Report: California has nation's least affordable homes

San Francisco Business Times ^ | 1/7/05 | SF Business Times

[cyborg]

You need to write a book. Is there anything you do not know? Anything? :-)

[Myrddin]

I don't understand how anyone could buy that house. They would have to make a hefty salary, are salaries that high in CA?

Properties like that are being purchased by a GROUP of people. Most are being grabbed with the hope of "flipping" the property in 2 years to yield new equity for future investment. In some cases, the property values are accelerating so quickly that the tax penalty for selling before the 2 year point is worth taking the hit.

My son sells real estate in San Diego. He sees this behavior every day. Some buyers are exchanging inflated equity in an existing California property to "buy up".

[Coldwater Creek]

After living in So California for 26 years we moved to Tennessee. It is the climate from hades. It is always hot and wet or cold and wet or just plain WET WET WET.

[wardaddy]

Nothing wrong with a mobile home or Jim Walter style inexpensive prefab if that is what someone can afford.

I have seen some decent mobile home parks...especially in Florida for retirees on a budget.

Nashville is high for the South but a bargain compared to the Kali coast. I did not see it on the list but 700K to 1M still buys a McMansion here.

But there are a slew of multi-million dollar homes popping up all over the place or very fancy built homes asking 400-500 per foot.

Beats me.

[Joe Hadenuf]

I hope California falls off into the ocean (even the Reagan Library and yes even Arnold) Im sick of hearing about California I wish theyd all just become part of the ocean floor!

Angry are we? Bet you live in one of those places that have those nasty flying bugs as big as sparrows and cows flying over the barn in twisters. Cheer up, maybe when the wind dies down, your house will land back on the same spot.

[hedgetrimmer]

I live in Ventura and most residents support preservation of areas of natural beauty

Watch out now. Because the state is taking land in the name of the collective so that the views are preserved. If a private landowner wants to preserve land of natural beauty let them. But the idea that the "community" should have property rights over the individual rights of the private owner, is not in keeping with the Constitution. This collective rights thing is the argument they are using in Oregon to deprive private property owners of their land.

Now if you were to pay a private property owner to "rent" their view, with the understanding that with your payment they would not change the view, that is different. And most property owners wouldn't think of taking money from someone to keep their property static. Most property owners want to use their land for homes, gardens or economic purposes that require changes to it.

[k2blader]

It is pretty disgusting to see what kind of house I could've gotten for the same price in a state where the cost of living is much lower. Perhaps the investment will pay off someday...

[cyborg]

Those new homes are all that is being built here on Long Island. No matter single family style homes. Big tremendou cape cod style, ranch whatever they call it.. the types that only two income with three jobs a piece families can afford OR OR OR OR a lot of illegal immigrants piling money together to afford the $700K.

[Joe Hadenuf]

After living in So California for 26 years we moved to Tennessee. It is the climate from hades. It is always hot and wet or cold and wet or just plain WET WET WET.

I know, it can rain there for weeks on end. I have a co-worker that was raised there, and move to Cal about 25 years ago. He's told us about it.

[goldstategop]

You need a king's ransom to afford a family home today in California. I'm inheriting mine from my parents; I couldn't afford to go out and buy my own where I live these days since renting is cheaper than buying your first home that costs more than a palatial mansion.

[KoRn]

I'm somewhat interested in this because I pretty much live in the woods in SW VA, and am debating whether or not if it would be more worth it to make high salary and commute 1.5hrs to work every day from where I live now, or move closer to the city,

[goldstategop]

Yep. I believe a house like that would have been a cool $50,000 in the 70s. Talk about an overheated real estate market.

[goldstategop]

I assume you've inherited yours right?

[used2BDem]

Amazing!! We are building homes on a golf courses in So. Oregon for less than that. For a little while longer anyway. Lot prices have gone ballistic and are hard to find because of all the Californians fleeing places like THAT for gorgeous homes for less money. WHO is buying those??

[goldstategop]

Worth $15,000 maybe in the 60s. This is getting ridiculous.

[cyborg]

Yes it belongs to my mother and I. No mortgage (THANK GOD).

[wardaddy]

What's property tax on a million dollar home there dear?

Here in Nashville I pay 5000/year on a home valued at 460K. Course, public schools here suck so one peels off 7-10K/year for that per spawn if possible.

3400 sq ft in one of the top Nashville proper zipcodes bordering Belle Meade, the nation's fifth wealthiest town (of those with a pop of over 1000.)

I feel blessed. Course, I could buy the same home in Little Rock or Louisville for half the money.

Man...wish I was a neighborhood developer in SoKali...lol...actually it's not funny. How do regular young folks stay there? Or can they?

[Citizen James]

http://www.freerepublic.com/focus/f-news/1317005/posts?page=18#18

What do the worst states on the above list have in common?

CA, NY, NJ, MA, NH, ME, OR, CT

The legacy of the Democratic party...

[goldstategop]

You can have the house in Tucson insulated so you can cut down on the need to run the A/C. On the other hand, the heat's dry so unlike in the Southern U.S, summers are bearable. I like my heat bone dry. :)

[wardaddy]

I lived in Manhattan hon....and I knew people....and DeMeo and his crew were extraordinary...to put it politely.

They made the Westies appear civilized.