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| Do No Harm, Do Know Harm |
Things are getting nuts around here. Charlotte, NC. Half a million dollars in “gentrification “ areas. I don’t see how people are doing it. Is it the same where you guys are? Is this a bubble? Or the new norm? Knowing what one is talking about is widely admired but not strictly required here. Although sometimes distracting, there is often a certain entertainment value to this easy standard. -JALLEN "All I need is a WAR ON DRUGS reference and I got myself a police thread BINGO." -jljones | ||
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| Member |
It's crazy here as well. Sellers are listing and the prices are getting bumped up almost like an auction because there are so many buyers. I don't know if it's the new norm but I sure remember when the bubble burst and prices crashed in a similar market. | |||
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| It's not you, it's me.  |
We have a few areas in the Fishtown section of Philly. Back in the day it was working class families, nice neighborhoods. Then it became rather ghetto, lots of poverty and crime. You could get a house for $15,000 grand. Over the past 10 years, hipsters and gays (and others) have moved in, transforming the area with trendy bars and restaurants. It's now kinda nice again with many of those shitty old run down homes going for more than 6 figures. So, if I had a time machine, I'd go back and invest in hipster potato soup restaurants and buy a few city blocks on the cheap. | |||
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His Royal Hiney |
Half a million dollars? What a bargain! "It did not really matter what we expected from life, but rather what life expected from us. We needed to stop asking about the meaning of life, and instead to think of ourselves as those who were being questioned by life – daily and hourly. Our answer must consist not in talk and meditation, but in right action and in right conduct. Life ultimately means taking the responsibility to find the right answer to its problems and to fulfill the tasks which it constantly sets for each individual." Viktor Frankl, Man's Search for Meaning, 1946. | |||
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| Edge seeking Sharp blade! |
I live on a small residential lake in Missouri, house across the cove sold for around $900K about 8 years ago to a surgeon for a summer place. Nice place, but they did a $500K remodel anyway. A couple of months ago they decided they didn't need it since kids were in college and bought a lot to build on in a fancy golf course community. Put their lake house on the market for 2.2 million. Don't know the sale price but it sold in a month. | |||
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| Three Generations of Service  |
Location, location, location. I can't GIVE this place away. Be careful when following the masses. Sometimes the M is silent. | |||
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| Raised Hands Surround Us Three Nails To Protect Us  |
I’m in for the Karma, I’ll take it!! We have a couple gentrification areas that I just don’t get it. Crap houses in crap areas sell for about 30k each the builder buys a few in the area makes them really nice and the hipsters buy them for close to 400k. While the house is nice it is smack in the middle of craptown. ———————————————— The world's not perfect, but it's not that bad. If we got each other, and that's all we have. I will be your brother, and I'll hold your hand. You should know I'll be there for you! | |||
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Ammoholic |
My house is 60 years old, 1,600 sq ft, in the middle of what I call Central America 2.0. It's worth almost $400k. When they complete the Metro Rail extension I'm guessing $500k. If Amazon chooses to put their second HQ here probably $600k. I want to move but anything in a nicer neighborhood is $600-700k. Jesse Sic Semper Tyrannis | |||
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Tinker Sailor Soldier Pie |
Where I live, $500k is cheap. My wife and I have been looking for houses for the last two years, and anything around $500,000 sounds like a bargain to me. Yeah, it's gotten beyond retarded. ~Alan Acta Non Verba NRA Life Member (Patron) God, Family, Guns, Country Men will fight and die to protect women... because women protect everything else. ~Andrew Klavan "Once there was only dark. If you ask me, light is winning." ~Rust Cohle | |||
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| Ammoholic |
I was looking at houses in Park City and SLC a little while back. I was completely shocked by the prices. It's Utah?!?! Are people flocking there in droves? Why are the prices so high? Jesse Sic Semper Tyrannis | |||
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Serenity now! |
My wife and I are in the market for a new home, about 30 miles south of SLC. We've lived in this town for 21 years, and saw it grow from getting it's first traffic light to now having a Porsche dealership. This area has become a little Silicon Valley, which has caused housing prices to skyrocket. We'd have no problem selling our home, but for us to move into something newer and nicer will cost around $600k. It's insane. Ladies and gentlemen, take my advice - pull down your pants and slide on the ice. ʘ ͜ʖ ʘ | |||
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Member |
Look in outlying areas like Mint Hill or Matthews. Better prices, and not that farther from Uptown. A man who does not read has no appreciable advantage over the man who cannot read. | |||
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| If you're gonna be a bear, be a Grizzly!  |
Rural Gaston county would be good, and not that far out. Of course rush hour is a bitch, but you can buy a really nice place for a third of Charlotte prices. Here's to the sunny slopes of long ago. | |||
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| Lawyers, Guns and Money  |
True. If you want cheap... you can buy a house in Baltimore or St. Louis at a tax auction. It might not be in the best part of town... but you can find houses for next to nothing. 5K. "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." -- Justice Janice Rogers Brown "The United States government is the largest criminal enterprise on earth." -rduckwor | |||
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Member |
Being a university town it's continuously growing and the economy is good even when there's a dip in the overall economy so Real state just keeps going up. We just purchased a newer, nicer home just out of town for $315,000 and will be selling the home we have in town I'm guessing for around $420,000. Who benefits is the assessor, he LOVES our over inflated prices! No car is as much fun to drive, as any motorcycle is to ride. | |||
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Member |
In the crapper here in much of Chicago metro area. Prices are still well below 2007/2008 highs but property taxes keep going up no matter what. Workers with good jobs are fleeing Illinois and it is getting worse while welfare population breeds to get more welfare dollars. | |||
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| A teetotaling beer aficionado  |
Same here in Texas, northeast Fort Worth area. Values where holding pretty steady, increasing moderately each year in line with the general COL but the last 4-5 years they have skyrocketed. Our house has increased so much we looked into selling and maybe moving to a smaller place with a smaller yard, but it works both ways. Sell at a nice profit, then pay through the ass for a new place. We still may do that this spring or summer. I don't know how kids starting out can get into a decent house when what was considered a "starter house" now goes over $200,000 and might need a lot of upgrading. Men fight for liberty and win it with hard knocks. Their children, brought up easy, let it slip away again, poor fools. And their grandchildren are once more slaves. -D.H. Lawrence | |||
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| I believe in the principle of Due Process  |
Supply and demand, gents. I have the benefit of half a century involvement in residential real estate in what during that time was one of the hottest markets, San Diego. Part of what drove that market was us baby boomers, of which I am the leading edge. We hit the market essentially simultaneously, through school, military, college marriage, not necessarily in that order and some profound dislocations resulted wherever we went. We were cluck-clucking about outrageous prices in the early ‘70’s as entry level home prices reached into the $20k range. I bought a 2/1 ~850 sf house on a 10,000 sf lot for $23,000. I remember how my hand shook as I signed the note and deed of trust promising to pay $213 each month for 30 years. We sold 5 years later for $58,000, and I saw that house sold for $490,000 ten years or so ago! I remember the astonishment when my boss bought a home in Rancho Santa Fe for $85,000, and it was a fixer upper! Of course, in those long ago days, a good office job paid $500 per month, more with experience, but for $1,000 a month, you could live like a maharajah. Inflation has done most of the heavy lifting, of course, both salaries and prices. In general, salaries and mortgage qualification determine typical prices. Over these years, there has been a market interruption about every decade or so where financing goes nuts, or demand slackens, usually because financing, prices and activity are in a brief tail spin it seems, then things get back to normal. This last one 2006-10, was by far the most serious disruption. My suggestion is to concentrate on finding what you need, not too fancy, not too run down (unless you are a fixer upper) make sure you can afford it, avoid unstable mortgage terms, variable rates, early maturities etc, and one you like. Don’t make the mistake of buying the biggest most expensive house the lender will let you. It’s a home, and may prove to be a good investment. Luckily, I have enough willpower to control the driving ambition that rages within me. When you had the votes, we did things your way. Now, we have the votes and you will be doing things our way. This lesson in political reality from Lyndon B. Johnson "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." - Justice Janice Rogers Brown | |||
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| Rail-less and Tail-less |
Charlotte has an unsustainable bubble right now. Places are being over bid and sold in days. I was looking to buy a second place last April and turn mine into a rental. Every property I looked at in 4th ward was put under contract within a day. Most by people who were moving to the area and buying sight unseen. My realtor says it’s really frustrating as a lot of her clients are being overbid and losing properties. Eventually it will come to a head. Charlotte has a housing shortage for sure. Even rentals are currently scarce. but all of these new apt buildings going up at the same time with starting rents of $1600 will eventually over saturate the market. The gentrification isn’t going to stop either. Eventually “South End” will stretch all the way to Pineville. Btw have you seen what happened to the Thirsty Beaver over in Plaza Midwood? An apt building was built around it since they refused to sell.   _______________________________________________ Use thumb-size bullets to create fist-size holes. | |||
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| Rail-less and Tail-less |
As Charlotte PD are you mandated to live in Charlotte? _______________________________________________ Use thumb-size bullets to create fist-size holes. | |||
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