There's a "millionaire row" near me.

fuzzybuddy

fuzzybuddy

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Location
The Sticks, Northeast PA.
There's a "millionaire row" near me. Yeah, the houses range from $500, 000- $1,000,000+. But it's not some swanky, super rich, "old money" mansions, it's plain old two story, 3-4 bedroom, 3 bath 6 room homes.- not all that fancy. Homes are so expensive. A plot with a mobile home goes for $250,000. I understand property increases in value as time goes by. My parents bought their home in 1960 for $11,000, and it sold for $160,000, 50 years later. I just wonder how a working stiff could afford monthly payments on a $1 million home?
 

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fuzzybuddy said:
There's a "millionaire row" near me. Yeah, the houses range from $500, 000- $1,000,000+. But it's not some swanky, super rich, "old money" mansions, it's plain old two story, 3-4 bedroom, 3 bath 6 room homes.- not all that fancy. Homes are so expensive. A plot with a mobile home goes for $250,000. I understand property increases in value as time goes by. My parents bought their home in 1960 for $11,000, and it sold for $160,000, 50 years ago. I just wonder how a working stiff could afford monthly payments on a $1 million home?
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that's the average prices of the houses where I live... ..in the next village the house prices are through the roof..some around 7 million.. celebrities, live there
 
Yeah, we have that crap too. "Californicators" as they're known locally.

They cashed in at inflated rates, brought big sacks of real estate cash to fund overpriced McMansions. Then they began whinging about everything and brought pressure demanding more and more special public services we all have to fund. They got their own new elementary school and lavish concrete pathways built through their walled neighborhood and out across the Township to the retail district. And we all got property tax assessments for that!
 

hollydolly said:
that's the average prices of the houses where I live... ..in the next village the house prices are through the roof..some around 7 million.. celebrities, live there
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Back in 1997, the housing market didn't exactly crash but it was stagnant, hardly anything moved. How lucky were we to be able to capitalise on that. We bought a soccer player's home that was, back then, valued at a quarter of a million pounds. Money meant nothing to those super rich sports stars. A phone call from the estate agent: "If we were still interested, we could have it for one hundred thousand pounds off." "Seriously?" I questioned. The sale of our previous home together with our savings meant we could buy it outright, no mortgage. What's it worth today? Whatever someone is prepared to pay.
 
Back in the day, 40 years ago, we paid 84k for this place. Today it’s worth over a million. Many Californians find themselves in a similar position. We have decided to stay put, but my job occasionally took me out to Houston and I was flat amazed by the mansions I saw in Sugarland that were selling for a tiny fraction of what they would bring in California. Other Californians, confronted with the same reality have sold and moved to Idaho and Texas. We have friends and relatives in Boise and San Antonio. I hear that before moving to those places it’s best to get rid of the California license plates. (-8
 
They rent - which is a net loss. The money you pay landlords builds their wealth, not yours.

It's the same w;ith rents. Sky rocketing. Another reason I hang on to my apartment. I love this apartment honestly even though I don't love my state's politics - they often scare and worry me - and winters are hard and every fall we get a box elder beetle invasion for about a month before the cold kills them off. There are some advantages to winter and the number of bugs and creepy crawlies in the warm year round states also keeps me in New York's six months of GD snow and ice. I hate bugs and rodents.

But it's a nice one bedroom in a small village that has everything I need on Main Street. My building is well run though the woman in the office rolls her eyes every time you need something. No mice/rats/roaches and that's a biggie. With apartments, you always risk those. It also comes with not just hook-ups but a washer and dryer in apartment. What a godsend!

The dumpster's across the parking lot not near the building which I also cheer (most places, grossly IMHO, put them near the building) - except in winter when power-chair dependent me can have a problem doing that and every year I have to bitch to get them to clear in front of the dumpster instead of plowing the parking lot up to it. Roll your eyes all you want, hon, but I have to get my trash out. Tell maintenance to shovel it the eff out. I'm in an apartment because I can't do these things myself.

Honestly, all this flooding western nations with migrants is causing it. Housing demand is through the roof and I do worry that there will come a time I won't be able to afford my nice little apartment anymore and where I will wind up when that happens. Which will also be the case if they do end Social Security. Nice to feel secure in my old age.

I lived in Denver when the big earthquake of I forget which year but 90's happened in California. For some reason, many of those who it scared out of CA moved to CO. Denver grew by half a million in six month's time. I saw a renter's market change overnight from low rents to sky high rents and lines around the block for every for rent advertised and practically having to bribe the landlord with something to get it. Frankly, awful apartments even.

I finally lucked out on one downtown that was high end beautiful and kitty korner to work and supposedly didn't allow cats but gave a wink and a nod to my elderly (18) cat. I found out why right around the same time the cat died of said old age and a detective got in touch with me after arresting my ex in VT, making it safe for me to return to NY as he couldn't leave VT while out on bail. Not only was the case against him good, I could use it against him to end visitation. They were going condo and expected me to buy it. I turned it down and returned to NY instead. Not sorry.

Not only did housing become short with that kind of influx but the prices of everything sky rocketed. Food in grocery stores, gas, retail goods. The utility company even put in for and got an increase due to demand.

I don't understand much about economics but, man, is the old supply and demand a really simple thing to understand with immediate real world results.
 
HoneyNut said:
This makes me feel very curious! What special public services? Is there a picture of the lavish sidewalks?
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Here for sure..for the £7 million price tag.. they are getting nothing more than we get in our £500,000 homes.. except more land ..and that's postage size compared to what they'd get in the USA for the same price... at most an acre but usually 1/2 an acre.. and neighbours within 30 feet either side..

Thy are beautiful homes inside without doubt but then you'd expect that for the price, but of course they have to pay more in Council tax and stamp duty.. but as for anything outside the property like nicer roads or special services.. nope forget that...

I'd show a photo of them on an estate agents website but it would identify where I live..( these houses altho' in the next village are actually within walking distance of me)
 
dilettante said:
Yeah, we have that crap too. "Californicators" as they're known locally.

They cashed in at inflated rates, brought big sacks of real estate cash to fund overpriced McMansions. Then they began whinging about everything and brought pressure demanding more and more special public services we all have to fund. They got their own new elementary school and lavish concrete pathways built through their walled neighborhood and out across the Township to the retail district. And we all got property tax assessments for that!
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Don't they have to pay a good sized property tax on those McMansions? Do they contribute anything to the local economy?

But, I can understand them. Moving to Michigan is my big dream.
 
Nevada has also been invaded by Californians and housing prices skyrocketed along with the general cost of living. In my neighborhood an ordinary ranch house can sell for between 800k and over a million. I bought a small condo to seal my housing costs.
 
Agreed, Housing is on the master move board.
The interest rates are out of reach for Parents not showing $250,000 yearly income values!
Costs for Childcare before school age is thru the roof.

Educational costs are out of the building.
Inflation is a starve as you go & a not gonna do anyone any good discussion.

It's give a way promises of many politicians that's probably wrecking stuff for everyone.
So, the diploma is mostly worthless in most of the usual fields of experience.
Many money makers didn't even finish college, since forever.

It's very easy to see it costs way too much to print the Trillions of money certificates needed to supply the greed of the human race.
So, if all the above is taken to the next level only machines with Ai capabilities will be able to do the dirty work needed to fix all the crap that's coming down!
 
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HoneyNut said:
This makes me feel very curious! What special public services? Is there a picture of the lavish sidewalks?
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I can't find any pictures online. The newest demand was for "pickleball" courts and road markings for e-bike lanes. The courts have already been graded for Spring construction, and lots of 4-lane roads are now two lanes, a left turn lane, and two e-bike lanes. This is a mess during rush hours.
 
I bought my place in 1995. It was what I could afford, back then. But now, in 2023, I can't afford to buy it. In 2023, I couldn't live here. This whole area would be priced way over my price range- it's the same house on the same lot!!!!!!
 
Many of these Californians who are flocking to greener pastures are the descendants of easterners who flocked here for the same reason. And, I'm not sure all of your invaders are from California. There are other areas with sky high costs too. It's a nation wide problem. There is a housing shortage and it's forcing prices up.

You aren't the only ones facing this problem. Small towns here (yes, there are small towns in California) are seeing it too. There is a city called Hesperia in the nearby high desert. In the 50's there was a big wooden arrow by the highway trying to attract buyers. It was mostly bare scrub. Today it has a population of over 95,000 and growing. A lot of them commute to the L.A. basin for work and it's a long drive. My brother bought a house there in the 70's because it was cheap. It's not cheap anymore.
 

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