02-26-2022, 12:03 PM | #243 | |
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I declined the offer. In-migrants to California will experience a decline in financial standard of living in most cases, all things considered. The opposite is true for out-migrants from California, which is part of the driving force behind AZ, CO and TX being destinations for former Californians. |
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02-26-2022, 12:23 PM | #244 | |
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Imagine, for example, what you could do if you got in at Zoom before the IPO. Your 10,000 shares at $0.10 were worth north of $5.5 Million last year; that buys a lot of house, even after CA's ridiculous taxes. Multiply that by many people at many companies, and you've got a metric sh*t ton of money chasing not much inventory. According to Zillow (not that I believe their numbers so much) our home is worth 80% more than what we paid for it in 2015. And I haven't met the new neighbors yet, but a house (4 bd, 4 bath, 3800 sq ft) across from us just sold for $2.7M ($720 /sq ft) to a couple that looks to be in their 30s. And they've been remodeling extensively since they moved in. Further, I think those huge windfalls have allowed most of them have kept their old homes for when they're back in the office, or are renting them for income. Because of that, there's no new inventory coming on the market and prices are going up both there and here. It's similar in other areas, like Lake Tahoe. Last edited by Chick Webb; 02-27-2022 at 08:27 AM.. |
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02-26-2022, 01:59 PM | #245 | |
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02-26-2022, 02:34 PM | #246 | ||
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02-26-2022, 03:55 PM | #247 | |
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Also housing is insane, car prices are insane, prices of everything is insane, but apparently all the people doing these lower income jobs have decided not to work anymore and apparently we now have staffing shortages everywhere. So even though shit is more expensive than ever, all these people just decided not to work anymore and yet the streets are not filled with all these new homeless people??? I dunno but I’m 90% certain some shady shit is going on. |
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02-26-2022, 04:58 PM | #248 |
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Zoom peaked at around $600/share --> $6 million; you are off by a factor of 100 if you assume 10,000 shares. Not sure if you were assuming 1,000,000 share grant.
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02-26-2022, 06:04 PM | #249 |
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Not on the same levels as the topic has turned here but...our house that's still under construction, our model is now selling for 35K more than what we paid for ours! That is a huge jump in a little over a month! That is nuts to me
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02-26-2022, 07:28 PM | #250 |
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Watch out for the builder voiding the sale before you close, and selling it to someone willing to pay more! It's been happening for a year or more, according to news reports.....
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02-26-2022, 10:25 PM | #251 |
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We must be living in a time warp bubble. There are a ton of starter homes here for under $100k. Top end McMansions are still sub-$1mil. Check Zillow for area code 61920. Yes, the prices for top end homes here have jumped considerably in the past 5 years, but still, nothing like what's happening on the coasts or big urban areas.
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02-27-2022, 08:28 AM | #252 |
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Missed a decimal there. Thanks for pointing that out. Anybody know where I can get a new proofreader?
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02-27-2022, 08:33 AM | #253 | |
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As to where the money's coming from, well, we have printed several trillion dollars in the last couple of years. Just sayin... |
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02-27-2022, 08:39 AM | #254 |
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That's because you live in central IL, man. What's the high gonna be there today? 40, maybe? Yesterday I went for a walk on the beach, in shorts and a t-shirt, after washing the car and doing a little light yard work. That's gotta be worth somethin.
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02-27-2022, 08:43 AM | #255 | |
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Also, someone mentioned inflation not being a factor and that isn’t true. Builder costs have increased (labor, lumber and everything else as anyone doing home projects knows), which pushes up prices of new homes, which pushes up prices of resales. High demand and low supply support the price increases, but hard to say inflation has no impact.
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02-27-2022, 08:45 AM | #256 |
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I can give you guys an example of where my family lives in FL-
The mass migration of Northerners and Westerns down has caused a massive spike in prices that we had not seen the prior 20 years. Where they live was always a decently priced area by the water where homes ranged in the 150s to low 200s at the upper end. Their homes appreciated by at best 80-90k over 20 years. Today or at least in the past 3 years, prices have spiked so drastically that $400k homes are now normal... but remember the local economy household median income is barely $50k. In other words locals are no longer running the housing markets. This is devastating to local people as- Rents have doubled recently. Home insurance costs have gone up significantly. If anyone moves, taxes spike massively. No one local will soon be able to afford anything, not sure how any of this is sustainable in the long term. There has been no wage growth and no real influx of jobs. Actually just confirmed +72% in real estate costs over 5 years.
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02-27-2022, 08:46 AM | #257 |
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Agreed. It's almost always about location. But there are pricey houses in other areas that have shit weather. We just have the perfect combo of shit weather, no decent restaurants, no decent shopping, and 2-3 hours from a major airport.
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02-27-2022, 08:52 AM | #258 | |
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02-27-2022, 08:55 AM | #259 | |
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02-27-2022, 10:37 AM | #260 |
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If homes barely appreciated for 2 decades, they became bargains when real estate heated up, so part of the rapid appreciation over the past 2-5 years is making up for those 20 neutral years.
South Florida took a very long time to work through excess inventory and foreclosure sales and now the tide has turned and home values became attractive. When you consider the trillions that have been printed, stock market gains and interest rates that have been low for an unusually long time, it isn’t a surprise that the last 5 years look a lot different for housing prices than the 10 years that preceded them.
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02-27-2022, 02:05 PM | #261 |
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Heard about that too and I think we are already locked in. There were specific builders that were doing that...luckily our builder is not one of those doing that. Not to mention, I'd make sure my attourney sued the shit out of them if they did. LOL
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02-28-2022, 09:55 AM | #262 | |
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Previously my fiance worked in an office full-time, I worked from home 2-3 days per week. We have a 3/2/2 home. Since COVID started March 2020 I've been working from and they closed our local office last month, so it's permanent unless I decide to change companies, which I wouldn't do unless it was a nice raise AND I was still WFH. Her current and previous job were WFH and with what she does, no reason she will go back to an office either unless it's a BIG pay raise. We both need separate office spaces, so she has a sort-of office in the last bedroom, whereas the larger of the 2 extra bedrooms was already my office/sim rig/guitar room. So a 4 bed house, or 3 bed with an office, would be excellent. However, I'm VERY conservative with what I'm willing to spend on a home. I know OKC is cheap and I don't make a ton. I paid $156k for a fully renovated 3/2/2 in Sept 2017. That's about what our gross was last year, and I'm comfortable with that. I like having plenty to spend on BS. But at this point, I don't even have a play car anymore. It seemed stupid to keep it as the first year of COIVD I literally put 900 miles on it. It was basically an occasional cruise/take it brunch vehicle. So no commutes, 1 car, decent income for OKC.........we could afford A LOT more house, but I refuse to pay these inflated prices, so we are just dealing it with for now. Our only debt is the car payment and the mortgage and those two combined are only $1400/month. I'll probably end up buying something stupid at the end of the year or next year and we are just going to start road tripping like crazy. We've also considered the "sell the house, buy a big truck and camper" thing, but we have 3 dogs and a cat.....so that would be more difficult. Last edited by OkieSnuffBox; 02-28-2022 at 10:01 AM.. |
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02-28-2022, 10:34 AM | #263 |
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02-28-2022, 01:09 PM | #264 |
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OKC was/is pretty cheap compared to the other cities in the 20 largest in the country........but even now stuff is getting silly here and I don't know what these people are doing to afford these homes.
Although I guess if I bought what the "Bank" says I can afford I'd be looking in the ~$375-425k range. But I have a feeling as inflation continues to go crazy, people who are buying at the absolute limit of of the debt-to-income ratio aren't going to be able to deal well with the increasing prices in gas, food, etc. |
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