[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.

[OUGrad05]

Thats a good looking home.

[bimmette]

Ugh, that would be a $10 million dollar house here in Vancouver.

[RickFLM4]

Location, location, location. I don't know the area but suspect someone must have built it in the middle of nowhere.

[BMW F22]

$1M? A home similar to that in the Bay Area would be at least $5M. Cities like Saratoga, Los Gatos, Palo Alto, which are some of the more affluent cities around here have average homes aroung $2M for about 2,000 sq ft of living space.

[M_Six]

Originally Posted by RickFLM4

Location, location, location. I don't know the area but suspect someone must have built it in the middle of nowhere.

The neighborhood is nice and the area is a very quiet college town, but there really is nothing to do here. 3 hrs from Chicago, 2 hrs from Indy and St Louis. No major entertainment, shopping, or dining. Small airport about an hour north of here, otherwise you drive to the aforementioned major cities.

Did you check the property taxes on that house, though? $12k/yr. Ouch.

[BMW F22]

If I could buy a house like that for less than $700k, I couldn't care less about the $12k annual property tax. That is seriously the size of 3-4 homes in one.

[kscarrol]

^ Don't disagree, especially for you CA guys! But for most folks buying a home, being able to afford the monthly payment is a major consideration. $12k of property taxes adds another $1,000 a month to the note/costs. In an area with lower taxes, I could afford to pay a higher price for the house. Bottom line is the higher property taxes do hurt the price of the house.

[M_Six]

Originally Posted by kscarrol

^ Don't disagree, especially for you CA guys! But for most folks buying a home, being able to afford the monthly payment is a major consideration. $12k of property taxes adds another $1,000 a month to the note/costs. In an area with lower taxes, I could afford to pay a higher price for the house. Bottom line is the higher property taxes do hurt the price of the house.

And even after you pay it off, you're still stuck with $1000/mo payments.

Still, that family room/bar downstairs is mighty nice looking.

[BMW F22]

Originally Posted by kscarrol

^ Don't disagree, especially for you CA guys! But for most folks buying a home, being able to afford the monthly payment is a major consideration. $12k of property taxes adds another $1,000 a month to the note/costs. In an area with lower taxes, I could afford to pay a higher price for the house. Bottom line is the higher property taxes do hurt the price of the house.

Oh for sure. I understand what you're saying. I think with dual incomes it can easily be afforded. Realistically speaking, $12k is about $4k higher than the average around here of about 1.25% which is roughly $7-8k. So not a difference of $12k since property taxes must be paid.

[kscarrol]

Originally Posted by M_Six

And even after you pay it off, you're still stuck with $1000/mo payments.

Still, that family room/bar downstairs is mighty nice looking.

It is! I'd love to have a set up like that...

I pay $9,000 a year in taxes down here. House is paid for but the cost of ownership is more than the purchase price. Taxes, insurance and maintenance have to be included though seemingly many buyers overlook these ongoing costs.

[kscarrol]

Originally Posted by BMW F22

Oh for sure. I understand what you're saying. I think with dual incomes it can easily be afforded. Realistically speaking, $12k is about $4k higher than the average around here of about 1.25% which is roughly $7-8k. So not a difference of $12k since property taxes must be paid.

Agreed but it does increase the overall costs, making the price a buyer can afford to pay lower....

[M_Six]

We're in the next neighborhood over and pay about $3800 in taxes, but our house is about one-third the size. And even at that, there are two rooms we barely ever set foot in. Wifey and I have no use for 7 bathrooms.

That deck and pool we could put to use, though.

If we scrapped our supplemental retirement and married ourselves to a 30-yr mortgage, we could barely afford the payments and taxes. But that would mean never saving anything or having discretionary income. Not our style. I suppose we could rent out rooms to college kids, though.

[kscarrol]

All this talk of property taxes! I had to go pour another Glenlivet 12yr....

[M_Six]

Double Rebel IPA for me tonight.

[bosstones]

Originally Posted by M_Six

The neighborhood is nice and the area is a very quiet college town, but there really is nothing to do here. 3 hrs from Chicago, 2 hrs from Indy and St Louis. No major entertainment, shopping, or dining. Small airport about an hour north of here, otherwise you drive to the aforementioned major cities.

Did you check the property taxes on that house, though? $12k/yr. Ouch.

Only 12k? That's a steal, Mark. I'm closer to Chicago than you but that's the norm for homes near me and that's for homes in the 300k range. Hell, my townhouse is 5k/yr. Then again....it's the school district.

To contrast, though, but 30 minutes from me is this fine example, which I've posted before, that I hope keeps dropping in price.

http://www.zillow.com/homedetails/18...61492597_zpid/

[bbbbmw]

2014 taxes are actually $15,359...

[M_Six]

Originally Posted by bosstones

Only 12k? That's a steal, Mark. I'm closer to Chicago than you but that's the norm for homes near me and that's for homes in the 300k range. Hell, my townhouse is 5k/yr. Then again....it's the school district.

To contrast, though, but 30 minutes from me is this fine example, which I've posted before, that I hope keeps dropping in price.

http://www.zillow.com/homedetails/18...61492597_zpid/

That's a cool looking house. Bit of a fishbowl, though. Need to keep it clean and tidy.

[Sidewinderpb]

Easily 3m here

[jgoens]

Originally Posted by BMW F22

$1M? A home similar to that in the Bay Area would be at least $5M. Cities like Saratoga, Los Gatos, Palo Alto, which are some of the more affluent cities around here have average homes aroung $2M for about 2,000 sq ft of living space.

Omg..your not kidding..my house on the "East side of San Mateo" in a rather mellow cosmopolitan suburban neighborhood is 1850 Sq ft. A 1949 build but is valued at more than 1 mil. Bought it as a foreclosure in 2009 for $530k.

[gtron]

3+ million in my area.

[RickFLM4]

Originally Posted by M_Six

The neighborhood is nice and the area is a very quiet college town, but there really is nothing to do here. 3 hrs from Chicago, 2 hrs from Indy and St Louis. No major entertainment, shopping, or dining. Small airport about an hour north of here, otherwise you drive to the aforementioned major cities.

Did you check the property taxes on that house, though? $12k/yr. Ouch.

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.