What a time to be broke. Realestate is cheap here.

[lendaddy]

The "big home" market here has absolutely tanked and I'm in no postion to take advantage. Those of you in Cali may choose to not read the following:

I was just offered a 5,500sq finished home on over an acre in very good neighborhood. It has a 6 , yea I said SIX, stall over/under garage. 6 bedrooms, 5 baths, I think 18-20 total rooms, blah blah blah, everything upper level quality. Backyard athletic court, big money landscaping, backs up to woods, etc... Cost over half a million 14 years ago to build (includes $60k for double lot). 15 minutes from INTL airport, great schools, very good location. It is "subdivision" style living, but obviously different. You guess the price.

[kumma]

What city? Probably be lucky to get what it cost back then.

Im happy with my 680 sq. foot home no need for 5000+ home, thats just not for me.

Years of interest only loans are going to bite a lot of folks on the ass. I see countless huge homes with no furniture and landscaping because people can barely afford the nut let alone other things.

[on-ramp]

is the house colinear with the airport runway?

besides, do you have any idea what it's going to cost to heat up 5,500 sq ft?

[motion]

$10 million?

[lendaddy]

No, no weird stuff. I know the house well and helped him move in those years ago actually. It's a very nice home. It's in Grandville, MI which is near Grand Rapids. It's considered an excellent area.


Anyway, $440k

[einreb]

Originally posted by motion
$10 million?

If you can embrace the 'suck' of the winter....

http://www.realtor.com/Prop/1051724975

looks like a nice pad for less than 400k.

[lendaddy]

That's not it, but yea you get the idea.

[HardDrive]

440k to own a house in Grandville, MI?

I'll pass. To many Amway slinging religious wackos in western Michigan.

[fastpat]

Originally posted by HardDrive
440k to own a house in Grandville, MI?

I'll pass. To many Amway slinging religious wackos in western Michigan.

Are you kidding, you live in Seattle; i.e. also known as San Francisco del Norte. There's no shortage of wackjobs in Seattle.

So the guy has had no appreciation of any kind on his house, and is basically getting out of it minus wear and tear. That's not good. He should have realized closer to 10-12% appreciation. What's really wrong with it and why can't he wait out the slump?

[HardDrive]

Originally posted by fastpat
Are you kidding, you live in Seattle; i.e. also known as San Francisco del Norte. There's no shortage of wackjobs in Seattle.

No arguing with that.....

Ever went into a major bank and had a teller with blue hair help you? No? Come on over to Seattle friend.....

[snowman]

I know MI taxes. I almost bought a house there in 92 for about 3/4 million. Taxes, forget it, out of sight, no way, never. No one with any sense would buy a house in MI with taxes as high as they were then or now. So that 750K house in MI is really only worth 250K in CA, an especially high cost area. Taxes are important, at least to most mortals.

[RANDY P]

[QUOTE]Originally posted by fastpat
Are you kidding, you live in Seattle; i.e. also known as San Francisco del Norte. There's no shortage of wackjobs in Seattle.

Amen. The locals here are freaking weird - kind of a passive agressive, PC, and scared mix of dreadfully white skin and REI outdoor gear.

Even some major compaines / retailers won't come up to the NW cuz they simply can't understand the thought patterns. Seriously.

[RoninLB]

Wild guess... MI as a state is in deep doo doo.

The state is not attracting new business and in-house businesses are leaving. If the job market can't support the re prices then markets should be volatile. If the govt doesn't manage its business climate it becomes unfriendy to business. Tf part the US economy's liquidity goes into re for awhile then re people will have something to float on. If the liquidity flows elsewhere then it's low tide. Some fish will swim away and some will be left on shore.

MI is rated as one of the worst states to do business. It's worse than NY and NY is no prize.

Taxes at home is somewhere between $6-7k. Mkt is around $550-600k. 55min choo choo to the city. I'm not sure of my actual re tax $ as I stopped looking... The jobs around here aren't leaving no matter that the state leaders try real hard to screw up the business climate. NY is in the top 5 as being business unfriendly. Retiring around here is stupid cost wise. A young couple needs both white collar incomes to buyin around here. If you live around here you better really want to. Meanwhile the pics is what's 1,000' away. Most of LI is expensive but I have the beach. Actually I also have a bay 200' away as this is a sandbar.

In my humble opnion.. re value in towns and city areas around major universities that support brain power for some businesses in business friendly states is the best act around.

[lendaddy]

West Michigan is VERY different from the rest of Michigan. My area is not depressed like the rest of the state. As far as taxes on business here....yea it's stupid. They got fat bleeding off the auto industry for decades and now they're gone so the rest of us pay (state can't do with less you know). So now the healthy remaing companies from other industries are leaving too before they become the sacred cow.

Home real estate taxes aren't that bad, it's the businesses that get it in the spider(again this is west michigan and I cannot speak for the south east). The tax on my home worth about 200k(I tell the wife it's a million dollar cali home, just transplanted) is only $1,600 a year.

The house I started this thread about pays $3,600 a year in taxes. It really is a great area. I forgot to mention 15 minutes from Lake Michigan(actual beaches).

[RoninLB]

Originally posted by lendaddy
West Michigan is VERY different from the rest of Michigan. I forgot to mention 15 minutes from Lake Michigan(actual beaches).

ok.. I just looked it up.

I slept in a forest south of Tranverse City for a few days around 1999. Eyeballed the area and went to a small forest fire in a small town. Grandville is just south of the forests.
The area I was seemed a bit removed from much of southern MI and the states. If I remember right the SE of MI seemed like an endless metro area. N MI is very wide open and clean.. real nice.

[vash]

my single favorite thing about OT is the fact that i get to see how we all think across the country. for example, a blue hair teller wouldnt bother me at all. looking at him/her wouldnt affect my hair one bit. who cares, if she can count money. besides, a blue hair chick probably isnt all about "missionary style". smart money says she mixes it up a bit.

$440k for a home where blue hair makes or breaks a deal, is too damn expensive. seattle appears to be cool to me.

[lendaddy]

Yes, West Michigan is a conservative/Religious area. It's not goofy like when I was a kid anymore though. You can mow your lawn on Sundays without raising eyebrows now

[vash]

LOL!

[wcc]

Originally posted by lendaddy
The "big home" market here has absolutely tanked and I'm in no postion to take advantage. Those of you in Cali may choose to not read the following:

I was just offered a 5,500sq finished home on over an acre in very good neighborhood. It has a 6 , yea I said SIX, stall over/under garage. 6 bedrooms, 5 baths, I think 18-20 total rooms, blah blah blah, everything upper level quality. Backyard athletic court, big money landscaping, backs up to woods, etc... Cost over half a million 14 years ago to build (includes $60k for double lot). 15 minutes from INTL airport, great schools, very good location. It is "subdivision" style living, but obviously different. You guess the price.

Do you have the link to this house? I'd like to check it out.

[lendaddy]

It's not on the market yet. He is thinking of waiting 1-2 years but would have given it to me at that price now. I will check with him though.