Articles
   
       
Pics/Video
       
Wake 101
   
       
       
Shop
Search
 
 
 
 
 
Home   Articles   Pics/Video   Gear   Wake 101   Events   Community   Forums   Classifieds   Contests   Shop   Search
WakeWorld Home
Email Password
Go Back   WakeWorld > Non-Wakeboarding Discussion

Share 
Reply
 
Thread Tools Display Modes
Old     (snyder)      Join Date: Feb 2006       11-03-2014, 12:25 PM Reply   
I've seen a few episodes of this show. And I can't believe how friggin' expensive real estate still is in California. How in the hell does anyone afford to live there. 1500 sq ft, 40-50 y/o, complete pieces of crap houses for $300-500k !!! and that's at repo or short sale prices!
The average HH income in California is not that much higher. I guess you guys just pay a hellofa lot more of your monthly income on housing, huh?

As for the show itself, I've not seen too many "flops". In fact I've never seen them lose money on a property, only that it took them a little longer to sell it, but they still make 10's of $1000's on each deal. I mean, i guess that's capitalism at it's finest... and in the short-term they are providing some $$ for the economy w/labor and materials on the rehab. But DAAAAUMMMM you couldn't force me to live there.

There is so much disparity in the cost of living across the country that it's crazy. I would have thought that some of the really higher ends of the spectrum would have come way down by now. But i suppose when you continue to have cheap $$ via low interest rates, and the bankers have been propped up w/bailouts, and the homeowners have been propped up w/special programs to avoid default.... those artificial factors prevent the natural market forces from bringing the prices down to earth.... or at least in closer alignment w/incomes. I guess the only impact is that the process to get a loan is a lot more intrusive than it was 10 yrs ago.
Old     (fly135)      Join Date: Jun 2004       11-03-2014, 12:37 PM Reply   
This same artificial factors are driving up the price of healthcare too. Never could understand why we needed to bail out the mortgage bond holders, push money, and mess with propping up loans. Let the market fall to it's free market level and housing would be more affordable for everyone.
Old     (timmyb)      Join Date: Apr 2007       11-03-2014, 1:01 PM Reply   
You forgot to mention the most important part of that show...the hot blonde chick!
Old     (snyder)      Join Date: Feb 2006       11-03-2014, 1:18 PM Reply   
Lol. yeah, she's cute.

There's another show i think called "Fixer Upper" that takes place somewhere in Texas. Another husband/wife duo, but in this one, the client buys they house and they fix them up for them. But you can really see the disparity in prices. These people are able to buy homes in the low $100's and put 50k'ish into them and have really nice properties. I saw one episode (didn't catch the beginning) but they bought a distressed property from a town for like $25k! put $100k into the renovation and it was absolutely stunning in the end. Very nice historic house that they could probably sell for double what they had invested in it (and still only be half to one-third what the same house would cost in California.

The main difference in the premise of the two shows is that in one case they're trying to squeeze every penny out of the market and end up driving up the cost of homes in the area because their flip becomes the new comp for the next seller in the neighborhood. In the other, they do increase the value of the home, but only on the tax rolls...unless the owner immediately sells the home after the upgrade, but that's not part of the show.
Old     (migs)      Join Date: Aug 2006 Location: SF Bay Area       11-03-2014, 1:40 PM Reply   
a 2bd/1bath 850 sqft home across the street from me just sold for 875K. Built in the 40's, with an outdated kitchen that needed to be re-done.
Yeah you can say the real estate in the bay area is out of hand.
300-500K doesn't buy you a garage in the bay area peninsula.

Last edited by migs; 11-03-2014 at 1:45 PM.
Old     (jarrod)      Join Date: May 2003       11-03-2014, 2:15 PM Reply   
My bay area home is barely 1000 square feet. 2 bedroom, Most rooms still need a remodel, and it's worth over 500K.
Old     (migs)      Join Date: Aug 2006 Location: SF Bay Area       11-03-2014, 2:28 PM Reply   
Just an example of what $1.7 Million gets you in the peninsula.

http://www.realtor.com/realestateand...6-47670?row=61
Old     (snyder)      Join Date: Feb 2006       11-03-2014, 2:52 PM Reply   
Assuming y'all are talking about San Fransisco...
According to the census bureau, the median HH income is about $74k.
but the median HH value is &750k!!

That just doesn't make mathematical sense. Assuming 20% down (which is a crap load of money for a family on $74k/yr to save up) wouldn't the P&I payment alone be ~$3000/month! That's about 60% of your take home pay. How do you even qualify for the loan? Then you still have property taxes, utilities, groceries, some of the highest gas prices in the country? That's crazy-town. What am i not understanding here?
Old     (peter19u)      Join Date: Oct 2006       11-03-2014, 4:02 PM Reply   
Most of these offers are all cash, Lots of overseas buyers from Asia and funny money from stock options.
Old     (diamonddad)      Join Date: Mar 2010       11-03-2014, 4:27 PM Reply   
A 1500 sqft house on the peninsula of the SF bay area will sell for about $1M in less than 1 week with multiple offers. It is nuts out here.
Old     (pesos)      Join Date: Oct 2001 Location: Texas       11-03-2014, 6:11 PM Reply   
It really is crazy. I've been living abroad but renting my place - figured I'd never be able to buy back into the area again if I sold. Will likely need to rebuild the house if we ultimately decide to settle there with the kids. Prop taxes are also a ton of fun! At least rents are super high too...
Old     (migs)      Join Date: Aug 2006 Location: SF Bay Area       11-04-2014, 9:54 AM Reply   
Pound - the Peninsula are the small towns/cities directly south of San Francisco that line the bay up until Palo Alto which marks the end of the peninsula and the start of Santa Clara county or the "South Bay/Silicon Valley". The Peninsula has the highest real estate prices in the bay area because of its location between San Francisco & the South Bay and its "perfect" micro climate which is warmer than San Francisco, but cooler than the South bay.
Peninsula = San Bruno, Millbrea, Burlingame, Hillsborough, San Mateo, Foster City, Belmont, San Carlos, Redwood City, Atherton.
Old     (jonblarc7)      Join Date: Jul 2006       11-04-2014, 1:01 PM Reply   
I'm with Snyder I don't know how ya'll can afford to even have a house out there. I watch that show too and I would move to another part of the country if I had to buy a piece of crap house for 750,000.

I make decent money but not great and my wife is a teacher and make the second to the lowest pay of any teachers in the country at just 34,000.

But after saving for a down payment and getting out of dept on everything but the supra LOL. Here's a picture of us from last year in-front of our new house. With 3,000 sq feet, 5 bedroom, and 3 full bath and 1 acer. Will feel really bless to be-able to afford this kind of house for just under 300k.
Attached Images
 
Old     (canucked)      Join Date: Jun 2007       11-04-2014, 1:56 PM Reply   
that house is for sure $1 million+ in Alberta.

a close drive to either Edmonton/Calgary and it would be $2mi+
Old     (canucked)      Join Date: Jun 2007       11-04-2014, 2:04 PM Reply   
Just out of curiosity I looked on the MLS to see what the most expensive house in Alberta was right now...$38 million. Don't want to hijack but it might be kind of cool to see the highest listing in everyone's area

Apparently Henry Ford used to own it.

http://www.realtor.ca/propertyDetail...rtyId=14120158
Old     (jonblarc7)      Join Date: Jul 2006       11-04-2014, 4:03 PM Reply   
I high point NC you get a castle for 4M

http://m.realtor.com/#details?listin..._id=5388290919

But to show you what 1M gets is just un-real still.

http://m.realtor.com/#details?listin..._id=6154186348

Last edited by jonblarc7; 11-04-2014 at 4:04 PM. Reason: Typo
Old     (diamonddad)      Join Date: Mar 2010       11-04-2014, 4:49 PM Reply   
To contrast that last link with a $1.150M house in NC.

Here is a 1.175M in my neighborhood in CA.

http://m.realtor.com/#details?property_id=1714084922
Old     (diamonddad)      Join Date: Mar 2010       11-04-2014, 4:53 PM Reply   
$1.150M house in NC. $1.175M in CA.
Attached Images
  
Old     (jonblarc7)      Join Date: Jul 2006       11-04-2014, 5:01 PM Reply   
That's crazy
Old     (buffalow)      Join Date: Apr 2002       11-05-2014, 7:18 AM Reply   
My parents are in Cupertino, Ca right near the new Apple Spaceship building, google, Fb, etc.. There house is 40 years old, 2500 SF and been remodel so it is nice. Once down the street went for $4 million with 4 cash offers all over the $3 million listed. They are seeing deal like that very day now. Insanity!
Old     (timmyb)      Join Date: Apr 2007       11-05-2014, 7:26 AM Reply   
I was just checking out Aspen, CO since I figured that was the highest price in my state. I am dumbfounded that there are enough people in this country that can afford real estate like this. 56 homes above $10 million that are for sale! 6 above $25 million!
$46 million - http://www.zillow.com/homedetails/28...25662828_zpid/
Stupid money!
Old    bigdtx            11-05-2014, 7:47 AM Reply   
LOL - you can take a shot at this one just outside Dallas - no reserve!

http://popcultureblog.dallasnews.com...-auction.html/
Old     (spencercoon)      Join Date: Mar 2011       11-05-2014, 8:32 AM Reply   
Quote:
Originally Posted by snyder View Post
Assuming y'all are talking about San Fransisco...
According to the census bureau, the median HH income is about $74k.
but the median HH value is &750k!!

That just doesn't make mathematical sense. Assuming 20% down (which is a crap load of money for a family on $74k/yr to save up) wouldn't the P&I payment alone be ~$3000/month! That's about 60% of your take home pay. How do you even qualify for the loan? Then you still have property taxes, utilities, groceries, some of the highest gas prices in the country? That's crazy-town. What am i not understanding here?
^^This is the best point brought up in this thread. Does anyone have an answer for this?
Old     (trayson)      Join Date: May 2013 Location: Vancouver WA       11-05-2014, 9:27 AM Reply   
Quote:
Originally Posted by buffalow View Post
My parents are in Cupertino, Ca right near the new Apple Spaceship building, google, Fb, etc.. There house is 40 years old, 2500 SF and been remodel so it is nice. Once down the street went for $4 million with 4 cash offers all over the $3 million listed. They are seeing deal like that very day now. Insanity!
I would sell that place, move to Colorado, buy a sweet newer boat, and retire and snowboard/wakeboard/wakesurf for the rest of my life.
Old     (diamonddad)      Join Date: Mar 2010       11-05-2014, 9:28 AM Reply   
My friend says -- $1.1M won't get you a 1 bedroom co-op apt. here in NYC, The prices are insane.
Old     (migs)      Join Date: Aug 2006 Location: SF Bay Area       11-05-2014, 9:32 AM Reply   
I would have to assume median HH income in the bay area peninsula is 3 times that amount easy.
Old     (Spoone)      Join Date: Sep 2010       11-05-2014, 9:37 AM Reply   
http://www.zillow.com/homedetails/80...41488806_zpid/

< $3.2M in East Tennessee. Over 11k sq ft. on 26 acres. They are auctioning it off this weekend.
Old     (grant_west)      Join Date: Jun 2005       11-05-2014, 10:06 AM Reply   
I watch the show last night for the first time because I saw this post. First off I have to say I love watching people make money. I think we saw them flip three houses. Each one of them they made at least 90 grand. So they must be pulling in some good money each year.
Old     (iShredSAN)      Join Date: Apr 2012       11-05-2014, 10:46 AM Reply   
http://trulia.com/property/311418910...nolia-TX-77355

24.5 mil in Houston. House is alright but you have a private 25 acre lake! I can honestly say if I had any of these mansions I would never leave my house.
Old     (rockballer)      Join Date: Jun 2014       11-05-2014, 10:52 AM Reply   
Quote:
Originally Posted by jonblarc7 View Post
I'm with Snyder I don't know how ya'll can afford to even have a house out there. I watch that show too and I would move to another part of the country if I had to buy a piece of crap house for 750,000.

I make decent money but not great and my wife is a teacher and make the second to the lowest pay of any teachers in the country at just 34,000.

But after saving for a down payment and getting out of dept on everything but the supra LOL. Here's a picture of us from last year in-front of our new house. With 3,000 sq feet, 5 bedroom, and 3 full bath and 1 acer. Will feel really bless to be-able to afford this kind of house for just under 300k.
Yaaaaaaa I don't care how big the house is.... I'm not raising my kids under power lines
Old     (rockballer)      Join Date: Jun 2014       11-05-2014, 11:00 AM Reply   
Quote:
Originally Posted by diamonddad View Post
My friend says -- $1.1M won't get you a 1 bedroom co-op apt. here in NYC, The prices are insane.
X2. homeless shelters here in Vancouver Canada will run you 1.5M... But I have read people paying 1M in NY for a parking spot....... just sickening

http://www.huffingtonpost.com/2014/0...n_5792822.html
Old     (jonblarc7)      Join Date: Jul 2006       11-06-2014, 5:46 AM Reply   
The power lines are a long ways off. It just look like there close from that pic. There is a cow pastor behind my house and the line run down the other side of the pastor, probably 500 yards away. We didn't even notice them until like the third time we looked at the house.
Old     (timmyb)      Join Date: Apr 2007       11-06-2014, 7:54 AM Reply   
Quote:
Originally Posted by jonblarc7 View Post
I'm with Snyder I don't know how ya'll can afford to even have a house out there. I watch that show too and I would move to another part of the country if I had to buy a piece of crap house for 750,000.

I make decent money but not great and my wife is a teacher and make the second to the lowest pay of any teachers in the country at just 34,000.

But after saving for a down payment and getting out of dept on everything but the supra LOL. Here's a picture of us from last year in-front of our new house. With 3,000 sq feet, 5 bedroom, and 3 full bath and 1 acer. Will feel really bless to be-able to afford this kind of house for just under 300k.
Congrats on working your butt off and getting a nice house like that! I wish I could get a house like that where I live for $300k! That's probably $450k to $500k in my area. My house for the same money is on a 60'x100' lot and only 2,000 sq ft.
Old     (eubanks01)      Join Date: Jun 2001       11-06-2014, 12:15 PM Reply   
I'm with Pound...I still don't understand how you guys do it out there in CA. And to add state income tax as well! I probably bring in (pre-tax) 75-80% of my home's value annually with no other debt and even that doesn't leave a lot left after supporting a wife and two kids. I just don't see how the math works for you guys with state income tax, housing costs, car loans, and just the higher standard of living cost in general...plus all your extra toys (boats, motorcycles, etc.). Crazy!
Old     (diamonddad)      Join Date: Mar 2010       11-06-2014, 12:33 PM Reply   
CA is near highest in state income tax, sales tax and property tax. Plus, with the higher prices come more actual taxes paid. People make it out here by having a lot of equity in their homes (huge down payments). The real negative is the property tax. A $1.5M house costs $18K/year in property taxes. That never gets better.
Old     (psudy)      Join Date: Dec 2003       11-06-2014, 12:53 PM Reply   
^ Are you sure about that? Our property taxes are more than that and I am in f&*ing KS.
Old     (diamonddad)      Join Date: Mar 2010       11-06-2014, 1:20 PM Reply   
Paul, as a percentage or real payment?
Old     (hatepain)      Join Date: Aug 2006       11-06-2014, 5:02 PM Reply   
I flip houses just like on the show. I will say that of all the shows out there theirs is the most accurate as to his it is in the real world. The only difference is that I do a predominance of the work. I too am blown away at the cost of the hones they buy. When it first started a few years ago they weren't too high bit in the last year I've seen the cost jump up by 1 or 200 K. Now obviously prices haven't moved that high but rather the houses they are doing and in specific higher rent areas. They also tend to spend more for the work than I do with regards to sub's. At the end of the day they're turning a great profit though. And yes Chriatinia is pretty damn hot.

I live north of Seattle in a Lake Community. I have a newer 2400+ sf house, another 3300sf house in Lake Chelan with a pool and a Duplex thats 1400sf a side all for just over 1 million. I too cannot believe how much for how little housing is in California. That same million would have me in a house barely big enough for my family and probably 30-40 years old.
Old     (sidekicknicholas)      Join Date: Mar 2007       11-07-2014, 9:19 AM Reply   
Just for some more info -

Wife and I moved from Minneapolis to Central Wisconsin (back to her home town).

SOLD:
Minneapolis - 1 bed / 1 bath - 800 ft^2 - 1 parking space - 5th floor (no real view) condo, right downtown though - sold $215k .... Minneapolis is pretty reasonable compared to other large cites IMO.... but still "city" pricing
- Main hallway --> bedroom --> Kitchen / living down at the end


Bought:
Central Wisconsin - 3 bed / 3 bath - 3100 ft^2 finished (900 ft^2 unfinished basement area) - 1 acre - 329 ft. of lake front - Paid $225k (mind you this was a foreclosure, but in good shape besides small amounts of mold in the basement - since been taken care of)

New house view from lakeside -


House / yard / frontage -
Old     (timmyb)      Join Date: Apr 2007       11-07-2014, 9:55 AM Reply   
That's crazy cheap...but you have to live in Wisconsin!
Old     (migs)      Join Date: Aug 2006 Location: SF Bay Area       11-07-2014, 10:22 AM Reply   
Man! you guys who don't live in the Bay Area got it GOOOOOOD!!!!!
Old     (psudy)      Join Date: Dec 2003       11-07-2014, 12:22 PM Reply   
GD, not exactly sure what you mean by that. I looked up a similarly priced house here and the taxes were just above 18K. Its based off a percent of the assessed value, so if the payment is more, the percentage is as well.
Old     (fly135)      Join Date: Jun 2004       11-07-2014, 1:33 PM Reply   
I calc what $1.5M would be in Fl and it's $22K.
Old     (timmyb)      Join Date: Apr 2007       11-07-2014, 2:11 PM Reply   
Our property tax in CO is reasonable (.75 to 1% of assessed value).
Old     (trayson)      Join Date: May 2013 Location: Vancouver WA       11-07-2014, 2:18 PM Reply   
Quote:
Originally Posted by timmyb View Post
Our property tax in CO is reasonable (.75 to 1% of assessed value).
Mine in WA was 1.4% last year, but I also don't have a state income tax. So that helps. CA has high taxes all round.
Old     (snyder)      Join Date: Feb 2006       11-07-2014, 2:34 PM Reply   
All in, my property taxes are 3.5'ish% Which is way too high. Our school taxes are higher than hell and we have a $450m school district sports stadium that rivals many colleges to pay for as well. http://www.berrycenter.net/about/venues

But we don't have a state income tax.
BUUUUT i bought my home for about $70/sqft. It appraises for around $90/ft right now though. We do have brand new neighborhoods near by w/McMansions going up for a little over $100/ft.
Old     (trayson)      Join Date: May 2013 Location: Vancouver WA       11-07-2014, 2:40 PM Reply   
Quote:
Originally Posted by snyder View Post
All in, my property taxes are 3.5'ish% Which is way too high. Our school taxes are higher than hell and we have a $450m school district sports stadium that rivals many colleges to pay for as well. http://www.berrycenter.net/about/venues

But we don't have a state income tax.
BUUUUT i bought my home for about $70/sqft. It appraises for around $90/ft right now though. We do have brand new neighborhoods near by w/McMansions going up for a little over $100/ft.
Texas real estate is stupid cheap. There's a reason why they can build those McMansions.

My moderate house is worth $242k and it's 1,787 sq ft. (and I'm on a 7000 sqft lot). Do the math. And we're an "affordable" place to live in the PNW.

Old     (polarbill)      Join Date: Jun 2003       11-07-2014, 4:02 PM Reply   
I live in King County, Wa which includes Seattle, Bellevue, Redmond (home of Microsoft), Kirkland, etc... We have Puget Sound, Lake Washington and Lake Sammamish all in the county with tons of houses on each.

According to redfin.com there are currently 669 properties for sale in King County 1M and over. There are 8 properties currently listed at 10M or higher.

The most expensive is this place for 32.8M on the shores of Lake Washington. https://www.redfin.com/WA/Hunts-Poin.../home/35628869. The best part is it only has 4 bedrooms. Hahah. It does have over 11,000 sqft though.
Old     (polarbill)      Join Date: Jun 2003       11-07-2014, 4:08 PM Reply   
The crappy part is that my wife and I aren't making 150k+ a year combined so we are probably going to have to move out of King County. We aren't looking hard but can't find a detached house over 1500 sqft in King county(at least any area that isn't terrible) for under 400k really. Dated, never remodeled homes that are over 1500 sqft with 3 bed and 2 bath on a 7 or 8 thousand sqft lot are still 400k+. It is stupid.

The other huge problem is the property tax. I have a buddy that was looking for a 3 acre property with ~2500 sqft 4 bed 2.5 bath place in the outskirts of King county (over an hour from Seattle at rush hour) and it was listed for 700k or something with 10k/year in property tax. That is stupid. He is now looking at buying 3-5 acres on the east side of the mountains from Seattle. His commute will be longer mileage wise but about the same if not a little less time wise. Including buying the property and building a brand new house he can be all in ~325k with only 2-3k a year in property tax.

His idea is sounding better and better.
Old     (hatepain)      Join Date: Aug 2006       11-07-2014, 4:12 PM Reply   
Yeah you can definitely spend some serious coin here in Seattle. Medina is one of the most expensive places to live in the country. I'm 45 minutes north of Seattle where life is a lot cheaper we! The most expensive house on our lake used to belong to Oren Edson owner of Bayliner, Meridian Yachts etcetera. It was recently purchased for $4.5 million and its a bonifide mansion with a carriage house, heli pad, it four lots big. That same money on Sammamish or lake Washington gets you a very, very average home (relatively speaking).
Old     (polarbill)      Join Date: Jun 2003       11-07-2014, 4:20 PM Reply   
The funny part is that house that I linked above is on Hunts Points. I rented a house on Hunts point with 3 friends. Talk about being out of place. When you walk the street and see the CEO of Microsoft, the CEO of Costco, The Nordstroms, Scott Oki (Oki golf courses), etc... it is pretty crazy. I went to the town hall meeting when I lived there and they were looking at revenue for the city. There was a huge spike in tax revenue one year. It was because one of the residents licensed his 747 in Hunts point. Having a neighbor that owns his own 747 is kinda weird.

I take some of that back. that house is not on Hunts Point. It is south of Meydenbauer Bay.

Last edited by polarbill; 11-07-2014 at 4:23 PM.

Reply
Share 

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On



All times are GMT -7. The time now is 7:24 PM.

Home   Articles   Pics/Video   Gear   Wake 101   Events   Community   Forums   Classifieds   Contests   Shop   Search
Wake World Home

 

© 2019 eWake, Inc.    
Advertise    |    Contact    |    Terms of Use    |    Privacy Policy    |    Report Abuse    |    Conduct    |    About Us