Here we are nearly 10 years later and there are people in my neighborhood who paid around $500,000 for their ramblers at the peak of the market back in 2005.
Today those ramblers are worth no more than $420,000 tops.
The most a basic rambler around here should sell for is $400,000 and I am being generous.

Were these people who paid close to $500,000 for a basic rambler out of their fucking minds?

No, they were buying a house at an unfortunate time. I bought this past year and was lucky the market was leaning somewhat in the buyer's favor. Some people are only able or ready to buy for certain periods of their lives. You better hope it's while the market isn't inflated. Nobody went out with the intention of getting ripped off.

Prices are going up, they bought at a bad time but will break even very soon. I have seen a few homes in my neighborhood selling at over 2005 prices.

houses only go up in value. sure it goes up and down every 5-10 years but when it goes up its ALWAYS higher

plus, a lot of people in this area have a basic looking house but once you get inside its all refinished with expensive material. wood ain't cheap now-a-days

In my opinion, half a million for a rambler is a bit too high for what you are getting.

The houses on my block were all built right after WW2 as starter homes- most were 900 square feet in size, on quater acre lots. One by one there are being demolished, and $1.3M, spacious McMansions are being shoehorned onto the properties.

The shabbiest home on the block (recently cited by the county due to disrepair) went for sale last week for $600K, and sold on the first day at that price. A developer will surely turn a profit when the inevitable chipboard mansion is built there.

If a dilapidated house can sell for $600K in FX., why can't a rambler in better shape sell for $500K? You could live in it OR knock it down and build on the lot. That opens it up to an even larger pool of buyers.

Out of their minds? Wrote:
-------------------------------------------------------
> Here we are nearly 10 years later and there are
> people in my neighborhood who paid around $500,000
> for their ramblers at the peak of the market back
> in 2005.
> Today those ramblers are worth no more than
> $420,000 tops.
> The most a basic rambler around here should sell
> for is $400,000 and I am being generous.
>
> Were these people who paid close to $500,000 for a
> basic rambler out of their fucking minds?

I remember growing up and a house on the block was listed for $50,000. I thought that was outrageous. God only knows what the place is worth now. The market has ups and downs, but it usually recovers and continues it's upward trajectory (of course, a lot depends on the location).

There is no such thing as what a house "should" cost. You charge what the market will bear. If you overprice a property, the market will let you know pretty quick.

I paid 500 bucks for mine



Edited 1 time(s). Last edit at 10/09/2014 05:02PM by Priapus.
Attachments:

Priapus Wrote:
-------------------------------------------------------
> I paid 500 bucks for mine

I love the "compacts" of the early 60s. The Lark, Valiant, Dart, Corvair, Rambler... all unpretentious, functional cars. Did you really get that one for $500? From whom? It's a 2 Dr HT and it looks sharp. The wheels and tires look new.

I wuz kidding. I didn't think the young folk here would know what it was.

Believe it or not, some people buy homes because they need a place to live not an investment.

Home prices should be linked to income. Incomes have been flat last 7 years, so why should home prices be up so much?

Prices will come down again, once interest rates rise and mortgages aren't affordable.

Oh and good luck with saving 20percent when kids are buried n student loans.

Disconnect to income Wrote:
-------------------------------------------------------
> Home prices should be linked to income. Incomes
> have been flat last 7 years, so why should home
> prices be up so much?
>
> Prices will come down again, once interest rates
> rise and mortgages aren't affordable.
>
> Oh and good luck with saving 20percent when kids
> are buried n student loans.


Maybe some day you can afford a condo.

Home prices are very cheap in the US compared to many other countries. Just look at Beijing, Hong Kong, Moscow, London, Lima, and other countries. $500k would get you a tiny flat.

Internet-trained financial whizbang wannabes just want to keep you from making a terrible mistake. They don't seem to understand that houses are always worth whatever a willing buyer and a willing seller agree that they are worth. Neither more nor less. The goobers are ever wanting to impose an arbitrary price from some alternate mechanism or other. That's a fool's errand, but most of them are indeed fools, so there you have it.

Disconnect to income Wrote:
-------------------------------------------------------
> Home prices should be linked to income. Incomes
> have been flat last 7 years, so why should home
> prices be up so much?

Median real income has been less than flat. But that's a very high order summary number. It is individual people and families who buy and sell houses and thus determine their prices -- one unit at a time.

> Prices will come down again, once interest rates
> rise and mortgages aren't affordable.

There is an inverse relationship between interest rates and long-term asset prices. There is also a relationship between down-payment requirements and home prices. Neither of them operates in a vacuum.

Most people only put down 5% - 10% as well...


Prices will go up until about 2025-2030 and then the cycle will repeat.

in yo dreams broke boy Wrote:
-------------------------------------------------------
> Home prices are very cheap in the US compared to
> many other countries.

Like politics, all real estate is local. Hence, otherwise similar homes that are more than a few miles from each other will not be considered as comparables.

RE investor. Wrote:
-------------------------------------------------------
> Most people only put down 5% - 10% as well...

The number is increasing. Special programs at first, but lately even some banks have been dropping to 10%.

> Prices will go up until about 2025-2030 and then
> the cycle will repeat.

Cycles are like boogeymen. There aren't any. Variables that can only go up, down, or stay about the same all but invariably lure people into suspecting that some internal patterns must exist. 'Tain't so.

House in our neighborhood sold at peak for $800. Buyers were wife+second husband, moving in from Lansdowne because her ex was nearby and she wanted to be closer to her kids.

Between making the deal and closing, her ex moved elsewhere.

They wound up selling again for $650.

Ouch!



Edited 1 time(s). Last edit at 10/09/2014 09:50PM by Greybeard.

I know of one that sold for $700K near Holmes Intermediate.
Probably in foreclosure now. lol.

"Your neighborhood" is the operative term. Some people would opt for a $500k rambler in some place like Hollin Hall over a townhouse near Fair Oaks Mall...or Rockville.

I just rented my Houston to a single navy commander who gets a $2500 TAX FREE monthly housing allowance.

And you guys wonder why real estate is so great here.

Because the friggin taxpayers are paying the friggin ills of others.

I rented my Texas out for $3,800 2 years ago. Assuming your Houston is a SFH, $2,500 is cheap.

Out of their minds? Wrote:
-------------------------------------------------------
> Here we are nearly 10 years later and there are
> people in my neighborhood who paid around $500,000
> for their ramblers at the peak of the market back
> in 2005.
> Today those ramblers are worth no more than
> $420,000 tops.
> The most a basic rambler around here should sell
> for is $400,000 and I am being generous.
>
> Were these people who paid close to $500,000 for a
> basic rambler out of their fucking minds?

and in 90% of the rest of the USA they know YOU are nuts for paying 400k. In Ohio these little ramblers go for 60k in good shape and 10-30k in bad shape. 400k for a 1960 rambler with an original price of 5000 bucks new. Everyone here is crazy dummy...

We pay their mortgage Wrote:
-------------------------------------------------------
> Because the friggin taxpayers are paying the
> friggin bills of others.

To the same extent that consumers (same people as taxpayers) are paying YOUR friggin bills. Figure out how things work, why don't you, dumbass.

3UCmw Wrote:
-------------------------------------------------------
> Out of their minds? Wrote:
> --------------------------------------------------
> -----
> > Here we are nearly 10 years later and there are
> > people in my neighborhood who paid around
> $500,000
> > for their ramblers at the peak of the market
> back
> > in 2005.
> > Today those ramblers are worth no more than
> > $420,000 tops.
> > The most a basic rambler around here should
> sell
> > for is $400,000 and I am being generous.
> >
> > Were these people who paid close to $500,000 for
> a
> > basic rambler out of their fucking minds?
>
> and in 90% of the rest of the USA they know YOU
> are nuts for paying 400k. In Ohio these little
> ramblers go for 60k in good shape and 10-30k in
> bad shape. 400k for a 1960 rambler with an
> original price of 5000 bucks new. Everyone here
> is crazy dummy...


And that $60k rambler in Ohio will be worth $80k in 10 years. Meanwhile the 400k rambler in Fairfax will be worth $600k. There's a very good reason why those ramblers for go for $60k.

3UCmw Wrote:
-------------------------------------------------------
> and in 90% of the rest of the USA they know YOU
> are nuts for paying 400k. In Ohio these little
> ramblers go for 60k in good shape and 10-30k in
> bad shape. 400k for a 1960 rambler with an
> original price of 5000 bucks new. Everyone here
> is crazy dummy...

No, it's YOU that's fucked up. Nobody here would pay 400k for a rambler IN FUCKING OHIO either. It's 99% hell-hole. Very few even drive through Ohio unless they have to.

The average home value in Australia ($780,000) and compared that with the average home price in the United States ($220,000)

300k rambler buyer in 2011 Wrote:
-------------------------------------------------------
> 3UCmw Wrote:
> --------------------------------------------------
> -----
> > Out of their minds? Wrote:
> >
> --------------------------------------------------
>
> > -----
> > > Here we are nearly 10 years later and there
> are
> > > people in my neighborhood who paid around
> > $500,000
> > > for their ramblers at the peak of the market
> > back
> > > in 2005.
> > > Today those ramblers are worth no more than
> > > $420,000 tops.
> > > The most a basic rambler around here should
> > sell
> > > for is $400,000 and I am being generous.
> > >
> > > Were these people who paid close to $500,000
> for
> > a
> > > basic rambler out of their fucking minds?
> >
> > and in 90% of the rest of the USA they know YOU
> > are nuts for paying 400k. In Ohio these little
> > ramblers go for 60k in good shape and 10-30k in
> > bad shape. 400k for a 1960 rambler with an
> > original price of 5000 bucks new. Everyone
> here
> > is crazy dummy...
>
>
> And that $60k rambler in Ohio will be worth $80k
> in 10 years. Meanwhile the 400k rambler in Fairfax
> will be worth $600k. There's a very good reason
> why those ramblers for go for $60k.

BULLSHIT
NO WAY IN HELL WILL A RAMBLER AROUND HERE GO FOR $600k

> BULLSHIT
> NO WAY IN HELL WILL A RAMBLER AROUND HERE GO FOR
> $600k


You're right, in 10 years a rambler will probably be the only SFH you can get for under $1 million, I would guess $800k - $900k.

http://www.zillow.com/homedetails/221-S-Lee-St-Falls-Church-VA-22046/12228484_zpid/

http://www.zillow.com/homedetails/2600-Sigmona-St-Falls-Church-VA-22046/51812316_zpid/

Plenty of ramblers for sale today for over $600k. If it's a rambler, or trailer, the land will go up in value.

BULLSHIT! Wrote:
-------------------------------------------------------
> 300k rambler buyer in 2011 Wrote:
> --------------------------------------------------
> -----
> > 3UCmw Wrote:
> >
> --------------------------------------------------
>
> > -----
> > > Out of their minds? Wrote:
> > >
> >
> --------------------------------------------------
>
> >
> > > -----
> > > > Here we are nearly 10 years later and there
> > are
> > > > people in my neighborhood who paid around
> > > $500,000
> > > > for their ramblers at the peak of the
> market
> > > back
> > > > in 2005.
> > > > Today those ramblers are worth no more than
> > > > $420,000 tops.
> > > > The most a basic rambler around here should
> > > sell
> > > > for is $400,000 and I am being generous.
> > > >
> > > > Were these people who paid close to
> $500,000
> > for
> > > a
> > > > basic rambler out of their fucking minds?
> > >
> > > and in 90% of the rest of the USA they know
> YOU
> > > are nuts for paying 400k. In Ohio these
> little
> > > ramblers go for 60k in good shape and 10-30k
> in
> > > bad shape. 400k for a 1960 rambler with an
> > > original price of 5000 bucks new. Everyone
> > here
> > > is crazy dummy...
> >
> >
> > And that $60k rambler in Ohio will be worth
> $80k
> > in 10 years. Meanwhile the 400k rambler in
> Fairfax
> > will be worth $600k. There's a very good reason
> > why those ramblers for go for $60k.
>
>

BULLSHIT
> NO WAY IN HELL WILL A RAMBLER AROUND HERE GO FOR
> $600k

They already do. I bought one for 100k inside the Beltwway 25 years ago. It's worth about 600k now. Another ten years and I should be able to sell to a developer for 700-800k. Meanwhile, it's been a great rental property.

Of course they're going to go up. In 10 years salaries will be higher too. If you invest the 600K in mutual funds right now, it should be worth 800K in 10 years (or even more). I don't know why this is so appalling. The land is really what is increasing in value.

Location x 3 Wrote:
-..
>
> No, it's YOU that's fucked up. Nobody here would
> pay 400k for a rambler IN FUCKING OHIO either.
> It's 99% hell-hole. Very few even drive through
> Ohio unless they have to.

Tell me about it, you need to go all the way through Ohio to get to Chicago. Ohio doesn't seem so big until you have to drive through the damn thing... and their state troopers are even worse than VA's.

I drove through Ohio between like 7 to 9:30 p.m. in '06 at 85 to 95 mph against the advice of the person I was going to see in Indiana.

I got three tickets which I paid with my credit card in the trooper's cruiser.
I was warned all three times that the next would earn me a concrete bed in the mandatory motel.

Those tickets took me out of the Buying a Rambler for 500k picture and saved me a lot of money!

Kind of off topic, but anyway... I've never been to Ohio, or anywhere in the Midwest for that matter. What is so awful about it?

I remember some idiot paid 550k for a box rambler with no garage on my old street in Springfield with no garage.....needless to say they were foreclosed a few years later....hell I bought mine for just above 200 k and sold it for 450k a few years later...luck and timing walked with 225k cash overnight....did I mention I also have a hot girlfriend.

A Question Wrote:
-------------------------------------------------------
> Kind of off topic, but anyway... I've never been
> to Ohio, or anywhere in the Midwest for that
> matter. What is so awful about it?

There's nobody home in Ohio. No jobs, no money, no culture to speak of. And most of it is flat. Dull and flat. The people are nice enough, and the beer is cold. That's about all the good things you can say about Ohio. DC is one of the most educated regions in the country. When you go to the midwest, that difference hits you in the face.

Self Made Guy Wrote:
-------------------------------------------------------
> ...did I mention I also have a hot girlfriend.

No, and it isn't any more true than the rest of your phony babbling.
.
Attachments:

^

Don't hate it is only a matter of fact...I am successful all around , just giving advise. If you wanted advise from a uneducated dumb nig then that's on you.

Self Made Guy Wrote:
-------------------------------------------------------
> Don't hate it is only a matter of fact...I am
> successful all around , just giving advise. If
> you wanted advise from a uneducated dumb nig then
> that's on you.

LOL!!! You're a low-life racist dumbass. You don't have a hot girlfriend. You made $0 flipping houses. You can't even keep from using the words "with no garage" twice in the same sentence. Fucking goober should be busy trying to pass the GED exam this time around.

A lot of those in Vienna are getting torn down for McMansions.

Al Czervik Wrote:
-------------------------------------------------------
> A lot of those in Vienna are getting torn down for
> McMansions.


Ok this is how it works...
You buy the rambler in Vienna for 450 - 500K. Depending on where it is you get a half or full acre of ground. The most important part of the whole deal is the water meter and sewer tap as they are worth at least 150 -200K. You tear dome the POS rambler and build a brand new 3200 SF house for aroung 300K. That includes paying off the Mexican laborers and not burrying them on the back yard. You sell it for 1.5 million and use the 600K in profits to do it all over again. By the time you do three houses like this you either get a 1.5 million dollar home for free or you get the $$$.
The American dream in action.
Vienna is a great place to live...
Nip

NippleChuck Wrote:
-------------------------------------------------------
> Al Czervik Wrote:
> --------------------------------------------------
> -----
> > A lot of those in Vienna are getting torn down
> for
> > McMansions.
>
>
> Ok this is how it works...
> You buy the rambler in Vienna for 450 - 500K.
> Depending on where it is you get a half or full
> acre of ground. The most important part of the
> whole deal is the water meter and sewer tap as
> they are worth at least 150 -200K. You tear dome
> the POS rambler and build a brand new 3200 SF
> house for aroung 300K. That includes paying off
> the Mexican laborers and not burrying them on the
> back yard. You sell it for 1.5 million and use the
> 600K in profits to do it all over again. By the
> time you do three houses like this you either get
> a 1.5 million dollar home for free or you get the
> $$$.
> The American dream in action.
> Vienna is a great place to live...
> Nip



http://www.fairfaxunderground.com/forum/read/2/1283554.html

You mean like this shit?

Al Czervik Wrote:
-------------------------------------------------------
> A lot of those in Vienna are getting torn down for McMansions.

McMansion = House that's beyond what your Mommy and Daddy can afford.

Meanwhile, the post-Bush Recession in-fill going on in Vienna today is pretty much erasing the least well-preserved tract homes that were built out in the expansion era of the 1950's and early 60's. Small bedrooms, small bathrooms, small windows, small closets, small kitchens, no basements. Most of these homes have been significantly remodeled and upgraded over the years of course, but with advances in modular construction techniques, people who actually do have some money can afford to replace at least the lower tier of these older, smaller homes with larger, more attractive, and more efficient homes. That's what they are doing. You would too if you had the money.

Perhaps not exactly like that. I would use an Architect and decent general contractor and build something along the lines of the type of houses on Kingsly or Cottage.
Nip

SHIT Wrote:
-------------------------------------------------------
> NippleChuck Wrote:
> --------------------------------------------------
> -----
> > Al Czervik Wrote:
> >
> --------------------------------------------------
>
> > -----
> > > A lot of those in Vienna are getting torn
> down
> > for
> > > McMansions.
> >
> >
> > Ok this is how it works...
> > You buy the rambler in Vienna for 450 - 500K.
> > Depending on where it is you get a half or full
> > acre of ground. The most important part of the
> > whole deal is the water meter and sewer tap as
> > they are worth at least 150 -200K. You tear
> dome
> > the POS rambler and build a brand new 3200 SF
> > house for aroung 300K. That includes paying off
> > the Mexican laborers and not burrying them on
> the
> > back yard. You sell it for 1.5 million and use
> the
> > 600K in profits to do it all over again. By the
> > time you do three houses like this you either
> get
> > a 1.5 million dollar home for free or you get
> the
> > $$$.
> > The American dream in action.
> > Vienna is a great place to live...
> > Nip
>
>
>
>
>
> http://www.fairfaxunderground.com/forum/read/2/128
> 3554.html
>
> You mean like this shit?

Oh and the house next door, on the right as you stand in front of the one pictured was sold torn down and replaced with something else. Not sur what as I haven't been by there in a while. But I'm sure its a very nice property.
Nip

NippleChuck Wrote:
-------------------------------------------------------
> Ok this is how it works...
> You buy the rambler in Vienna for 450 - 500K.

That's TOWNHOUSE money, you dumbfuck.

> Depending on where it is you get a half or full
> acre of ground.

You might if it's not in Vienna. Most Vienna homes are on a half acre or less. Typically less.

> The most important part of the whole deal is the
> water meter and sewer tap as they are worth at
> least 150 -200K.

LOL! You think you can SELL water and sewer service on some open market? What a fucking dork!

> Vienna is a great place to live...

Many people would agree with that. As they would with the fact that you are a worthless ignorant asshole.

What the hell type of architecture is that? Is that supposed to be Craftsman with a Victorian twist? It looks like shit and I bet the neighbors hate the owners (both for envious reasons and for blocking their views).

Either way, who would want to live next to a bunch of ramblers anyway? I would think it hurts the property value of the newer home.

SHIT Wrote:
-------------------------------------------------------
> You mean like this shit?

Owner-designed and built. He loves it.



Edited 1 time(s). Last edit at 10/11/2014 02:32PM by anonymous liberal.

Welinder Wrote:
-------------------------------------------------------
> What the hell type of architecture is that?

Ugly.

NippleChuck Wrote:
-------------------------------------------------------
> Not sure what as I haven't been by there in a while.

Lost your gig with the lawn-mowing company again? What a shock. It's meanwhile a fairly typical in-fill unit that towers over the home in the photo in part because it's further up the hill. I know you don't really like to come to Vienna because of all the angst and remorse that it causes you, so you can just take my word for all that.

300k rambler buyer in 2011 Wrote:
-------------------------------------------------------
> 3UCmw Wrote:
> --------------------------------------------------
> -----
> > Out of their minds? Wrote:
> >
> --------------------------------------------------
>
> > -----
> > > Here we are nearly 10 years later and there
> are
> > > people in my neighborhood who paid around
> > $500,000
> > > for their ramblers at the peak of the market
> > back
> > > in 2005.
> > > Today those ramblers are worth no more than
> > > $420,000 tops.
> > > The most a basic rambler around here should
> > sell
> > > for is $400,000 and I am being generous.
> > >
> > > Were these people who paid close to $500,000
> for
> > a
> > > basic rambler out of their fucking minds?
> >
> > and in 90% of the rest of the USA they know YOU
> > are nuts for paying 400k. In Ohio these little
> > ramblers go for 60k in good shape and 10-30k in
> > bad shape. 400k for a 1960 rambler with an
> > original price of 5000 bucks new. Everyone
> here
> > is crazy dummy...
>
>
> And that $60k rambler in Ohio will be worth $80k
> in 10 years. Meanwhile the 400k rambler in Fairfax
> will be worth $600k. There's a very good reason
> why those ramblers for go for $60k.

So the person in OH could take the difference in downpayment and PITI pmyts, invest them and end up with 200k profit as well. At least they would be divested. Further they would be pretty much guaranteed not to lose their home...

anonymous liberal Wrote:
-------------------------------------------------------
> SHIT Wrote:
> --------------------------------------------------
> -----
> > You mean like this shit?
>
> Owner-designed and built. He loves it.


Then he is a low class idiot with no taste. But we already knew that because he lives in Vienna.

>
> So the person in OH could take the difference in
> downpayment and PITI pmyts, invest them and end up
> with 200k profit as well. At least they would be
> divested. Further they would be pretty much
> guaranteed not to lose their home...


Yes but they would have to buy and manage at least 6 homes to make that profit. 6 HVAC units, 6 roofs, etc, it adds up and is a lot of work too. Then you have the tenants, good luck finding 6 quality tenants in a neighborhood with $60k homes. Percentage wise a rambler in Vienna will appreciate much more than Ohio, and you can easily find good tenants.

re investor. Wrote:
-------------------------------------------------------
>
> Yes but they would have to buy and manage at least
> 6 homes to make that profit. 6 HVAC units, 6
> roofs, etc, it adds up and is a lot of work too.
> Then you have the tenants, good luck finding 6
> quality tenants in a neighborhood with $60k homes.
> Percentage wise a rambler in Vienna will
> appreciate much more than Ohio, and you can easily
> find good tenants.


There are investments other than real estate you know.

In most real estate markets, that person would have been far better off over the last 10 years with less money tied up in a house and more in the market.

No, dipshit, that's him being paid to do a job that others can't or won't do.

obvious Wrote:
-------------------------------------------------------
> Then he is a low class idiot with no taste.

I'm sure he'd say the same about you, and with just as much reason and validity.

> But we already knew that because he lives in Vienna.

Any clue as to how dumb comments like that make you sound? Such a loser!!!

stock investor Wrote:
-------------------------------------------------------
> In most real estate markets, that person would
> have been far better off over the last 10 years
> with less money tied up in a house and more in the
> market.

If all you do is buy and hold, you aren't any kind of investor at all. You're just a passive hoarder. There are dozens of markets that beckon. The art of investing comes from deciding which markets now merit a play and which it is time to give up on. Stocks fade in and fade out in such analyses. Just like real estate.

"Ok this is how it works...
You buy the rambler in Vienna for 450 - 500K. Depending on where it is you get a half or full acre of ground. The most important part of the whole deal is the water meter and sewer tap as they are worth at least 150 -200K. You tear dome the POS rambler and build a brand new 3200 SF house for aroung 300K. That includes paying off the Mexican laborers and not burrying them on the back yard. You sell it for 1.5 million and use the 600K in profits to do it all over again. By the time you do three houses like this you either get a 1.5 million dollar home for free or you get the $$$."



What's nuts is not the 500K rambler . . . it's the 1.5 million dollar house. The rambler gets you the location and the school and way less taxes (oh, and the water and sewer that are so valuable). You still have a kitchen and a bathroom (both of which you can fix up for a lot less than a million bucks). With the 1.5 million house, you have something that will be a LOT harder to sell, costs more to heat and AC and will ultimately cost more to maintain. Small, but updated is probably the wiser choice. You have larger lots with the old ramblers so you can add on and still be under 1.5 million. You are throwing away 600K (to the builder profit) on the $1.5 house. That is "out of your fucking mind". If you have half a brain, you can fix something up to be a cozy and beautiful space. You don't need a barn to heat and you probably don't need half the "stuff" you have. Live more frugally and you will be happier in the long run. SAVE FOR RETIREMENT. The days of the mini-mansion are coming to a quick end. The largest segment of the market is looking to buy in the 400-500K range. Don't buy something that will be a bear to sell. The younger generation has college debt and they don't have jobs making the mega bucks. Those small houses are cute and well positioned for fixing up.

^If you have extra money, invest in other things. Don't put all your money into your house. Diversify. Your house is where you live; it's not an investment.

SHIT Wrote:
-------------------------------------------------------
> NippleChuck Wrote:
> --------------------------------------------------
> -----
> > Al Czervik Wrote:
> >
> --------------------------------------------------
>
> > -----
> > > A lot of those in Vienna are getting torn
> down
> > for
> > > McMansions.
> >
> >
> > Ok this is how it works...
> > You buy the rambler in Vienna for 450 - 500K.
> > Depending on where it is you get a half or full
> > acre of ground. The most important part of the
> > whole deal is the water meter and sewer tap as
> > they are worth at least 150 -200K. You tear
> dome
> > the POS rambler and build a brand new 3200 SF
> > house for aroung 300K. That includes paying off
> > the Mexican laborers and not burrying them on
> the
> > back yard. You sell it for 1.5 million and use
> the
> > 600K in profits to do it all over again. By the
> > time you do three houses like this you either
> get
> > a 1.5 million dollar home for free or you get
> the
> > $$$.
> > The American dream in action.
> > Vienna is a great place to live...
> > Nip
>
>
>
>
>
> http://www.fairfaxunderground.com/forum/read/2/128
> 3554.html
>
> You mean like this shit?


50 renminbis says that those are Asians living there.

One more thing. When you buy a "builder house", you get square footage, but you don't always get quality fixtures and finishes (that's how they make the 600K profit). You can put the quality finishes in your 500K rambler and it will look GREAT. Lots of those ramblers were built a lot sturdier than new construction as well.

anonymous liberal Wrote:
-------------------------------------------------------
> stock investor Wrote:
> --------------------------------------------------
> -----
> > In most real estate markets, that person would
> > have been far better off over the last 10 years
> > with less money tied up in a house and more in
> the
> > market.
>
> If all you do is buy and hold, you aren't any kind
> of investor at all. You're just a passive
> hoarder. There are dozens of markets that beckon.
> The art of investing comes from deciding which
> markets now merit a play and which it is time to
> give up on. Stocks fade in and fade out in such
> analyses. Just like real estate.


Who was talking about buy and hold or any other investment strategy?

Point was that there are investments other than real estate where that same person in the poster's example could have put their money versus 6 other houses.

And Wrote:
-------------------------------------------------------
> If you have extra money, invest in other things.
> Don't put all your money into your house. Diversify.

You don't want to be house-poor. And you can save 15% on car insurance in 15 minutes.

> Your house is where you live; it's not an investment.

If you own, it's plainly both. Behind the scenes, homeowners pay owner-equivalent rent for the residential services that houses provide. The balance is an investment expense, not a consumption expense. Home buyers plainly hope and expect to get back a broader return on their monthly mortgage payments than simply the roof over their heads that continuing to rent would have provided.

^"hope" is the key word. After maintenance, insurance, taxes, and interest on the loan, it's questionable. If you look at how much a person "really" pays for the house (the interest, taxes, insurance, and maintenance), it's questionable how much of an "investment" it is.

not a great investment Wrote:
-------------------------------------------------------
> ^"hope" is the key word. After maintenance,
> insurance, taxes, and interest on the loan, it's
> questionable. If you look at how much a person
> "really" pays for the house (the interest, taxes,
> insurance, and maintenance), it's questionable how
> much of an "investment" it is.

You're a dope. Home ownership has been the primary source of wealth accumulation for the majority of Americans since the end of WWII. Stocks are a dog-park by comparison. You might want to go there, but be really careful where you step.

not a great investment Wrote:
-------------------------------------------------------
> ^"hope" is the key word. After maintenance,
> insurance, taxes, and interest on the loan, it's
> questionable. If you look at how much a person
> "really" pays for the house (the interest, taxes,
> insurance, and maintenance), it's questionable how
> much of an "investment" it is.


I buy all my investment properties with cash, so can't speak for the interest. Even then, rates are super cheap 4%, thats a steal. You mortgage will stay the same in 10 years, meanwhile the rent will keep going up.

For cash flow I like 2 bedroom condos the most, easy to maintain and rent. Example of a return on one of my condos

Rent is $1600 per month, my expenses are $500 per month. ($240 condo fee, $160 a month in taxes, $30 for insurance, and $70 towards maintenance.) I bought the unit for $140k 3 years ago, put in $15k of work and they currently sell for $240k~.

Now my SFH properties, the return isn't that great, but they have appreciated very well. For example, the monthly expenses are about $700, and rent is $2,600. That is on a $380k investment a few years ago, today it's worth just under $600k.

I'm a handy guy and do all the renovations and maintenance myself, which saves me a lot of money.

semi retired from rental income Wrote:
-------------------------------------------------------
> I buy all my investment properties with cash, so
> can't speak for the interest. Even then, rates are
> super cheap 4%, thats a steal. You mortgage will
> stay the same in 10 years, meanwhile the rent will
> keep going up.
>
> For cash flow I like 2 bedroom condos the most,
> easy to maintain and rent. Example of a return on
> one of my condos
>
> Rent is $1600 per month, my expenses are $500 per
> month. ($240 condo fee, $160 a month in taxes, $30
> for insurance, and $70 towards maintenance.) I
> bought the unit for $140k 3 years ago, put in $15k
> of work and they currently sell for $240k~.
>
> Now my SFH properties, the return isn't that
> great, but they have appreciated very well. For
> example, the monthly expenses are about $700, and
> rent is $2,600. That is on a $380k investment a
> few years ago, today it's worth just under $600k.
>
> I'm a handy guy and do all the renovations and
> maintenance myself, which saves me a lot of
> money.

If can be tough to get started (good reason to have partners) but once you're up and running, you can make pretty good headway. Many might want to mix in a little debt financing for leverage purposes, and many would need a management company to do some of the arranging and admin work, but with a good head on your shoulders, rental properties can indeed be money in the bank.

Systems for playing the stock market don't tend to turn out that well.

semi retired from rental income Wrote:
-------------------------------------------------------
> not a great investment Wrote:
> --------------------------------------------------
> -----
> > ^"hope" is the key word. After maintenance,
> > insurance, taxes, and interest on the loan,
> it's
> > questionable. If you look at how much a person
> > "really" pays for the house (the interest,
> taxes,
> > insurance, and maintenance), it's questionable
> how
> > much of an "investment" it is.
>
>
> I buy all my investment properties with cash, so
> can't speak for the interest. Even then, rates are
> super cheap 4%, thats a steal. You mortgage will
> stay the same in 10 years, meanwhile the rent will
> keep going up.
>
> For cash flow I like 2 bedroom condos the most,
> easy to maintain and rent. Example of a return on
> one of my condos
>
> Rent is $1600 per month, my expenses are $500 per
> month. ($240 condo fee, $160 a month in taxes, $30
> for insurance, and $70 towards maintenance.) I
> bought the unit for $140k 3 years ago, put in $15k
> of work and they currently sell for $240k~.
>
> Now my SFH properties, the return isn't that
> great, but they have appreciated very well. For
> example, the monthly expenses are about $700, and
> rent is $2,600. That is on a $380k investment a
> few years ago, today it's worth just under $600k.
>
>
> I'm a handy guy and do all the renovations and
> maintenance myself, which saves me a lot of
> money.


You're not counting the cost of your cash and opportunity costs.

You're also only considering purchases all made 3 years ago which was at a very opportune time to be a case buyer. Good for you but extend that 3 years either way and someone's looking at a completely different outcome.

Real estate can be a good investment but it's usually a very active one with lots of associated costs. Much more so than most like to think or count.

67hCP Wrote:
-------------------------------------------------------
> Real estate can be a good investment but it's
> usually a very active one with lots of associated
> costs. Much more so than most like to think or
> count.

I hear nothing of experience in your posts. You come across as a total poser.

Not impressed Wrote:
-------------------------------------------------------
> 67hCP Wrote:
> --------------------------------------------------
> -----
> > Real estate can be a good investment but it's
> > usually a very active one with lots of
> associated
> > costs. Much more so than most like to think or
> > count.
>
> I hear nothing of experience in your posts. You
> come across as a total poser.


If you don't understand that's the case, then you're the poser.

anonymous liberal Wrote:
-------------------------------------------------------
> NippleChuck Wrote:
> --------------------------------------------------
> -----
> > Ok this is how it works...
> > You buy the rambler in Vienna for 450 - 500K.
>
> That's TOWNHOUSE money, you dumbfuck.
>
> > Depending on where it is you get a half or full
> > acre of ground.
>
> You might if it's not in Vienna. Most Vienna
> homes are on a half acre or less. Typically less.
>
>
> > The most important part of the whole deal is the
>
> > water meter and sewer tap as they are worth at
> > least 150 -200K.
>
> LOL! You think you can SELL water and sewer
> service on some open market? What a fucking
> dork!
>
> > Vienna is a great place to live...
>
> Many people would agree with that. As they would
> with the fact that you are a worthless ignorant
> asshole.

Anon if you want to build a house from scratch or with no "up gades" I.E. utilities already on the property a developer would have to tap both the sewer and water lines that serve the area or if city sewer and water don't exist well and septic systems would have to be built. Either venture is an added cost to the build and to the asking price of the house. Installing utilities for a new property costs anywhere from 100-250K and another fee for permits. In an urban environment, like Veinna, you would have to obtain the permits and water meter, dig up the street, post bond, repair the street cut per Vdot specs and tap the lines. The cost of a 1" water meter is about 50-80K the bigger the meter the more expensive they are. Regardless tieing into utilities is a huge expense.
When you tear done one of the ramblers here in vienna the building permiting offices call the project a remodle because you have the "upgrades" in place so permitting fees are about 50% of what they would be if you had to do the upgrades as part of the build. This is why someone can pay 5-600K for one of the older track homes and still make $ on the rebuild. The price of the existing home is driven by the price of the newer home to some extent. I think you and I can agree on the fact that if you can sell a 3500sf house in Vienna it is a good thing for the people that live here for all sorts of reasons right.
The half and full acre tracts would be on Kingsly and Park streets and while there aren't as many as .25 0r .58 acre lots they do exhist and when done right the properties bring top dollar. Fact is the closer you get to town the bigger the lots seem to run which adds value too.
All Im saying here is that there is profit potential in the re-building of Vienna housing even at the asking price of 500+K for the older tract style homes existing.

BTW a NippleChuck is a tool for threading pipe not a name.

No you can not sell a water meter on the open market but go down to your local utility and purchase one and see what the service company is getting for them.

You are obviously not a builder are you?

And since we share the same town we should meet for a beer say at the inn or Neighbors and discuss in person. So, pleased to meet you looking forward to meeting face to face in the future.
Nip

Many people have made money in real estate and many have lost their shirts. It can go either way, just like the stock market. If you think you are smarter than the average bear, you are probably deluding yourself a bit. Don't quit your day job. The best investment is still in educating yourself (for reasons that go way beyond and are much more important than money).

A 1.5 million dollar house is just a millstone around your neck. Why the heck do you need that?

As for becoming a landlord, unless that is your passion, don't do it. Life is too short.

Here's another rebuild without an architect. Looks like a church or barn.
Attachments:

eNtX6 Wrote:
-------------------------------------------------------
> If you don't understand that's the case, then
> you're the poser.

There's nothing that requires understanding in your post. It's all pap all the time. People with actual investment experience are simply laughing at you.

NippleChuck Wrote:
-------------------------------------------------------
> Anon if you want to build a house from scratch...

Well, that's not the topic. This has been all about tear-down and in-fill. Water and sewer hook-ups already exist. They are a minor league factor in the process. Meanwhile, $450-500K is townhouse money, and most Vienna lots are a half-acre or less. Lots on Kingsley between Park and Cottage are .63-acre with a few running to .70-acre. I do not think there is more than one full-acre lot (.99, actually) left on Park Street SE, and the lots get smaller as you head toward town. In any case, using lot sizes that are atypical as the standard doesn't make much sense.

The price that a builder can pay for an existing rambler may be tied to the price at which he can sell whatever he will build, but his ability to close the deal at all will hinge on what a willing buyer might pay to continue using it as a residence. There are no pull-dates involved here. A builder must outbid the rest of the market.

> BTW a NippleChuck is a tool for threading pipe, not a name.

It's a name as soon as you type it in the box marked "Your Name" and sign your posts "Nip".

> You are obviously not a builder are you?

No, I'm a finance guy.

> And since we share the same town...

I don't live in Vienna. I go there a lot. I go to a lot of places a lot.

> ...we should meet for a beer say at the inn or Neighbors
> and discuss in person. So, pleased to meet you looking
> forward to meeting face to face in the future.

I appreciate the olive branch, and the Inn and Neighbors are inviting spots. The beer is cold, the food is good, and the vibe is mellow.

so much more Wrote:
-------------------------------------------------------
> Many people have made money in real estate and
> many have lost their shirts. It can go either
> way, just like the stock market. If you think you
> are smarter than the average bear, you are
> probably deluding yourself a bit.

Everything is like that. Hence the saying "Invest in what you know."

> A 1.5 million dollar house is just a millstone
> around your neck. Why the heck do you need that?

It kind of depends on the ratio between $1.5 million and other numbers in your life.

> As for becoming a landlord, unless that is your
> passion, don't do it. Life is too short.

Consider that it's a job that can be chopped up into pieces and passed off except for the parts that you actually like to do.

0tter Wrote:
-------------------------------------------------------
> Here's another rebuild without an architect. Looks
> like a church or barn.

A street number of 13228? Where in the heck is that?

anonymous liberal Wrote:
-------------------------------------------------------
> 0tter Wrote:
> --------------------------------------------------
> -----
> > Here's another rebuild without an architect.
> Looks
> > like a church or barn.
>
> A street number of 13228? Where in the heck is
> that?


Of all places, Memory Lane. Greenbriar.

In that house above, why is there a driveway apron leading into the front yard? You would think that the owner/builder would have reconfigured the driveway so that it aligns with the apron rather than curb-cut a new one around a big fucking tree.

Not much taste or thought went into it. Sticks out like a soar thumb.

0tter Wrote:
-------------------------------------------------------
> Of all places, Memory Lane. Greenbriar.

Greenbriar? Ugh! 5000 sqft home on an 8400 sqft lot. Sold a year ago for $645K, down from $778K in 2005. Must have been a right-wing goober involved in there somewhere. 6 bedrooms, 5 baths. 10-foot ceilings. Hardwood floors. Huge master bedroom. Fireplace. Loft. Master bath with separate tub and shower. Gourmet Kitchen. Close to schools, shopping, hospital, commuter routes. Could have found better in Vienna for the price.

Seriously? Wrote:
-------------------------------------------------------
> In that house above, why is there a driveway apron
> leading into the front yard? You would think that
> the owner/builder would have reconfigured the
> driveway so that it aligns with the apron rather
> than curb-cut a new one around a big fucking tree.

If you think that's a big fucking tree, you're in very sad shape. Go over to Vienna sometime. See what a real tree looks like.

0tter Wrote:
-------------------------------------------------------
> Not much taste or thought went into it. Sticks out
> like a soar thumb.

It's assessed at $300K more than any of the five houses surrounding it. Keep in mind this is Greenbriar we're talking about here.

anonymous liberal Wrote:
-------------------------------------------------------
> Seriously? Wrote:
> --------------------------------------------------
> -----
> > In that house above, why is there a driveway
> apron
> > leading into the front yard? You would think
> that
> > the owner/builder would have reconfigured the
> > driveway so that it aligns with the apron
> rather
> > than curb-cut a new one around a big fucking
> tree.
>
> If you think that's a big fucking tree, you're in
> very sad shape. Go over to Vienna sometime. See
> what a real tree looks like.


Or you could check out the oldest Tree City, USA in Virginia. While there, you could also see the way tear downs are supposed to be done.

>
> I appreciate the olive branch, and the Inn and
> Neighbors are inviting spots. The beer is cold,
> the food is good, and the vibe is mellow.

Rodger that.
I'll look you up when I decide to tear my house down and build a new one as I'm sure you can provide good advice on financing. Another factor on the costs of doing a re-build is the ground itself. I've seen a couple that had to have the earth augmented due to unsuitable soils. That could be tremendous hidden cost to the project. Good thread very informative. Please forgive my spelling ;0).
Nip

anonymous liberal Wrote:
-------------------------------------------------------
> 0tter Wrote:
> --------------------------------------------------
> -----
> > Not much taste or thought went into it. Sticks
> out
> > like a soar thumb.
>
> It's assessed at $300K more than any of the five
> houses surrounding it. Keep in mind this is
> Greenbriar we're talking about here.


It's so ugly it didn't even sell for the tax assessed value.

Assessed at $678k and sold for $645k

funny thing is... Wrote:
-------------------------------------------------------
> It's so ugly it didn't even sell for the tax assessed
> value. Assessed at $678k and sold for $645k

Many houses sell for $1. You may need to have your universe remodeled.

Asshole Spotter Wrote:
-------------------------------------------------------
> funny thing is... Wrote:
> --------------------------------------------------
> -----
> > It's so ugly it didn't even sell for the tax
> assessed
> > value. Assessed at $678k and sold for $645k
>
> Many houses sell for $1. You may need to have
> your universe remodeled.


Why is that?

Asshole Spotter Wrote:
-------------------------------------------------------
> funny thing is... Wrote:
> --------------------------------------------------
> -----
> > It's so ugly it didn't even sell for the tax
> assessed
> > value. Assessed at $678k and sold for $645k
>
> Many houses sell for $1. You may need to have
> your universe remodeled.


I wouldn't say many do. If they do it's usually family, or a trust.

This was a regular sale. Check the icare records.

"5000 finished square feet.6 Bedroom,5 Full bathrooms10 feet plus ceilings.Hardwood floors,ceramic tile and w/w carpet.Huge master bedroom with soaring ceilings,fireplace and a loft. Master bath has separate tub and shower, dual vanities and his and hers toilets.Dream Gourmet Kitchen.Priced 27K under tax assessment.Close to schools,shopping,hospital,commuter routes.1 yr home warranty Welcome Home!!"

just a thought Wrote:
-------------------------------------------------------
> Or you could check out the oldest Tree City, USA
> in Virginia. While there, you could also see the
> way tear downs are supposed to be done.

Yes, I've been so impresswed with the care that's been taken to preserve the canopy and character of Tinner Hill. Similar to what was done in Hiroshima and Nagasaki in the mid-1940's.

how come? Wrote:
-------------------------------------------------------
> Why is that?

As was said -- expand your horizons.

funny thing is... Wrote:
-------------------------------------------------------
> "5000 finished square feet.6 Bedroom,5 Full
> bathrooms10 feet plus ceilings.Hardwood
> floors,ceramic tile and w/w carpet.Huge master
> bedroom with soaring ceilings,fireplace and a
> loft. Master bath has separate tub and shower,
> dual vanities and his and hers toilets.Dream
> Gourmet Kitchen.Priced 27K under tax
> assessment.Close to
> schools,shopping,hospital,commuter routes.1 yr
> home warranty Welcome Home!!"

Yeah, anonymous liberal posted all that an hour ago. You're so....useless.

Asshole Spotter Wrote:
-------------------------------------------------------
> how come? Wrote:
> --------------------------------------------------
> -----
> > Why is that?
>
> As was said -- expand your horizons.

I'm just trying to sound cool, and need a reason to call people goobers. In reality houses don't just sell for $1.

I live in Greenbriar so it hurts me to see houses selling under the tax assessed value.

Asshole Spotter Wrote:
-------------------------------------------------------
> just a thought Wrote:
> --------------------------------------------------
> -----
> > Or you could check out the oldest Tree City,
> USA
> > in Virginia. While there, you could also see
> the
> > way tear downs are supposed to be done.
>
> Yes, I've been so impresswed with the care that's
> been taken to preserve the canopy and character of
> Tinner Hill. Similar to what was done in
> Hiroshima and Nagasaki in the mid-1940's.

What a dope. You are talking out of your ass. I assume you are speaking of the Reserve at Tinner Hill (which is not actually Tinner Hill). Tinner Hill is located in Fairfax County.

However, replacing a Saab lot with a mixed use development that includes a park with trees is impressive. Meanwhile, you can enjoy your Fresh Market in a run down strip mall....

Asshole Spotter Wrote:
-------------------------------------------------------
> how come? Wrote:
> --------------------------------------------------
> -----
> > Why is that?
>
> As was said -- expand your horizons.


I'm trying. Apparently you aren't qualified to answer the question.

Asshole Spotter Wrote:
-------------------------------------------------------
> funny thing is... Wrote:
> --------------------------------------------------
> -----
> > "5000 finished square feet.6 Bedroom,5 Full
> > bathrooms10 feet plus ceilings.Hardwood
> > floors,ceramic tile and w/w carpet.Huge master
> > bedroom with soaring ceilings,fireplace and a
> > loft. Master bath has separate tub and shower,
> > dual vanities and his and hers toilets.Dream
> > Gourmet Kitchen.Priced 27K under tax
> > assessment.Close to
> > schools,shopping,hospital,commuter routes.1 yr
> > home warranty Welcome Home!!"
>
> Yeah, anonymous liberal posted all that an hour
> ago. You're so....useless.

Who is anonymous liberal? Was he spotted by an asshole? Or is he the asshole that was spotted?

just a thought Wrote:
-------------------------------------------------------
> Asshole Spotter Wrote:
> --------------------------------------------------
> -----
> > just a thought Wrote:
> >
> --------------------------------------------------
>
> > -----
> > > Or you could check out the oldest Tree City,
> > USA
> > > in Virginia. While there, you could also see
> > the
> > > way tear downs are supposed to be done.
> >
> > Yes, I've been so impresswed with the care
> that's
> > been taken to preserve the canopy and character
> of
> > Tinner Hill. Similar to what was done in
> > Hiroshima and Nagasaki in the mid-1940's.
>
> What a dope. You are talking out of your ass. I
> assume you are speaking of the Reserve at Tinner
> Hill (which is not actually Tinner Hill). Tinner
> Hill is located in Fairfax County.
>
> However, replacing a Saab lot with a mixed use
> development that includes a park with trees is
> impressive. Meanwhile, you can enjoy your Fresh
> Market in a run down strip mall....

You got me man.... I'm going to change my name to something more appropriate now.

Yep, it all depends on the market for housing. If people are willing to pay that price then the house next door will be put up for the same price or more.

I just wish they would build regular homes like they use to. Nowadays all they build are the 5,000 to 8,000 sq ft homes. Are there that many people with big families now? i remember living in a 1500 sq ft rambler.....mom, dad, sis, and me.

Asshole Spotter. Wrote:
-------------------------------------------------------
> I'm just trying to sound cool, and need a reason
> to call people goobers. In reality houses don't
> just sell for $1.

Yes, they do. It's kind of shocking that there are actually people dumb enough not to know that.

> I live in Greenbriar so it hurts me to see houses
> selling under the tax assessed value.

You have my sympathies, but I imagine you were hurt pretty badly just by waking up this morning. Is your house currently or soon to be on the market?