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  1. #11
    Senior Member
    Join Date
    Dec 2004
    Posts
    777
    Wow - Maybe we should move because that ain't happenin' around here. I would gladly take a 700,000 condo for 200,000. Then I would lecture all of you, "Isn't it about time you stop throwing your money away and buy something of your own?"

    hahahaa:)

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  3. #12
    Member
    Join Date
    Aug 2004
    Posts
    50
    I keep hearing about a real estate bubble - Time's cover this week was about the current real estate craze - there was even a small article that was positive about renting.

  4. #13
    Member
    Join Date
    May 2005
    Location
    Austin, Texas
    Posts
    94
    Points #1 and 2 are things I could've written myself. And my husband is about to start an MBA program, at $1800 a class, which means another gigantic school loan.

    We don't hear "Buy a condo!" but we do hear "Buy a house!" The housing situation in Austin is abysmal. I will not, not, NOT live in a suburb. I refuse. So if I want a house that has any character at all and doesn't look just like every fourth house in the neighborhood, I'd have to spend $350K.

  5. #14
    Junior Member
    Join Date
    May 2004
    Location
    Oakland, CA
    Posts
    25
    House prices are a bitch. I like your "several hundred dollars per month" line -- you should seriously whip that out. Or maybe mention the housing bubble and say you think renting is a better option right now.

    I'm going to have to move entirely out of this area if I'm ever going to be able to afford a house. Unless I start making vast quantities of money (which I think would first require that I take out vast quantities of money in student loans -- the ones I have are quite enough!). Or unless this bubble bursts -- but then would banks be willing to lend out money for mortgages?

  6. #15
    Senior Member
    Join Date
    Feb 2005
    Location
    Rochester, NY
    Posts
    822
    You can still find a house at a somewhat reasonable price here in Rochester. I think the average cost in the city is something like $55,000 and in suburbia maybe $160,000. BUT.....the number of outrageously expensive communities (houses starting at $250,000 upwards to 500,000) being built is just insane. I just find it hard to believe that w/ the cost of living here, and how NY-ers are taxed to death on every little thing, that there's actually THAT many people around who can afford those houses or townhouses.
    We own a house in the city right now. The thought of moving to something which will cost way more than we paid for this place is dizzying, but we want to get away from the noise.
    Anyway, another good point on the negatives of condo living is that you have to pay an association fee for the priveledge of not having to maintain your own mowing, basic landscaping, winter shoveling, neighborhood pool, etc. AND a lot of those communities have very strict regulations on what you can and cannot put on the front of your home in full view of others. I don't know if any places are that restrictive around here, but I've heard of other condo or townhouse commnities aroudn the coutry having really insane regulations. So if you're thinking of moving to one of those types of places, read the association regulations VERY carefully before you decide to sign on!!

  7. #16
    Senior Member
    Join Date
    Apr 2004
    Location
    NJ
    Posts
    172
    I think part of the problem is that the people who are telling us all to buy a house/condo/townhouse/whatever... bought their property 5 or more years ago!!! Property since 9/11 has gone through the roof especially in my neck of the woods (tristate area specifically NJ). One friend bought a house a few months before 9/11 for $190k; and they were offered $310k for it a few days ago!

    In my hometown, a bluecollar town if you ever seen one, the average house is going for $350k. gulp. And this isn't even for houses with any personality, just the typical 1970s split level pseudo colonial. There are even some that are going for over half a mil!!!!!!! (Again this is not a swanky area)

    I will gladly continue paying the $750 a month in rent until the madness stops and prices come down to a realistic level.

  8. #17
    Senior Member
    Join Date
    Apr 2004
    Location
    LBC
    Posts
    152
    I am in the same boat as you girls. I want a house, finally have a job making some money, but the housing prices are insane. I can't wait till interest rates rise on ridiculous interest only mortgages and the housing bubble bursts. With the affordability index at an all time low (in CA) between 5-10% people can't afford to buy. But they are all high strung and stressed because everyone is like buy now!

    I'm serious. I live in the ghetto and you can't find anything under 500K. Every little tract home two bedroom, one bath, on a postage stamp sized lot is creeping upwards of half a million dollars.

  9. #18
    Guest
    Join Date
    Nov 2004
    Location
    North Georgia Mountains
    Posts
    191
    Managing your debt is a heck of a lot better financial desicion than making a "bad decision out of a desperate mind set" ( to paraphrase shawneemonkey). Suggesting making a donation to your debt would be "putting their money where their mouth is".

  10. #19
    Guest
    Join Date
    Nov 2004
    Location
    North Georgia Mountains
    Posts
    191
    I've always heard that buying is better than renting because you supposedly have more control over your dwelling. I disagree. Unless you own the whole area, neighbor realtions can cause years of headaches. There are just as many good landlords that want you to help them keep their property in good condition and will let you paint or whatever if you ask. On the otherhand, if the neighborhood goes to the dogs, you have the possibility of moving easier than mr & mrs homeowner who are stuck with a falling down house in a falling down area. I say to each his own.

  11. #20
    Member
    Join Date
    Dec 2004
    Location
    Michigan, USA
    Posts
    79
    Not much to add, but just wanted to say thanks to everyone who responded and made me feel better! :) Glad to know I'm not CRAZY to love my apartment and not anticipate moving anytime soon.

    -r


 
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