nevada? i thought it was cheap out there? maybe that's just arizona though
In the desolate areas, but think about the Vegas area. That bumps the average way up when you factor in that.
Just like how California has it's cheaper areas, but when you factor in the cities parts, like for example in the L.A. area you can't get anything decent for less than half a million. And even then you'd just be able to get an old 2 Bedroom / 1 Bath bungalow at that price or a trailer home in Malibu.
I'm going by for sale by owners since I just got this information off of landvoice.com. These aren't listed ones on the market, so who know if they're fair figures to go by... I'll look at the Otteau report I got recently, later on. But in Nevada the avg is about $500, Cali is about $557, HI about $600!, with DC just a little below 6. NJ is at $440.
These are all going by the entire state though of course. So each state has their posh places and cheaper places obviously.
Long story short... with Nevada, Las Vegas is to blame, plus it's proximity to Southern California.
yeah Rita was saying it's hard to find anything for less than a million in California but rent is relatively the same as here, so it's not that you have to be RICH to live there and rent, but you have to be kind of rich to buy something haha
yeah altho moving where my friends live (the ones who had the party at their house) isnt AS expensive. they purchased at a good price and you saw how HUGE their place was.
yeah their house was awesome!! but if we're moving there we're living in Venice Beach hehehe i just loved it there, it's so eclectic.... but yeah the beach was gross, on our last day there we went to the beach there, and we were like EW! compared to Laguna and San Clemente
yeah we're gonna live in San Clemente haha
yeah.. in my DREAMS
yeah you guys def ahve to live in venice/santa monica area.
you guys could def live in San Clemente....one of the girls here lives in a condo a few blocks from the beach and she's a single mom w/2 girls and she's doing well on the single income.
interesting! ah man just the thought makes me feel warm and fuzzy inside. haha. I need to live out there.
Look at how cheap this bungalow in Culver City is. http://www.realtor.com/Prop/1064787038
Only $779,000. hahaha
What city do your friends live in? How much did they buy for?
They live in Yucaipa (near the golf courses) and i think they purchased at $300K+ about 3 years ago.
She must make an awesome salary for a single mom. That's still alot.
Yeh, a million dollars does buy much over there. You won't be getting a mansion at that price. You'd be getting like an okay looking 3 Bedroom ranch.
I should probably move over to rent something in SouthCal and hookup with an real estate office to sell houses in El Rancho Santa Fe. haha
yeah here, there are new 1 & 2 bedroom lofts going up all over the place and the lowest starting price is $500K for a loft. back in the day you'd be living a block from the ocean at that price.
I was watching Property Ladder the other day. There was this 24 year old on there that was saying he moved from Boston to L.A. after college, bought a 1 bed loft when he got to LA, and I don't know what year it was or how much he paid, but when he sold in it in just 1 years time, it sold for $100,000 more than he paid for it. It appreciated $100,000 in one year! Crazy
oh yeah its insane what you buy and what you sell at. right now its not a sellers market....too many peeps are buying.
too many peeps buying makes it a sellers market. the problem is not enough peeps are buying, hehe
DARN YOU IAN! LOL see you need to bring back the ability for us to modify our musings! i'm mexican, i make SO many grammatical errors!!! now everyone knows how mexican i am!!! LOL
I meant to say its not a sellers market cause NO ONE IS BUYING....LOL
More, technically, it's based on absorbtion rate. Put simply, you get the figure from all the active comps' days on the market and how long it will take to sell off all that inventory.
A 1 month - 4 month absorbtion rate is a seller's market. 5 - 6 month rate is a normal market. 7 months + is a buyers market.
I have an Excel workbook that figures this out for me after I input the necessary information.
Last time I heard about Rumson, NJ's absorbtion like late last year early this year, it was a 3 year absorbtion. hahaha
Unless you live in the SF bay area, where an average of 30 days on the market is considered a buyer's market. :)
The rule of thumb is any house should sell within 30 days or within 30 showings, whichever comes first. (Even in my area of NJ where the market absorbtion is about 7 months, and there are many expired listing contracts) If it doesn't sell within a month, it pretty much means it's priced above market value. The market here in NJ could move as fast as SanFran if more sellers were listing at market value, rather than pricing way above, waiting on chance for someone to come see the home, and finally after months, wind up negotiating the contract of sale anyway. Thing is listing price scares a buyer from even coming to see the house without knowing their potential negotiating power.
Basically that goes for America on the whole right now. NJ went from a seller's market at like a year and a half ago, to a normal market up til like several months ago, to a buyers market at present. But, even say a seller bought his house here like 3 years ago, he'll still make a killing, selling even in this buyer's market right now. Plus, I try to explain to sellers, don't think get stuck on the idea that you're not selling for as much as your neighbor did a year ago. You'll still be making a killing, plus, whatever you buy to move is gonna be a good deal. It's all relative.
Like a $130,000 difference between AZ and Nevada.
Parts of AZ are cheaper.....but anywhere near where we live, is ridiculous. Compared to the east coast, you get half the house for twice the price. It's crazy. The house we're in right now, until we get our duplex, would probably be about $500,000 less in Ohio....still just as nice, but a lot cheaper.
There are less expensive places around here, but they aren't what you would call....nice areas. That's all I'm saying.