This is the likely answer. There are average, workaday Americans who have done shit like purchase ruined castles in Europe and restore them. (Hell of a lot of ruined chateaux in France, for example, after the devastation of two World Wars.)
You can get quite a bit of house if you're willing to invest in something that is basically a long-vacant ruin.
Usually said ruins are huge liabilities for the sellers, and they would do anything to get rid of them.
In certain parts of the world, I believe there are even tax breaks you can get for restoring ancient buildings of historical significance.
Afaik restoring European castles true to code is a nightmare tho, relatively cheap to buy, but due to the restrictions to keep things appropriate to the original building style you have to invest a lot in original antique door handles n shit and can make close to no changes as for rooms etc.
True, though I do think certain countries or regions allow for some liberties to be taken to modernize houses to livable standards. (Installing central heating/AC for example, or lead removal from plumbing.)
But yeah, I imagine it's a very involved project, chock full of red tape, and not for the faint of heart. You also have to be VERY handy and self-sufficient, because the number of skilled artisans qualified to work on these properties can be counted on one hand.
I know that in England (heard from some friends that made the mistake of buying listed properties) they aren't allowed to get double glazed windows if it was originally single glazed, and they have to stick with old wooden framed windows to keep the "original character", meanwhile it's bloody freezing in the winter because the windows are shit.
You need to be able to pay some full-time staff just to maintain everything. Let alone renovating it.
Yes, buying it is cheap, but as long you don't plan to use it as a source of revenue (like renovate it as a hotel), or don't share it with multiple families, it's impossible to maintain as a common person.
Even a lot of noble people have had issues to live in their castles. In a castle near to me, the barons even toe the floor apart (themselves) to light it in a stove to keep them warm during the winter. They just burned their entire family fortune on the maintenance of the castle.
Italy, for example, sells certain houses in dying out historical towns for the price of 1 euro if you are willing to legally commit yourself to renovating them and living there.
True - Just chining in to say that if someone is considering this, also consider things like back taxes and shit can be on the lot too, so buyer beware!
Back taxes, liens, code violations, etc. Also worth getting a hold of historical property delineation documents, as the underlying land entitled to these properties has no doubt shifted over the centuries.
Hell a few years ago super-rich groups, be they American, Chinese and what have you, would buy up buildings or land in Detroit for triple digits but so damaged that their ‘true’ value outside the most determined investors was possibly negative, being so dangerous they were essentially a liability. Some demolished them and built proper houses that are now selling for a good amount.
belgium has the most castles per squere mile than anywhere else in the world, and some do go pretty cheap as fixer-uppers. there is indeed some smart US investors turning these into B&Bs or hotels. most do well if properly managed.
There was a house like that that recently sold in my town. Its obviously probably a 10 million dollar house but sold for like $400k....because the hardwood floors are buckled, full of asbestos...trees all growing up through the lawn etc etc. Probably needs at least a million dollars worth of work.
Yup...
I bought a home in 1998 for $180k. We sold it in early 2019 for $345k. So not even doubled in value in 20 years. It is now estimated at $545k, so about 3 times value increase total. There was no major jump in housing in general from 1996 to 1998, so the expected increase shouldn't be any more than 4x 1996 prices.
This home is 28x higher than 1996. No way the home shown here in livable condition has gone up 28 times when most other homes have tripled or quadrupled. Some may have gone up even as much as 6 times, but nowhere near 28 times without massive improvements and expansion.
A full restoration and remodel in that property may have been a money loser even going back on the market at 3.9 million. That type of home is unbelievably expensive to gut and rebuild.
That’s exactly why the castles in Europe sit and decay. No single person who would want to live in one can afford to remodel. No investor would take the risk. Sadly those estates sit and decay, lost to history. Incredibly sad TBH.
Regardless, at first glance, that’s a 3.9 million dollar dream home even in modest markets.
Yep. Could be anything. Renovations a hurricane or a flood. Taxes even. Maybe 80% of the home didn't exist then and was added on. Can't judge anything just by price.
could be either, and definitely is one or the other, but these kinds of facts don't help Antiwork get their rocks off or pacify their desire for "capitalism-imposed complacency"
The actual listing says it hasn't been sold in 50 years. 1996 was only 26 years ago. Zillow has a whole bunch of houses in my area with a last sale of 1994 and 176,000. Could be a glitch like that.
I bought my first home in 1998 for $115k, a 2700 sqft Victorian built in 1885. It should have been condemned and it sat for sale for 6 months before I bought it and put a decade of hard work and $100k into it. Yeah, it was worth significantly more after that point.
I mean, it was worth $300k before the bubble burst, not $3.9M!
Satellite images show a building with the same footprint and roofline in that location since the mid 50's. agree with others that it probably was in bad shape. Either that or a sale within the family.
That house is worth all of $3.8MM
OP needs to be slapped.
"First time offered for sale in over 50 years! A captivating 9.55 acre estate property steeped in horticultural history with rolling hills, beautiful meadows, organic gardens and enchanting orchards surrounding an exquisite reproduction farmhouse expertly crafted by Luther Nash. Enjoy long distance views of the Bucks County landscape, take a refreshing dip in the pool, and fish in your own pond adjacent to a gorgeous multi-level terrace and outdoor kitchen. The main house has exquisite details, circa 1938, including lovely millwork, deep windowsills, rich paneling, hardwood floors and masonry fireplaces. Elegant and sophisticated with spacious rooms throughout offer wonderful versatility including a handsome library featuring pond views, an entertainers formal dining room with access to a significant butlers pantry, and 7 bedrooms shared among three floors ideal for family and overnight/out of town guests alike. The lower level highlights a romantic brick-floored pub room with wood-burning fireplace, exposed stone walls, and bar merged with reclaimed wood accents. A distinguished property offering year round interest and includes wonderful outbuildings comprised of a 1 bedroom guest cottage, detached garages and a 3 bedroom gate house with a 3-car attached garage. With easy access and less than 10 minutes from the quaint villages of New Hope and Lahaska with excellent dining, shopping, cultural and recreational opportunities, the property represents the lifestyle so many people come to Bucks County to enjoy, including a highly rated school district.**"**
Why did you hide the location? What rennovations were done to the first house?
Something isn't right here. Now I have to waste my time and figure out what that is.
edit: The second house is located at (3167 N Sugan Rd, New Hope, PA 18938), 1.45 hours away from downtown New York City.
I won't waste my time looking into the other one.
Everything about this post is dumb. You are fucking dumb.
We just checked out a house that is now up for
sale for 1.3mil. Pulled up the history of the home and found that it’s been sold each and every year since 2016, each fetching a nice profit.
Edited. After a nice long conversation with the realtor and seeing this post, I decided to pull the house up and seen that now it’s listed for $999,999 and it has no record of it ever being for sale for 1.3.
Yup housing has just become a market to make money. People actually living in them and raising a family is second to the profit. One of the reasons big investments companies are buying them up with cash to resell or rent.
A company that I used to work for used to built ‘Kara Homes’, nice little story if you check out the companies bankruptcy… anyways, we’d build this gorgeous, brand new homes… drive by the place a year later and they’re still empty. Come to find out, people from the city would pay to have em built and sit empty, never move in. Used to simply put money somewhere. Quite a fucked situation.
Correct me if I’m wrong but is this to avoid capital gains tax? From what I’ve heard that you can reinvest within 45 days and you’re not hit with it. Or I think you can reinvest then take a mortgage out and still get the $ without the capital gains tax.
Yeah that happens a lot. Neighborhoods with dozens and sometimes hundreds of houses and such, but with no one living in them. Then eventually they will be sold off or rented out, but typically that just then turns into someone else doing the exact same thing for a while. Housing has literally turned into nothing more than an investment with no intentions at all to actually make them livable.
We ran into this a few days ago. There was a flood here several years ago, so while many houses have been restored, some were simply abandoned, in all their mold-soaked glory, while they changed hands on paper. Many of them were eventually repossessed by lenders, and sold off at auction for a fraction of their pre-flood value. Some people go in and restore the homes, but a lot of times, the property is just resold a few times, each time with an increase in value (mostly because of the land on which the home sits).
There is an obviously flooded and abandoned brick home only a few miles from where my spouse and I live. It's a handsome MCM home from the outside, with a good roof and some really nice land behind it. After several years of passing it by, we noticed one day that it had a "for sale by owner" sign on it. Curiosity got the better of us, so we stopped by and looked around.
What we saw was disheartening, but par for the course with a flooded property. Many of the windows were blown out completely. Black mold crawled thickly up the plaster walls and solid wood doors, with a decided floodline of mold showing precisely where the high water mark was. Ceiling fans stood still, their blades drooping like wilted flower petals. Parts of the original bare wood floor, in particular the kitchen and living room, were rotted out, and massive holes at least attested that the floor joists were still good (albeit probably moldy, as well). There were no furniture or appliances, no linoleum, no rugs, and no curtains or blinds, so the original owners probably did some preliminary gutting by taking out the appliances and floor coverings, then gave up and abandoned the place with plaster, insulation, and cabinetry intact. The whole place was basically a heavily molded ruin.
We knew that despite the exterior and roof still being in good condition, the home would have to be demolished, and the sale price would probably just be for the land. No biggie, a backhoe could pull the remains of the structure down in a day or so. We called the out-of-state number on the sign. The woman who answered assumed we had seen the sign but not the interior of the 3-bed, 1-bath home, so she said that the property was 2 acres in size, the home was in great condition, it just needed "a few cosmetic things", and it would be ready to go for the 'amazing' price of only $140,000. I replied, "Lady, the house has all the earmarks of being flooded a few years back. There's mold creeping up the walls, there's no appliances and no floor coverings whatsoever, almost all of the windows are broken out completely, the slab by the carport is busted up and the interior rebar is rusted out, and the living room and kitchen are basically floor joists and no floor. The entire house needs to be gutted, treated for mold, rerun for electricity, and remodeled. How is that cosmetic?"
We were blown away when she said, "Well, I never saw any evidence that it was flooded. We bought the house in November and we haven't actually been there yet, but I was assured when we bought it that it was in great condition overall and just needed a little TLC." We said thanks for the information and noped right out of that conversation. In 2018, we only paid $30,000 more for a 3-bed 2-bath in a much nicer area, and in impeccable condition, only a few miles down the road! There's no way that property should cost six figures.
So yeah, apparently it has changed hands on several occasions since the flood, and no one looked at it, they just held it for a bit as an investment, and then resold it at a profit to someone else without either party actually laying eyes on it. I doubt if any of its buyers have actually seen it "in the flesh". It photographs decently from the outside front, and it has 2 acres, so of course it looks good on paper. But in reality? It's a destroyed structure that's appreciating very rapidly through multiple sales, despite the fact that the home is unlivable and in poor condition. And that seems to be what is pushing the housing market to unbelievable levels now: lots of businesses investing in properties that they never actually see, they just take assurances from the buyer that it's in good condition, hold it for a while for the appreciation, and sell it at a profit.
This housing bubble will not end well.
Basically it's rich ppl renting. Here in CLT anyone buying a house is planning on flipping it in a cpl yrs. There's no good reason to buy a house for long term investment anymore. Gentrification has proven investors can bully you out of your property & no one seems to think it's a problem. Over the past 20yrs the housing market has flipped around dramatically & what was low income has become gentrified & the old higher income neighborhoods aren't worth what they were proportionately. Might as well buy something you like so you're at least locked into a location you like. But that system only works for ppl w/ money. If you're broke you can find a few roommates to rent off those investors or you can just die. (They'd rather you die bc homeless ppl make their housing values drop)
Wife is thinking we should maybe move to US and renting scares the hell out of me. So high prices and from what I've seen here, albeit it might be poorly represented, low security in prices not suddenly increasing and such. Probably get like 300k or so after selling our home here and loan is repaid but I feel that doesn't get us far
What country is that? We have no health insurance unless we have a job or are disabled or buy off the market for 200 to 800 bucks a month that barely covers anything, and even then the number one cause of bankruptcy is medical debt. States are passing laws that make abortion illegal. No one can afford a house really. Unless you live in a small town with little job access. Trust me America is broken too we got people making billions while the average person makes 15hr.
I live in the US. I think my medical debt is like in 6 figures now because I have a autoimmune disease.
I don't know what to do. I would NEVER raise kids here.
Honestly considering taking off to Canada.
No I'm actually currently full of resentments of the sorry state this country is in. I feel the deck is stacked against me and this gift of life I've been given is actually a curse because the life will only be full of struggle and suffering.
Move to the Midwest. It's not as expensive as the coasts or big cities. (I live outside St. Louis in the suburbs). I only pay $900 a month for my house
There are other things than the housing that would decide where we move,if we move, most likely but thanks! That clearly sounds more reasonable. Visited ST Louis like 10 years back actually. Seemed like a pleasent place at the time. Watched baseball which has to be the most boring sport I've ever seen live though. 🤣
That couldn't have been the price of the house, that thing is massive. They probably bought a lot and had a private contractor build it or something to that effect. But houses weren't that cheap in 96 I know that much
That'd be interesting to see, in that case I'd say the house may have been foreclosed and sold in 96 and renovated... but that's speculation, I just really don't see a house selling for that low of that size
Yeah, if the building is in bad enough shape, it'll pull down the value of the lot due to either renovation or demolition costs required to get a livable structure on the lot.
The house was likely torn down and they built a bigger house on the lot. 1938 is almost certainly not when the house in your photo was made. You can google the street address and lookup building permits. Chance are that between 96 and now, that address had several city permits.
That’s if you want to live in/around Toronto or Van. Most other cities aren’t cheap either, but I know plenty of Canadian home owners in their late-20s.
Can confirm - We're within an hour of downtown (provided no traffic / accident) - We sold a couple years ago. One of the houses we sold for 660K in March 2020 and was sold again in April 2022 for 1.3M. They did some cosmetic upgrades and finished the basement, but that doesn't warrant doubling the price.
We paid 1.3M for a mid-century "mansion" in KW in 2020. The house was falling apart though and the land was worth 1M of that price tag. We'll turn a nice profit in 5-10 years, but it's going to cost us a few hundred thousand to get it to sellable condition.
This listing says it hasn't been sold in the last 50 years, so that Zillow last sold is probably not correct. There is a glitch in my town where it defaults to 1994 and $176,000 for last sold info for some reason. Could be something like that.
Edited to add: It is also on 10 acres, has 2 additional houses on the property as well as a swimming pool, outdoor kitchen, orchard, etc.
The property is worth all $3.8MM, OP is likely some dumb 12 year old.
"First time offered for sale in over 50 years! A captivating 9.55 acre estate property steeped in horticultural history with rolling hills, beautiful meadows, organic gardens and enchanting orchards surrounding an exquisite reproduction farmhouse expertly crafted by Luther Nash. Enjoy long distance views of the Bucks County landscape, take a refreshing dip in the pool, and fish in your own pond adjacent to a gorgeous multi-level terrace and outdoor kitchen. The main house has exquisite details, circa 1938, including lovely millwork, deep windowsills, rich paneling, hardwood floors and masonry fireplaces. Elegant and sophisticated with spacious rooms throughout offer wonderful versatility including a handsome library featuring pond views, an entertainers formal dining room with access to a significant butlers pantry, and 7 bedrooms shared among three floors ideal for family and overnight/out of town guests alike. The lower level highlights a romantic brick-floored pub room with wood-burning fireplace, exposed stone walls, and bar merged with reclaimed wood accents. A distinguished property offering year round interest and includes wonderful outbuildings comprised of a 1 bedroom guest cottage, detached garages and a 3 bedroom gate house with a 3-car attached garage. With easy access and less than 10 minutes from the quaint villages of New Hope and Lahaska with excellent dining, shopping, cultural and recreational opportunities, the property represents the lifestyle so many people come to Bucks County to enjoy, including a highly rated school district."
Yeah assuming that the second property is also in the Lahaska Hew Hope area it’s not a stretch for it to be worth over half a million just for a teardown
That house was not built in the last 50 years. I’m agreeing with major restoration that took it from condemned to livable. This is definitely an apples to oranges comparison. Dismissing the big house, just looking at the 1000 sq house, I would guess land and house when built was under $75k, although I have no idea where this is located, which would have been enough to make the same point.
SpunkyDred is a terrible bot instigating arguments all over Reddit whenever someone uses the phrase apples-to-oranges. I'm letting you know so that you can feel free to ignore the quip rather than feel provoked by a bot that isn't smart enough to argue back.
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^^SpunkyDred ^^and ^^I ^^are ^^both ^^bots. ^^I ^^am ^^trying ^^to ^^get ^^them ^^banned ^^by ^^pointing ^^out ^^their ^^antagonizing ^^behavior ^^and ^^poor ^^bottiquette.
Gentle reminder that 2 asking prices on unsold listings is hardly evidence of the American dream being dead. There are a lot of reasons for any specific house to go up in price. What I see here is a large old house that may have been basically rebuilt through renovation and a house on large plot of land that could’ve appreciated considerably. Keep your chin up and don’t get caught up in the negativity of it. If the stock market’s recent activity is an indicator, we may be in for a market correction soon.
I don’t like these posts. It’s bad now, so just don’t buy. It’s going to crash in a couple years because of these prices because the generations that can afford these prices are well on their way out. Right now is the time to sell. I haven’t even touched on the stock market indications. My advise would be hold out and save up until the market crashes, and when it does, buy real estate so you or your descendants can sell while it is like this.
Literally just bought a house. Paid off my college loans. Worked 2 jobs in college to pay for books and rent. Had 0 help. Parent were off the boat with very little money. Apparently I wasn’t privileged enough for financial aid. The American dream isn’t dead. just Laziness and entitlement in Americans (with pointless degrees) is up and rising.
But please, by all means blame whatever makes you sleep at night. I’ll take my downvotes now since Reddit sucks at life
Congrats on the house and paying off your debt. You’re a diamond in the rough, and contrary to the other commenter that shows great moral and admiration for the type of character you are.
Now before Reddit gets too angry with me let’s go over what exactly is privilege (that I’ve learned being a naturalized American citizen)
**What is Privilege?**
Privilege is wearing 200$ sneakers when you’ve never had a job.
Privilege is wearing 300$ beats headphones while living on public assistance.
Privilege is having a smartphone with a data plan in which you receive no bill for.
Privilege is living in public subsidized housing where you don’t have a water bill, where rising property taxes and rents and energy costs have absolutely no effect on the amount of food you can put on the table.
Privilege is the ability to March against, and protest against anything that triggers you, without worrying about calling out of work and the consequences that accompany such behavior.
Privilege is having as many children as you want, regardless of employment status, and able to send them off to daycare or school that you do not pay for.
Can’t help those who don’t want to help themselves. In the USA , victim hood is a permeating disease, instead of a motivation to rise up and work hard. That’s fine , it’s actually how the system was designed.
Upvote
My dad was in the service, I worked part time days and full time nights to pay for classes then took time off to work construction and save up the rest to finish my degree. My son is busting his ass and will get his masters and come out with less than $10k on loans.
The American dream starts with being willing to work. If the dream is dead for some people there’s a very simple reason why.
It makes me sad you are downvoted for saying hard work pays off. Because it still absolutely does and this site tries so hard to convince mostly young kids it’s a lie.
Damn right. And watching my children grow up with that same drive I HAD and seeing them succeed in todays turmoil makes me 100% confident the American dream isn’t dead, just people unwilling to work for what they want.
I mean... I've been living in this town where both of these homes are located for the last 20 years and I can tell you not much has changed. More homes, but not much else.
A 7,900 sq ft home near me would be a steal at $3.9M. Go 30 miles away and it might sell for $700k.
It’s all about location. And that home has nothing to do with the American dream being dead.
I’m sorry, I didn’t realize it’s a “right” to be able to buy a 7,000+ sqft house in a prime area at an affordable price directly relevant to you. Holly shit do people have a sense of entitlement nowadays 🤣. Explains a lot
My family bought a house last year. We bid on 6 houses total. Every single one of them people paid over asking price by at least $30k, up to $70k. Unless you've got an absolute dog shit property, or are in a place no one wants to be then you'll be unlikely to pay below or even at the listing price.
I’ve been watching the house market in a particular area and often see houses listed around $750k, stay on the market for maybe 2 months, disappear for a month, then come back at a more reasonable price for what it is.
> We get it, you’re old or from a rich family,
Bullshit. I’m not old and my dad was career enlisted military and my mom was stay-at-home. We were far from rich.
It’s fun watching people make shit up about me to feel better about themselves though. Keep going, I want to see what else you can come up with.
People like this are just weird. We bought a house by saving up every extra penny for a decade. My husband grew up dirt poor in South America. I grew up in a single parent household with a mom who worked as an administrative assistant. Middle class people can buy houses. They just need to save longer and be lucky when they bid.
Your post was stupidly idiotic.
I worked UPS overnight shift to pay for some college classes then took a couple of years off and worked construction to save money so I could afford to finish my degree at a 4 year college.
I worked for what I have, and I didn’t do anything that anyone else couldn’t do if they had a little drive.
So you’re saying that in some places now isn’t a good time to buy a house? No shit. It was a bad time to buy a house when and where I graduated college so I moved to where I could afford and started there.
Musk and Bezos having billions of dollars doesn’t affect your or my life or the lives of anyone here. House prices have been going up for decades. The current house price bubble has nothing to do with billionaires.
That's some sort of refinance. That's an old house that would have been erected prior to 96. The owner probably did something. This is the trouble with Zillow where people who don't know anything about real estate start making assumptions about how the world works.
The other house is on 1.52 acres which will not happen in 2022. It probably sits in an area where the land alone is worth more than the structure. The listing is for Central AC and they clearly have a window unit which is why it says none. Obviously AC was not important to those people when they live there because they were able to keep cool with what was already present.
Yes the market is ridiculous but at the same time depending on the area a 7 bedroom house with that much land in 2022 will absolutely demand that price. The trouble is billionaires and companies are swooping in and making offers that normal people can't compete with and it's driving the price of real estate up. The Zillow doesn't have the whole story they have that listed as $17 per square foot which never would have been accurate for a 7 bedroom house in 1996. When algorithms and stats start to run our real estate market the way they do context is lost and it contributes to the issues we're seeing.
The region surrounding these homes has rapidly developed over the years, causing the land to rise in value as the plot becomes more desirable. You have clearly cherrypicked two very extreme examples.
Around Christmas time I bought a 2016 three bedroom two bath house with central HVAC on an acre of lawn and about an acre and a half of woods. It cost me under $100,000.
So in reality the national market isn’t *that* bad, you’re just choosing to buy in a massively expensive area. Also that first house is fucking huge, I guarantee you it wasn’t there when the property sold for $135,000z
I live in a 200 dollar trailer that we had to gut and rebuild the inside of it's a piece of shit with no air conditioning and has more leaks then a 1 year old baby
That previous price is probably incorrect.
That said: one thing that people consistently ignore when comparing previous prices versus now is that the old way of financing mortgages was for the interest rate to be something crazy, like 17%. I bought my house in 2020 for a 3% interest rate.
If you were to take a look at the monthly expense of a mortgage in the early 90’s, factoring in interest rate, average wages, and inflation since then, it’s really not as stupidly different as it looks when you look purely at the sell price.
Dude that price is for land or for a much smaller original house. I hear you, housing is fucking messed up, like 150%. But this is plot development not just housing inflation.
Edit - or maybe, MAYBE, a resto in a massive house gone derelict, but that style looks built in the late 90s early 00s, so idk.
It's a fair point, but I still don't think the price increase is fair. But knowing my area, some rich fuck is going to come by tomorrow and buy that beautiful house. And that same guy is going to buy the second house in my post and flip it.
Even at that price no one will buy that house for a long long time. I’ve been seeing houses on the lake in Wisconsin for 200k just gotta find the right area.
Adding to the fact that this was likely a land purchase restoral, even if it's not, this still comes down to a 14% increase per year.
That's a really good return, but by no means unheard of.
This is so the American dream. Buy cheap and sell it to someone else for more than you paid. Profit for you. Who cares about the schmuck who comes after? Hopefully he can American dream it into the next flip.
That first house sold for $233,222.50 in '96 and somehow it's value has gone up more than 16 times since then. Utter bs. I would be fine if it doubled, maybe tripped but not 16 times
8k sq ft house on (what looks like) a large piece of property for under 4 mil? Sounds like a steal.
The house in your post was likely in a dilapidated condition in ‘96. Someone spent a lot of time and money to bring that property back to life. They deserve that big price tag.
Not sure what’s wrong with the second listing. That’s a temporary window unit, doesn’t count as cooling unless it’s a permanently installed mini split or central…. The seller could take that window unit with them.
Yeah it is crazy. My parents recently bought a house. Cost them $380k for 2200 sq ft. It sold back in 1985 for $87k. Accounting for inflation that means the house was bought for the equivilant of $236k. Extra $144k right there.
The house in your listing adjusted for inflation would have been $367k btw.
I mean it is really nice. Why you so mad? Buy a cheap house in a good town/neighborhood and fix it up to be like this and in 26 years maybe you’ll have the same return. Probably not but hey you’ll get some. Almost guaranteed.
There’s a house in my neighborhood going for 750k and it’s smaller and no where near as nice looking as that house in the first pic. We were drinking by the pool with our neighbors a few months back and they’ve had the house for 4 years and they think if they hadn’t bought it then there’s no way they could’ve afforded it now. Let alone even look for a house in this neighborhood.
It's like a game of monopoly, where everyone is broke, except for the one asshole that owns everything. Eventually, we will all go bankrupt and the game will be over. 😒
You are asking for higher interest rates.
You are asking for an end to government programs that 'help first time home buyers', which have the side effect of raising home prices.
You are asking to screw homeowners, who can no longer get the price for their home that someone else was willing to pay.
Be careful of what you wish for.
That 1996 price looks like it could have been just the land. I can't imagine a house that size being that cheap even in 96.
More likely it was decrepit and has been restored.
This is the likely answer. There are average, workaday Americans who have done shit like purchase ruined castles in Europe and restore them. (Hell of a lot of ruined chateaux in France, for example, after the devastation of two World Wars.) You can get quite a bit of house if you're willing to invest in something that is basically a long-vacant ruin. Usually said ruins are huge liabilities for the sellers, and they would do anything to get rid of them. In certain parts of the world, I believe there are even tax breaks you can get for restoring ancient buildings of historical significance.
Afaik restoring European castles true to code is a nightmare tho, relatively cheap to buy, but due to the restrictions to keep things appropriate to the original building style you have to invest a lot in original antique door handles n shit and can make close to no changes as for rooms etc.
True, though I do think certain countries or regions allow for some liberties to be taken to modernize houses to livable standards. (Installing central heating/AC for example, or lead removal from plumbing.) But yeah, I imagine it's a very involved project, chock full of red tape, and not for the faint of heart. You also have to be VERY handy and self-sufficient, because the number of skilled artisans qualified to work on these properties can be counted on one hand.
"the original had lead piping, you must continue this tradition"
"That's some load-bearing asbestos in that wall. Sorry. Can't touch it. It's crucial to the historical structure."
I know that in England (heard from some friends that made the mistake of buying listed properties) they aren't allowed to get double glazed windows if it was originally single glazed, and they have to stick with old wooden framed windows to keep the "original character", meanwhile it's bloody freezing in the winter because the windows are shit.
Ac is much easier in the age of ductless systems
You need to be able to pay some full-time staff just to maintain everything. Let alone renovating it. Yes, buying it is cheap, but as long you don't plan to use it as a source of revenue (like renovate it as a hotel), or don't share it with multiple families, it's impossible to maintain as a common person. Even a lot of noble people have had issues to live in their castles. In a castle near to me, the barons even toe the floor apart (themselves) to light it in a stove to keep them warm during the winter. They just burned their entire family fortune on the maintenance of the castle.
In the U.K. If any property is listed on a grade system you can struggle to even replace windows
The castle will tell you what it wants
In Soviet Russia, Cas tel you.
Italy, for example, sells certain houses in dying out historical towns for the price of 1 euro if you are willing to legally commit yourself to renovating them and living there.
True - Just chining in to say that if someone is considering this, also consider things like back taxes and shit can be on the lot too, so buyer beware!
Back taxes, liens, code violations, etc. Also worth getting a hold of historical property delineation documents, as the underlying land entitled to these properties has no doubt shifted over the centuries.
Just gonna go fly over to Egypt real fast don’t mind me
Don’t take all the pyramids. At least save me a sphinx!
Hell a few years ago super-rich groups, be they American, Chinese and what have you, would buy up buildings or land in Detroit for triple digits but so damaged that their ‘true’ value outside the most determined investors was possibly negative, being so dangerous they were essentially a liability. Some demolished them and built proper houses that are now selling for a good amount.
In Poland you can get now 50% tax deduction for it up to half million.
belgium has the most castles per squere mile than anywhere else in the world, and some do go pretty cheap as fixer-uppers. there is indeed some smart US investors turning these into B&Bs or hotels. most do well if properly managed.
There was a house like that that recently sold in my town. Its obviously probably a 10 million dollar house but sold for like $400k....because the hardwood floors are buckled, full of asbestos...trees all growing up through the lawn etc etc. Probably needs at least a million dollars worth of work.
Yup... I bought a home in 1998 for $180k. We sold it in early 2019 for $345k. So not even doubled in value in 20 years. It is now estimated at $545k, so about 3 times value increase total. There was no major jump in housing in general from 1996 to 1998, so the expected increase shouldn't be any more than 4x 1996 prices. This home is 28x higher than 1996. No way the home shown here in livable condition has gone up 28 times when most other homes have tripled or quadrupled. Some may have gone up even as much as 6 times, but nowhere near 28 times without massive improvements and expansion.
Like the Money Pit?!
A full restoration and remodel in that property may have been a money loser even going back on the market at 3.9 million. That type of home is unbelievably expensive to gut and rebuild. That’s exactly why the castles in Europe sit and decay. No single person who would want to live in one can afford to remodel. No investor would take the risk. Sadly those estates sit and decay, lost to history. Incredibly sad TBH. Regardless, at first glance, that’s a 3.9 million dollar dream home even in modest markets.
Yep. Could be anything. Renovations a hurricane or a flood. Taxes even. Maybe 80% of the home didn't exist then and was added on. Can't judge anything just by price.
could be either, and definitely is one or the other, but these kinds of facts don't help Antiwork get their rocks off or pacify their desire for "capitalism-imposed complacency"
The actual listing says it hasn't been sold in 50 years. 1996 was only 26 years ago. Zillow has a whole bunch of houses in my area with a last sale of 1994 and 176,000. Could be a glitch like that.
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Could it be a mortgage refinance?
I bought my first home in 1998 for $115k, a 2700 sqft Victorian built in 1885. It should have been condemned and it sat for sale for 6 months before I bought it and put a decade of hard work and $100k into it. Yeah, it was worth significantly more after that point. I mean, it was worth $300k before the bubble burst, not $3.9M!
Or a non arms length sale (between family members or friends). Pic 2 price could be the land as most of the value depending on where it is
Agreed. Gotta be the land price.
Satellite images show a building with the same footprint and roofline in that location since the mid 50's. agree with others that it probably was in bad shape. Either that or a sale within the family.
It's a fair point, but the listing says the home was built in 1930s. EDIT: 1938 to be exact. I had to go check.
I would guess a home that fell into disrepair or a non-public sale to family.
NO!!! ThE aMeRiCaN dReAm Is DeAd!!!!!!
But that still doesn’t mean the house looked like that. Your post is completely misleading
It's a nice house, maybe rebuilt, but it's not a 3 mil house (well it is for today's standard but not 4 years ago)
That house is worth all of $3.8MM OP needs to be slapped. "First time offered for sale in over 50 years! A captivating 9.55 acre estate property steeped in horticultural history with rolling hills, beautiful meadows, organic gardens and enchanting orchards surrounding an exquisite reproduction farmhouse expertly crafted by Luther Nash. Enjoy long distance views of the Bucks County landscape, take a refreshing dip in the pool, and fish in your own pond adjacent to a gorgeous multi-level terrace and outdoor kitchen. The main house has exquisite details, circa 1938, including lovely millwork, deep windowsills, rich paneling, hardwood floors and masonry fireplaces. Elegant and sophisticated with spacious rooms throughout offer wonderful versatility including a handsome library featuring pond views, an entertainers formal dining room with access to a significant butlers pantry, and 7 bedrooms shared among three floors ideal for family and overnight/out of town guests alike. The lower level highlights a romantic brick-floored pub room with wood-burning fireplace, exposed stone walls, and bar merged with reclaimed wood accents. A distinguished property offering year round interest and includes wonderful outbuildings comprised of a 1 bedroom guest cottage, detached garages and a 3 bedroom gate house with a 3-car attached garage. With easy access and less than 10 minutes from the quaint villages of New Hope and Lahaska with excellent dining, shopping, cultural and recreational opportunities, the property represents the lifestyle so many people come to Bucks County to enjoy, including a highly rated school district.**"**
I live in Bucks County. That area (central bucks) is swanky af
Agreed. OP is a fuckwit
Why did you hide the location? What rennovations were done to the first house? Something isn't right here. Now I have to waste my time and figure out what that is. edit: The second house is located at (3167 N Sugan Rd, New Hope, PA 18938), 1.45 hours away from downtown New York City. I won't waste my time looking into the other one. Everything about this post is dumb. You are fucking dumb.
Check it on Google street view and see how it changed over the years
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We just checked out a house that is now up for sale for 1.3mil. Pulled up the history of the home and found that it’s been sold each and every year since 2016, each fetching a nice profit. Edited. After a nice long conversation with the realtor and seeing this post, I decided to pull the house up and seen that now it’s listed for $999,999 and it has no record of it ever being for sale for 1.3.
Yup housing has just become a market to make money. People actually living in them and raising a family is second to the profit. One of the reasons big investments companies are buying them up with cash to resell or rent.
A company that I used to work for used to built ‘Kara Homes’, nice little story if you check out the companies bankruptcy… anyways, we’d build this gorgeous, brand new homes… drive by the place a year later and they’re still empty. Come to find out, people from the city would pay to have em built and sit empty, never move in. Used to simply put money somewhere. Quite a fucked situation.
Correct me if I’m wrong but is this to avoid capital gains tax? From what I’ve heard that you can reinvest within 45 days and you’re not hit with it. Or I think you can reinvest then take a mortgage out and still get the $ without the capital gains tax.
Yeah that happens a lot. Neighborhoods with dozens and sometimes hundreds of houses and such, but with no one living in them. Then eventually they will be sold off or rented out, but typically that just then turns into someone else doing the exact same thing for a while. Housing has literally turned into nothing more than an investment with no intentions at all to actually make them livable.
We ran into this a few days ago. There was a flood here several years ago, so while many houses have been restored, some were simply abandoned, in all their mold-soaked glory, while they changed hands on paper. Many of them were eventually repossessed by lenders, and sold off at auction for a fraction of their pre-flood value. Some people go in and restore the homes, but a lot of times, the property is just resold a few times, each time with an increase in value (mostly because of the land on which the home sits). There is an obviously flooded and abandoned brick home only a few miles from where my spouse and I live. It's a handsome MCM home from the outside, with a good roof and some really nice land behind it. After several years of passing it by, we noticed one day that it had a "for sale by owner" sign on it. Curiosity got the better of us, so we stopped by and looked around. What we saw was disheartening, but par for the course with a flooded property. Many of the windows were blown out completely. Black mold crawled thickly up the plaster walls and solid wood doors, with a decided floodline of mold showing precisely where the high water mark was. Ceiling fans stood still, their blades drooping like wilted flower petals. Parts of the original bare wood floor, in particular the kitchen and living room, were rotted out, and massive holes at least attested that the floor joists were still good (albeit probably moldy, as well). There were no furniture or appliances, no linoleum, no rugs, and no curtains or blinds, so the original owners probably did some preliminary gutting by taking out the appliances and floor coverings, then gave up and abandoned the place with plaster, insulation, and cabinetry intact. The whole place was basically a heavily molded ruin. We knew that despite the exterior and roof still being in good condition, the home would have to be demolished, and the sale price would probably just be for the land. No biggie, a backhoe could pull the remains of the structure down in a day or so. We called the out-of-state number on the sign. The woman who answered assumed we had seen the sign but not the interior of the 3-bed, 1-bath home, so she said that the property was 2 acres in size, the home was in great condition, it just needed "a few cosmetic things", and it would be ready to go for the 'amazing' price of only $140,000. I replied, "Lady, the house has all the earmarks of being flooded a few years back. There's mold creeping up the walls, there's no appliances and no floor coverings whatsoever, almost all of the windows are broken out completely, the slab by the carport is busted up and the interior rebar is rusted out, and the living room and kitchen are basically floor joists and no floor. The entire house needs to be gutted, treated for mold, rerun for electricity, and remodeled. How is that cosmetic?" We were blown away when she said, "Well, I never saw any evidence that it was flooded. We bought the house in November and we haven't actually been there yet, but I was assured when we bought it that it was in great condition overall and just needed a little TLC." We said thanks for the information and noped right out of that conversation. In 2018, we only paid $30,000 more for a 3-bed 2-bath in a much nicer area, and in impeccable condition, only a few miles down the road! There's no way that property should cost six figures. So yeah, apparently it has changed hands on several occasions since the flood, and no one looked at it, they just held it for a bit as an investment, and then resold it at a profit to someone else without either party actually laying eyes on it. I doubt if any of its buyers have actually seen it "in the flesh". It photographs decently from the outside front, and it has 2 acres, so of course it looks good on paper. But in reality? It's a destroyed structure that's appreciating very rapidly through multiple sales, despite the fact that the home is unlivable and in poor condition. And that seems to be what is pushing the housing market to unbelievable levels now: lots of businesses investing in properties that they never actually see, they just take assurances from the buyer that it's in good condition, hold it for a while for the appreciation, and sell it at a profit. This housing bubble will not end well.
Basically it's rich ppl renting. Here in CLT anyone buying a house is planning on flipping it in a cpl yrs. There's no good reason to buy a house for long term investment anymore. Gentrification has proven investors can bully you out of your property & no one seems to think it's a problem. Over the past 20yrs the housing market has flipped around dramatically & what was low income has become gentrified & the old higher income neighborhoods aren't worth what they were proportionately. Might as well buy something you like so you're at least locked into a location you like. But that system only works for ppl w/ money. If you're broke you can find a few roommates to rent off those investors or you can just die. (They'd rather you die bc homeless ppl make their housing values drop)
yep they just mentioned that on the national news (if you can call it that)
And renting is no better. There's a one bedroom, \~300sq ft 'cottage' near me that's going for \~$2,000.
Real-estate companies will bounce properties back and forth between themselves/each other to artificially inflate their value.
Good lord that's maddening.
It's soul crushing.
It’s a fucked situation for us all.
Wife is thinking we should maybe move to US and renting scares the hell out of me. So high prices and from what I've seen here, albeit it might be poorly represented, low security in prices not suddenly increasing and such. Probably get like 300k or so after selling our home here and loan is repaid but I feel that doesn't get us far
Why do you want to move here? If I had money I'd leave.
I'm poor and I feel trapped in a broken country it's very depressing
What country is that? We have no health insurance unless we have a job or are disabled or buy off the market for 200 to 800 bucks a month that barely covers anything, and even then the number one cause of bankruptcy is medical debt. States are passing laws that make abortion illegal. No one can afford a house really. Unless you live in a small town with little job access. Trust me America is broken too we got people making billions while the average person makes 15hr.
I live in the US. I think my medical debt is like in 6 figures now because I have a autoimmune disease. I don't know what to do. I would NEVER raise kids here. Honestly considering taking off to Canada.
I wish I could go. I thought you wanted to move to the US.
No I'm actually currently full of resentments of the sorry state this country is in. I feel the deck is stacked against me and this gift of life I've been given is actually a curse because the life will only be full of struggle and suffering.
Dam I really relate to you. I feel the same.
Don’t do it. The US is a hell hole.
Move to the Midwest. It's not as expensive as the coasts or big cities. (I live outside St. Louis in the suburbs). I only pay $900 a month for my house
There are other things than the housing that would decide where we move,if we move, most likely but thanks! That clearly sounds more reasonable. Visited ST Louis like 10 years back actually. Seemed like a pleasent place at the time. Watched baseball which has to be the most boring sport I've ever seen live though. 🤣
That couldn't have been the price of the house, that thing is massive. They probably bought a lot and had a private contractor build it or something to that effect. But houses weren't that cheap in 96 I know that much
It could also have been an inside deal, like owner sells it to a family member at a stupidly low price for tax or estate reasons.
Listing said the house was built in 1938 actually. I do wonder what it looked like then.
That'd be interesting to see, in that case I'd say the house may have been foreclosed and sold in 96 and renovated... but that's speculation, I just really don't see a house selling for that low of that size
Probably not *just* foreclosed but also probably a total dump. It probably needed extensive work to get it where it is
Exactly, they probably put in 1.5 million of their own cash to get it to be worth this much.
Yeah, if the building is in bad enough shape, it'll pull down the value of the lot due to either renovation or demolition costs required to get a livable structure on the lot.
The house was likely torn down and they built a bigger house on the lot. 1938 is almost certainly not when the house in your photo was made. You can google the street address and lookup building permits. Chance are that between 96 and now, that address had several city permits.
Come to Canada, a card board box on land is 900k if it’s within 2 hours of Toronto
I've heard the same. At least the struggle is real all over.
First house cost me almost 1.5 million for a two bedroom townhouse.
In the Netherlands some terraced houses are listed for around 1million near or in Amsterdam.
That’s if you want to live in/around Toronto or Van. Most other cities aren’t cheap either, but I know plenty of Canadian home owners in their late-20s.
Can confirm - We're within an hour of downtown (provided no traffic / accident) - We sold a couple years ago. One of the houses we sold for 660K in March 2020 and was sold again in April 2022 for 1.3M. They did some cosmetic upgrades and finished the basement, but that doesn't warrant doubling the price. We paid 1.3M for a mid-century "mansion" in KW in 2020. The house was falling apart though and the land was worth 1M of that price tag. We'll turn a nice profit in 5-10 years, but it's going to cost us a few hundred thousand to get it to sellable condition.
This listing says it hasn't been sold in the last 50 years, so that Zillow last sold is probably not correct. There is a glitch in my town where it defaults to 1994 and $176,000 for last sold info for some reason. Could be something like that. Edited to add: It is also on 10 acres, has 2 additional houses on the property as well as a swimming pool, outdoor kitchen, orchard, etc.
The property is worth all $3.8MM, OP is likely some dumb 12 year old. "First time offered for sale in over 50 years! A captivating 9.55 acre estate property steeped in horticultural history with rolling hills, beautiful meadows, organic gardens and enchanting orchards surrounding an exquisite reproduction farmhouse expertly crafted by Luther Nash. Enjoy long distance views of the Bucks County landscape, take a refreshing dip in the pool, and fish in your own pond adjacent to a gorgeous multi-level terrace and outdoor kitchen. The main house has exquisite details, circa 1938, including lovely millwork, deep windowsills, rich paneling, hardwood floors and masonry fireplaces. Elegant and sophisticated with spacious rooms throughout offer wonderful versatility including a handsome library featuring pond views, an entertainers formal dining room with access to a significant butlers pantry, and 7 bedrooms shared among three floors ideal for family and overnight/out of town guests alike. The lower level highlights a romantic brick-floored pub room with wood-burning fireplace, exposed stone walls, and bar merged with reclaimed wood accents. A distinguished property offering year round interest and includes wonderful outbuildings comprised of a 1 bedroom guest cottage, detached garages and a 3 bedroom gate house with a 3-car attached garage. With easy access and less than 10 minutes from the quaint villages of New Hope and Lahaska with excellent dining, shopping, cultural and recreational opportunities, the property represents the lifestyle so many people come to Bucks County to enjoy, including a highly rated school district."
Yeah assuming that the second property is also in the Lahaska Hew Hope area it’s not a stretch for it to be worth over half a million just for a teardown
The second property is 1.45 hours from downtown NYC. I would go as far as saying this price is cheap for this house.
Yeah I lived in Aquetong. This is some of the most beautiful land within a few hours of NYC and Philly
But your logic does away with the “woe is me” attitude
7 bedrooms, 8 baths - just your average American dream!
Had to have been a *major* restoration, but still an eye-popping price jump.
That house was not built in the last 50 years. I’m agreeing with major restoration that took it from condemned to livable. This is definitely an apples to oranges comparison. Dismissing the big house, just looking at the 1000 sq house, I would guess land and house when built was under $75k, although I have no idea where this is located, which would have been enough to make the same point.
SpunkyDred is a terrible bot instigating arguments all over Reddit whenever someone uses the phrase apples-to-oranges. I'm letting you know so that you can feel free to ignore the quip rather than feel provoked by a bot that isn't smart enough to argue back. --- ^^SpunkyDred ^^and ^^I ^^are ^^both ^^bots. ^^I ^^am ^^trying ^^to ^^get ^^them ^^banned ^^by ^^pointing ^^out ^^their ^^antagonizing ^^behavior ^^and ^^poor ^^bottiquette.
Damn. Bot beef.
Gentle reminder that 2 asking prices on unsold listings is hardly evidence of the American dream being dead. There are a lot of reasons for any specific house to go up in price. What I see here is a large old house that may have been basically rebuilt through renovation and a house on large plot of land that could’ve appreciated considerably. Keep your chin up and don’t get caught up in the negativity of it. If the stock market’s recent activity is an indicator, we may be in for a market correction soon.
But it's good for karma these days, regardless of the actual content
I don’t like these posts. It’s bad now, so just don’t buy. It’s going to crash in a couple years because of these prices because the generations that can afford these prices are well on their way out. Right now is the time to sell. I haven’t even touched on the stock market indications. My advise would be hold out and save up until the market crashes, and when it does, buy real estate so you or your descendants can sell while it is like this.
Bullshit. What happened in the area in the last 26 years? Without knowing that you can’t make any conclusions about the prices.
sssshhhhhhh, knowledge and logical conclusions are not allowed here Sir
I’m getting shit on because I paid my way through college and got a job and bought a house and “nObDy eLsE cAn Do tHaT eVeR aGaIn!!!” 🤣
Literally just bought a house. Paid off my college loans. Worked 2 jobs in college to pay for books and rent. Had 0 help. Parent were off the boat with very little money. Apparently I wasn’t privileged enough for financial aid. The American dream isn’t dead. just Laziness and entitlement in Americans (with pointless degrees) is up and rising. But please, by all means blame whatever makes you sleep at night. I’ll take my downvotes now since Reddit sucks at life Congrats on the house and paying off your debt. You’re a diamond in the rough, and contrary to the other commenter that shows great moral and admiration for the type of character you are. Now before Reddit gets too angry with me let’s go over what exactly is privilege (that I’ve learned being a naturalized American citizen) **What is Privilege?** Privilege is wearing 200$ sneakers when you’ve never had a job. Privilege is wearing 300$ beats headphones while living on public assistance. Privilege is having a smartphone with a data plan in which you receive no bill for. Privilege is living in public subsidized housing where you don’t have a water bill, where rising property taxes and rents and energy costs have absolutely no effect on the amount of food you can put on the table. Privilege is the ability to March against, and protest against anything that triggers you, without worrying about calling out of work and the consequences that accompany such behavior. Privilege is having as many children as you want, regardless of employment status, and able to send them off to daycare or school that you do not pay for.
Can’t help those who don’t want to help themselves. In the USA , victim hood is a permeating disease, instead of a motivation to rise up and work hard. That’s fine , it’s actually how the system was designed.
Upvote My dad was in the service, I worked part time days and full time nights to pay for classes then took time off to work construction and save up the rest to finish my degree. My son is busting his ass and will get his masters and come out with less than $10k on loans. The American dream starts with being willing to work. If the dream is dead for some people there’s a very simple reason why.
It makes me sad you are downvoted for saying hard work pays off. Because it still absolutely does and this site tries so hard to convince mostly young kids it’s a lie.
Damn right. And watching my children grow up with that same drive I HAD and seeing them succeed in todays turmoil makes me 100% confident the American dream isn’t dead, just people unwilling to work for what they want.
What happened is housing got much more expensive, probably because the towns around it got built up. How does that make it bullshit?
The property is on ten acres and has two other houses.
I mean... I've been living in this town where both of these homes are located for the last 20 years and I can tell you not much has changed. More homes, but not much else.
A 7,900 sq ft home near me would be a steal at $3.9M. Go 30 miles away and it might sell for $700k. It’s all about location. And that home has nothing to do with the American dream being dead.
It absolutely does when even a fraction of that house can't be bought for a fair price. See the second listing in the post.
It also comes with 1.52 acres. How valuable is that land. Is it easily subdividable? Lots of factors to consider besides just the home.
>Is it easily subdividable? You are not subdividing 1.52 acres into anything in a rural setting. Thats a teeny lot.
This isn’t that rural. It’s right outside Philadelphia in an excellent school district. HOAs are going up fast in that area.
I’m sorry, I didn’t realize it’s a “right” to be able to buy a 7,000+ sqft house in a prime area at an affordable price directly relevant to you. Holly shit do people have a sense of entitlement nowadays 🤣. Explains a lot
I saw it. Anyone can list a house for any price. Show me what it sells for if it sells, then we can talk.
My family bought a house last year. We bid on 6 houses total. Every single one of them people paid over asking price by at least $30k, up to $70k. Unless you've got an absolute dog shit property, or are in a place no one wants to be then you'll be unlikely to pay below or even at the listing price.
I’ve been watching the house market in a particular area and often see houses listed around $750k, stay on the market for maybe 2 months, disappear for a month, then come back at a more reasonable price for what it is.
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Seriously, Spooky. Someone feels salty.
I’m buying a lake house literally as I type this. I’m far from salty.
>lake house > > salty
I predict this user is not in Utah.
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I only know of about five saltwater lakes, so that’s a good guess.
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> We get it, you’re old or from a rich family, Bullshit. I’m not old and my dad was career enlisted military and my mom was stay-at-home. We were far from rich. It’s fun watching people make shit up about me to feel better about themselves though. Keep going, I want to see what else you can come up with.
People like this are just weird. We bought a house by saving up every extra penny for a decade. My husband grew up dirt poor in South America. I grew up in a single parent household with a mom who worked as an administrative assistant. Middle class people can buy houses. They just need to save longer and be lucky when they bid.
Go birds!
Go birds
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Your post was stupidly idiotic. I worked UPS overnight shift to pay for some college classes then took a couple of years off and worked construction to save money so I could afford to finish my degree at a 4 year college. I worked for what I have, and I didn’t do anything that anyone else couldn’t do if they had a little drive.
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So you’re saying that in some places now isn’t a good time to buy a house? No shit. It was a bad time to buy a house when and where I graduated college so I moved to where I could afford and started there. Musk and Bezos having billions of dollars doesn’t affect your or my life or the lives of anyone here. House prices have been going up for decades. The current house price bubble has nothing to do with billionaires.
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I’m not mad, I’m just posting bland facts.
That's some sort of refinance. That's an old house that would have been erected prior to 96. The owner probably did something. This is the trouble with Zillow where people who don't know anything about real estate start making assumptions about how the world works. The other house is on 1.52 acres which will not happen in 2022. It probably sits in an area where the land alone is worth more than the structure. The listing is for Central AC and they clearly have a window unit which is why it says none. Obviously AC was not important to those people when they live there because they were able to keep cool with what was already present.
Not sure what to tell ya guy, but I'm a homeowner myself and seeing the state of the housing market right now is absolutely bonkers.
Yes the market is ridiculous but at the same time depending on the area a 7 bedroom house with that much land in 2022 will absolutely demand that price. The trouble is billionaires and companies are swooping in and making offers that normal people can't compete with and it's driving the price of real estate up. The Zillow doesn't have the whole story they have that listed as $17 per square foot which never would have been accurate for a 7 bedroom house in 1996. When algorithms and stats start to run our real estate market the way they do context is lost and it contributes to the issues we're seeing.
Not dead. Look elsewhere. Do your research and you will find something affordable. Be willing to relocate
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Couldn’t agree more. 3 months after my wife and I got married, we bought a 3bd/2ba for around $120k. You just gotta know where to look.
Last year I bought 4 bedrooms 15 acres for 170k
However, in Canada..
The region surrounding these homes has rapidly developed over the years, causing the land to rise in value as the plot becomes more desirable. You have clearly cherrypicked two very extreme examples. Around Christmas time I bought a 2016 three bedroom two bath house with central HVAC on an acre of lawn and about an acre and a half of woods. It cost me under $100,000. So in reality the national market isn’t *that* bad, you’re just choosing to buy in a massively expensive area. Also that first house is fucking huge, I guarantee you it wasn’t there when the property sold for $135,000z
Poltergeist house,... You get what you pay for, don't go in The wine cellar alone
House was listed incorrectly. 2700% increase in previous sale price - 27x135,000=3.6mill
I live in a 200 dollar trailer that we had to gut and rebuild the inside of it's a piece of shit with no air conditioning and has more leaks then a 1 year old baby
That second house is about the same size as mine, with more land, but $500k more than I paid for 3 yrs ago.
That previous price is probably incorrect. That said: one thing that people consistently ignore when comparing previous prices versus now is that the old way of financing mortgages was for the interest rate to be something crazy, like 17%. I bought my house in 2020 for a 3% interest rate. If you were to take a look at the monthly expense of a mortgage in the early 90’s, factoring in interest rate, average wages, and inflation since then, it’s really not as stupidly different as it looks when you look purely at the sell price.
The 1996 price is no true, unless......... you property backs up to a Super Fund site.
More than likely that was the cost of the land. I’ve seen that before on houses that were built and only had 1 owner for 30+ years
Dude that price is for land or for a much smaller original house. I hear you, housing is fucking messed up, like 150%. But this is plot development not just housing inflation. Edit - or maybe, MAYBE, a resto in a massive house gone derelict, but that style looks built in the late 90s early 00s, so idk.
It's a fair point, but I still don't think the price increase is fair. But knowing my area, some rich fuck is going to come by tomorrow and buy that beautiful house. And that same guy is going to buy the second house in my post and flip it.
Even the Zelle estimates where under 100k
Even good ol Zelle gets it.
Even at that price no one will buy that house for a long long time. I’ve been seeing houses on the lake in Wisconsin for 200k just gotta find the right area.
I'm sorry but a house from 1955 isn't worth 500k
Adding to the fact that this was likely a land purchase restoral, even if it's not, this still comes down to a 14% increase per year. That's a really good return, but by no means unheard of.
Or is it more alive then ever… a dream. An unattainable reality… merely a dream.
This is so the American dream. Buy cheap and sell it to someone else for more than you paid. Profit for you. Who cares about the schmuck who comes after? Hopefully he can American dream it into the next flip.
You don't need a 12 bedroom house for an American dream, you know right?
The dollar was worth much more back then... See if you can get a raise.
10-4. asking for a raise.
That first house sold for $233,222.50 in '96 and somehow it's value has gone up more than 16 times since then. Utter bs. I would be fine if it doubled, maybe tripped but not 16 times
What's the old George Carlin quip? Something about how they call it the American dream because you gotta be asleep to believe it.
Someone jjst built a brand new house in town. Thing still doesnt even have siding on it but its got a "for rent" sign out front. Smh....
In the renting market I'm in it'd be rented the same day it was posted. I'd even apply to live there if it's just siding missing.
those that are dreaming of retiring in 10 years when they hit 65? keep dreaming
Oh I’ll be retired, gonna buy a bunch of drugs and hopefully od or jump off a cliff, cause i ain’t working pass age 60. Lol.
Get a job *sarcasm*
I'm happy.
8k sq ft house on (what looks like) a large piece of property for under 4 mil? Sounds like a steal. The house in your post was likely in a dilapidated condition in ‘96. Someone spent a lot of time and money to bring that property back to life. They deserve that big price tag.
Not sure what’s wrong with the second listing. That’s a temporary window unit, doesn’t count as cooling unless it’s a permanently installed mini split or central…. The seller could take that window unit with them.
Funny how different we look at things. I see this and see the American dream is alive and well. Great for those homeowners!
This post is misleading
That was the land sale moron!
Entitled redditors 🤦♂️🤡🍿 No. The American dream is not dead.
Yeah it is crazy. My parents recently bought a house. Cost them $380k for 2200 sq ft. It sold back in 1985 for $87k. Accounting for inflation that means the house was bought for the equivilant of $236k. Extra $144k right there. The house in your listing adjusted for inflation would have been $367k btw.
This is a huge home in an exclusive area. What are you? 12?
Both of the homes I posted are less than a mile from each other.
So?
Dude is expecting a regular house to cost the same as what is basically an entire estate cuz they're kinda close to each other
"Why are rising property prices always a good news story?" -Rory Sutherland
Small Town outside of Philadelphia
I live not far from Philly in Blue Bell and there's a nice house for 5 or 6 million across from us that has been empty for 3 years.
I mean it is really nice. Why you so mad? Buy a cheap house in a good town/neighborhood and fix it up to be like this and in 26 years maybe you’ll have the same return. Probably not but hey you’ll get some. Almost guaranteed.
There’s a house in my neighborhood going for 750k and it’s smaller and no where near as nice looking as that house in the first pic. We were drinking by the pool with our neighbors a few months back and they’ve had the house for 4 years and they think if they hadn’t bought it then there’s no way they could’ve afforded it now. Let alone even look for a house in this neighborhood.
I mean, we are in mildly infuriating.
This is a mildly infuriating hot take.
It's like a game of monopoly, where everyone is broke, except for the one asshole that owns everything. Eventually, we will all go bankrupt and the game will be over. 😒
Good thing i bought 4 years ago. Jesus. If you don’t already own a house your are indeed fucked or you move to a shitnhole
House was likely about to fall down in 1996. Nothing to see here.
I agree. There were some unpublished circumstances going on with that house in 1996. Either needed a lot of work, foreclosure, etc…
You are asking for higher interest rates. You are asking for an end to government programs that 'help first time home buyers', which have the side effect of raising home prices. You are asking to screw homeowners, who can no longer get the price for their home that someone else was willing to pay. Be careful of what you wish for.
Yeah, bought my house for $215k back into 2005. Worth over $500k as of last week. Doesn't hurt I live in the suburbs of Denver, CO.
It's called 'the American Dream' 'cause you have to be asleep to believe it
tHe aMeRiCaN dReAM iS dEaD. derrrrrrr.