jbooma Posted March 7, 2005 Share Posted March 7, 2005 I am curious how much would all of you overspend on the home of your dreams (what ever that is) I say this because my wife and I saw this townhouse that has incredible lakefront views throughout the house. They are asking for a lot of money, but this is the type of place we would live in for the rest of our life. It is simply stunning. Link to comment Share on other sites More sharing options...
SkinsForLife260 Posted March 7, 2005 Share Posted March 7, 2005 What lake? Link to comment Share on other sites More sharing options...
Buddha Posted March 7, 2005 Share Posted March 7, 2005 Don't overspend on a townhouse. Save your money and buy a house with LAND out in the country. That's what I did after spending 3 years in a Woodbridge condo. Link to comment Share on other sites More sharing options...
jbooma Posted March 7, 2005 Author Share Posted March 7, 2005 Originally posted by SkinsForLife260 What lake? Lake Audabon (sp) in Reston Buddha, The only reason why we are even interested is it is a lakefront property, not worried about land as much as we are the lake views. Where did you end up buying, close to Woodbridge or no? Link to comment Share on other sites More sharing options...
Buddha Posted March 7, 2005 Share Posted March 7, 2005 We left the area entirely -- first for a few years near Lynchburg and for the past year just outside of Richmond. Mrs. Buddha and I couldn't justify overspending for a Northern Virginia home when we could get far more bang for our buck by moving to a less expensive market. I'm not suggesting you do the same thing, but have you considered land/homes in outlying areas (e.g, Fauquier, Stafford, Spotsylvania)? It would certainly add to your commute but would be a far better investment in the long run, both money-wise and peace of mind. Link to comment Share on other sites More sharing options...
jbooma Posted March 7, 2005 Author Share Posted March 7, 2005 Originally posted by Buddha We left the area entirely -- first for a few years near Lynchburg and for the past year just outside of Richmond. Mrs. Buddha and I couldn't justify overspending for a Northern Virginia home when we could get far more bang for our buck by moving to a less expensive market. I'm not suggesting you do the same thing, but have you considered land/homes in outlying areas (e.g, Fauquier, Stafford, Spotsylvania)? It would certainly add to your commute but would be a far better investment in the long run, both money-wise and peace of mind. My wife and I have mentioned about moving to Richmond many times, the problem though is will we be able to find similar jobs there, right now we are very lucky in terms of our jobs here. I agree with you about the values of homes here, we were just looking around and saw a single family near us for $650K This didn't even have a garage. Link to comment Share on other sites More sharing options...
iheartskins Posted March 7, 2005 Share Posted March 7, 2005 Not to sound smarmy, but is it really overspending if it's the home of your dreams? I'd say the home of my dreams probably is worth as much as I pay for it because my sense of it being "the house of my dreams" creates additional individualized value--that is there is no fixed price and I set the price even if it's somewhat irrational. My willingness to pay dictates its worth and cost--thus I couldn't ever overpay. If we are talking rational purchases, I'd much rather pay too much and live somewhere that I enjoy than save some money and live somewhere less satisfying. And I think most people would answer in the same way. But to your question, I don't know how you would quantify that value without a specific example of a house that the person in question loves. What anyone else is willing to pay for that house is irrelevant because you dictate what it's worth to you and only you can honestly decide that value. Link to comment Share on other sites More sharing options...
Ignatius J. Posted March 7, 2005 Share Posted March 7, 2005 don't forget that many areas in the country are in the midst of a massive housing bubble. Now may not be the best time to buy. Link to comment Share on other sites More sharing options...
zoony Posted March 7, 2005 Share Posted March 7, 2005 Originally posted by Ignatius J. don't forget that many areas in the country are in the midst of a massive housing bubble. Now may not be the best time to buy. I feel the same way. Real estate, imho, is a dangerous proposition. Every part of the country that I go to I cannot believe how ridiculous real estate is getting. You expect that kind of thing in big cities, but not in small markets where real estate seems to be skyrocketing the most. At some point... the market will correct itself. Similar to what the stock market did a few years back. Ain't gonna be pretty, folks. I honestly think it will send the entire country into another recession when it does happen. Link to comment Share on other sites More sharing options...
jbooma Posted March 7, 2005 Author Share Posted March 7, 2005 Originally posted by zoony I feel the same way. Real estate, imho, is a dangerous proposition. Every part of the country that I go to I cannot believe how ridiculous real estate is getting. You expect that kind of thing in big cities, but not in small markets where real estate seems to be skyrocketing the most. At some point... the market will correct itself. Similar to what the stock market did a few years back. Ain't gonna be pretty, folks. I honestly think it will send the entire country into another recession when it does happen. I don't think the bubble will burst, but do think it will start to flatten out, this is bound to happen as interest rates rise. In this area we have a strong job and housing market, just bad traffic :laugh: Link to comment Share on other sites More sharing options...
TLusby Posted March 7, 2005 Share Posted March 7, 2005 I think Warren Buffet said,"Buy the most home you can possibly afford and drive the worst car that your conscience will allow. Link to comment Share on other sites More sharing options...
zoony Posted March 7, 2005 Share Posted March 7, 2005 Originally posted by jbooma I don't think the bubble will burst, but do think it will start to flatten out, this is bound to happen as interest rates rise. In this area we have a strong job and housing market, just bad traffic :laugh: I hope you're right JB... seriously do. We kind of got off topic, and ignoring all economic indicators ( )I'll tell you the same thing my father told me. Don't skimp on where you live. Buy as much as you can afford... you won't regret it. If you want to save money there are plenty of ways to do so... but the house you live in and the location you're in is one of the most important aspects of our lives... I tend to agree. Go for it man Link to comment Share on other sites More sharing options...
jbooma Posted March 7, 2005 Author Share Posted March 7, 2005 Here is a nice link that I found online about the area we are living in currently and some of the lakefront properties. http://www.reston-lakefront.com/ What is crazy is another home which didn't have as nice as a view was selling or $11K less but these items came with it: - Floating 12x12 dock - Pool Table, with ping pong table top - 42" Flat Screen HDTV - Dining Room table and 4 chairs - Leather Couch - Master Bedroom bed set - Kitchen Bar with 2 stools - 4 Adirondack chairs - Deck Swinging & Furniture including lanterns and grill - Foosball Table Link to comment Share on other sites More sharing options...
zoony Posted March 7, 2005 Share Posted March 7, 2005 Originally posted by jbooma http://www.reston-lakefront.com/ :yikes: do the prices at least include dancing ladies? I clicked the first townhome link I saw for lake audoban and it came back $1,375,000. :thud: Link to comment Share on other sites More sharing options...
jbooma Posted March 7, 2005 Author Share Posted March 7, 2005 Originally posted by zoony :yikes: do the prices at least include dancing ladies? I clicked the first townhome link I saw for lake audoban and it came back $1,375,000. :thud: Not that one :laugh: try one that is about half Link to comment Share on other sites More sharing options...
JeffSchmeff Posted March 7, 2005 Share Posted March 7, 2005 If you need someone to do your loan, I'm in the business - I'll hook it up if you haven't figured out that part yet. Link to comment Share on other sites More sharing options...
semiskin Posted March 7, 2005 Share Posted March 7, 2005 JBooma move to Florida, you can buy yourself a 5,000 sq ft home for that price on a lake that you can actually use 10 months out of the year. Link to comment Share on other sites More sharing options...
OrangeSkin Posted March 7, 2005 Share Posted March 7, 2005 The prices down here in Spotsy are pretty outrageous as well. If I fixed up my tiny little abode, I could sell it for $250,000 easily, then move to Upstate NY and live like a king. I really would recommend the Fredericksburg/Spotsy area, though. I couldn't imagine living in, say, Woodbridge. Whenver I drive through there I'm shocked at how absolutely hideous and characterless it is. The car dealership capital of the world. You'd have to move to a really depressed area at least two hours away from DC (i.e. Lynchburg) to find anything within a reasonable price range. Link to comment Share on other sites More sharing options...
Pete Posted March 7, 2005 Share Posted March 7, 2005 Off topic a bit............. The area in which I live is a classic example of a booming real estate market that is going to crash. We are in the top five for fastest growing areas in the country. When we baught our house, the average 3 /2 was going from 65k to 80k depending on location. Ten years later, the same houses are in the 190k to 250k range. I paid 68k, and was just apraised at 196k, prior to adding a pool which puts us in the 235k range if we were to sell. The cause, people relocating from up north with lots of money from their home sales. They build lavish homes driving up the values of property and existing homes. Sounds great, but the area doesn't have the industry to support the rapid raise in population. It never will either. All we build is housing, and golf course. We already don't have enough water to drink down here, yet they stop real industry from comming in and build more homes. While the cost of living goes up everywhere in the country every year, Fl is known for it's low pay scale in general. It always went along with the low housing costs. In 12 years the entrey level scale hasn't budged in just about all fields of employment, but the price of housing has skyrocketed. My mom is paying mmore in taxes on a 1 bedroom condo she baught a little over a year ago, then I'm paying on a 3 bedroom house:doh: Another ten years, and people who moved here in the early 90's will no longer be able to afford to live here. We're headed for disaster, and I only hope it waits long enough for my daughter to head off to college, and then we can bug out to a stable area of the country. If you move within the area, you'll get hammered with the taxes of the new apraised value of the place you buy. Once you buy a place in this area, you taxes can only go up 3% a year. I would love to get a bigger house, and have the money to do so. But the taxes would be so high it keeps us from doing so because the income just doesn't come close to the repid increase of real estate. Moral of the story................. buy in an area that is not going through a groath spurt, but is stable and long established. PS: I could never live in a town house. Don't want to hear the neighbor doing the cat through the walls:laugh: Link to comment Share on other sites More sharing options...
zoony Posted March 7, 2005 Share Posted March 7, 2005 Originally posted by Pete Off topic a bit............. The area in which I live is a classic example of a booming real estate market that is going to crash. We are in the top five for fastest growing areas in the country. When we baught our house, the average 3 /2 was going from 65k to 80k depending on location. Ten years later, the same houses are in the 190k to 250k range. I paid 68k, and was just apraised at 196k, prior to adding a pool which puts us in the 235k range if we were to sell. The cause, people relocating from up north with lots of money from their home sales. They build lavish homes driving up the values of property and existing homes. Sounds great, but the area doesn't have the industry to support the rapid raise in population. It never will either. All we build is housing, and golf course. We already don't have enough water to drink down here, yet they stop real industry from comming in and build more homes. While the cost of living goes up everywhere in the country every year, Fl is known for it's low pay scale in general. It always went along with the low housing costs. In 12 years the entrey level scale hasn't budged in just about all fields of employment, but the price of housing has skyrocketed. My mom is paying mmore in taxes on a 1 bedroom condo she baught a little over a year ago, then I'm paying on a 3 bedroom house:doh: Another ten years, and people who moved here in the early 90's will no longer be able to afford to live here. We're headed for disaster, and I only hope it waits long enough for my daughter to head off to college, and then we can bug out to a stable area of the country. If you move within the area, you'll get hammered with the taxes of the new apraised value of the place you buy. Once you buy a place in this area, you taxes can only go up 3% a year. I would love to get a bigger house, and have the money to do so. But the taxes would be so high it keeps us from doing so because the income just doesn't come close to the repid increase of real estate. Moral of the story................. buy in an area that is not going through a groath spurt, but is stable and long established. PS: I could never live in a town house. Don't want to hear the neighbor doing the cat through the walls:laugh: Thats just it, Pete... short of living on the Prarie in the middle of nowhere, there really aren't any more places to buy homes in stable markets... even east tennessee where I am is starting to climb. 3/2 houses here that sold for $110,000 3 years ago are now around $160-170 by nova standards that is still a joke, but trust me, for this area that is considered ridiculous. For the $700,000 townhouse JBooma is talking about, you can build your Smoky Mountain dream home here... on a mountain lake. that would easily by you an acre of lakefront and a 5 br custom... Link to comment Share on other sites More sharing options...
zoony Posted February 23, 2009 Share Posted February 23, 2009 I thought this was a good bump from 2005 in light of current events. don't forget that many areas in the country are in the midst of a massive housing bubble.Now may not be the best time to buy. I feel the same way. Real estate, imho, is a dangerous proposition.Every part of the country that I go to I cannot believe how ridiculous real estate is getting. You expect that kind of thing in big cities, but not in small markets where real estate seems to be skyrocketing the most. At some point... the market will correct itself. Similar to what the stock market did a few years back. Ain't gonna be pretty, folks. I honestly think it will send the entire country into another recession when it does happen. :cool: :cool: :cool: I don't think the bubble will burst, :nutkick: Link to comment Share on other sites More sharing options...
Jumbo Posted February 23, 2009 Share Posted February 23, 2009 I thought this was a good bump from 2005 in light of current events. Indeed. :applause: I know I over-reached on my first dream home. Once I heard the term "double-wide", well, my self-control and responsible judgment went right out the in-door terlet. :cool: Link to comment Share on other sites More sharing options...
PokerPacker Posted February 23, 2009 Share Posted February 23, 2009 I thought this was a good bump from 2005 in light of current events.:cool: :cool: :cool: :nutkick: :rotflmao: @ jbooma's post. Link to comment Share on other sites More sharing options...
jbooma Posted February 23, 2009 Author Share Posted February 23, 2009 :rotflmao: @ jbooma's post. well to be fair now the home value for the lake front places has not dropped much at all, and that is more to do with the fact there isn't much water here in VA and no i never bought that house i will say though my home did gain value over last year, that is crazy!! Link to comment Share on other sites More sharing options...
zoony Posted February 23, 2009 Share Posted February 23, 2009 Indeed. :applause:I know I over-reached on my first dream home. Once I heard the term "double-wide", well, my self-control and responsible judgment went right out the in-door terlet. :cool: oooh, them's nice! I got the garden tub option in mine- the missus and I like to get romantic. Six pack of bud, pack of menthols, and the little blue pill :hump: Link to comment Share on other sites More sharing options...
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