(Topic ID: 220173)

House Prices and other out of control prices....


By Grayman_EM

11 months ago



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  • Latest reply 11 months ago by benheck
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    There are 62 posts in this topic. You are on page 1 of 2.
    #1 11 months ago

    House prices here in Indiana have been out of control. Been watching prices since 2008. Just saw a house 1750 sq ft that you couldn't get $100,000 for go for $150,000. A friend here in my office told me that someone told them that they just sold a house that was on the market for 18 days and the house they bought in the same county here was on the market 38 minutes.

    Even the run down homes in Indianapolis that you can see on HGTV's Good Bones are going up.

    1 week later
    #2 11 months ago

    Also don't get me going on truck prices....

    #3 11 months ago

    The price of Lobster has been steadily rising at my seafood market and I fear the coming trade war will increase prices even further.

    Very troubling.

    #4 11 months ago
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    #5 11 months ago

    Wow. I'd count yourself lucky. You can't even get a garage here in London for $100k.

    #6 11 months ago

    Typically, home prices in Indiana are low compared to other areas in the midwest.

    I've considered buying some property outside of Indy...I just dread having to move my machine shop.

    #7 11 months ago
    Quoted from Grayman_EM:

    Also don't get me going on truck prices....

    If anyone wants/needs a new truck go check out the 2018 Silverados and Rams. Both are redesigned for 2019, so a lot of the 2018s are on clearance. I got a $45k Silverado for $32k.

    #8 11 months ago
    Quoted from indypinhead:

    Typically, home prices in Indiana are low compared to other areas in the midwest.
    I've considered buying some property outside of Indy...I just dread having to move my machine shop.

    I'm in Hendricks county and they are keeping pace almost as good as Hamilton. My two rentals I am giving a break to two different relatives and selling them that way, Rent to Own.

    tucks Wow. I'd count yourself lucky. You can't even get a garage here in London for $100k.

    Attached photo to give you a look at the houses I am talking about.

    house0 (resized).jpg
    #9 11 months ago

    If you want to see crazy house prices, come to the SF Bay Area/Silicon Valley. Just thankful I bought my house in 1990!!

    #10 11 months ago

    Talk about crazy growth, Seattle area is red hot! Look at the last months snapshot below, in some areas prices have increased over 20% this year alone and that growth has been going on for a while already. That combined with associated increases in property taxes are making it quite hard for many people

    June housing market snapshot (resized).PNG
    #11 11 months ago

    Darn Happy Meal's approaching $5.

    #12 11 months ago

    Los Angeles area....also out of control big time. Rental prices for a house similar to ours are well above what our monthly mortgage is. Which also raises our already insane property taxes.

    #13 11 months ago

    Real estate is one of the better investments I have made over the years. With a house or without. . .

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    #14 11 months ago
    Quoted from TractorDoc:

    Real estate is one of the better investments I have made over the years. With a house or without. . .

    Should have bought land where Rockafeller struck oil. Cleveland OH

    #15 11 months ago
    Quoted from TractorDoc:

    Real estate is one of the better investments I have made over the years.

    No doubt!

    The house I'm in now originally cost about $15k and now similar houses in the neighborhood are selling for $700k. Plus you gotta live somewhere.

    #16 11 months ago

    1750 SF for $150k? I wish that were here...

    #17 11 months ago
    Quoted from nvu4prod:

    If you want to see crazy house prices, come to the SF Bay Area/Silicon Valley. Just thankful I bought my house in 1990!!

    Homes in Cupertino and surrounding areas appreciated approx. 30% - LAST YEAR ALONE - in 1 YEAR and going higher. Thanks Apple for building your spaceship in this city!!! If you don't have at least 1.5 mil. (in cash) don't bother looking.

    #18 11 months ago

    I think the key word on this billboard is "low."

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    There is always the option of taking what would ordinarily be a camper/single wide and calling it something else. .

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    #19 11 months ago

    I have a feeling people would kill for those kinda prices (150k) around here.

    #20 11 months ago
    Quoted from Waldo:

    I have a feeling people would kill for those kinda prices (150k) around here.

    Its all about where you live and who wants to live there. The picture he posted would go for 200k+ out by me. Im not sure this guy gets it...

    #21 11 months ago
    Quoted from TractorDoc:

    I think the key word on this billboard is "low."

    There is always the option of taking what would ordinarily be a camper/single wide and calling it something else. .

    Look these "homes" up on line. $625 to $678 PER SQUARE FOOT !!!! Plus you get to live among illegals, welfare loafers and THOUSANDS of drug abusing mentally ill homeless. A utopia I'll tell you!!

    #22 11 months ago
    Quoted from nvu4prod:

    If you want to see crazy house prices, come to the SF Bay Area/Silicon Valley. Just thankful I bought my house in 1990!!

    I feel sorry for my kids, though. How will they ever buy?

    #23 11 months ago

    I know 150k for a home is cheap in places, but in the Midwest it’s a lot. You have to remember a 30k job is a good one here. My wife has a bs and a ba degree and is a registered nurse, yet she only makes 45k. If we lived in ny or ca she’d make at least double.

    #24 11 months ago
    Quoted from rx3:

    I feel sorry for my kids, though. How will they ever buy?

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    #25 11 months ago
    Quoted from Phat_Jay:

    I know 150k for a home is cheap in places, but in the Midwest it’s a lot. You have to remember a 30k job is a good one here. My wife has a bs and a ba degree and is a registered nurse, yet she only makes 45k. If we lived in ny or ca she’d make at least double.

    My brothers friend a few years ago lived in Mississippi. He said that a $15.00 an hour job here is $8.00 an hour in Mississippi. Ok to retire there but you don't want to work there unless you own your business or such.

    I did see a tiny house in the country a few counties over, around 260 sq ft. with 5 acres. $90,000.00

    #26 11 months ago
    Quoted from rx3:

    I feel sorry for my kids, though. How will they ever buy?

    Same way I did....wait for the CRASH.

    #27 11 months ago

    $150k for a house?!? Seriously you never want to move to London.

    Just checked and if you fancy living in Mayfair there's a nice terrace house (16,000 square foot) just come onto the market for only £65,000,000. Yup, you read that correctly, I haven't stuck a few zeros on and remember it's in pounds so roughly $85 Million.

    At the other end of the market you might be able to get a 2 bed flat for around $500,000 if you luck out and are willing to move to a rough area.

    Don't worry if you can't afford it. You can rent a 2 bed flat in a shitty area for only around £1750 a month. (so about $30,000 a year)

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    #28 11 months ago

    Check back in a generation. Double the number of people.

    #29 11 months ago
    Quoted from johngravenews:

    $150k for a house?!? Seriously you never want to move to London.
    Just checked and if you fancy living in Mayfair there's a nice terrace house (16,000 square foot) just come onto the market for only £65,000,000. Yup, you read that correctly, I haven't stuck a few zeros on and remember it's in pounds so roughly $85 Million.
    At the other end of the market you might be able to get a 2 bed flat for around $500,000 if you luck out and are willing to move to a rough area.
    Don't worry if you can't afford it. You can rent a 2 bed flat in a shitty area for only around £1750 a month. (so about $30,000 a year)

    Had a few friends here from Great Britain and they said half the house for the price of one here. Some cheaper homes to rent in Europe as I have seen them on HGTV. Portugal is not bad.

    chitownpinball Same way I did....wait for the CRASH.

    You are correct BUY the houses when nobody's buying. That is how I got mine.

    #30 11 months ago

    housing, the stock market, pinball ...
    all great investments at todays levels.

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    #31 11 months ago

    My two bedroom home went up 150k last month.

    #32 11 months ago
    Quoted from Phat_Jay:

    I know 150k for a home is cheap in places, but in the Midwest it’s a lot. You have to remember a 30k job is a good one here. My wife has a bs and a ba degree and is a registered nurse, yet she only makes 45k. If we lived in ny or ca she’d make at least double.

    Where I live a 1750 ft sq house is probably $900k.

    So your wife makes 45,000/150,000 = 0.3 ratio. If she lived here, she'd need to make 900,000 x 0.3 = 270,000 per year to have the same ratio.

    There are no nurses in Cali (or anywhere else) that make $270k per year.

    You are in an enviable position compared to people in Cali...you should understand that.

    Robert

    #33 11 months ago
    Quoted from MrSanRamon:

    You are in an enviable position compared to people in Cali...you should understand that.

    Well you do have the weather on him.

    #34 11 months ago

    I was wrong, the cheapest house in San Ramon on Zillow is $848K @ 1220 ft sq, so a 1750 ft sq would be more than $900K...and this 1220 sq ft house is about 2 blocks from the 680 freeway!

    Robert

    #35 11 months ago

    Anywhere desirable, be it for jobs, or weather, world wide is in the middle of a huge bubble. All of that extra printed money from the GFC had to end up somewhere.

    It could be worse, you could live in a global city where prices are dictated by outside demand, not local incomes.

    #36 11 months ago
    Quoted from fosaisu:

    Well you do have the weather on him.

    Wi is amazaballs weather and we get all the seasons!

    #37 11 months ago
    Quoted from Tucks:

    Wow. I'd count yourself lucky. You can't even get a garage here in London for $100k.

    Same in Eugene, Oregon.. $100,000 or even $150,000 gets you nothing here, 1700 sq ft homes are over $300,000. My neighbor just sold his house on acreage for $975,000.

    #38 11 months ago
    Quoted from fosaisu:

    Well you do have the weather on him.

    Weather my ass!

    This last weekend's record setting 115 degree temperatures literally burned up one of my avocado trees. But nice to know at least I'm in better shape than it is.

    #39 11 months ago

    Well Indiana has much lower home prices then the Chicago area. Also the property taxes are much lower.

    Toss in you can work in the Chicago area and live in Indiana or Wisconsin so the growth and increases prices in those states doesn't surprise me.

    #40 11 months ago
    Quoted from Chitownpinball:

    Same way I did....wait for the CRASH.

    That's what we did. Market crashed, we got approved for a loan asap at a low 3.65%, made an offer and got a great place for 250k. It's worth over 300k now. Nothing like building equity by doing nothing at all!

    #41 11 months ago
    Quoted from sleazius:

    It could be worse, you could live in a global city where prices are dictated by outside demand, not local incomes

    The bay area home prices are driven by desire to live here by both "locals" and people from China and India. There are many instances of people from other countries coming and buying a million dollar plus home for cash.

    Prices in my town are driven by people who work in Silicon Valley who want more than either a condo or a tiny house and a postage stamp yard.

    As for income, the company I worked for has the same salary structure in Sunnyvale as in Chicago.

    Robert

    #42 11 months ago

    Also, if anyone gets tired of reading about home prices...I'm doing a re-theme of a Bally Night Rider, you can read about that here:

    https://pinside.com/pinball/forum/topic/bally-night-rider-ss-re-theme

    Robert

    #43 11 months ago

    I’m counting how many houses I could buy in Indiana by selling mine here in Ca. On 2 hands....

    #44 11 months ago

    My small (about 1000sq ft) house I bought for 139k five years ago is now worth 300k. I don't plan on moving anytime soon, and am happy. If the market crashes (which it will) I won't be underwater on my house.

    I do wish I had more room for pins, but 9 is fine

    #45 11 months ago
    Quoted from dsuperbee:

    My small (about 1000sq ft) house I bought for 139k five years ago is now worth 300k. I don't plan on moving anytime soon, and am happy. If the market crashes (which it will) I won't be underwater on my house.
    I do wish I had more room for pins, but 9 is fine

    When do you think it will?

    I’m trying to strategically time the market

    #46 11 months ago

    Besides happy meals, going out for a nice meal isn’t getting any cheaper either, and that’s just lunch... without an adult beverage!

    #47 11 months ago
    Quoted from Vino:

    an adult beverage!

    $10 Jack and Cokes and $8 on tap beers. Now there's a crime!

    #48 11 months ago

    I am always amazed at how much growth is continuing to happen out West in what is essentially desert. I hear you get fined for watering you yard -- o-din probably couldn't have saved his avocado tree if he wanted to.

    Ohio is definitely not a glamour state; it lacks stately mountain ranges and ocean views but at least as of now the well has yet to run dry. I've heard rumors/talks/conspiracy theories of both the US and other countries wanting to tap into the Great Lakes when water shortages become more of an issue than they currently are. . . if that ever happens the border state residents need to cut a check the same way Alaskans are paid for their oil!

    5J5A0363 (resized).JPG

    #49 11 months ago
    Quoted from MrSanRamon:

    Also, if anyone gets tired of reading about home prices...I'm doing a re-theme of a Bally Night Rider, you can read about that here:
    https://pinside.com/pinball/forum/topic/bally-night-rider-ss-re-theme
    Robert

    Wow!...... You guys gotta check this out. This stuff amazes me.

    #50 11 months ago
    Quoted from RandomGuyOffCL:

    When do you think it will?
    I’m trying to strategically time the market

    Beats me, but it will happen.

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