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Thread: Real Estate Crash thread
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04-15-2021, 09:52 AM #13026
Real Estate Crash thread
Lots of older buyers want a larger, ‘’fun’’ property that they hope will draw extra visits from the kids and (especially) the grandkids.
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04-15-2021, 09:52 AM #13027Registered User
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- Dec 2020
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- Idaho
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Your situation can be described in one word: gentrification. It's usually experienced by the poor in cities when all the nicer areas become unaffordable. It's also like many farmers existence where they are land rich, but cash poor. While obviously you're worried about paying property taxes w your retirement income since you have been diligent in saving you have options. And many of us have moved to areas that once had "low" property tax only to find them skyrocket over the last 30 years so you're not alone. I know it's little comfort but many people are forced out by property taxes after retirement.
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04-15-2021, 09:53 AM #13028Banned
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- May 2007
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- Sandy, Utah
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- 14,410
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04-15-2021, 09:56 AM #13029Hucked to flat once
- Join Date
- Oct 2005
- Location
- Idaho
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- 11,001
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04-15-2021, 10:00 AM #13030
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04-15-2021, 10:20 AM #13031
lol at 2000 characterized as a monstrosity. This is a monstrosity:
https://www.redfin.com/WA/Bellingham.../home/44610143
It's owned by friends of friends. Can't remember whether they're empty nesters or dinks, but it's just the two of them.
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04-15-2021, 10:24 AM #13032"We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch
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04-15-2021, 10:26 AM #13033
Conundrum, since you don't have any kids, and refuse to cash out on your home as the value skyrockets, who gets the million dollar proceeds when you die? That is the person who will really benefit from your life choices.
This ties into my general complaint with capping property taxes. Either the person eventually sells and makes out like a bandit, taking their loot to other cheaper locations (and driving up real estate prices there). Or the person stubbornly refuses to sell, dies, and their heirs take the loot to a cheaper location (and driving up real estate prices there).
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04-15-2021, 10:28 AM #13034
They say the next big housing crisis is when all these boomers die off and nobody wants their $2mil 4000sf McMansion in the retiregolf community in bumfuck Phoenix cause it’s 110F year around
Sent from my iPhone using TGR ForumsBest Skier on the Mountain
Self-Certified
1992 - 2012
Squaw Valley, USA
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04-15-2021, 10:29 AM #13035
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04-15-2021, 10:31 AM #13036
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04-15-2021, 10:34 AM #13037
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04-15-2021, 10:37 AM #13038Hucked to flat once
- Join Date
- Oct 2005
- Location
- Idaho
- Posts
- 11,001
So you didn't read the part where I said I would be fine not capping taxes until I turned 65 and then turning them off, I sign the deed over to the city/county and they get the house when I die? I just want to live in my home without having to move. I'd prefer not to reverse mortgage as there's no guarantee I don't outlive the terms. Maybe I don't understand them well enough and it's a real option. Just seems slimey somehow.
I realize I'm in a unique situation. And really, it will get so busy around here we'll leave anyway. The problem with that is, there's no real way to cash out and live anywhere we'd like to. I realize I'm looking at real first world problems here. Maybe the market tanks someday and all will be well. Or I go with my Goonies idea.
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04-15-2021, 10:40 AM #13039Registered User
- Join Date
- Mar 2008
- Location
- northern BC
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- 31,068
IME for 1 person only 1000 sq ft is enough, and the suite is money
Lee Lau - xxx-er is the laziest Asian canuck I know
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04-15-2021, 10:47 AM #13040
My in-laws sold their paid-off house in the SLC 'burbs (which is now worth more than double what they sold it for in 2006) and built a ridiculous new 6,000 sf home an hour away using the exact logic SJ describes. Predictably, 1) none of the kids wanted to make the drive nearly as often as they thought; and 2) the house cost way more to build than they estimated. They spent a decade being house-poor and both working full-time jobs that required commuting to the city every day. They finally sold the house and now overpay to rent a place they don't like. It was brutal to watch.
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04-15-2021, 10:47 AM #13041
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04-15-2021, 10:47 AM #13042
Yeah, the trains are a huge thing is this town. Every house in that drone shot shakes when they roll by (I know, I used to live in one of them). And that can be twenty times per day/night. And between midnight and 8 am, they blow their horns pretty much constantly within city limits.
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04-15-2021, 10:49 AM #13043
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04-15-2021, 10:53 AM #13044
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04-15-2021, 10:56 AM #13045
It really depends if you are vacuuming it yourself or paying someone...
Sent from my iPhone using TGR ForumsBest Skier on the Mountain
Self-Certified
1992 - 2012
Squaw Valley, USA
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04-15-2021, 10:57 AM #13046Banned
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- Oct 2012
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- 10,525
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04-15-2021, 10:57 AM #13047
THANK YOU! I've had the same argument with my wife before about future housing. She said we should get a house someday with an additional bedroom for guests. I said with the money we'll save by staying put with our 3 bedroom home, we can pay for a shit ton of hotel/vacation rental stays. SCIENCE!!!
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04-15-2021, 10:58 AM #13048
Yep, I have heard and seen this from multiple retired grandparents. They end up buying a 4 brdrm house, so that when their children come with the grandkids they have room for everyone. I lived across the street from a couple that spends their summers here in Bend, and the grandkids come out for at least a month during the summer. They have all the outdoor toys (bikes, kayaks, floaties for the Deschutes River) that they store in the 3 car garage next to the fully loaded Tahoe, which is next to the Audi Q7.
"We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch
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04-15-2021, 10:58 AM #13049Banned
- Join Date
- Oct 2012
- Posts
- 10,525
1100 square feet is about perfect for a master suite.
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04-15-2021, 10:59 AM #13050
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