Housing prices amongst us????

[KellyJoe]

Looking through the various "poll" type posts and especially reading the "find a house in Sacramento" post made me wonder....what's the avg. housing cost in your area? Your home or typical cost of homes?

We've been in our new house for just over a year. Watched it go from a hole in the ground to finished in about 4-5 months. 1900 some odd sq ft (just the wife and I) 3 bed 2 bath, brick/siding combination. Sits atop a full 1900+ sq ft basement w/ 10 ft ceilings. 7.62 wooded acres. Paid 150K turnkey.

Comparisons??? Just curious....

 

[PoohBEAR]

In moderate orange county area fo southern cali, 150K can maybe buy a fine 500sq condo with direct access to the laundry and a car port

 

[KellyJoe]

Originally posted by yellowpad:
...150K can maybe buy a fine 500sq condo with direct access to the laundry and a car port

That's what I was getting at. Thanks and WOW!!!

 

[spartan2-3]

We've been in our new house for just over a year. Watched it go from a hole in the ground to finished in about 4-5 months. 1900 some odd sq ft (just the wife and I) 3 bed 2 bath, brick/siding combination. Sits atop a full 1900+ sq ft basement w/ 10 ft ceilings. 7.62 wooded acres. Paid 150K turnkey.

Wow, sounds very nice and comfy, thats a bargain compared to what I see around here. I'd be lucky to find a 1 bedroom condo for under $200K. Maybe its time to invest in Real Estate outside CA.

Real Estate in the SF area are ridiculously insane..

[This message has been edited by spartan2-3 (edited 21 February 2003).]

 

[FuryNSX]

Median home prices in San Diego was about $380,000 in December of 2002. That's 22% over the previous year. If I'm not mistaken, median prices for condos during the same period rose by over 33%.

And that's just the median price!!!

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1995 NSX-T
1999 3.2TL
2001 Odyssey ..........SOLD!!!
1992 SC400
2003 Chevy Suburban LT

 

[ChrisK]

In Hawaii, the median home price for the last few years has been about $360K. A typical 3 bedroom 2 car garage in an average area will cost you about $300K. For $150K you can pretty much by a grass shack

But seriously, a 30 year old single wall house with a car port in an average location will cost you about $230K.

Basically, I believe the studies and statistics done in the mid 90s had Hawaii's lifestyle cost about 34% higher than the equivalent lifestyle in the mainland. I believe it is closer to about 25% higher now days though.

One reason why housing cost so much in Hawaii is because about 92% of all land in Hawaii is owned by either the state, or some form of trust or large estate holder. Studies had the top 10-12 largest entities own that 92%, while the so called "Big 5" at one time owned about 80 some odd percent of land. The rest of the population has to fight for about 8% of land that is not privately owned or owned by the state.

 

[8000RPM]

I recall hearing a news report recently that said the MEDIAN home price for the bay area was around $550k.

That's not a typo.

 

[RSO 34]

So far you guys should count your blessings that your areas are "reasonable." The latest mailing from my local real estate broker has the median price of homes at 1.1 million and the average at 1.4 million. That price will get you a 4 bedroom, 4200 sq ft contemporary on 3 acres. Add about 300-500k if you want a colonial.

Welcome to the northeast........

Bob

 

[tabasco]

We bought our home 10 years ago in North Potomac, MD for $400K. It goes for about $750K now. 4 bedroom, 4 bath 2-car garage (~5000 sq ft) colonial.

I am about to build a double deck porch on the back that will definitely increase the value about $50K.

We retire in a few years and hopefully will use the equity to buy that grass shack somewhere near Waikiki. Hopefully with enough left over to buy a putt-putt boat and a few worms to drown.

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• '00 Candy Apple Blue / Black, #264
• My Card
• My NSX
• My Legend

[This message has been edited by tabasco (edited 21 February 2003).]

 

[otto_joe]

I just couldn't resist this thread. My 2000SF house in the Mission Gomes area(not even in the hills) with only a two car garage was apprased at $700k when I refinaced last year. Most of the houses in my neighborhood are selling in the low $700s. My mortgage is painful and almost as painful as daycare for two kids in the Bay Area.

I can't really complain about living in an expensive neighborhood though since I have a buddy who just bought a 440sf house on a 3000sf lot in Los Gatos for $485k. The house isn't even liveable and he is in the process of tearing it down so that he can build a 1200sf house with a one car garage, just enough room for his Porsche Turbo.

His joke is that he could park his new house in the garage of his old house in Ohio with room to spare.

 

[NSXLNT]

The cost of the house is one thing, but the real question should be how much are the property taxes? Not only on the house, but on our cars. I have to pay allmost $1000.00yr in taxes on my '93 NSX. A 350K house in this area is charged over 6K yr in taxes. It's getting insane. On every level, the Govt. keeps taking more and more from those that earn it so they can give it to those that don't. @#%*!

 

[nsxlover]

I have a 3600sq ft house with a 3 car garage on 1 acre with an inground pool for $330. I live a little further out in the country. The same house 10 minutes closer to Baltimore will sell for $500k I decided to take the 10 minute longer ride.

 

[otto_joe]

Originally posted by NSXLNT:
The cost of the house is one thing, but the real question should be how much are the property taxes? Not only on the house, but on our cars. I have to pay allmost $1000.00yr in taxes on my '93 NSX. A 350K house in this area is charged over 6K yr in taxes. It's getting insane. On every level, the Govt. keeps taking more and more from those that earn it so they can give it to those that don't. @#%*!

I agree that we get taxed coming, going, holding, and every which way possible, but property tax in CA is about 1.25% so I'd gladly take your .5% increase if I could get my house for half the cost.

BTW, what's the sales tax like in other places? In the Bay Area it's 8.25% and may go higher(like 10%) depending on what gets passed.

 

[zoomnsx]

Originally posted by RSO 34:
So far you guys should count your blessings that your areas are "reasonable." The latest mailing from my local real estate broker has the median price of homes at 1.1 million and the average at 1.4 million. That price will get you a 4 bedroom, 4200 sq ft contemporary on 3 acres. Add about 300-500k if you want a colonial.
Bob

For that size house and lot in the SFO bay area, it will cost 3-5 million.


[This message has been edited by zoomnsx (edited 21 February 2003).]

 

[cpmoran]

Damn, it is so expensive to live in Cali and up north. Here in Va Beach I built a 2,700 sqft house with 2car garage for 178k, and its 2miles from my work and 5miles from my wifes work. I have been here a little more than a year and it could sell for 230k easy. My yard is very small, but I hate cutting grass.

 

[Mike O]

Kelly,

You've been to my house a few months ago for the car drive we went on. Since you live more out in the country so to speak, the prices are much more reasonable than if you lived here in the big city (especially in Green Hills or Belle Meade).

In the Green Hills area of Nashville where I live, I paid $280k for my house 10 years ago, and then spent about $50k on it. It recently appraised last year at $550k. It's 3100 sq. ft. in a nice older neighborhood filled with lots of trees and on a one acre lot, and I have a 2 car garage and a 3 car carport.

Developers are buying some of the smaller (2000 sq.ft.) homes in the neighborhood, are paying $300-350k for them, are then tearing them down, and are building 5000+ sq.ft. houses on the lots. A house that's on a side street near my house was recently torn down and the developer built a 6500 sq.ft. house on it (with a 5 car garage), and it sold for $1.4 million.

Since my investment portfolio has tanked so much the past few years, it's comforting to know I've got at least one thing going up in value.

[This message has been edited by Mike O (edited 21 February 2003).]

 

[caz-nsx]

We bought our house 2 1/2 years ago in the seacoast area of New Hampshire. About 45 minutes north of Boston.

It is a 3000sf colonial with family room and two car garage, 1/3 acre of land. We paid $242k brand new. Just re-rinanched and it was appraised at $315k.

Property taxes are ~$6k per year. No sales tax or state income tax.

 

[nsxtasy]

Originally posted by otto_joe:
BTW, what's the sales tax like in other places?

http://www.salestaxinstitute.com/sales_tax_rates.html

 

[nsxtasy]

Originally posted by ChrisK:
Basically, I believe the studies and statistics done in the mid 90s had Hawaii's lifestyle cost about 34% higher than the equivalent lifestyle in the mainland. I believe it is closer to about 25% higher now days though.

How can they come up with one figure for "the mainland" when housing prices vary so much from one place to another? A house in Chicago might cost twice as much as a similar one in small-town Tennessee, but only a third as much as a similar one in Northern California.

 

[Tom Larkins]

As a residential real estate appraiser I find this an interesting thread to see what values are in these respective areas. Just remember guys, like the NSX or any other car for that matter. Cost to make improvements doesn't always = value in real estate. For what its worth I pay $5200/yr in tax on a 4500sqft home, but the tax folk don't know whats finished in the basement.

 

[len3.8]

I just bought 5800sq 0n a 50'x 200' lot.
All brick and Stone (Not Veneer) View of the St. Louis Arch and skyline for less than 20k

Of course I have to Rehab it. (A big thing in the city around here right now) I have a friend that purchased 10000sq ft + 3500sq ft guest home for 1.2mil He is putting roughly 1.5 to 2 mil into it to add a garage and pool. The housing around here varies. It depends on the neighborhood. If I were 20 blocks south I could not have touched my rehab for less than 120k in non living condition. We have property tax for all of our vehicles. Even boats (unless that has changed)
When I sold my 1900sqft house in Cali, I moved here and got 3k sqft and put the rest into toys.
I guess it's a matter of where you want to live and who else wants to live there also.
Len
n9s5x-t

 

[PHOEN$X]

It's interesting to see this trend in ever increasinging home sizes. Is there a limit--or a point when it's just too much space? I wonder if, in the future, someone will buy the Mall of America and turn it into a personal residence...

BTW, my "modest" 2000 sq. ft house cost ~$180k about five years ago; now comparable houses in the neighborhood are going for around $250k. Compared to homes of yesteryear, it's unimaginably extravagant I'm sure.

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[This message has been edited by PHOEN$X (edited 21 February 2003).]

 

[len3.8]

Originally posted by PHOEN$X:
It's interesting to see this trend in ever increasinging home sizes. Is there a limit--or a point when it's just too much space? I wonder if, in the future, someone will buy the Mall of America and turn it into a personal residence...

BTW, my "modest" 2000 sq. ft house cost ~$180k about five years ago; now comparable houses in the neighborhood are going for around $250k. Compared to homes of yesteryear, it's unimaginably extravagant I'm sure.

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[This message has been edited by PHOEN$X (edited 21 February 2003).]

Phoenix , I guess people are going gaga over space. Most likely because people are doing more things at home. I wanted the space for my kids, We want a nice home theater, a game room, My wife wants a sewing room, A large master suite, Gourmet kitchen, Walk in closet, ect. ect. I get a small corner and a garage. I absolutely refuse to pay what other are paying for new Homes in the "right" neighborhood. So therefore I am going to reconfigure an old house.
She gets what she wants , and I get my Garage.
I also come from a family with 11 kids. My wife is from 10, We couls fill a small Arena at Family reuion time.
Len
n9s5x-t



[This message has been edited by len3.8 (edited 21 February 2003).]

 

[ChrisK]

Originally posted by nsxtasy:
How can they come up with one figure for "the mainland" when housing prices vary so much from one place to another? A house in Chicago might cost twice as much as a similar one in small-town Tennessee, but only a third as much as a similar one in Northern California.

I believe it was averaged accross the nation. Obviously places like San Francisco would actually be higher. I don't recall exactly how the stats go, but it was something like if you took an average person in a White Color management position, what would he expect to pay for a certain mimimum lifestyle. They came up with a figure and matched that with what the same person might have to pay in Hawaii. I don't think it is an exact science, but it showed the cost difference if you wanted to move here.

 

[PoohBEAR]

i am just curios, how much does it cost to build or expand a two story home? what is the cost effective in this scenario...knock it down completely or remodel with additions? i am thinking in the process of doing my research on building a 3+ garage and expand to a 2 story home.....any contractor or someone have done it here? any estimate per square foot cost?