No shortage of stupid "rich" people in Raleigh

The Raleigh SMSA contains a majority of carpetbaggers and carpetbagger wannabes. But what do I know? I'm an Appalachian-American.
 
fishgutzy said:
How can any other label apply?
No smart person would pay >$400k for a 1000sf tiny home, or $380k for a 900sf that is called a 3br 2 bath. How small are the rooms?
Theses are the "Smart Cars" of homes.

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You ain’t seen nothing. Try finding a house in the area above Dallas.
Bring your U-haul full of money and they might let you in.
 
Me. said:
Their income/debt ratio might outstrip plenty of people sitting on 5 acres.

They aren’t asking you to sell everything and move in next door, what do you care? Aren’t we the forum of “as long as we’re not hurting anyone, leave us alone?”

Go price a nice apartment in Manhattan. Raleigh will look like a bargain. Plus, you don’t need to live in NY. That’s part of the reason for so many “carpet baggers”.


Bonus... they will soon live near Wegmans.
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I should not be surprised by the illogical choices many people make.
Sadly, it is those people who inevitably seek to turn their choices into mandates for everyone. I cuss that it what drives new to post things like that.
Keep in mind that many Democrats think the govt should dictate a maximum allowed space per occupant and heavily taxing those who exceed that. Castro is a proponent of this. It goes along with Warren's wealth/federal property tax.

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Me. said:
They aren’t asking you to sell everything and move in next door, what do you care?
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No, but they are moving in next door and trying to replicate the horror that they fled.

Me. said:
Aren’t we the forum of “as long as we’re not hurting anyone, leave us alone?”
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Yes, but aren't we also the forum of "as long as you're not hurting anyone, we'll leave you alone"?
 
fishgutzy said:
How can any other label apply?
No smart person would pay >$400k for a 1000sf tiny home, or $380k for a 900sf that is called a 3br 2 bath. How small are the rooms?
Theses are the "Smart Cars" of homes.

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Fishy, Fishy, Fishy. I thought you were from Mass?

I was told I paid too much, and more than anyone had ever paid on my street for a 1400 sq ft 1928 bungalow "in town" Raleigh when I moved there 30 years ago. I met my wife, and sold that house with a sign in the yard exactly one year later for 10% more than I paid. And in the next decade that house tripled in value. Sadly for me I no longer owned it.

I was still happy with the return on my investment. Would hardly call it stupid.
 
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fieldgrade said:
Fishy, Fishy, Fishy. I thought you were from Mass?

I was told I paid too much, and more than anyone had every paid on my street for a 1928 bungalow "in town" Raleigh when I moved there 30 years ago. I met my wife, and sold that house with a sign in the yard exactly one year later for 10% more than I paid. And in the next decade that house tripled in value. Sadly for me I no longer owned it.

I was still happy with the return on my investment. Would hardly call it stupid.
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MA is insane compared to Raleigh. Ha!


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People pay what it's worth.
People will sometimes pay more to be in a 'good' area, or area with lots going on.
I wouldnt call someone dumb for buying a place that makes them happy
 
I keep waiting for my current home to be worth so much that I can sell it and move without having a mortgage on the new place.

Just like those people from NY/NJ did when they moved here.
 
Ferrisfan said:
I keep waiting for my current home to be worth so much that I can sell it and move without having a mortgage on the new place.

Just like those people from NY/NJ did when they moved here.
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Same here. Now that I’ve retired I’d like to sell and give Wake to the Blue Bellies and the millennials. My taxes have gone up seven consecutive years, from $2200 to $3700. And with more borrowing on the ballot we haven’t seen the end. Every county commissioner, every school board seat, and every Raleigh councilman is a Democrat and it shows in the tax bill..
 
fishgutzy said:
No smart person would pay >$400k for a 1000sf tiny home, or $380k for a 900sf that is called a 3br 2 bath. How small are the rooms?
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"A 570-square-foot Glen Park cottage with one-bedroom, one-bathroom and no backyard or garage to speak of is listed for $599,000." is currently the cheapest house listed in San Francisco.
 
BIL bought a cute little 900sq ft house in the Elizabeth area of Charlotte for $100k before marrying my sister 25 years ago. They lived there a few years and he sold for $160k. It’s sold a couple more times since then going up each time. Sold last year for $375k and they bulldozed the house and are building a new one.
 
fishgutzy said:
How can any other label apply?
No smart person would pay >$400k for a 1000sf tiny home, or $380k for a 900sf that is called a 3br 2 bath. How small are the rooms?
Theses are the "Smart Cars" of homes.

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I would have to say that maybe you are looking in the wrong area.
 
longhair said:
I would have to say that maybe you are looking in the wrong area.
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My wife looks out of amusement.
We are closing on a house in Burlington NC that is over 3000sf for <$100/sf.
Shorter drive than from Kernersville.
5 minutes from the Y and bowling.
I'll still go early to swim at the Finely Y in Raleigh.
I'd rather have room to live at home than a really short commute.

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Me. said:
This is a misconception.

Even if you finance 100% of the loan on your house, YOU own it, not the bank.

You own it 100%. It is collateral on a loan, but it is yours. From the day you sign the papers.

And in areas with such strong appreciation.... it pays to let the bank hold the note while the owner gets the benefit.


I come from an area with such stagnant home prices, I bought in 2009, sold in 2019 for only $10,000 more than I paid. Didn’t even outpace inflation. Lagged behind inflation by 50% in fact.

We had acres and bordered hundreds more acres of state land. But it cost me money to live there.


In a hot housing market.... you might buy for $500,000.... live there for years and get back every dollar they ever spent on the place AND make a profit (all while living in a nice area, with good education for kids). Dumb? Sounds smart to me.
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I owned a house in a neighborhood that appreciated 8% a year for 30 years until I bought in 2006 and sold in 2017. We rolls the dice and we takes our chances.
 
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No one owns any property except the government...

Money is relative to your income/worth. $500k to me is a lot of money. To many it's not... There are only so many houses and so much room where people prefer to live. Supply and demand. That's simple capitalism. Nothing liberal about it...

Home sizes aren't shrinking anytime soon either. Dollars per Sqft is the law of the land... there's no money in small for the status quo... and this is coming from a contractor who has been flipping houses for 10 years and lives in a tiny house...
 
Me. said:
This is a misconception.

Even if you finance 100% of the loan on your house, YOU own it, not the bank.

You own it 100%. It is collateral on a loan, but it is yours. From the day you sign the papers.

And in areas with such strong appreciation.... it pays to let the bank hold the note while the owner gets the benefit.


I come from an area with such stagnant home prices, I bought in 2009, sold in 2019 for only $10,000 more than I paid. Didn’t even outpace inflation. Lagged behind inflation by 50% in fact.

We had acres and bordered hundreds more acres of state land. But it cost me money to live there.


In a hot housing market.... you might buy for $500,000.... live there for years and get back every dollar they ever spent on the place AND make a profit (all while living in a nice area, with good education for kids). Dumb? Sounds smart to me.
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"Bank owned" wasn't the best choice of words. I agree with you on most points. My upcoming appraisal should put a grin on my face.

Back to my original point. Net worth numbers don't lie though. Looking at some personal finance stats, a large portion of the population is not doing so hot making financial decisions.
 
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Scott88 said:
Back to my original point. Net worth numbers don't lie though. Looking at some personal finance stats, a large portion of the population is not doing so hot making financial decisions.
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A large portion of the population has had absolutely no training about financial matters. Too many people grew up with over-indulgent parents who charged anything the kids wanted, went to college with new cars and off-campus apartments paid for with student loans, and went head-over-heels in debt when they got out of college because they "deserved" big new houses and new luxury cars once they started working. Their mantra was borrow and spend and they never learned to save or invest.
 
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gc70 said:
A large portion of the population has had absolutely no training about financial matters. Too many people grew up with over-indulgent parents who charged anything the kids wanted, went to college with new cars and off-campus apartments paid for with student loans, and went head-over-heels in debt when they got out of college because they "deserved" big new houses and new luxury cars once they started working. Their mantra was borrow and spend and they never learned to save or invest.
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When I was in college in 2007 the "savings rate" as a whole for the country was -2%. In the 50's the savings rate was 6% if I'm remembering my class correctly. The discussion was on how the savings of the time fueled the economy down the road and that the negative rate was going to drain the economy. I'm sure there are much more educated guys than me on here that can add to that.
 
Right place right time makes all the difference. I have a plot of land on Hwy 68 near High Point. Was originally purchased at 300-400 an acre back when it was all small farms. My partner and I just listed at 135K an acre. Will see if we get that, it was previously listed at 187K per acre with no takers. But in my lifetime that has become a business hot spot where High Point and Greensboro are both growing. Though to show my age, I used to ride my horse down the center of 68 out to the old airport to watch jets take off and we rarely had to get out of the way of cars:)

edit: yes the government is going to tax me to death on it when it sells. Have already spoken to my advisor and hope to tie some of it up in a 1031. Once again, buy land, they ain't making any more of it.
 
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Remshooter said:
edit: yes the government is going to tax me to death on it when it sells. Have already spoken to my advisor and hope to tie some of it up in a 1031. Once again, buy land, they ain't making any more of it.
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My daddy always said that. He also said that all these folks in such a rush to pave over everything are going to wonder what they are going to eat one day...
 
RFMan said:
My daddy always said that. He also said that all these folks in such a rush to pave over everything are going to wonder what they are going to eat one day...
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I have to tell my mother that at least once a year. When my grandmother passed, she left a chuck of the old family farm to my father, and when he passed, it went to my mother. At least once a year, she talks about selling everything and getting one of those "cute new townhomes" they're building close to town.

I keep having to explain to her that if you're sharing walls with neighbors, you really don't own much, and that they don't make more land. It will continue to appreciate in value.

My father's original plan was to will the land to me, but give my mother lifetime rights to live on the property, and in the house (an idea I 100% supported) because he feared she'd sell everything when he was gone, but he passed before a will could be written.
 
RedneckFur said:
I have to tell my mother that at least once a year. When my grandmother passed, she left a chuck of the old family farm to my father, and when he passed, it went to my mother. At least once a year, she talks about selling everything and getting one of those "cute new townhomes" they're building close to town.

I keep having to explain to her that if you're sharing walls with neighbors, you really don't own much, and that they don't make more land. It will continue to appreciate in value.

My father's original plan was to will the land to me, but give my mother lifetime rights to live on the property, and in the house (an idea I 100% supported) because he feared she'd sell everything when he was gone, but he passed before a will could be written.
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I can relate. I see stuff like that, and it's sad. "Cute new townhomes" gag... I'd live in a tent before I'd share walls again.
 
BatteryOaksBilly said:
Wherya willin ta move to?
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Waiting to find out something on the job front. Would like to move toward the coast and/or south of here. I need good internet since my wife works from home, but she can be anywhere in the eastern time zone.
 
quotes from above posts:
1. "Sold last year for $375k and they bulldozed the house and are building a new one."
we are seeing that a LOT. the buyers want the location, house is worthless to them.
my cousin's neighborhood had two last year (the same ages as her home).

2. "SMSA". no longer used.
"The term "metropolitan area" (MA) was adopted in 1990 and referred collectively to metropolitan statistical areas (MSAs)..."

3. "Right place right time makes all the difference."
for just about every human endeavor.
 
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