You could buy a lot of house on a lot of acreage here for 2 million. Maybe a decent 3500 sf house on 100+ acres depending on what side of town and how glitzy the house. It astonishes me how high real estate prices are on the west coast. My modest 1900 sf house that is worth around 140k here would sell for 750k in Seatle, SF, LA. Home prices here are $60-100 per sf.
nthsll (rep: 12.4k) posted Dec 06, 2012
dang I m so jealous of real estate prices elsewhere. @arsiel, NYC is even more expensive I think. My friend has a 1b1b for $2,800 by union square...it's not even that nice!
It's just so frustrating that cap rate is so low (about 3% right now) but I can't find any good deals where I live. Even at this price, a listing is literally gone within 10 days. It goes, Property is listed, then bidding war, drives price close to $1 mil, then sold within 10 days.
Dear Lord, I need a zombie apocalypse here to drive down prices. Thank you in advance!
kffight3r (rep: 726) posted Dec 06, 2012
Yeah the land is the kicker. Ive been looking at a few with more land as well. The problem is I want maybe 5 acres at the most but the difference in taxes is the problem. And yes I can do that mortgage payment no problem, the issue is the taxes (which is why homes are cheap in the PA Pocono mountains). I want to stay around $200-225K as I dont want a mortgage payment while I am 70 years old. I need to pay off within 10 years so I can chill.
Acidbaby (rep: 6.9k) posted Dec 12, 2012
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