Real Estate Hype

[sandslacker]

It's hilarious that some of the uppity subdivision homes here are selling at $300k and some for $500k and higher with less than an acre of land. Suburbian hype hell. It's all the same crap with an thin exotic veneer, installed by unexperienced mexican labor. They clear cut the land, and scrape off any topsoil that might be there, then throw down a carpet of sod. Where's the value? What hype.:shrug:

Then there's the "soft" stuff that comes with the house: I've been looking around. The bylaws and nosy neighbors in these subdivisions are just unreasonable. I have asked people in some of them how the "culture" is in the neighborhood. Most people like to let off steam and warn you of the irrational stuff that is nice to know up front.:wall:

[Piccolo Player]

It's easy for a nonschalant renter to criticize those of us who save our money and invest it in something concrete and guaranteed to give us a return on our investment. Did one of those "mexican latborers" that you mentioned take your job at the pie factory? Your post is as disturbing as it is confusing! What homeowners did you "interview"? Honestly, do you actually know a homeowner? Greenville is growing at an exponential rate. Sorry you missed out!

[swampfox]

I, for one, will not be nonschalant again.

And the only latborer around my house is me.

[Piccolo Player]

Wow Swampfarse! You really have nothing better to do than run spellcheck on other people's posts? Life is a wonderful thing, how about getting one!

[Piccolo Player]

Good work. Somehow that one slipped by me.

My apologies Swampfox. I just realized why you decided to surf my posts for an opportunity to criticize me. I'm sorry I had to post a reference pointing out that you did not know what you were talking about. I hope I didn't hurt your feelings. Maybe you should spend less time trying to raise your posts # and more time doing research to back up your senseless ramblings.

[swampfox]

But senseless rambling is one of the things I do best. You would deny me the chance to practice it?

I was just trying to make a little JOKE! Don't be so sensitive.

The thing about Mexican laborers, though, reminded me of reading a few days ago where a general contractor was saying that Sure, he could build a house without illegals, but it would cost at least 10% more, sometimes much more than that.

And the fruit and vegetable industries would be a brave new world. Nobody really knows HOW much more our food would cost.

Also read recently that in California, 84% of the workers in landscaping are illegals. Imagine Californians working in their own yards, without time to go to the gym and pay to exercise there.

A seriously fun movie on the subject is "A Day Without a Mexican". They've got it at Blockbuster. In it, people wake up one morning in California and all of the Mexicans, legal and illegal, are gone. It's very funny, and with a good message.

And there haven't been any posts where I didn't know what I was talking about. I make mistakes, but not often and they don't affect the gist of what I'm saying.

[Piccolo Player]

Thanks Swampfox, I think I'll watch that movie.

[sandslacker]

Piccolo player,
You MUST be on the HOA board in your neighborhood. If not, you'd fit in GREAT.
:wtg:

I had forgotten about this post, but you made it worth coming back. I have reread my original 5-month-old post....I did not "interview" anybody just made reasonable observations. Never used that word, as your quotation marks insinuate. Hmm. And MY post is confusing? I stayed on one subject. You and Swampfarts have wandered into movie reviews..... total tangent.

In response to your prejudiced accusations of me: I have owned 2 homes over a 10 year period, so I know exactly what I am talking about. Also, not that it matters (why do you slam pie-makers? are you an anti-pastery-ite?) but, I am a Mechanical Engineer at a major medical device corporation, and a leader of several well-known organizations, and don't need your approval for my opinions. It is fun to chat with you though. Advice for next time: don't break the pill in half...take the whole chill-pill. You fell right into Swampfart's trap, sucka.

Talk to you in five months?

[Captain Worley]

I rented A Day Without a Mexican from Netflix and hope to watch it this weekend.

Sand, you are right about covenants and restrictions. I wouldn't buy a house in a new subdiviion because of them. I've heard ridiculous stories like a ban on parking your motorcycle or pickup in the driveway. Apparently a car is ok because it doesn't 'make the neighborhood look bad.' Well, it is my driveway, and I'll park any dang thing I want on it.

Sadly, there are many people who don't ask about covenants and restrictions before they purchase their home.

[Piccolo Player]

I have owned 2 homes over a 10 year period, so I know exactly what I am talking about.

How many axles per home?:lol:

[Captain Worley]

Did anyone see in the State, that they are auctioning off tracts on the south bank of the Saluda just east of the zoo. They'll put up some ugly McMansions in the flood plain, yet again and expect the taxpayers to bail out the homeowners after a flood.

On another note, they are turning almost every vacant old building in Columbia into condos. How exciting. I'm pretty soon there will be condos in the State House, soon.

Let's hope they don't find the old warehouse down by the docks.

[swampfox]

A condo in the State House might not be bad. Wonderful yard, and pretty good security. And I suppose you could have parties in the common areas.

[sandslacker]

"how many axles per home"?

Nice comeback Piccolo Player, that's the kind of humor I admire.. Touche:fencing:

I'm in stick-built homes only so far... holding out for a 2-story double wide... so will likely have SEVERAL axles, but they'll be rollin' on 20 inch dubs. ;-)

And right on time... it took approximately 5 months for you to respond.... again.

[Piccolo Player]

"how many axles per home"?

Nice comeback Piccolo Player, that's the kind of humor I admire.. Touche:fencing:

I'm in stick-built homes only so far... holding out for a 2-story double wide... so will likely have SEVERAL axles, but they'll be rollin' on 20 inch dubs. ;-)

And right on time... it took approximately 5 months for you to respond.... again.

Another genius traveling at Bud Light speed. He's already 3 months ahead of the rest of us. Hey Einstein, why don't you pick up all those beer cans from around your recliner and make them into a second home for yourself and your common-law.

[swampfox]

Man, yall are gettin' cold!

Let's see, we got double-wides, recliners, beer cans, common-law spouses....

How about the family tree that don't fork?

I lived in Traveler's Rest for four years. Always heard stuff about Balling Sprangs. And then of course there's the Bob Jones crowd. But they don't believe in genetics anyway. I know this for a FACT. Traveller's Rest was a fine town back in the early-mid 70s.

Hey, you got the Rainbow Drive-In on Poinsett in Greenville. It don't get any better than that.

Lighten up, why don't you? At least you got one of the top school districts in the state.

[sandslacker]

Keep it up "Pickle-hole Player"...

I can get as nasty as your redneck raisin' wants to get. I may just change my username to "Einstein". Your mother used to call me that too. Thanks for your intuitive observation. How flattering. :lol:

...I'll sit right here in my recliner, so why don't you stick that piccolo up your chute, where the rest of your wisdom seems to come from. sit and spin buddy. :finga:

[Captain Worley]

The latest trend around here is turning old buildings, like mills and commercial buildings, into condos. Now, I have to admit that the ones I’ve seen are really nice looking, but I really doubt there is a market for close to 7K of these units in downtown Columbia. Nevertheless, speculators are buying them up (at average of 250K for between 1000 and 1500 square foot units) like there is no tomorrow. I predict that they will be left holding the bag and in three years or so, you’ll have your pick of really, really nice condos for less than 100K.

Start saving now!

[sandslacker]

Thank you captain!... for bringing this topic back on track.

I've seen this occuring in Greenville as well. Old mills are the typical object of renovation/conversion. Of course, the area surrounding a closed mill is normally a run down mill community. Hmmm. And then they try to remedy that by placing a security fence around the condo project. Maybe moats will come back in style??

Search the internet about the condo crash in Miami. Speculators are losing incredible amounts there.

Also, supersize houses are losing fashion in the more progressive markets in the country, and we'll see that here soon. You know, people can afford the house payment, but learn that their budgets bust when they failed to calculate the increased incidentals (taxes, insurance, Power/HVAC, increased costs of services based on sq footage...). And now with the increased interest rates....Ouch. You're stuck buddy.

[cuebald]

Sandslacker, you hit the nail on the head with the McMansion comment. Lake Murray is encrusted with overpriced houses waiting for buyers with sellers who need to get out from under a load.

The problem is, if you have a million or so to plop down for a home, why in the heck wouold you buy someone else's personal taste when you can buy the lot next door and build what you want?

Real estate is at the top of the ferris wheel and a lot of very creative financing is going on all over the country to keep the market going. It is going to be quite interesting to watch when the market drops. And it will.

[Piccolo Player]

How long have you guys been betting on the burst of the housing bubble? It's not going to happen, especially in South Carolina. The housing prices here are exactly what they should be. How far away is this crash you're hoping for? Just invest now and sell after a year, you'll thank me later. Land is not created, just bought and sold, unless you live in the Netherlands.

[cuebald]

You are not going to hear an audible "pop" when the bubble deflates. I am a realtor and an auctioneer and talk to people whose property is not moving via conventional means. I get involved in a lot of things not visible on the surface and have dealt with a few "flippers".

It's not a matter of hoping for anything. When you take on a forty year mortgage and pay only interest for the first five years until your income catches up (you hope!) with your dream, you set yourself up for a lot of problems if there is a hitch in the giddyup. You have built no equity, and as I stated before, if the house is custom and overbuilt, it will have a real problem moving. Chances are you will have to bring money to the table to make it go away.

If you want to invest, a three bedroom, two bath setup with a garage is still the most liquid commodity in housing, provided you price it appropriately for its location.

[Captain Worley]

Cue, I didn't know you were a realtor. Let me bounce this off of you. I think the next community to take off will be Olympia. I would love to get a mill house and convert it from a duplex style to a single family. The biggest pain would be no upstairs bathroom, and replacing those steep staircases.

You're right about the 3bd, 2ba. Its like a Toyota Camry, not sexy, but retains value.

[cuebald]

Captain, Olympia is a lovely neighborhood that has risen like a phoenix the last few years. I don't know if the city offers any incentives to ownership like they did in Elmwood in the early 80s, but it would be worth looking into. Homes that were purchased and renovated under this plan cost the owner ± $40,000 total then and have appreciated 300+% and continue to be desirable. The stipulation was that you had to make the house your principal residence for five years.

Once the condos are finished in the old mill, Olympia will be the place to be, except on game days and during the fair. I hope it continues to be restored and preserved. The mill village is not only a piece of Columbia's history but a genuine piece of Americana. Let me now if you are seriously interested. I have some close friends in Olympia who know everything that goes on down there including who's coming and going and what is getting ready to be sold.