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Posted: 12/4/2007 9:57:59 PM EDT
[#1]
I wish I could find a 3/2 house around here for $200K.
A 1,730 sq ft 3/2 house down the street from me just sold for $725K a few moths ago. 
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Posted: 12/4/2007 9:58:27 PM EDT
[#2]
$200,000 for a 3/2 house in AZ is a steal. How much do you think it costs to build one these days?
Actually, 200k for a decent home in most parts of the country is a bargain. How much do you make, and how much do you think 200K really is these days? To clarify, houses are made of things that are traded on the world market. A 30% drop in the value of the dollar as compared to The Canadian or Euro currency will make a house cost more. Don't sweat it. Not everybody has to be a homeowner. There are good valid arguments to be made for renting. The housing prices are stagnated or decreasing, however, I doubt they are going to come down enough to suite you. If an economic crash did bring them down that far, you wouldn't be able to get a loan, and you might not have a job. |
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Posted: 12/4/2007 9:58:53 PM EDT
[#3]
That's FL for ya. I need to move to TN or somewhere like that. |
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Posted: 12/4/2007 10:00:19 PM EDT
[#4]
Hell, come to Michigan. You can get houses for a steal here. Now a job on the other hand.....
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Posted: 12/5/2007 12:21:32 AM EDT
[#5]
Nice 3/2 in OK go for 120k in real nice areas to 90k in fine areas to 70k in not so ok areas. We bought ours for 112K about a year and a half ago. It has only appreciated maybe 3% since then, so about the same price.
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Posted: 12/5/2007 12:47:29 AM EDT
[#6]
My 2/1-1/2 is worth $300K, and it has no land to it at all. Location, location, location.
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Posted: 12/5/2007 12:51:16 AM EDT
[#7]
Welcome to 2003.
3/2 houses on postage stamp size lots around here start at $250,00, and that's needing a bit of work. |
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Posted: 12/5/2007 1:00:04 AM EDT
[#8]
I moved 150 miles so I could afford a home. Had I stayed in RI, I could have bought a house that's 50 years old and needed updating. Instead I bought brand new for less.
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Posted: 12/5/2007 1:04:22 AM EDT
[#9]
This is what $6,000 got me about a week ago. Small one bedroom with an extra lot.
Welcome to one of Michigans cities. Housing prices here have tanked.  
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Posted: 12/5/2007 1:11:16 AM EDT
[#10]
What city? I'd buy a house like that if I could find one in the Lansing area. |
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Posted: 12/5/2007 1:13:44 AM EDT
[#11]
The "Red White & Blue" paint scheme really sells it. 
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Posted: 12/5/2007 1:15:10 AM EDT
[#12]
Looks to me like it would make an adequate gun/ammo storage facility. |
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Posted: 12/5/2007 1:16:03 AM EDT
[#13]
What part of AZ are you looking. You can get nice 4/2.5 2000-2500sqft homes well under $200k now. It's a buyers market like no other. If you don't own a home and can qualify you would be out of your mind not to buy now. This is as good as it is going to get ever again. Kevin |
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Posted: 12/5/2007 1:19:36 AM EDT
[#14]
Lumpy223: Nice score. Thats a buy no matter where you are. Rent the thing out, and recoup, or DIY and have a nice little bungalow.
I recall those days here. About 15 years ago, Not anymore. Although we are now in 2003 prices here, we wont see that unless something goes very wrong in the market. |
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Posted: 12/5/2007 1:25:35 AM EDT
[#15]
Its in Flint. The only reason I bought it is that it is so damn close to my house. It has been a rental house and I have had some pretty strange neighbors over the years. But it finally went back to the bank as a repo and I made a rediculously low offer and now own it. To give you an idea how close it is to my house, my place is in the right hans side of this picture.......... 
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Posted: 12/5/2007 1:32:14 AM EDT
[#16]
try building your own if you really want to save ..
those steel buildings are a good start , so many options you can add on later.. they are very large too.. we bought a 12,000 sf 18ft high steel building for about $60k delivered , cost of construction and foundation is about $7k , no floors yet .. Geo thermal will go underground first .. total estimated cost $300k.. half of this building will be for farm equipment. so about 6k sq ft will be finished and have HVAC.. small ones are a lot cheaper,, but most of the cost is the interior.. there are somany finishes you can add to these kits.. go rural , think big , go slow , live well.. if its yer thing.. 
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Posted: 12/5/2007 1:35:11 AM EDT
[#17]
Oooh! Remodel the interior and install about 50 hidden cameras. Rent it to young college girls and make a half million a year on subscriptions to your co-ed girls site. 
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Posted: 12/5/2007 1:44:44 AM EDT
[#18]
Ha! I never thought of that one. Don't like your neighbors? Buy their house so you don't have to have neighbors at all. Brilliant! 
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Posted: 12/5/2007 2:06:44 AM EDT
[#19]
Heh..you can tell which of us are from Michigan. We're all the ones wondering why comparable houses are selling for 30 less than they did when we bought ours.
Try trulia.com..gives a lot of info on past sale info for houses currently on the market. Scary. I'm stuck in my house until things get better (read: Granholm goes back to Canada.) |
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Posted: 12/5/2007 3:36:39 AM EDT
[#20]
Your house is the red house with the white door?
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Posted: 12/5/2007 4:10:55 AM EDT
[#21]
We've redefined 3/2 homes in Michigan.
Buy 3 for the price of 2. Brought to you by our friendly neighborhood tax & tax & tax & spend way too much Canadian socialist governess. Up north in my county, 1250 sq ft ranch on 5 acres $70k or less. |
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Posted: 12/5/2007 4:16:15 AM EDT
[#22]
Even if she were to leave today (I'll help her pack...) it's been pojected that Michigan's ecomony won't improve for another 10 years. It's not just going to get worse. It's going to get a LOT worse. |
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Posted: 12/5/2007 4:17:07 AM EDT
[#23]
Why are prices high? Well, setting aside the location, location, location rule, there's the sub-prime lending factor which spurred a boom in real estate. It's also designed to induce people to go into debt-a debt they well cannot afford to pay. Ultimately, it's going to result in a lot of foreclosed homes and homeless people, depression and a very rich few owning any property. A lot of real estate empires are going to collapse and we'll be a third world country.
But then again, that's from my cracked crystal ball.
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Posted: 12/5/2007 4:18:52 AM EDT
[#24]
Still can't touch anything here for 200k worth owning...although prices HAVE fallen.
Mine's still worth considerably more than I owe...and that's all that matters. |
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Posted: 12/5/2007 4:20:27 AM EDT
[#25]
My 1100sf condo is now $185...welcome to 2007.
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Posted: 12/5/2007 4:40:15 AM EDT
[#26]
0nly $200k? what's wrong with it????? (in many parts of the country people would but that sight unseen @ that price) |
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Posted: 12/5/2007 4:47:23 AM EDT
[#27]
200k is the median price for the nation. Phoenix is the US's 5th largest city. You'll have to go to the outskirts to buy for 200k but that kind of acreage costs$$$. Maybe buckeye or casa grande. I'm an AZ broker. I'd plan on buying in the later half of this year. Deals are just around the corner.
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Posted: 12/5/2007 4:52:43 AM EDT
[#28]
The housing markets have tanked all over the country. If you are looking at getting cheap properties as an ivestment, now may be the time to start looking around.
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Posted: 12/5/2007 4:58:49 AM EDT
[#29]
Way too early. We haven't hit sub-prime bottom for foreclosures yet. When that happens, there'll be a lot of folks out of their homes, banks or whoever bought the loans (including a lot of mutual funds  ) stuck with overpriced houses. They'll try to dump them to recoup their losses (or cut their losses).
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Posted: 12/5/2007 5:08:14 AM EDT
[#30]
This thread is really stroking my ego.. Wife and I bought a house - almost 2 years ago now. 1830 sq ft - 1 1/3 acre of land - good shape - 98K and we are less then 45 min from DFW metroplex...
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Posted: 12/5/2007 5:10:44 AM EDT
[#31]
Many folks will default. I know that the FED is trying to freeze the interest rates but many folks have too much debt.
Not only do they have a ARM mortgage but they have a Home Line of Credit Loan and other unsecured debt. Just wait, the prices are coming down in most areas. Max |
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Posted: 12/5/2007 5:13:10 AM EDT
[#32]
Try NoVA, DC and MD.
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Posted: 12/5/2007 5:20:30 AM EDT
[#33]
you know what that will be worth 50 years from now? about 98k |
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Posted: 12/5/2007 5:26:17 AM EDT
[#34]
They didn't really "tank" here so much as correct itself. You'll still see some really high prices on random places where people are trying to get out for what they owe... because well, they owe far more than it's worth and can't just pull the eject handle. 
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Posted: 12/5/2007 5:40:55 AM EDT
[#35]
Try 900 sq ft for $250,000.
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Posted: 12/5/2007 5:47:13 AM EDT
[#36]
Cary or RTP? |
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Posted: 12/5/2007 5:48:28 AM EDT
[#37]
Asheville. Recently sold right up the street from me and that was with an asking price of $275,000. I can hold onto mine for a few more years and sell it and probably retire or at least pay cash for a bigger house further out. The poster complaining just doesn't get it. 200K for a 3/2 house is a steal. |
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Posted: 12/5/2007 5:52:47 AM EDT
[#38]
Seems like most of the big drops are in the outlying areas like Maricopa and in the higher end $600K+ stuff. A lot of nice houses in the city that cost $315K last year are still at $300K now, just not selling the same day listed. |
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Posted: 12/5/2007 5:53:13 AM EDT
[#39]
Not bad here.
Our county had a great 17% increase in home values last year. We have about 2,000 square feet on 27 acres, backing up to 55,000 acres of BLM land. $300,000
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Posted: 12/5/2007 6:11:47 AM EDT
[#40]
It depends on the market. 5 yrs ago the local market was $160,000 for 2200sq ft, 4/2 in a good neighborhood in the Tucson market.  Neighborhood and elevation play a huge part in local pricing. Price per sq. ft. goes up a lot for each 1000ft of elevation. I need to buy some rural acres. |
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Posted: 12/5/2007 6:23:52 AM EDT
[#41]
this is exactly the way it will be everywhere. the outlying areas have no scarcity of land. And if you're buying in an outer suburb, you can get a steal from a builder (and pick your colors, etc) rather than buying a "used" house. Closer-in areas will not be especially impacted. Houses in Arlington VA, for example, are selling within 3% of the peak, however the average days on market is 45 instead of 2. People that choose to live closer-in are generally not going to transition to an hour+ commute, so unless the population shrinks, there are still X number of famlies competing for X number of houses. the variable is interest rates and availability of financing in general. Interest rates are not, however, much above the level from 2 years ago. |
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Posted: 12/5/2007 6:29:10 AM EDT
[#42]
Mine just goes up, and up, and up...
 $650,000 2br/2bth in a ghetto, and people can't get enough.
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Posted: 12/5/2007 6:59:21 AM EDT
[#43]
What world do you live in? Housing prices are LOW. We may be moving in or around Denver. Some nice stuff for less than a few years ago.
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Posted: 12/5/2007 7:01:04 AM EDT
[#44]
The news keeps reporting that Florida's housing market is taking a bad dump. |
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Posted: 12/5/2007 7:02:16 AM EDT
[#45]
I saw a photo where a man lived in an arroyo in the desert. His roof was a couple of pieces of corrugated steel laid over the top. That's pretty economical. The dude was a well paid engineer, just as an aside. |
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Posted: 12/5/2007 7:09:28 AM EDT
[#46]
What, you don't like the law of supply and demand?
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Posted: 12/5/2007 7:12:37 AM EDT
[#47]
Just moved from CO (3/2 house on the Western Slope: $500k +++) To TN (3/2 house in western TN: <$200K) |
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Posted: 12/5/2007 7:17:26 AM EDT
[#48]
If it is any consolation, there might be some Sheriff's Auction properties coming up for Tax delinquency or mortgage defaults.
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Posted: 12/5/2007 7:17:46 AM EDT
[#49]
This is an exception to the average price range. Head east a little further than you are and it's just rediculous... How the hell did you find that place? What a steal!
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Posted: 12/5/2007 7:19:32 AM EDT
[#50]
We're in the middle of a frenzy here. We built this house (2400sq ft) two years ago for 170K. At the time is was the only house in 9 empty lots. Lot price was 11K. I had planned to buy the two adjoining lots when they eventually came on the market and have my own compound.
Lot prices are now 65K and they are building ( and selling like crazy) 400K homes down the street. There goes the compound idea. My backyard neighbor got transferred and his house (1700sg ft and 6 years old) is on the market for 300K.
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