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Thread: Real Estate - How Much in Your Area?

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    ~ Figure Skating Is My Passion ~ Ladskater's Avatar
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    Real Estate - How Much in Your Area?

    My husband and I are considering purchasing a townhouse in New Westminster (just outside of Vancouver). The prices range (these are about 16 years old as well) from $399,900 to $447,000!!!! We made an offer of $390,000 on the one for $399,900 - but the people so far won't budge on the price. We are going to offer $410,000 on the other home - it's a little overpriced for the area. Can you believe that's just for a townhouse?

    I just saw a program on real estate in the US and could not believe people think $200,00 is a high amount for a home. There are houses going in the New Westminster area for $725,000 and up and these homes are as old as 100 years - most are considered heritage homes.

    In Surrey we could buy a house for around the same price of a townhouse in New West, but we both want to cut down on our commute.

    It's hard to conceive that real estate in the lower mainland has sky-rocketed so much in the last few years. I used to think $80,000 was a huge amount for a house - oh for the good old days!!!


  2. #2
    Custom Title Mathman's Avatar
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    I don't see how people can live at all these days. A lot of people don't have $400,000. I guess they will be the new homeless.

    Mathman

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    Forum translator Ptichka's Avatar
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    Boston is the worst area in terms of overpriced housing. When we were looking, we at one point decided to consider appartments; the problem was that they (and the townhouses) were even more over-priced. For instance, we looked at one lovely townhouse that I absolutely loved, and that was basically in our price range, but which had a $900/mo condo fee . We ended up buying a house - and yes, it is outrageously expensive.

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    Custom Title Joesitz's Avatar
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    Don't even think about the Big Apple. A studio (really a closet) can cost about 200Gs. Renting one would be about 1500 mo. and I'm not talking about the section of town.

    Joe

  5. #5
    ~ Figure Skating Is My Passion ~ Ladskater's Avatar
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    In downtown Vancouver and the British Properties (West Vancouver) house prices are a million plus - depending - also up at Whistler where the Olympics will be held - only for the Rich and Famous.

    One can buy or rent a tiny condo in Vancouver for the same price a large house goes for in Surrey. Talk about crazy.

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    Arm Chair Skate Fan show 42's Avatar
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    We haven't heard from RGal yet, but I know the real estate in Southern California is pricey. Here in the San Joaquin Valley, a new 1,100 square foot home can go for as much as 350,000.........older two bedroom, one bath homes start at 250,000. Young people don't have a chance of buying a home these days. A lot of people have room mates just to make ends meet. This craziness has to stop at some point in time............42

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    Quote Originally Posted by Ladskater
    I just saw a program on real estate in the US and could not believe people think $200,00 is a high amount for a home.
    I wonder what year that show was taped!? $200K buys an 1,100 sf home built in the early 90's with no view, bare bones amenities on less than 1/4 acre where I sell real estate.

    My last three sales have been over $600K with prices driven in my area by California's "equity refugees" who sell in California and can't believe what $500K will buy them in the northwest.

  8. #8
    Custom Title heyang's Avatar
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    Real Estate on either US coast and near any major city is sky high right now.

    When my parents bought the house I grew up in (a 3 bedroom townhouse, 1 1/2 baths, living/dining room, EIK, full basement), it was new and cost just under $20K. 40 years later, that house can now sell for $280K if in top condition. Our is not in top condition as my parents never upgraded anything, but we could probably get in the lower 200's for it.

    The house I live in now cost $195K 13 years ago. Now, I could easily get $400K+ for it - even with the train tracks across the street. The only reason I don't sell is because I'm not sure where I want to move and am wary about paying to much for something else.

    Northern Jersey is even worse since it is so close to NYC. My boss was looking for a house. A couple of years ago, he & his wife put on offer on a house that wasn't ideal, but close. Selling their townhouse (which was paid off) would have covered less than 1/2 the price of the new one. The real estate agent listed taxes at $9K/year, but the actual taxes were $14K/year. Since they were already second guessing their offer, they withdrew it for this oversight. My boss was in his late 40's then with 2 very young children. He didn't want to still have a mortage at age 80 after paying for college educations at age 70.

    It's really difficult for people to buy with only one income right now. The house I grew up could be sold for 14 times it's original cost - my salary is only 2 1/2 times what my father was making to support a family of 4 when he passed away 23 years ago, and I don't over indulge myself with extravagences (i.e. new car every 3 years, costly vacation every years, all the latest electronics, etc.)

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    Arm Chair Skate Fan show 42's Avatar
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    Heyang, I live in a 3 bedroom, 2 bath home of about 2400 square feet. Hubby and I bought it 27 years ago and paid about $72,000...........a house just like ours down the block sold last week for $350,000.........if we took that money and bought a new house, we would have to down-size to half the square footage we have now........crazy..........42

  10. #10
    ~ Figure Skating Is My Passion ~ Ladskater's Avatar
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    Quote Originally Posted by Aloft04
    I wonder what year that show was taped!? $200K buys an 1,100 sf home built in the early 90's with no view, bare bones amenities on less than 1/4 acre where I sell real estate.

    My last three sales have been over $600K with prices driven in my area by California's "equity refugees" who sell in California and can't believe what $500K will buy them in the northwest.

    This was an up-to-date infomercial. They said the $200,000 was the median price across the US - depends on where the house is located.

    Still compared to our inflated prices, high taxes and captital gains tax, American prices are much better. We have to pay the government our dues (Capital Gains tax). Americans don't have this tax. We are taxed to the max.

    Buying a home here on the west coast is impossible for most folks. If we moved to the great northwest, we might get a deal. Dogsledding anyone?

  11. #11
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    Quote Originally Posted by Ladskater
    This was an up-to-date infomercial. They said the $200,000 was the median price across the US - depends on where the house is located.

    Still compared to our inflated prices, high taxes and captital gains tax, American prices are much better. We have to pay the government our dues (Capital Gains tax). Americans don't have this tax. We are taxed to the max.

    Buying a home here on the west coast is impossible for most folks. If we moved to the great northwest, we might get a deal. Dogsledding anyone?

    Just to correct you on something ladskater : Capital Gains taxes ONLY are payable if you are purchasing a home and turning around and selling it for the profit. We have purchased 4 homes in our lifetime, 2 of which ended up as rental properties, and we have never once paid Capital Gains Taxes because 1. we had the home more than a year and 2. we lived in it at one point in time, therefore it was not purchased with the intent of profit.

    Canuck

  12. #12
    Custom Title Joesitz's Avatar
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    Quote Originally Posted by show 42
    Heyang, I live in a 3 bedroom, 2 bath home of about 2400 square feet. Hubby and I bought it 27 years ago and paid about $72,000...........a house just like ours down the block sold last week for $350,000.........if we took that money and bought a new house, we would have to down-size to half the square footage we have now........crazy..........42
    But where would you go? At a certain point in one's life, familiarity is important. My apartment is worth 3.5 times what I paid for it 12 years ago, but I enjoy the plusses of living there so it's not real money for me. I have several friends in Florida who want me to move down there but I can visit them in the winter. So why bother moving there?

    Joe

  13. #13
    Go Figure!
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    Our house has appreciated by a factor of 7 in the last 22 years!

    Where we are going to retire to the real estate values are about 1/3 to 1/2 of around here so we should do pretty good when we finally move.

  14. #14
    Arm Chair Skate Fan show 42's Avatar
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    Joe, my thoughts exactly. My husband has "itchy" feet and the grass (or lawn ) is always greener somewhere else. I am content and stick by the old saying........"It's better to own the house then have the house own you".....42

  15. #15
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    Quote Originally Posted by Ladskater
    In Surrey we could buy a house for around the same price of a townhouse in New West, but we both want to cut down on our commute.
    Ladskater: I live in New Westminster and own my own townhouse there. (Please, please do not choose Surrey over New West!)

    The house prices in New West are skyrocketing. There has just been an announcement that the government is investing $1 billion in new housing, infrastructure etc. and as we approach Olympics, the prices will only escalate.

    I have been here since the mid-80s and I love it. Lots of green space, beautiful heritage homes (which can go in the neighbourhood of $2 million) and some "interesting" people.

    If I can be of any help, pm me.

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