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The main draw is the lake, one of the other posters knew it was Torch before I said anything based on the price I paid for the lot. Nat Geo had rated it (I believe) 3rd most beautiful in the world. Many small summer cottages sell for high 9's then livable ones start low to mid mil. We're in the north end of the lake which is quieter, we may be a bit higher priced in the south end but many like the north end as that its much more serene. The house is only 2600 sq feet but I agree it would be 3-400000 in a subdivision.
The lake is gorgeous and lively in the summer, I just dont want to live life just for my house.
Quote:
Originally Posted by Chas863
Looks like about a $300k house in many parts of the country, but if you say it will sell for $1.2 Million when done, then I'll take your word for it.
Yes, it is a scenic lot with nice view. I assume your lot is the part that is cleared, and that the part that is not cleared belongs to adjoining land owners?
I don't see any garage or storage building of any kind. Where will you keep your vehicles and snowblowers, shovels, lawn equipment, tools, etc?
You mentioned feelings of isolation and loneliness in your new location on Torch Lake, and living in a camper while house is being built. How long have you been living in the camper?
Living in a camper could definitely contribute strongly to feelings about your real estate situation, finances, house being built. And negative feelings.
I know you started a new job, but you didn't say where the new job is located and what the job entails. And I think you said that you and your wife plan to keep working for a long time?
Pertaining to possible retirement, I wanted to mention that retirement can inherently be isolating (and possibly lonely) for some people because one no longer has automatic people contact in the workplace and some connections every day with people in the workplace - so in retirement one needs to look for people contact elsewhere.
In your case, maybe your new job provides some automatic people contact? Or not? Also, you have a connection with your wife, although she works away in Chicago and apparently stays in Chicago a lot (?) - flight attendant, yes?
But I just wanted to mention the inherent lack of automatic people contact from a workplace in retirement and the inherent possibility of isolation in retirement if one doesn't seek people contact elsewhere.
You mentioned feelings of isolation and loneliness in your new location on Torch Lake, and living in a camper while house is being built. How long have you been living in the camper?
I know you started a new job, but you didn't say where the new job is located and what the job entails. And I think you said that you and your wife plan to keep working for a long time?
Pertaining to possible retirement, I wanted to mention that retirement can inherently be isolating (and possibly lonely) for some people because one no longer has automatic people contact in the workplace and some connections every day with people in the workplace - so in retirement one needs to look for people contact elsewhere.
In your case, maybe your new job provides some automatic people contact? Or not? Also, you have a connection with your wife, although she works away in Chicago and apparently stays in Chicago a lot (?) - flight attendant, yes?
But I just wanted to mention the inherent lack of automatic people contact from a workplace in retirement and the inherent possibility of isolation in retirement if one doesn't seek people contact elsewhere.
That is not the primary issue here. He's in a financially precarious position he needs to get himself out of quickly. They just need to do what they need to do and forget about all the emotional BS. The longer they hold this property the worse the situation gets as real estate will only get worse from here (with interest rates and prices).
That is not the primary issue here. He's in a financially precarious position he needs to get himself out of quickly. They just need to do what they need to do and forget about all the emotional BS. The longer they hold this property the worse the situation gets as real estate will only get worse from here (with interest rates and prices).
Unfortunately no what OP wants to hear. He seems to hope for lower interest rates and buyers falling for he fell for.
I agree that the financial situation sounds horrendous.... and paying $650,000 for the lot is beyond comprehension.
I'd pay $50k for a lot on a lake or else I'd just skip that. If I am going to buy and develop land I want the land very cheap. Then, I'm going to put a very modest house there. So, I also find it incomprehensible. They did this to make money and they need to stop being confused about what to do here.
When we left Philly (or should I say sold our house) rates were below 3.5 for a 30 year. Based on the lot cost, build price we figured new payment would be 3300-3600 range and we could do that with my new job and live life on my pension. The lake itself gave me a sense of confidence as that lakefront properties flip fast and there are very very few vacant lots left. Well obviously rates doubled so now with the taxes we will likely be 45-4700 which to me is mind numbing.
My new job gives me some socialization but most of my workmates are much younger with small kids. On the other hand my established friends from out of state keep texting invites to this ski trip, or this mountain bike trip and I'm constantly having to bow out.
Even with the high interest rates there is a part of me that still doesnt want to bail out too quickly, while I hate living for my house I see that most houses on the lake our size were going for 1.4-1.5 a year ago and now are closer to 1.2. I figure if I bail to quickly to downsize I'm hurting our longterm finances.
Both my wife and I are very blue collar raised by blue collar parents who didnt have a pot to **** in. I do think some of the desire to stay on the lake (mainly for my wife) comes from a somewhat feeling of accomplishment for being able to get a lot here in the first place.
I'm still 70-80% in favor of dumping at 2 year mark, just dont want to have to hear it from the mrs if this place spikes in value over the next few years after we sell.
Sorry' also we have been in the camper since Christmas day last year when I first moved up here. We knew we couldnt break ground until April or May and we figured we would be into the house by September based on timeframe I usually took to build houses (as a side job) when we lived downstate. Well its 22 degree out and here I sit in the camper still, the house should be ok for "temporary" occupancy in about 3 weeks, that will help my spirits quite a bit as that the camper is very difficult to keep warm
Quote:
Originally Posted by matisse12
You mentioned feelings of isolation and loneliness in your new location on Torch Lake, and living in a camper while house is being built. How long have you been living in the camper?
Living in a camper could definitely contribute strongly to feelings about your real estate situation, finances, house being built. And negative feelings.
I know you started a new job, but you didn't say where the new job is located and what the job entails. And I think you said that you and your wife plan to keep working for a long time?
Pertaining to possible retirement, I wanted to mention that retirement can inherently be isolating (and possibly lonely) for some people because one no longer has automatic people contact in the workplace and some connections every day with people in the workplace - so in retirement one needs to look for people contact elsewhere.
In your case, maybe your new job provides some automatic people contact? Or not? Also, you have a connection with your wife, although she works away in Chicago and apparently stays in Chicago a lot (?) - flight attendant, yes?
But I just wanted to mention the inherent lack of automatic people contact from a workplace in retirement and the inherent possibility of isolation in retirement if one doesn't seek people contact elsewhere.
Last edited by lpranger467; 11-19-2022 at 03:26 PM..
Reason: additional
So that is the route I wanted to go (small house, cheaper lake), the story of my life of course is bad timing and when we were looking the two cheaper houses (on less popular lakes) sold to higher bidders. We were on a timeframe as that we were under contract and at the time we never imagined rates would double (not sure anyone did). Rates had stayed pretty steady for years and naturally right before we could convert to a secure mortgage with a set rate things skyrocketed.
Now do I risk losing money by selling too quickly, or baiil out while the gettings somewhat good thats the main crux of my issues.
Sidenote, I'm sitting here watching youtube videos on tini house living and damn I wish my wife would have been onboard for that
Quote:
Originally Posted by Wile E. Coyote
I'd pay $50k for a lot on a lake or else I'd just skip that. If I am going to buy and develop land I want the land very cheap. Then, I'm going to put a very modest house there. So, I also find it incomprehensible. They did this to make money and they need to stop being confused about what to do here.
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