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When people smoke stuff and then post on eBay

Started by drotto,

58 posts in this topic

ygogolak

ygogolak

Posted
Posted
Well, just because this seems to be around current market price doesn't mean it isn't ridiculous!

 

It is ridiculous that a 400 square foot apartment rents for $3800 a month in NYC.

 

 

WHILE a beautiful 2 family townhouse in Dayton OH is selling for 75K

 

Wow! I wish I could find any beautiful place to live the has "house" in it under six

figures here in the piedmont.

 

The 1900 sq ft euro house I own right now in Durham will set you back at least 180k and that's with no garage!

 

Thing is, if it is under six figures for a real "house", that means the local economy is depressed as heck. A 1900 square foot house with any decent amenities is probably going to cost $150-$200K just to build even in a relatively low labor cost area (the same house would cost 2-3X as much to build where I live), maybe more. $75K houses in a town means the labor market has some real problems. of course, if you are the person with a good job in one of those places you are making out like a bandit!

 

You're not an economist, are you? Have you heard of this new fangled "class" system? I know, I know, at first I was also like "caste" system, yea, like old English. But no, it's "class".

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the blob

the blob

Posted
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well, i have a degree in economics, but i am certainly not an economist. not really sure what you are getting at though.

 

i think my point remains the same though. when a house costs wayyyyyyyyyyyyyyyyyyy less than what it would cost to build the thing (understanding that the house is "used"...but "used" houses don't really depreciate like "used" cars normally) then that is a pretty good sign that the local economy is in the dumps. so, if you can buy a beautiful house for $75K that would cost $150K to build, that's a sign.

 

of course, if you live in such a place, like it there, and are gainfully employed (and expect to be in the future) then paying $75K for your house is a big cherry on top of things.

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Aweandlorder

Aweandlorder

Posted
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well, i have a degree in economics, but i am certainly not an economist. not really sure what you are getting at though.

 

i think my point remains the same though. when a house costs wayyyyyyyyyyyyyyyyyyy less than what it would cost to build the thing (understanding that the house is "used"...but "used" houses don't really depreciate like "used" cars normally) then that is a pretty good sign that the local economy is in the dumps. so, if you can buy a beautiful house for $75K that would cost $150K to build, that's a sign.

 

of course, if you live in such a place, like it there, and are gainfully employed (and expect to be in the future) then paying $75K for your house is a big cherry on top of things.

 

Of course that houses lose (or gain) value! And to compare them to cars would be silly..

The main reason why a construction gains or loses value is primarily because of the property its built on.. The neighborhood, cost of living, climate etc..

The fact that most houses in NYC (all 5 boroughs) have not been affected by the price correction of 2008 is because of the 1 percent who lives in the city and makes millions/billions a year... But in fact, the workign class in neighboring towns such as Brooklyn, Queens, certainly BX are not making more or less than what someone in an average town in Houston TX, Nashville TN or Dayton OH is making..

I can show you houses that were built and sold for over a 100k and are now selling for less than 10k (!) and thats not because of ANYTHING but the simple fact that investors rushed to build there and sold to speculators at a premium whereas the investment didnt produce expected results.

Real estate could be EVERYTHING but construction

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ygogolak

ygogolak

Posted
Posted
well, i have a degree in economics, but i am certainly not an economist. not really sure what you are getting at though.

 

i think my point remains the same though. when a house costs wayyyyyyyyyyyyyyyyyyy less than what it would cost to build the thing (understanding that the house is "used"...but "used" houses don't really depreciate like "used" cars normally) then that is a pretty good sign that the local economy is in the dumps. so, if you can buy a beautiful house for $75K that would cost $150K to build, that's a sign.

 

of course, if you live in such a place, like it there, and are gainfully employed (and expect to be in the future) then paying $75K for your house is a big cherry on top of things.

 

Yup, completely missed my point.

Not everyone can afford a $150,000+ house.

Also, the development house you are buying for that price is going to fall apart in 20 years, while the older house that cost $80k will still be there.

And to say that houses do depreciate is ludicrous.

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the blob

the blob

Posted
Posted

But in fact, the workign class in neighboring towns such as Brooklyn, Queens, certainly BX are not making more or less than what someone in an average town in Houston TX, Nashville TN or Dayton OH is making..

 

-----

 

Prices in many hoods in the outer boroughs did go down in 2008/9, the more working class, the more they went down.

 

If you don't think the local economy, average wages, employment rate, etc. has a big impact on housing prices, that's silly.

 

And, of course, supply and demand. Limited amount of land versus the population of people with incomes who can buy a home.

 

Whether some investment banker made a $5 million bonus is not going to have a direct impact on prices in Glendale Queens (where Archie Bunker's house was). that investment banker would most likely never live there. But the fact that young professionals and pseudo professionals are flocking to, rather than out of, a town puts upward pressure on rents/prices on less fancy places. And maybe that $5 million bonus (and a bunch of others) means the salesman at the Porsche dealer has a better year, true, and he can buy that house in Queens with his wife, who is a secretary at Goldman Sachs and just got a $25K year-end bonus because they had a great year looting the economy.

 

Once a place like NYC (or San Fran) is not considered a cool place to live, prices will go down.

 

Here's a house a couple of blocks away from Archie Bunker's fictional address on the market for $579K:

 

http://www.trulia.com/property/1065103565-6465-Cooper-Ave-Queens-NY-11385

 

As for your other point, it depends on what you consider "working class."

 

A couple consisting of a 45 year old police officer with 20 years of experience and a 45 year old teacher with the same experience is likely making $180-$200K+ in Brooklyn, Queens, etc. I don't think they are making nearly that much in Dayton, etc. Maybe I'm wrong.

 

My secretary at my old job (large law firm) made six figures. That's the dynamics of the Manhattan market for these things. I don't think many secretaries to low level grunts like me make six figures in those places.

 

A construction crane operator makes six figures around here (assuming they keep busy). Do you think they make six figures in Dayton?

 

The folks working in McDonalds are making close to the same (actually, slightly more in NYC because I think we have a higher minimum wage). Poor people who decide to stay in NYC are really skrewed on so many levels.

 

With that said, I appreciate that there is some additional bump to prices around here in the hinterlands (in Brooklyn, etc. where I live) beyond relative wages that is not particularly rational. It most certainly did not exist 30-40 years ago.

 

And how does this relate to comics? Frigging commercial rents around here have put about 75% of the comic shops out of business. It is sad.

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the blob

the blob

Posted
Posted

And to say that houses do depreciate is ludicrous.

 

--------

 

If you don't maintain them, of course they depreciate. Just not fast like a car.

 

I live in a 110 year old house. I appreciate good "old bones" and the fact that the whole place would have probably collapsed by now if built by 1985 standards. On the other hand, my roof probably needs to be replaced in the next 5 years as will my boiler/heating system and I probably need to re-waterproof my basement in that span too. Not to mention, the house probably needs to get painted, or at least scraped a bit and patched here and there.

 

In other words, I'm probably going to need to sell a lot of comics.

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the blob

the blob

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http://www.huffingtonpost.com/2014/03/13/median-home-price-2014_n_4957604.html

 

Median U.S. home price $189K.

 

Surprised you could get a decent home for around that much in Austin, Texas according to that link. Very interesting for the next time we ponder fleeing the Northeast.

 

 

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IntoAnother

IntoAnother

Posted
Posted
http://www.huffingtonpost.com/2014/03/13/median-home-price-2014_n_4957604.html

 

Median U.S. home price $189K.

 

Surprised you could get a decent home for around that much in Austin, Texas according to that link. Very interesting for the next time we ponder fleeing the Northeast.

 

 

Fleeing the Northeast (Connecticut) a few years back and relocating to Texas was one of the best financial decisions I've made. The Northeast was my home for 30 years but getting ahead never appeared to be a reality.

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Aweandlorder

Aweandlorder

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If you don't think the local economy, average wages, employment rate, etc. has a big impact on housing prices, that's silly.

 

Of course I do, thats why I said its all about location, NOT construction.. You were comparing houses to cars, remember?

 

Also, San-Fran is a GREAT example.. Would you move there to work as say, a teacher or a nurse, sure you could, but considering san-fran's real-state is the highest in the country mainly because of the ever rising hi-Tech industry would make for a bad decision for most of any other professional field...

 

Also, How about retirement??? If you decide to say, sell comic books online, where would it make more sense for you to live? in San-Fran/NYC or - pretty much any other place in the country where internet and the post office are as easily accessible lol

 

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Aweandlorder

Aweandlorder

Posted
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Lets look at stats shall we, as we both (hopefully) know, many private sectors could be VERY misleading ESPECIALLY when discussing real estate

 

Here are the stats for two similar middle class neighborhoods, one is Flushing Queens in NY, the other is Huber Heights in Dayton OH

 

Flushing

Population: 25,576

Estimated median household income: $44,839

Average estimated value of detached house: $723,040 :eek::eek::eek:

 

 

Huber Heights, Dayton

 

Population: 38,142

Estimated median household income: $51,508

Estimated median house or condo value: $102,638

 

This is just the tip of the iceberg, if you read more stats, the more depressing it gets in NY... And the funny thing is - YOU KNOW IT, which is why you brought it up to begin with saying houses are overly expensive in NY (when you were comparing houses to comics, again, not the best of examples, but I rolled with it)

 

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Aweandlorder

Aweandlorder

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And here are just a few houses I picked up randomly.. All in nice areas in Dayton... Far less than 180k.. Actually they're less than 100k

 

http://www.realtor.com/realestateandhomes-detail/5841-Harshmanville-Rd_Dayton_OH_45424_M31880-61072

http://www.realtor.com/realestateandhomes-detail/7878-Harshmanville-Rd_Dayton_OH_45424_M33682-41904

http://www.realtor.com/realestateandhomes-detail/6259-Gander-Rd-E_Dayton_OH_45424_M37280-70472

http://www.realtor.com/realestateandhomes-detail/5680-Traymore-Dr_Dayton_OH_45424_M31607-07870

http://www.realtor.com/realestateandhomes-detail/5113-Pocono-Dr_Huber-Heights_OH_45424_M32548-04375?ex=OH582827473

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ygogolak

ygogolak

Posted
Posted

If you don't think the local economy, average wages, employment rate, etc. has a big impact on housing prices, that's silly.

 

Of course I do, thats why I said its all about location, NOT construction.. You were comparing houses to cars, remember?

 

Also, San-Fran is a GREAT example.. Would you move there to work as say, a teacher or a nurse, sure you could, but considering san-fran's real-state is the highest in the country mainly because of the ever rising hi-Tech industry would make for a bad decision for most of any other professional field...

 

Also, How about retirement??? If you decide to say, sell comic books online, where would it make more sense for you to live? in San-Fran/NYC or - pretty much any other place in the country where internet and the post office are as easily accessible lol

+1, a homes value is not based soley on condition, it's more a reflection of location. Maybe you've heard the three rules of real estate? location, location, can't remember the last one.

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