Jay481985 Posted March 12, 2006 Share Posted March 12, 2006 Just for point of reference, I had interviewed a real estate agent in New Orleans for a personal project. He lives in the French Quarter and I also lived there in the mid-80s. He said the entry price for a single famnily home with no off street parking is about 600K, with off street 800K and up. After I came home, I looked on the New Orleans MLS and found an 800 sq foot house across the street from where I used to live (Note to natives-800 block of Gov. Nicholls) $525K! Such a bargain. Now the real estate agents are telling people they can get even more for their properties in the Quarter, so asking prices are going from absurd to astronomical. Of course, displaced folks are generally not in the market for 600K houses or 2000/month apartments. that is more expensive then mahattan prices for a single.....even a upper east or west side BTW joe that house seems very reasonable for the price and those inspections I tell you, those make or break deals sometimes where the buyer would demand all theses tests and the seller gets frustrated and tells them no. So I would say your in a better spot Quote Link to comment Share on other sites More sharing options...
boom3 Posted March 12, 2006 Share Posted March 12, 2006 Oh yeah, some friends of mine, not first time buyers, excellent credit, combined income six figures...moved from Denver to SF. It took them four bids, on four properties, to get an 800 sq foot condo, and-get this-on one of the bids they had to write an essay stating why they wanted the place, and what they would do with it! Quote Link to comment Share on other sites More sharing options...
Jay481985 Posted March 12, 2006 Share Posted March 12, 2006 Dear current home owner: I would like to live in the house you currently are selling. I do not mind living in a place that you lived, in had sex in, pooped in, farted in, etc. I will probably do the same. Sincerely, Me Quote Link to comment Share on other sites More sharing options...
johnyholiday Posted March 12, 2006 Share Posted March 12, 2006 Well lets look at their finance's Coldwell Banker is a subsidiary of Cendent Corporation {NYSE: CD} long term 5 years Quote Link to comment Share on other sites More sharing options...
johnyholiday Posted March 12, 2006 Share Posted March 12, 2006 [:|]medium term Quote Link to comment Share on other sites More sharing options...
johnyholiday Posted March 12, 2006 Share Posted March 12, 2006 [:S]short term Quote Link to comment Share on other sites More sharing options...
jacksonbart Posted March 13, 2006 Share Posted March 13, 2006 Nice charts Quote Link to comment Share on other sites More sharing options...
Cal Blacksmith Posted March 13, 2006 Share Posted March 13, 2006 Congrats on the new house! Prices are indeed low where you are! We just spent $125k on my shop and re-doing the kitchen here! In other places in SoCal, a 50 year old 2bed, 1 1/2 ba on a city lot will run you $750K and up! Quote Link to comment Share on other sites More sharing options...
joessportster Posted March 13, 2006 Author Share Posted March 13, 2006 prices arent that low where i am now, i am moving to york pa and will have to commute 90 miles 1 way each day for work, the same house locally where i am now would have cost 400,000 and my pay just wont carry that type morgage, maybe i need qa new gig (drug dealer, bank robber thug etc...) thats a joke for those wandering Joe ps whats with the charts?????????? coldwell banker isnt loaning me the money they are the realtors just doing the paperwork. Quote Link to comment Share on other sites More sharing options...
mark1101 Posted March 13, 2006 Share Posted March 13, 2006 Congrats on the new house. All that and then they'll probably sell the mortgage. In a few months you may be making payments to a different bank. Quote Link to comment Share on other sites More sharing options...
johnyholiday Posted March 13, 2006 Share Posted March 13, 2006 Their the enemy know the enemy ,an all the way down the chain all involved, will get a percentage,the Realtor works for the seller, not the buyer,the mortgage will be bundled with others ,an sold off as GNMA-Ginne Mae, the lender has off load any risk to GNMA,getting reimbursed quickly, of the money lent, for another pool of loans to the public,the public benefits from lower mortgage rate because of competition,causing a large supply of lenders,causing lower income buyers to benefit ,investors who's money makes this all work,benefit from"full faith an credit" of the United States government ,you know them the ones that need an enema,lots of spokes in the wheel of life,so a person can buy the house an live in it, which is a good thing, that also diversifies said persons portfolio,or can buy the paper, an diversifies said persons portfolio into real estated,hopefully they both go up in value,graph below is of a GNMA mutual fund,growth of $10k invested, red GNMA, orange intermidate goverment,green long bond aggregate ,good luck an take care of our house Quote Link to comment Share on other sites More sharing options...
Shade Posted March 14, 2006 Share Posted March 14, 2006 Congratulations on the house. Out here near Chicago, you might be able to get a condo for that money. Houses are WAY expensive out here. Been thinking about getting a townhouse soon, didn't know there would be such problems just proving where your downpayment comes from. Quote Link to comment Share on other sites More sharing options...
Tom Adams Posted March 14, 2006 Share Posted March 14, 2006 Joe, Belated congrats. I know the York area, convenient to Philly and Balmer but not too close to either! I went through the housebuying trip 4 years ago. I lucked out and found a co-worker who was desperate to sell and had actually taken the house off the market in frustration. The place needed work, so we've been slowly fixing it up. The 25 x 16 living room with a vaulted ceiling and exposed faux beams -so 70s!- was a big plus. It seemed to whisper "Klipschorns!" When you do taxes next year and realize how much you can deduct you'll be very glad. Just for point of reference, I had interviewed a real estate agent in New Orleans for a personal project. He lives in the French Quarter and I also lived there in the mid-80s. He said the entry price for a single famnily home with no off street parking is about 600K, with off street 800K and up. After I came home, I looked on the New Orleans MLS and found an 800 sq foot house across the street from where I used to live (Note to natives-800 block of Gov. Nicholls) $525K! Such a bargain. Now the real estate agents are telling people they can get even more for their properties in the Quarter, so asking prices are going from absurd to astronomical. Of course, displaced folks are generally not in the market for 600K houses or 2000/month apartments. And as bad as this might sound, many areas of New Orleans devastated by Katrina are now a veritable gold mine for savy developers and even individuals willing to tackle what's left over. A friend of mine here at work is from Chalmette and he & his wife are looking to buy a couple of homes for $40K each. The neighborhood was once full of $150K homes. Do the math. He said that he saw homes (or what's left) for sale for $20K. The bottom line is that once N.O. makes a full recovery, some folks will have made a LOT of money buying cheap land and turning it for a healthy profit. Joe - Good for you with the house. And sorry about the M/C having to be sold. OTOH, that was just God's way of saying that it was time for you to buy another motorcycle. [] HA - when Laura & bought the new home we're in now we paid around $280K. At the closing, not only did my wife (man I love being married to a financial controller) work some serious wrinkles and get us 100% financing, but the builder wrote US a check! A year & half later the house appraises for $360K (on the low side for our neighborhood), we refinance, take out some equity, and pay off all debts except for our cars. BTW, we used Ditech (which is a divison of GMAC) and as silly as their commercial's are, using them was a breeze and they were very fast. Tom Quote Link to comment Share on other sites More sharing options...
easylistener Posted March 14, 2006 Share Posted March 14, 2006 That sucks about the hoops you had to jump. I am finding that it is so differnt for differnt people and lending comp. I bought a house a little while ago, 157k and no job. They didn't ask any questions or anything. It was from a big bank. I am now thinking of selling because of the huge increase in home values in my area. I had someone come by and said I should be able to sell for over 220k. That is pretty good for just over a year. But if I will have to jump through all those hoops I think I will just stay. Quote Link to comment Share on other sites More sharing options...
Gilbert Posted March 14, 2006 Share Posted March 14, 2006 does everytone have this type of problem or am i just lucky???????????? Joe Joe, I think your just lucky. My mortgage company was a bit anal, but not to that degree. But now that your through all the hurdles, it's time to play a little George Thoroughgood....."House Rent Blues"...... I love that tune. Quote Link to comment Share on other sites More sharing options...
boom3 Posted March 15, 2006 Share Posted March 15, 2006 Joe, Belated congrats. I know the York area, convenient to Philly and Balmer but not too close to either! I went through the housebuying trip 4 years ago. I lucked out and found a co-worker who was desperate to sell and had actually taken the house off the market in frustration. The place needed work, so we've been slowly fixing it up. The 25 x 16 living room with a vaulted ceiling and exposed faux beams -so 70s!- was a big plus. It seemed to whisper "Klipschorns!" When you do taxes next year and realize how much you can deduct you'll be very glad. Just for point of reference, I had interviewed a real estate agent in New Orleans for a personal project. He lives in the French Quarter and I also lived there in the mid-80s. He said the entry price for a single famnily home with no off street parking is about 600K, with off street 800K and up. After I came home, I looked on the New Orleans MLS and found an 800 sq foot house across the street from where I used to live (Note to natives-800 block of Gov. Nicholls) $525K! Such a bargain. Now the real estate agents are telling people they can get even more for their properties in the Quarter, so asking prices are going from absurd to astronomical. Of course, displaced folks are generally not in the market for 600K houses or 2000/month apartments. And as bad as this might sound, many areas of New Orleans devastated by Katrina are now a veritable gold mine for savy developers and even individuals willing to tackle what's left over. A friend of mine here at work is from Chalmette and he & his wife are looking to buy a couple of homes for $40K each. The neighborhood was once full of $150K homes. Do the math. He said that he saw homes (or what's left) for sale for $20K. The bottom line is that once N.O. makes a full recovery, some folks will have made a LOT of money buying cheap land and turning it for a healthy profit. (snip) Tom The people who are buying properties in Da Parish, or in Holy Cross, or Lakeview, or fixing up same, are taking a huge gamble. It's a multi-vector poker game. CAT 5 Levees? Bulldozed neighborhoods for storm-abatement green space? Federal money-promised today, withdrawn tomorrow? The mayor's race (no pun intended)? This year's hurricane season, and the next, and so on? I know the N.O. economy very well and it did not have much depth beyond tourism, services and welfare to begin with, so "a full recovery" to what is was is impossible. I wish 'em luck, especially homeowners who are not waiting for anyone. Some of my friends are in that same boat and have no choice but to patch things up and pray. Quote Link to comment Share on other sites More sharing options...
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