Real Estate is paradise... how do they do it?
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Skull
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Two words for you folks in Fla....Prop 13 (1.1% of sale price)... READ ABOUT IT. Even with Prop 13 new neighbors moved into a house adjacent corner from my lot here in San Diego- Ocean Beach area (historically a working class neighborhood at best -albeit with a perfect view of the Pacific ..however not La Jolla) paid 900k + for 1200 sq ft on a 7500 sp ft lot. It is a fixer ... even with prop 13 (1.1% of sale price) they have to pay $990 every month to the State of Cali just to turn the key on the door every day ... then they have their monthly mortgage. Point is at least the property tax is held to 1.1% of the sale price as opposed to other areas of nation which do not have this in place.
I moved to Catalina Island in 1969. At that time I could have bought one of the bungalows in the flats for $12,000 (maybe less). I decided to buy a boat instead. The boat sank, housing prices skyrocketed! The story of my life- a reverse Midas touch.
Fortunately I had a real good job 10 years ago and did end up buying my current home for $255K about 7 years ago. It is now worth about $750K. I, too, may sell if it hits $1M.
Housing is critical here on the island giving the rapid rise in home prices, the fact that much of our housing stock consists of vacation homes or homes that are rented only during the summer season, and the reality of no bedroom communities other than on the mainland where average workers can live. People triple up on homes and apartments here, each family spending 8 hours of the day sleeping in the house and the rest of the time at work or outside.
No wonder there are "attitudes" displayed by much of the local work force when our visitors come over (an issue that could kill Catalina as a desirable place to visit).
Fortunately I had a real good job 10 years ago and did end up buying my current home for $255K about 7 years ago. It is now worth about $750K. I, too, may sell if it hits $1M.
Housing is critical here on the island giving the rapid rise in home prices, the fact that much of our housing stock consists of vacation homes or homes that are rented only during the summer season, and the reality of no bedroom communities other than on the mainland where average workers can live. People triple up on homes and apartments here, each family spending 8 hours of the day sleeping in the house and the rest of the time at work or outside.
No wonder there are "attitudes" displayed by much of the local work force when our visitors come over (an issue that could kill Catalina as a desirable place to visit).
Skull:
As one who has benefited from Prop 13 in this era of rapid appreciation, I must agree (although our local government has been dumping local fees onto our tax bill like crazy). Wish I'd bought back in the early 70's since my property taxes would be miniscule.
However, I think of friends whose homes have been in their families for decades. One, purchased for and taxed at a value of about $40K is now worth two million. The owner had kids in school (I didn't) and received other county services, yet paid a disproportionately small share of that expense.
OP
spartanws6
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well I suppose for us dreamers it is a good thing that the real estate market has come to a screaching halt. Only problem is they came to a halt at a huge ceiling. lol, is there ANY cheap place to buy in the paradise areas?
The Kraken
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I'll just visit.
I don't want to own a place that is eventually going to get blown away by a hurricane.
the K
I don't want to own a place that is eventually going to get blown away by a hurricane.
the K
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we live in the fl keys and relocated from nyc. The taxes are much cheaper down here and i dont have to spend thousands in oil bills to heat the house, the insurance here is so expensive that it washes out the above savings, All that being said i find the cost of living a little cheaper down here and if we could address the insurance then this would be a homerun.
All that being said a we are 1 blk from the gulf and 1 from the atlantic 45 minutes from molasses with my boat and moving down here is the best move we ever made.
Paradise aint cheap they say but they also say if your lucky enough to live in the fl keys then your lucky enough.
MY 2 cents
All that being said a we are 1 blk from the gulf and 1 from the atlantic 45 minutes from molasses with my boat and moving down here is the best move we ever made.
Paradise aint cheap they say but they also say if your lucky enough to live in the fl keys then your lucky enough.
MY 2 cents
robbcayman
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My wife and I have seriously considered moving to Hollywood Flordia but many of the locals have advised that we don't . With super high mortgage payments, crazy insurance premiums, not high income pay doesn't sound too fun. Yes, it's great to visit but living there is something else.
We're 22 & 23 and we're out of debt except our mortgage. Our home is $120k in Oklahoma (Brand new house 1500 sq feet big back yard) which we'll have paid off in the next 4 years. I couldn't imagine $750K mortgage for the same size property. Are we in a real estate bubble?? Anyways, we refuse to go into debt so we've both agreed to just rent condos in paradise. We feel by renting condos we won't have maintenace fees, no hurricane issues etc... If a place gets totally destroyed we can choose another place. Plus, this keeps us from getting bored with one place. We're looking at renting places from Turks and Caicos, Cozumel, Hollywood Fl etc..
We're 22 & 23 and we're out of debt except our mortgage. Our home is $120k in Oklahoma (Brand new house 1500 sq feet big back yard) which we'll have paid off in the next 4 years. I couldn't imagine $750K mortgage for the same size property. Are we in a real estate bubble?? Anyways, we refuse to go into debt so we've both agreed to just rent condos in paradise. We feel by renting condos we won't have maintenace fees, no hurricane issues etc... If a place gets totally destroyed we can choose another place. Plus, this keeps us from getting bored with one place. We're looking at renting places from Turks and Caicos, Cozumel, Hollywood Fl etc..
spartanws6:
Amazonian wildland is probably cheap. Third world undeveloped islands probably go for pennies, too. But then you have to figure out what to do about things like electricity, phone, sanitation. Oh, and of course you still need an income from somewhere.
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The Kraken:
The year Mitch hit the Bay Islands I bought any number of properties.
I waited a few years and made out better than any other investment strategy.
Paradise looks pretty good until you live there.
The only real affordabilty any more seems to be offshore. The prices are lower on the property, but everything else is high.
The RE taxes are usualy nil, but then again, so are the provided services.
There are miriad other taxes and fees, that although usually affordable, are vexing to understand as well as arrange to pay. Licensing a vehicle may require the assistance of a paralegal... after you have managed to ship a vehicle in that the locals have the technology to fix. (Lift the hood of a Ford vehicle here and one in Honduras. Be amazed by the differences!)
Know that the fantasy of Police "protection" that we imagine in the USA has long ago been discarded in paradise by the long term residents who own property and houses. Occasional shakedowns for vehicle documentation are common, Forget about constitutional protections that you though were universal.
Gas prices high at the local stop-and-rob? Wait till you see them marked in Liters in a local currency. You'll be halfway home before you figure out that you paid $4.90 a gallon.
Fresh produce and foods? If you know when the shipment arrived.
"Service" ? No, not going to happen.
The sunset may still be worth the hassle, however.
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