area. For anyone who doesn't mind living a little bits away it'd be fine. But gov has shut down any builders wanting to build there. There's shit loads of space when you zoom out a few clicks on Google maps. All you see is green. Nope. It's "protected areas". Yet they have no problem building more towers with zero improvement to roads or mass transit.
The city's biggest money maker is condos since a builder can jam a 40 floor/400 unit tower on a corner in the same space as maybe 20 houses. Insane incremental permit fees and property tax from a condo.
So now you guys know why some cities skew to condos.
Topher
Identifies as young
Curious. How much square feet. Moved to Atlanta area in 2019. Bought our house for $270. Now Zillow says it is worth over $438. Ours is about 2200 sq feet.
digital_ghost
Member
Bought our house for $220k in 2012, in a gated neighborhood with a pool.
Now its worth double as we got offers for $480k
My parents probably aren't selling this house. As They only pay a $300 a month mortgage.
Im in South Texas.
Now its worth double as we got offers for $480k
My parents probably aren't selling this house. As They only pay a $300 a month mortgage.
Im in South Texas.
How are they defraying the property tax? On $480k that's almost 10K/yr alone! 100% disabled vet or are they really old and grandfathered in at some low rate?
digital_ghost
Member
They are retired and in their 70s. They got a freeze on property taxes years ago. Im not actually sure what they pay in taxes but its low.
I am 100% disabled so when my parents pass and leave the house to me. i wont have to pay taxes. According to our government website, people on disability income don't have to pay taxes..
StreetsofBeige
Gold Member
You guys got some crazy property tax rates. It's I think 0.7% of city appraised value here (not market value which is way more).
Sounds like some of you guys' US rates are like 2%? Wow.
Sounds like some of you guys' US rates are like 2%? Wow.
Well, in Texas the high property tax rates are offset by no state income tax. But that was before property values skyrocketed with californians fleeing their own mess.
Of course all state governments are hurting for lack of cigarette tax money. Texas needs to get on the pot tax bandwagon, hasn't Colorado had to give money BACK a few times because of that cash cow?
IntentionalPun
Ask me about my wife's perfect butthole
My house is appraised over $1 million. I owe about $200k. (15-20 minutes from downtown Seattle)
Worked out for me but I’m kinda over home ownership. Might cash out and rent for a bit and then get a condo or something.
I know they can be a racket but I’ve got like massive trees that could take out a neighbor at any time and don’t want to deal with it lol
Worked out for me but I’m kinda over home ownership. Might cash out and rent for a bit and then get a condo or something.
I know they can be a racket but I’ve got like massive trees that could take out a neighbor at any time and don’t want to deal with it lol
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ramuh
Member
3400 sq feet. That is after I finished the 1200 sq foot basement.
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Topher
Identifies as young
Nice sized house. Once I finish my basement I'll be a little over 3000.
ramuh
Member
lol i messed up. I dont have quite that big of a house. Only 3400. Been saving my coins for a place with land though.
Topher
Identifies as young
lol....still a good size though. I'd love some land myself. One day......
ThatStupidLion
Member
Where in atl are you?
I bought here in 2018, now wife and i are priced out of everything that were looking for. Best option is just to build on current lot and reno, but thats a whole nother can of worms.
Bought at 565k 1700sq, now valued at 760, personally knowing the market, im confident we could get 800-850 range. Kinda annoying though because other properties have essentially doubled in value in our hood. Only reason we didnt buy one of those types of properties when we first moved here was because it was our starter home with a tiny baby. Now weve got 3 kids and a dog. Such a regret of ours, but easy to say that now of course. In like 2021/2022, new builds were going for like 1.4-1.7, now new builds are 1.7-2+,
And theyre not even awesome lots or quality and built so close together. Its disgusting.
Man, 1700sq with 3 kids must be ROUGH. When I lived in ATL we rented a 1600-1800sq place in Druid Hills so I could be close to work. The lots were decent sized, usually long and narrow, and most neighbors had demoed the 40s era "starter home" for a mcmansion squeezed into the lot. Our place could have been fleshed out with a finished basement or some sort of detached garage but that's about it. It was fun to live close to work in an area with so many unique homes and little pockets of parks or commercial places, but damn, you needed $$$ just to get on the street!
ThatStupidLion
Member
yeah - my oldest is 6.5 youngest is 15 months. so were definitely starting to feel it. esp since both my wife and i work from home. im definitely familiar with druid hills. I'm in brookhaven. doesnt matter how wide your lot is though, thats one of my issues with new builds. these developers cramming unnecessarily large homes onto lots where they dont belong and end up being on top of eachother with no breathing space or privacy, which i value.
Shadowplay1979
Member
fuck that, just save up a little more at that point 1.9
https://castleist.com/1-9m-wooler-england-historic-english-castle-for-sale/
https://castleist.com/1-9m-wooler-england-historic-english-castle-for-sale/
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StreetsofBeige
Gold Member
You guys live in cheap priced places.
The condo I move from 10 years ago (2 bedroom/2 bathroom/1,000 sq ft) I sold for over $550,000.
The condo I move from 10 years ago (2 bedroom/2 bathroom/1,000 sq ft) I sold for over $550,000.
Dirk Benedict
Gold Member
We really need to Rethink the political stance, as it keeps creeping up in all facets of life.
WhamBamThankYouMaam
Member
Oh, if the mega rich tech guys just keeps buying all areas then all will be just fine. It will just magically sort itself out.
ForAcademicPurposes
Member
srerwws
Neo Member
Congratulations! I just managed to reduce your rent by almost 70%!
RJMacready73
Simps for Amouranth
fuck that, just save up a little more at that point 1.9
https://castleist.com/1-9m-wooler-england-historic-english-castle-for-sale/
If i ever win the lottery that's the sorta pad id buy, compare that to those insanely ugly glass and concrete cookie cutter abominations in LA for 10 times the price
CompleteGlobalSaturation
Member
House prices are indeed unaffordable for most people in the UK, particularly in the south. My house is currently valued at £1.3m. I would not be able to afford to purchase my house at this price. Fortunately I only owe £400k on the mortgage.
Lunarorbit
Member
Started at 5% of assessed value a year when we bought our house in 2016. Went up to 8% 5 years ago. Over $8000 a year now paid in quarterly installations.
StereoVsn
Gold Member
Yeah, housing prices in US are super messed up. I live near DC and my 4,500 house is now between $1.5 and 1.6 ml. Bought ~3 years ago for $1.3 and there is no way I could afford it with current prices and interest.
There are no large areas to build new here so developers buy up old houses, knock them down and sell for $2mil+ minimum. It’s all kinds of crazy.
I remember 25 years ago I a house for $1.5 mil would have seemed a huge mansion. Now it’s actually toward middle or lower end of nicer neighborhoods in Norther VA and MD that are decently close to DC.
There are no large areas to build new here so developers buy up old houses, knock them down and sell for $2mil+ minimum. It’s all kinds of crazy.
I remember 25 years ago I a house for $1.5 mil would have seemed a huge mansion. Now it’s actually toward middle or lower end of nicer neighborhoods in Norther VA and MD that are decently close to DC.
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Dirk Benedict
Gold Member
WTF, why? Ours is 1800 twice per year and we live in Killer Cali, cause it's killing our financials.
FunkMiller
Member
My flat in London is similar, and probably more. I'm not even going to say how much I paid for it 19 years ago. It's obscene how much prices have gone up.
Rents are even worse. I'm able to live in a luxury apartment in the most expensive place in Australia, mostly thanks to what I get from my place back home.
I'm lucky as fuck, and I wouldn't want to be young and trying to buy property now.
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fran.fernandez
Member
9 years ago with my wife we bought a mansion (apartment ) in Osaka Japan.
It was around 390k, now it’s selling for around 800k.
We are buying again now just in case
It was around 390k, now it’s selling for around 800k.
We are buying again now just in case
CompleteGlobalSaturation
Member
I actually built my property from the ground up. I was very fortunate to find a nice patch of land in a nice area. Effectively purchased my house for £700k or so. It's a good size for UK standards too. I lucked out and got my forever home.
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fuck that, just save up a little more at that point 1.9
https://castleist.com/1-9m-wooler-england-historic-english-castle-for-sale/
Maintaining that thing will cost you at least $25 000 per year.
AJUMP23
Parody of actual AJUMP23
fuck that, just save up a little more at that point 1.9
https://castleist.com/1-9m-wooler-england-historic-english-castle-for-sale/
I like it, if I lived in the UK i would consider it and then declare myself a sovereign country. What are UK property taxes?
Dural
Member
Schools are like 60-70% of our taxes, it's unbelievable the amount of money the school districts get.
This is our property tax breakdown from last year.
We're in a rural area, just to the south is the city and in parts of it the taxes are 50% higher than ours. We are in desperate need of property tax reform, but I doubt we'll ever see it. Every election it's brought up but nothing is ever done.
Pagusas
Elden Member
That's nothing, we're in Dallas and pay 15k a year in property tax (plus a 2k a year HOA). That's with a homestead discount. Texas has no income tax, but they get you on property tax and toll ways.
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Dural
Member
I bet your house is valued really high though. We bought ours for $158k in 2018, they assessed it at $250k in 2023. We were looking at a house in the city to the south before we bought our current house in 2018 and the taxes on it were $9k for a house that was on the market for $110k, the taxes as a percent of the home value are completely fucked up here.
Pagusas
Elden Member
Oh yes. We're up in Prosper (super up and coming area of far north Dallas, lots of Dallas Cowboys live around us like Dak, its fun being a Packer fan here
). Custom built our house back in 2017 for 425k. Its worth over 700k now. Our neighbor just sold theirs for just under a million.
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AJUMP23
Parody of actual AJUMP23
Schools are like 60-70% of our taxes, it's unbelievable the amount of money the school districts get.
This is our property tax breakdown from last year.
We're in a rural area, just to the south is the city and in parts of it the taxes are 50% higher than ours. We are in desperate need of property tax reform, but I doubt we'll ever see it. Every election it's brought up but nothing is ever done.
Property taxes take away actual land ownership.
Ownage
Member
What are you, a divinely appointed sovereign King????
AJUMP23
Parody of actual AJUMP23
That would be pretty cool. But no. I am just a serf.
IntentionalPun
Ask me about my wife's perfect butthole
Yeah well at least your sales tax is also bad.Schools are like 60-70% of our taxes, it's unbelievable the amount of money the school districts get.
This is our property tax breakdown from last year.
We're in a rural area, just to the south is the city and in parts of it the taxes are 50% higher than ours. We are in desperate need of property tax reform, but I doubt we'll ever see it. Every election it's brought up but nothing is ever done.
Dural
Member
And taxes on gas, and car registration is ridiculous, and we also have tollways, and income tax. Gotta love Illinois!
It's
Lord Panda
The Sea is Always Right
Not to mention dealing with demons, spirits, and hobo witches.