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It is an extremely strong market here in the wealthier townships in Floyd County, IN (Louisville Metro Area). Houses priced in the $350-$500K range are selling in a week or two if they are updated. Very low inventory has pushed prices upward mostly.
The Greater Boston market is still red hot. There is a small supply of new construction in my town. Perhaps about 30 homes a year that are tear-downs.
The price is between 2.5 million & 3 million dollars for most of them.
The town I live in is upper middle class, but by no means is it a top-tier town like Lexington, Brookline, or any of the famous greater Boston W towns like Wellesley.
It is mostly unaffordable for people of even solid incomes to buy in this area any longer.
It’s complicated. There is a scarcity of houses AFFORDABLE houses for sale. It is hard to find anything under $400k anymore. Median home price here is $407k, and median income is $46k. Isn’t a home cost supposed to be no more than 1/4 of income?
No, cars are supposed to be no more than a quarter of your annual income. Houses have always been more than that (even back in the day when you could get a decent house for $20-25k, the median annual salary was closer to $5k). The rule is no more than 25-28% of your MONTHLY income should go towards a mortgage payment. So if you're spending $2000 a month on a mortgage payment, your gross income should be $8k a month. $2000 a month on a mortgage would equate to about a $480k home price for those fortunate enough to have bought when interest rates were 3-4%, but a mere $300k with interest rates at 7%. BUT, that $8k gross per month means an annual income of $96k, which is still a lot of money when the median salary is quite a bit less than that, although fairly doable for a two earner family.
Which is why after selling my current house, I'm retiring to a place where the renovated house I'm buying is only $210k ($1300/mo at the current 7%)
Sounds like Hyundai is not focused on being a good neighbor.
Sounds like an opportunity for the HOAs to take care of the owner/occupants of the communities.
As I’ve posted elsewhere regarding my STRs in my own neighborhood, which has covenants only. The city is just now waking up to what is going on. Existing HOAs and Covenants may have the power to regulate, but we need clout at the city level.
As I’ve posted elsewhere regarding my STRs in my own neighborhood, which has covenants only. The city is just now waking up to what is going on. Existing HOAs and Covenants may have the power to regulate, but we need clout at the city level.
Here, when covenants restrict STRs, but no HOA entity to regulate and enforce, most recorded covenants HERE stipulate property owners' rights to enforce covenants via "proceedings in equity." I.e., neighbor suing neighbor.
And, do your covenants specify the process to revise the covenants by a majority or super-majority of owners, which may be an angle if enough owners are dismayed?
What seems to be selling very quickly are SFH's and residential condos (mostly duplexes) in the $300k $700k range. There was a boom here from 2021-23, and home prices escalated, and some developers got greedy and build condo complexes that were not worth the money being asked. There is one complex in my town, built in 2022, whose eight apartment-type units now have an average listing price of about $700k, after being taken off the market and relisted at a lower price at least twice, after being initially offered at an average price of about $850k, IIRC. (Imo, they are not worth it even if the price was reduced to an average of $600k, as they have no view and are pretty standard in decor and features and I think they only average about1,200 s.f., The only advantage is that they are in the heart of our small town.)
The cheap motel-like 'condos' also do not seem to sell very quickly.
Last edited by katharsis; 04-29-2024 at 09:43 AM..
Houses are still flying off the market. This is an area with a lousy regional economy and not much has materially changed since pre-COVID to justify the increases. There is one "nice city" within an hour in any direction. It has a university, more affluent residents, more higher end growth, etc. - it will likely be fine.
People are moving here for tax and political reasons. They often don't do due diligence - if you're coming from a suburb of Chicago, DC, or even somewhere like Charlotte or Raleigh, what is the draw of an area that is geographically isolated (nearest metro of consequence is an hour and a half from me), with lousy healthcare, a huge drug/addiction issue, rising crime (despite what you hear about "blue state" crime, it's generally worse here in "white trash Appalachia"), and a string of small cities that are mostly declining mill towns?
I'm originally from here, but have lived in IA, IN, I don't see the draw, at all. I think the mill towns and rural areas are going to get pounded in the next recession.
Helena MT is still a sellers market, however the insane 'stick a price on it and it will sell frenzy is over. New builds are all selling, still a lot of cash buyers from other states moving in. Bozeman MT is still insane. The median price of a home is just a tad shy of $1MM. It's officially more expensive than Seattle.
I've had unsolicited offers from people either driving by and seeing me in the yard or by looking at my property info on-line. I kid you not.
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