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Started By
Message
A snap shot of the real estate market collapse
Posted on 9/27/24 at 3:46 pm
Posted on 9/27/24 at 3:46 pm
I know a person in the market for a house currently looking at one that was county appraised last year at 980 thousand. Current asking price is 450 thousand and its a bad deal
Property tax at 15000
Hoa fee at 13000
Insurance fee 11000
Mortgage inters 24000
annual expense total. 53000 on a house sales value of 450000 roughly 15%
then you are allowed to pay down the capital
Moral of the story is even if house prices come down, the expenses of owning a house do not
46
Posted on 9/27/24 at 3:47 pm to Trevaylin
Who taught you 450 thousand?
Posted on 9/27/24 at 3:47 pm to Trevaylin
quote:
Hoa fee at 13000
Posted on 9/27/24 at 3:49 pm to Trevaylin
I watch my area in Zachary on Real Estate app and I see price decrease alerts multiple times per week. It hasn’t been like this for 15 years or so. Houses sitting.
Posted on 9/27/24 at 3:51 pm to Trevaylin
What area would that be in?
Posted on 9/27/24 at 3:52 pm to Trevaylin
quote:
Hoa fee at 13000
unless you’re in a gated community that provides 24/7 armed top notch security that’s stupid.
Posted on 9/27/24 at 3:58 pm to Trevaylin
Some commas might help
Posted on 9/27/24 at 4:01 pm to Trevaylin
quote:
Property tax at 15000
Hoa fee at 13000
Insurance fee 11000
Mortgage inters 24000
annual expense total. 53000 on a house sales value of 450000 roughly 15%
then you are allowed to pay down the capital
Moral of the story is even if house prices come down, the expenses of owning a house do not
How old are they?
If you outright owned the house (pay cash) the cost to operate it would be much less than your figures,
Also, if they are past 60 there are additional property tax exemptions you have to credit them for.
Unless you know all of this your numbers are wrong.
Posted on 9/27/24 at 4:03 pm to Trevaylin
Where is this?
What do you get from the HOA?
How big/nice is the house?
What do you get from the HOA?
How big/nice is the house?
Posted on 9/27/24 at 4:03 pm to Trevaylin
quote:
annual expense total. 53000 on a house sales value of 450000 roughly 15%
Posted on 9/27/24 at 4:05 pm to Trevaylin
quote:
Hoa fee at 13000
The new pyramid scheme. These should never exist.
Posted on 9/27/24 at 4:07 pm to Trevaylin
quote:
Hoa fee at 13000
aint no way Jose.
ETA: yes I understand its not that outlandish and im sure is factually correct. Aint no way im ever caught dead in that chicanery.
This post was edited on 9/27/24 at 4:08 pm
Posted on 9/27/24 at 4:08 pm to Trevaylin
$1080/month HOA better include a golf course, private jet, shuttle service to the private jet, open bar, high tier membership to Planet Fitness, TD Premium All-Acces, and a BangBros account on a VPN.
I will not believe this price unless you can prove otherwise.
I will not believe this price unless you can prove otherwise.
Posted on 9/27/24 at 4:09 pm to Trevaylin
HOA fee for a single family house at $13k? Damn.
Posted on 9/27/24 at 4:10 pm to Trevaylin
Feel free to keep renting.
Posted on 9/27/24 at 4:12 pm to Trevaylin
This doesn't look right.
Posted on 9/27/24 at 4:13 pm to Trevaylin
Blackrock finna eat.
Posted on 9/27/24 at 4:17 pm to Trevaylin
Some markets probably are down, and there will always be properties that are overvalued by the sellers.
I had one the owner didn’t want to list at the number I gave them, after 60 days of no showings at the price they insisted on we sat down because they weren’t happy and gave me a 30 day notice to get some results. I gave them a 0 day notice instead and pulled it then.
Price has been reduced by $130,000 and it’s still sitting there, and probably will until they drop it another 50k. They’re on their 4th realtor and it’s been on the market for 16 months.
But as far as the market in west Alabama MLS goes
1/1/24 to 9/27/24 - 1.522 billion - 4921 transactions
1/1/23 to 9/27/23 - 1.428 billion - 4797 transactions
Definitely not collapsing.
I had one the owner didn’t want to list at the number I gave them, after 60 days of no showings at the price they insisted on we sat down because they weren’t happy and gave me a 30 day notice to get some results. I gave them a 0 day notice instead and pulled it then.
Price has been reduced by $130,000 and it’s still sitting there, and probably will until they drop it another 50k. They’re on their 4th realtor and it’s been on the market for 16 months.
But as far as the market in west Alabama MLS goes
1/1/24 to 9/27/24 - 1.522 billion - 4921 transactions
1/1/23 to 9/27/23 - 1.428 billion - 4797 transactions
Definitely not collapsing.
Posted on 9/27/24 at 4:17 pm to Trevaylin
Where the hell did he find insurance for that place for only $11,000?
Posted on 9/27/24 at 4:21 pm to lsufan1971
quote:
unless you’re in a gated community that provides 24/7 armed top notch security that’s stupid.
I paid $200 a month HOA fee and that was in a gated community with 24/7 security. Not top notch armed security but an old guy sitting in the gate house w a golf cart in case he needs to go on a hot pursuit
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