What is real estate going for where you are?

[dingbat]

As far as referring individuals as middle class rather than the working class that is my and many sociologists opinions. This my take. The Queen of England, the Royals around the globe, the oil Sheiks of the Middle East, the Billionaire business men of the world those I and many consider Upper Class. If a person that needs to work every day even though wages are in the Millions. Our entertainers, pro athletes, our CEO's that make millions in their short contract tenures are middle class, where does that leave us working Joes and small business Men and Women that may do well and may even have a net worth close to a million bucks or have a few million but sure don't live like millionaires. Would a MD, CPA, Lawyer be put into the same class as a tradesman, a Steelworker, an Ironworker, a Miner, Construction worker, Nurse or a Mom and Pop small business owner and the like? No those I last listed are working class not middle class. Then below the working class are a class of our hard workers doing the minimum wage jobs that require little skills and training, working sometimes more than 2 of these minimum wage jobs and can not make it pay to pay. A digression but I may be forgiven as it's my thread and Dockside Chat.

You can't classify by profession because salaries vary widely by location for the same profession depending on need. I know for a fact that an electronics tech at large integrated steel mills make roughly the same, probably more than my daughter with a CPA. A good friend who was a "small business" owner sold the business and retired at age 52. The two wealthiest guys I know personally got their starts as "tradesman". One in home construction the other in landscaping.

In the US it's typically broken down into 4 or 5 social classes by income. Upper class (1%) $500,000 + per year. Upper Middle class (15%) $100,000 + per year. Lower Middle Class (32%) $35,000 to $75,000 per year. Working class (32%) $16,000 to $30,000 per year. Poor (~12%) those living below the poverty Level

 

[boatman37]

You north of Mercer, boatman37?

A little south of Mercer. Ellwood City actually. Just off the Beaver Falls exit on the turnpike. But have been to Conneaut Lake a few times but never with my boat. Thats where the shop is that did my canvas this spring.

 

[aspeck]

Been to Elwood City before. Not a bad place at all ... close enough to the ?Burgh to enjoy, but far enough away to not have to deal with it ... and close enough to Erie to shake things up a bit.

 

[redneck joe]

Re read southkogs post, then drive another 25 miles south and take another 25% off. Higher end homes here run about 100 bucks per sq ft.

go to zillow, look up rigney rd, Manchester tn. Let me know when you do, I'll look up and wave.....

 

[tpenfield]

The house across the street . . . 3 BR 1 1/2 bath 1 car garage sold a few months ago . . . multiple offers $650K US . . . not sure that helps :noidea:

 

[Old Ironmaker]

The house across the street . . . 3 BR 1 1/2 bath 1 car garage sold a few months ago . . . multiple offers $650K US . . . not sure that helps :noidea:

It does if I knew where it was.

We put an offer in today on a new to us home. I will give some details of the deal goes through. Don't want to get hepped up for nada. I have to tell you we rented a room in town and basically cased the neighbourhood for 2 days driving around and walking. The Cops pulled us over this morning after someone in Neighbourhood Watch told them a strange car was casing the area. I'm impressed but I hope her name isn't Gladys Kravitz. If you know her you're our age. When we told the Officer what we were doing he laughed and said he wished his wife and he did the same thing. They will let me take a used car home for a day and night but the largest investment one may make in their lives you get a 15 minute tour. I was thinking of doing some out of the box marketing. We live in what would be deemed a vacation property on the Erie lakefront. I have been considering letting a serious potential buyer spend an entire day here, especially if they have teens. We won't put it on the market until the spring. I might be nuttier than I thought. A US property still isn't out of the question if this deal doesn't go through. Legally my wife who isn't a US citizen can stay in some States like Florida for 6 months.

 

[Old Ironmaker]

Bet is comparable to what I pay to heat the house and shop in the winter that goes from October - April.

We paid about the same in electricity (almost said Hydro) to run AC for the condo in south Florida for 6 months than we paid in Natural Gas to heat the house in Hamilton On. in the winter.

Part of our cottage on Lake Erie is within the 100 year storm line. Basically if a Tsunami hits us and the place slides into the lake, no insurance coverage. If it is flooded because of wind and rain, yes but not massive waves. That was instituted after a Fall storm washed away several dwellings in 1978. I have seen pictures of the storm and aftermath, had I had seen them before I bought I probably wouldn't. Mother Nature has a tendency to humble Man. The crazy thing is we continue to rebuild in the same places. Houston is 1 example. After the Hurricane I read where one guy has claimed something like a million dollars plus of damage over the years for a small house worth 125K. I am shocked they will still insure the house and how can he afford it. That would never happen in Ontario, no one but Lloyds of London would cover a place with that kind of history.

The deal fell through. They didn't even counter so I know they are sticking to their guns. Not meant to be and I am a strong believer in that. The hunt goes on.

 

[Old Ironmaker]

Re read southkogs post, then drive another 25 miles south and take another 25% off. Higher end homes here run about 100 bucks per sq ft.

go to zillow, look up rigney rd, Manchester tn. Let me know when you do, I'll look up and wave.....

OK Joe, too cold to take the boat out I guess.

 

[Old Ironmaker]

I have been evacuated 3 times from my current house. Part of the price you pay for living in paradise.

Mira Mesa is an awesome community. I would live there in a heart beat. Very expensive though.

What State are you in Bruce? I thought we lived in Paradise! We were sitting on the deck a few weeks ago having a brown pop watching the Swans migrate. Then I woke up this morning to 6" of white powder. Not a dusting of the stuff in town.

Google is my friend, yes Bruce you live in Paradise, Paradise comes with a price. I have visited a few times. Family was there then they retired to the San Fran area . When we are having a perfect day here, sunny, 75F and dry I say we are having Southern California weather.

 

[DeepCMark58A]

When you talk to people about moving to Florida you here comments like no state income tax but the property taxes are high. When my wife and I started looking at property in Florida we researched the taxes because we heard how high they are. Well I live in a state that has state income tax and high property taxes as well. Again Minnesota and Florida property tax are comparable or about the same.

 

[boatman37]

Been to Elwood City before. Not a bad place at all ... close enough to the ‘Burgh to enjoy, but far enough away to not have to deal with it ... and close enough to Erie to shake things up a bit.

Hate it here...lol. All in all not too bad but would rather be closer to the marina and to jobs. Luckily I work from home now but if I leave this job I am likely looking at a daily trip into downtown Pittsburgh for my next job. My current job is based in Fox Chapel and that was about a 70 minute drive one way on a good day (48 miles)

 

[Old Ironmaker]

I spent a lot of time In Pittsburg and area when the Steel Plants were going strong or we went down to catch a Steelers game, that would be late 70's into the late 80's. We stopped there traveling south when we got stuck in a storm about 5 years ago. I have never seen such a dramatic change in a city. I hardly recognized downtown.

The deal for the house I spoke of earlier fell through. The sellers didn't even counter. It wasn't meant to be I say.

 

[Old Ironmaker]

You can't classify by profession because salaries vary widely by location for the same profession depending on need. I know for a fact that an electronics tech at large integrated steel mills make roughly the same, probably more than my daughter with a CPA. A good friend who was a "small business" owner sold the business and retired at age 52. The two wealthiest guys I know personally got their starts as "tradesman". One in home construction the other in landscaping.

In the US it's typically broken down into 4 or 5 social classes by income. Upper class (1%) $500,000 + per year. Upper Middle class (15%) $100,000 + per year. Lower Middle Class (32%) $35,000 to $75,000 per year. Working class (32%) $16,000 to $30,000 per year. Poor (~12%) those living below the poverty Level

Very well put. You aren't such a dingbat. I know a few Plumbers that are in the top 1% of wage earners. They however haven't held a tumb wrench in years.

 

[ezbtr]

why I sold my 3 bd 2.5 bath 2 story 1400 sq ft in N. CA and moved to TX, it doubled in 4.5 yrs, the bust is coming zi think.
In TX I got a 4 bd, 2 ba, 1650 sq ft 2 car garage back and front yd, community pool/jacuzzi/clubhouse, 5 yrs old for 212K

 

[Old Ironmaker]

I think the bust is not only coming it has started. Just in todays paper houses where I grew up were increasing by 25% a year for the last 3 years, in the last year 15%.

 

[zool]

Here in NJ, we are still seeing a lack of inventory, which is supporting the market increases over the past 5 years, even in a rising rate environment. The main reason for this is when they revamped the mortgage regs, and essentially eliminated No Doc, Low Doc, Stated Income and Asset, and sub prime loans, they trapped a significant portion of the homeowners in their current dwelling. They wont sell their current house because they cant qualify for a new mortgage like they did when they bought their current house.

Going forward from here, If the proposed removal of the mortgage interest deduction makes it in the final tax reform bill, another portion of homeowners may choose to keep their current mortgage to keep their grandfathered deduction, which may keep the inventories low.

An out of balance market always moves, one way or the other.....especially if demand remains relatively stable, which it has.

 

[GA_Boater]

No matter where you live;

Selling - Too little.
Buying - Too much.

 

[Old Ironmaker]

Here in Canada our banking was highly regulated, qualification has always been more stringent than the US, it always has and we investors resented it. The mortgage crash experienced in the US was not seen here. No one I know lost their homes, some businesses yes because of buyers holding onto assets and loss of employment, yes. Several friends and relatives in the US that used their homes as a piggy bank lost theirs. It was sad to see but I told them 12 years ago not to get swept up in the cash in the home equity race, I didn't want to say it but I told you so. No one here that I know of lost their homes,

 

[dingbat]

I also have this opinion. The real estate market has been unstable for many years. And now, because of the pandemic, the price has fallen sharply.

Exact opposite in our area.

Home prices are up almost 18% in the last year. Even at these prices and with no home inspection, homes are selling in days, not weeks.

My daughter is looking for a home in Northern Virginia. Realtors will not even talk to you without being pre approved. She has to take a letter from her lender specific to each home when they tour a house.

On top of this, cash is king. Daughter got beat out on a house last week with a cash offer