• Hey, guest user. Hope you're enjoying NeoGAF! Have you considered registering for an account? Come join us and add your take to the daily discourse.

Insane Housing Market, y'all be fuked

Dural

Member
The more the government gets involved the worse it gets.

Yep, overregulation has slowed down the ability to build new homes. There just aren't enough being built anywhere in the western world it seems.

Then you have ridiculous property taxes on top of it. Here in northern Illinois the property taxes are some of the highest in the country as a percent of the homes value. Ours went over $7000 this year, we bought it for $158,000 in 2018 and the taxes were $4900.
 

StreetsofBeige

Gold Member
Property prices have been edging up this year as people expect rate cuts (Canada did a modest 25 pt cut and more coming). People are trying to get in now before rates drop a lot and then tons more people jump in bidding up prices.
Yep, overregulation has slowed down the ability to build new homes. There just aren't enough being built anywhere in the western world it seems.

Then you have ridiculous property taxes on top of it. Here in northern Illinois the property taxes are some of the highest in the country as a percent of the homes value. Ours went over $7000 this year, we bought it for $158,000 in 2018 and the taxes were $4900.
True.

In Toronto, most new devs are condos since the city heavily green lights those projects. New houses and townhouse projects are slim pickings. So anyone amped up to moving up to a family house from condo living is shit of luck as you now got to bid with the rest of people who want the same.

The gov also purposely proetcts this radius green space thing in the northern part of the metro area. Its off the map, but still close enough to the metro area. For anyone who doesn't mind living a little bits away it'd be fine. But gov has shut down any builders wanting to build there. There's shit loads of space when you zoom out a few clicks on Google maps. All you see is green. Nope. It's "protected areas". Yet they have no problem building more towers with zero improvement to roads or mass transit.

The city's biggest money maker is condos since a builder can jam a 40 floor/400 unit tower on a corner in the same space as maybe 20 houses. Insane incremental permit fees and property tax from a condo.

So now you guys know why some cities skew to condos.
 

Topher

Identifies as young
Bought our house here in Colorado for 460k in 2019 (2.75%) . Worth 699k now. Crazy.

Curious. How much square feet. Moved to Atlanta area in 2019. Bought our house for $270. Now Zillow says it is worth over $438. Ours is about 2200 sq feet.
 
Bought our house for $220k in 2012, in a gated neighborhood with a pool.

Now its worth double as we got offers for $480k

My parents probably aren't selling this house. As They only pay a $300 a month mortgage.

Im in South Texas.
 

jason10mm

Gold Member
Bought our house for $220k in 2012, in a gated neighborhood with a pool.

Now its worth double as we got offers for $480k

My parents probably aren't selling this house. As They only pay a $300 a month mortgage.

Im in South Texas.
How are they defraying the property tax? On $480k that's almost 10K/yr alone! 100% disabled vet or are they really old and grandfathered in at some low rate?
 
How are they defraying the property tax? On $480k that's almost 10K/yr alone! 100% disabled vet or are they really old and grandfathered in at some low rate?
They are retired and in their 70s. They got a freeze on property taxes years ago. Im not actually sure what they pay in taxes but its low.

I am 100% disabled so when my parents pass and leave the house to me. i wont have to pay taxes. According to our government website, people on disability income don't have to pay taxes..
 

StreetsofBeige

Gold Member
You guys got some crazy property tax rates. It's I think 0.7% of city appraised value here (not market value which is way more).

Sounds like some of you guys' US rates are like 2%? Wow.
 

jason10mm

Gold Member
You guys got some crazy property tax rates. It's I think 0.7% of city appraised value here (not market value which is way more).

Sounds like some of you guys' US rates are like 2%? Wow.
Well, in Texas the high property tax rates are offset by no state income tax. But that was before property values skyrocketed with californians fleeing their own mess.

Of course all state governments are hurting for lack of cigarette tax money. Texas needs to get on the pot tax bandwagon, hasn't Colorado had to give money BACK a few times because of that cash cow?
 

IntentionalPun

Ask me about my wife's perfect butthole
My house is appraised over $1 million. I owe about $200k. (15-20 minutes from downtown Seattle)

Worked out for me but I’m kinda over home ownership. Might cash out and rent for a bit and then get a condo or something.

I know they can be a racket but I’ve got like massive trees that could take out a neighbor at any time and don’t want to deal with it lol
 
Last edited:

ramuh

Member
Curious. How much square feet. Moved to Atlanta area in 2019. Bought our house for $270. Now Zillow says it is worth over $438. Ours is about 2200 sq feet.
3400 sq feet. That is after I finished the 1200 sq foot basement.
 
Last edited:
Curious. How much square feet. Moved to Atlanta area in 2019. Bought our house for $270. Now Zillow says it is worth over $438. Ours is about 2200 sq feet.
Where in atl are you?

I bought here in 2018, now wife and i are priced out of everything that were looking for. Best option is just to build on current lot and reno, but thats a whole nother can of worms.

Bought at 565k 1700sq, now valued at 760, personally knowing the market, im confident we could get 800-850 range. Kinda annoying though because other properties have essentially doubled in value in our hood. Only reason we didnt buy one of those types of properties when we first moved here was because it was our starter home with a tiny baby. Now weve got 3 kids and a dog. Such a regret of ours, but easy to say that now of course. In like 2021/2022, new builds were going for like 1.4-1.7, now new builds are 1.7-2+,

And theyre not even awesome lots or quality and built so close together. Its disgusting.
 

jason10mm

Gold Member
Where in atl are you?

I bought here in 2018, now wife and i are priced out of everything that were looking for. Best option is just to build on current lot and reno, but thats a whole nother can of worms.

Bought at 565k 1700sq, now valued at 760, personally knowing the market, im confident we could get 800-850 range. Kinda annoying though because other properties have essentially doubled in value in our hood. Only reason we didnt buy one of those types of properties when we first moved here was because it was our starter home with a tiny baby. Now weve got 3 kids and a dog. Such a regret of ours, but easy to say that now of course. In like 2021/2022, new builds were going for like 1.4-1.7, now new builds are 1.7-2+,

And theyre not even awesome lots or quality and built so close together. Its disgusting.
Man, 1700sq with 3 kids must be ROUGH. When I lived in ATL we rented a 1600-1800sq place in Druid Hills so I could be close to work. The lots were decent sized, usually long and narrow, and most neighbors had demoed the 40s era "starter home" for a mcmansion squeezed into the lot. Our place could have been fleshed out with a finished basement or some sort of detached garage but that's about it. It was fun to live close to work in an area with so many unique homes and little pockets of parks or commercial places, but damn, you needed $$$ just to get on the street!
 
Man, 1700sq with 3 kids must be ROUGH. When I lived in ATL we rented a 1600-1800sq place in Druid Hills so I could be close to work. The lots were decent sized, usually long and narrow, and most neighbors had demoed the 40s era "starter home" for a mcmansion squeezed into the lot. Our place could have been fleshed out with a finished basement or some sort of detached garage but that's about it. It was fun to live close to work in an area with so many unique homes and little pockets of parks or commercial places, but damn, you needed $$$ just to get on the street!
yeah - my oldest is 6.5 youngest is 15 months. so were definitely starting to feel it. esp since both my wife and i work from home. im definitely familiar with druid hills. I'm in brookhaven. doesnt matter how wide your lot is though, thats one of my issues with new builds. these developers cramming unnecessarily large homes onto lots where they dont belong and end up being on top of eachother with no breathing space or privacy, which i value.
 
fuck that, just save up a little more at that point 1.9

https://castleist.com/1-9m-wooler-england-historic-english-castle-for-sale/

Coupland-Castle-Northumberland-England-for-sale-2-1024x682.jpg
 
Last edited:

StreetsofBeige

Gold Member
You guys live in cheap priced places.

The condo I move from 10 years ago (2 bedroom/2 bathroom/1,000 sq ft) I sold for over $550,000.
 

jason10mm

Gold Member
Everyone also wants to live in (relatively) few areas. Snap up that Detroit suburban real estate, when folks move back it's gonna be booming!
 

srerwws

Neo Member
there is absolutely no point comparing London and Manchester.
London is one of the few "global cities" in the world and attracts a big part of all the very high earners in Europe. The UK is a very concentrated country economically and culturally with London being the center of everything. In other European countries, "tier 2" cities can have the benefit of being near the sea, the Alps, have a nice climate, etc but there is no such thing in the UK. London is the only attractive "large city" in the UK from a global money POV.

On a relative basis vs. the US (NYC, SF, etc.), other European cities (Paris, Milan, etc.) and Asian hubs (HK, Singapore, etc.) it now looks "cheap" as investors have been relatively bearish on the UK since 2016 (since Brexit). I believe it is due a massive rebound given its intrinsic qualities and the amount of money there is in London, which is frankly quite obscene when compared to other European capitals.

In prime central London, prices are still down (by 20% roughly) vs 2016. The growth is very different from the US, which IMO is overvalued at the moment (but the US economy looks unstoppable melbourne termite treatment right now so what do I know?).
Congratulations! I just managed to reduce your rent by almost 70%!
 

Lunarorbit

Gold Member
You guys got some crazy property tax rates. It's I think 0.7% of city appraised value here (not market value which is way more).

Sounds like some of you guys' US rates are like 2%? Wow.
Started at 5% of assessed value a year when we bought our house in 2016. Went up to 8% 5 years ago. Over $8000 a year now paid in quarterly installations.
 

StereoVsn

Member
Yeah, housing prices in US are super messed up. I live near DC and my 4,500 house is now between $1.5 and 1.6 ml. Bought ~3 years ago for $1.3 and there is no way I could afford it with current prices and interest.

There are no large areas to build new here so developers buy up old houses, knock them down and sell for $2mil+ minimum. It’s all kinds of crazy.

I remember 25 years ago I a house for $1.5 mil would have seemed a huge mansion. Now it’s actually toward middle or lower end of nicer neighborhoods in Norther VA and MD that are decently close to DC.
 
Last edited:
Yep, overregulation has slowed down the ability to build new homes. There just aren't enough being built anywhere in the western world it seems.

Then you have ridiculous property taxes on top of it. Here in northern Illinois the property taxes are some of the highest in the country as a percent of the homes value. Ours went over $7000 this year, we bought it for $158,000 in 2018 and the taxes were $4900.
WTF, why? Ours is 1800 twice per year and we live in Killer Cali, cause it's killing our financials.
 

FunkMiller

Gold Member
House prices are indeed unaffordable for most people in the UK, particularly in the south. My house is currently valued at £1.3m. I would not be able to afford to purchase my house at this price. Fortunately I only owe £400k on the mortgage.

My flat in London is similar, and probably more. I'm not even going to say how much I paid for it 19 years ago. It's obscene how much prices have gone up.

Rents are even worse. I'm able to live in a luxury apartment in the most expensive place in Australia, mostly thanks to what I get from my place back home.

I'm lucky as fuck, and I wouldn't want to be young and trying to buy property now.
 
Last edited:
Top Bottom