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tradman
Aug 12, 2004, 12:40 PM
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Having just bought a new house here in Scotland, and with property prices being big news here, I thought I'd take a quick straw poll, just out of interest.
How much would a three bedroom semi-detached villa in a desirable middle-class suburb cost where you live?
Nothing huge or fancy, just bedrooms, a bathroom, lounge, dining room, kitchen, garden and garage.
I know a few folks here have moved recently so come on, post up! Dollars, pounds, shells or whatever your local currency is!
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mattdog
Aug 12, 2004, 12:42 PM
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In reply to: Having just bought a new house here in Scotland, and with property prices being big news here, I thought I'd take a quick straw poll, just out of interest. How much would a three bedroom semi-detached villa in a desirable middle-class suburb cost where you live? Nothing huge or fancy, just bedrooms, a bathroom, lounge, dining room, kitchen, garden and garage. I know a few folks here have moved recently so come on, post up!
In Clemson, SC, probably around $125,000. Real estate is cheap here.
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wideguy
Aug 12, 2004, 12:49 PM
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In SE Massachusetts for anything not needed serious cosmetic and possibly structural work Easily $275,000-$300,000.
Prices are out of control here.
For example a 1 BR townhouse in my town recently sold for $175K,
2 BR "Garden Condo" (read: apartment) $155K.
Single wide "Manufactured home" (Read :trailer park) $145K + lot lease of $200-300 /month.
edit: and I'm an hour south of Boston. Get into the Metro-West area and the single family AVERAGE is over $600,000.
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tgreene
Aug 12, 2004, 12:53 PM
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I have a 3200 sq ft home that is a stacked ranch, w/ 3 bedrooms, 2 fireplaces (1 up, 1 down), 2 great rooms (1 up, 1 down - down converted to billiards room w/ wet bar), 2 full baths (1 up, 1 down), 1.5 car attached garage, and sits on 1.5 acres in the middle of a micro-town (it's actually a double lot). We paid $75k just over 6 years ago, and it's current value has doubled. 8^)
We're way out in the sticks though, so our home in a larger community would easily bring upwards of $225k - $300k depending upon location, and as much as $500k in a place like Phoenix.
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wideguy
Aug 12, 2004, 12:54 PM
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In reply to: In reply to: In SE Massachusetts for anything not needed serious cosmetic and possibly structural work Easily $275,000-$300,000. Spank me rosy, that's expensive. This might be a silly question, but would that be affordable for someone on an average US salary?
Well not for your average single income family. If your kids are in school full-time and mom and dad both have good "careers" and you're really smart with your cash....
Even at our interest rates which are at an all-time low right now, $300K is roughly a $2500/month mortgage once you factor in taxes and insurance.
edit: and like Tim mentioned, if you got in 5 years ago you did better. I paid $150K for my 3-family and it's current market value is over $310K
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mwbtle
Aug 12, 2004, 12:56 PM
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that'll run you anywhere from $250-400K depending on how close to the train you are, in SE pennsylvania.
hells, I've seen twins going for $250K around here.
which sucks for people like me who are just starting out...all the starter homes have big ole families in them because thats all they can afford...and all we can afford is glorified apartment condo things.
or we can move 50 minutes away to a place thats 30 minutes further by train...and get a whole town home. :roll:
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tradman
Aug 12, 2004, 1:00 PM
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So there's been a sharp increase in property prices in the US recently?
We've been hit by it too, to the extent that single first-time buyers have now been almost totally priced out of the market. It's a disaster.
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mwbtle
Aug 12, 2004, 1:03 PM
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Yes.
my parents bought a home in a ritzy (even then) neighborhood, on .75 of an acre, 4 bedroom, huge house, for just over 2...back in the mid 80s.
now I'm seeing what I consider to be crappy homes on postage stamps, in neighborhoods that are within 10 years of being swallowed by the city, going for almost double that. And how much would my parents be able to sell theirs for?? about the same. when their property started out about 75,000 dollars more expensive.
its ridiculous.
I'm seriously considering a move to the middle of nowhere in an attempt to have somewhere to live. the heck with the commute.
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coach
Aug 12, 2004, 1:04 PM
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I bought a 3 bedroom, 2 bath ranch style with double garage on a large lot (7000 sq ft backyard!) 5 years ago for $120K in NW Austin that appraised this year for $145K.
Prices in Austin have been going through the roof the last few years and a similiar new place would be in the $200-$250K range! Don't know how the young couples on a single income can afford it!
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dookie
Aug 12, 2004, 1:04 PM
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heh. My friends here just outside DC bought an EXTREMEMLY SMALL 3 bedroom house that has a tiny kitchen, I'm talking tiny place here - looks like munchkins should be living there. Has a postage stamp piece of land with it.
DC metro price (Virginia side) $438,000.
You can go 20 miles out and have a hella commute and get the same home for about $300,000 - still outrageous. Which explains why so many people here rent (even that is out of control, though). Basically if you have a salary less than 50K a year around here, you cannot afford to buy.
Where I'm moving to in northern CT - about 30 minutes from Hartford - you can get a nice 2 to 3 bedroom house for $180 to $240,000. Still expensive, but much more reasonable than some places. It's a big issue in the DC area right now, because house/rent prices are pushing lower income folks out of the suburbs they and their families have lived in for years and years, making neighborhoods very whitebread America-ish.
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coach
Aug 12, 2004, 1:07 PM
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One of the sad things here in Austin is to see a lot of homes that are bought by young people in the computer business (Dell, Compaq, Motorola, etc) that are in the $250K and up range and a year later when they have layoffs they are all on the market. At those prices if you're out of work for just a month or two you can get wiped out by a mortgage! :shock:
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pattray
Aug 12, 2004, 1:09 PM
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Here in Annapolis, MD. you would be lucky to find a home as you describe for $475K to $525K.
$522k will get you a 110 foot wide by 150 foot deep lot with a 1.5 story cape cod style house with one bathroom, two bedrooms, kitchen, living room and a small dining room. All of which is in need of major upgrading.
The property taxes will run you $5,300.00 per year and that’s not including water and sewer fees.
Total Sq. footage for the house would be about 960.
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cerikpete
Aug 12, 2004, 1:09 PM
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Townhouses about 20 min from me are going for 400,000 :shock:
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wideguy
Aug 12, 2004, 1:09 PM
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In reply to: So there's been a sharp increase in property prices in the US recently? We've been hit by it too, to the extent that single first-time buyers have now been almost totally priced out of the market. It's a disaster.
well certainly more marked increases near the cities and some more than others. Where I am between Boston and Providence the suburb market has exploded. Each quarterly census marks our region as among the fastest growing prices in the country.
Meanwhile, my in-laws just bought a place last year in West Viginia, 5 acres, 3500 square foot house, inground pool, 2 hot tubs, two outbuildings with with over an additional 2500 square feet between them all for just under $180K but they are 45 mintues from the nearest city and 25 from anything really called a town. Kind of place where the barter system among neighbors is still alive and well.
Further compounding the problem in our area is that many towns have restricted the building of low income and multi family properties. It's more profitable for towns to build $500K+ "trophy homes" which only add 2 kids to the school system etc etc etc than to build a $300K 3-family home that adds 6-8 kids. Consequently rents have exploded too. My 3 BR apartment at $800 a month is considered a steal. Should be closer to $1100-1200/month. Hard for a young family to save up for a house at that rate.
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edge
Aug 12, 2004, 1:11 PM
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We are in a quaint New England village, right across from the General store, next door to the library, two stones throws from the elementary school and the town hall.
Three bedroom, two bath, large kitchen, dining room, living room (see pic, I did all of the work), office, and 800 sq.ft. workshop. Full basement and attic, follows the traditional New England "big house, little house, back house, barn" motif. The building is 100 years old, except for the barn section which I added, and we have gone through and updated all of the wiring and refurbished each room. It sits on 1 1/4 acres.
We bought 11 years ago for $67,500, and it was just appraised for $175,000. My wife is a loan officer at a bank, so our monthly payments are around $600/month. 8^)
http://img.photobucket.com/...oransmith/Mantle.jpg
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rockrat511
Aug 12, 2004, 1:22 PM
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Where I live a three BR(really 2), 2 bath goes for $400K and thats a fixer upper duplex, no garage and a tiny kitchen. A decent 3BR, 2 bath will go from $400k for a fixer upper, $600k is average and in some areas depending on if you want an acre or two $800-1000K.
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darth_gaydar
Aug 12, 2004, 1:22 PM
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In reply to: In reply to: We are in a quaint New England village, right across from the General store, next door to the library, two stones throws from the elementary school and the town hall. Edge mate, that is nice! :D
Sounds like the pilot episode of a new CBS sit-com.
Coming this fall: EDGE.
Perhaps you could fill the void; since Bob Newhart we have been in dire need of New Englandy type warmth on our boob tubes....
ON TOPIC: 3Bd/3B 2200 SF 1.5 Ac $239,900
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dookie
Aug 12, 2004, 1:23 PM
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edge, I wanna BE you! :) I miss NH so much! Ah childhood memories. My dad sold our house in North Conway about 2 years ago. 3br 2 bath, bought for around $100K I think, sold for around $119. Still fairly reasonable. But you have to remember folks in northern NH don't make a lot of dough, they mostly work in the retail/tourism industry.
trad, that $438 price is LOW for this area. Most homes in metro dc (small family homes that is) are going for half a million or more. If you want some property with it (more than an acre) you can expect to easily pay $600K to $800K.
Seriously, I make under $36K a year. I can BARELY afford my $800 a month rent to have my own tiny apartment, so most folks around here have to have roommates. It has made it impossible (with a car payment, student loans and other debt now) to save any money towards a down payment on a home. On my salary I wouldn't be able to afford much more than about $100K for a house - and that ain't happening here or where I'm moving. I could maybe get some land. But no house. :roll:
I think a bank (with my income, and if I had littler debt) would give me around $110K or so. But with my loans, car, etc. etc., I doubt I could get more than about $80K right now.
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rockrat511
Aug 12, 2004, 1:27 PM
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Dookie, I would kill for $800 a month. Two years ago an apartment cost me $1,800 right now it's down to a reasonable $1,300.
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dookie
Aug 12, 2004, 1:29 PM
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I hear ya, rock - for around here the price I pay is unbeatable - most of my pals pay over $1200 to $1300 for a one bedroom in northern VA.
Studio condos in highrises are SELLING for $200K right now. YIKES! Not even a bedroom!
All I have to say is thank GOD my boyfriend is a vet and can get a VA loan, because otherwise there is no way we'd ever be able to get a house with the way things are going. The VA is gonna mostly likely save our butts!
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pattray
Aug 12, 2004, 1:30 PM
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Personal / cheeky question here: how much could a single person, 1 average income (whatever national average in the US is right now), no major outstanding debts, expect to be able to borrow?around 2.5 -3 times your income. and an allowance for what your down payment may be.
There's a new condo complex being built within 600 feet of my home and a one bedroom basement unit 700 Sq. feet with one window (top half of the front door) is selling for $560K condo fee is $430 per month. The rest start at $670K
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