[jtodd_fl]

Being close to Chicago means ready access to hookers and blow. Still have rural space to dump the bodies. However, still no ketchup chips. #fail

[sirdaft1]

It's 100% location, location, location. I'm about 1/2 hour west of Chicago and that house in my area would be $1.2MM to $1.5MM with taxes north of $20k/yr.

Our house is less than 1/3rd the size and we pay close to $9k/year in property taxes. It's brutal.

[RickFLM4]

I'd bet a big driver of those Illinois property tax bills is Illinois and local municipality public pension obligations. It is a major crisis in the making - local governments can't tax enough to cover basic services and the cost of pensions across the country. So taxes will increase and basic services will decrease until the shit hits the fan.

[M_Six]

Originally Posted by RickFLM4

Property taxes are definitely high relative to the property value. However they aren't as bad as the loss in value since the last purchase in 2011 for $800K.

Property taxes are high, but not that high relative to value, in South Florida. However, our insurance rates are also very high and many people have ridiculously expensive (IMO) HOA fees. (I pay $80/mo. for HOA and that is very low for any place that has them.) Trade-offs, as you said.

I remember when they built that house. We walked through the place when it was just framing and plywood. I was pretty sure the cost to build was near $900k, so I was surprised to see it selling now for this amount.

[M_Six]

Originally Posted by RickFLM4

I'd bet a big driver of those Illinois property tax bills is Illinois and local municipality public pension obligations. It is a major crisis in the making - local governments can't tax enough to cover basic services and the cost of pensions across the country. So taxes will increase and basic services will decrease until the shit hits the fan.

Speaking as a person who is in the pension system (state university), I agree the pension system, especially the teacher and municipal systems, were abused by those with political connections (substitute teaching for a day gets you into the system, etc), but a lot of the problem is because the legislature and governors have skipped payments to the system for decades. That's what killed the system more than the abuse. Nonetheless, the theft was done and now we face the fallout. I can't understand why they don't tax retirement income here (they don't tax *anyone's* retirement, not just state employees).

But as I said in my first post, this state has more problems than I can count. One reason this house may have lost value is the current threat hanging over us that Eastern Illinois University (the local college and main economic engine for this town) might close if funding isn't released soon. That would devastate housing values here as hundreds of homes would hit the market at once. The person selling this house may have decided to cut losses now instead of waiting for the big crash later.

[AIRPOWER]

Bathroom looks a little too Tony Montana-ish for my taste.

[EL Jeffe 5]

Keep in mind taxes will kill you

[ShopVac]

Originally Posted by M_Six

This state has more problems than I can count, but the cost of housing in my area isn't one of them. Now the property taxes are another story.

http://www.realtor.com/realestateand...0_M80465-44420

Have to think this house would go for well over $1mil in many places.

In Pittsburgh, that house is $400 - $500K tops...in some of our best area's

Homes here are really cheap here...of course, salaries match that.

[PoorLurker]

I live in a land of repetition and track homes, so a house like that doesn't really exist close to me until you go behind the pearly gates of Coto De Caza or Shady Canyon.

Or go a bit west and live in Newport Coast with C5
https://www.redfin.com/CA/Newport-Be...7/home/4747634

Coto De Caza
https://www.redfin.com/CA/Trabuco-Ca...9/home/5056232

Irvine's Shady Canyon
https://www.redfin.com/CA/Irvine/54-...3/home/5929775

Nellie Gail in Laguna Hills (Horse properties)
https://www.redfin.com/CA/Laguna-Hil...3/home/4874404

San Clemente
https://www.redfin.com/CA/San-Clemen...2/home/4995273

History buffs Buy this homestead of past president Richard Nixon.
https://www.redfin.com/CA/San-Clemen...2/home/3280718

Dana Point
https://www.redfin.com/CA/Dana-Point...9/home/7204308




Most houses in my neighborhood are around $350 per sq ft. I don't really live in a highly sought after area, therefore, the price per sq. ft reflects that as most places are $450+ that are "name brand neighborhoods"

Comparatively, our taxes are often low at just over 1%. Some of the areas with higher taxes, mello roos, and HOAs are looking at about 1.5-1.8% of the home's value. That really tends to put things into perspective when you nearly have a second mortgage to pay each year even if your house is paid off.

On the other side of the coastal range is Corona that has "more affordable" houses.
Here is one for under a million and 5,000+
https://www.redfin.com/CA/Corona/817...3/home/8166116

Ok, that's enough... I need to stop before I get even more carried away.

Feels like I should be a real estate agent or something.