Home buying thread

Gravel

Gravel

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Ugh, this all reminds me of the property I really wanted to buy in Perdido Key and build on when we were planning on heading to Florida. It was around $100k (which seemed cheap) I think, but I did some digging while we were in California and apparently you have to get all kinds of studies on some beach mouse or other rodent. Between that, the HOA, and having to build a minimum of 2000 sqft, we wrote it off as an option.

Which is a shame because holy shit, it's an amazing area. It's literally right next to the National Seashore. But you can also see how there have been almost no new houses built on all those empty lots in forever.

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Edit: Think it was actually listed at $85k at the time (sold for 100k). Seems like a bargain until you realize you have to throw tens of thousands at government bureaucracy.

www.zillow.com

7221 Surfview Dr, Perdido Key, FL 32507 | Zillow

7221 Surfview Dr, Perdido Key FL, is a Vacant Land home.This home last sold for $100,000 in October 2021. The Rent Zestimate for this Vacant Land is $3,002/mo, which has increased by $445/mo in the last 30 days.
www.zillow.com www.zillow.com
 
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MrSpitz

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The problem with housing is too many regulations to build and a tax structure that incentivized instead accurately taxes individuals or companies that have multiple properties.

So less builds and less owners, more renters, harder to build equity once renting starts. Rinse and repeat.
 
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Daidraco

Daidraco

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Blazin said:
I'm in PA. EPA requires all run off to be captured from all disturbed areas, not just the impervious. I have two massive pits underground that are filled with stone and water is then piped there to seep into the soil over time. The drains capture all water from roofs and paving, then I have grading that captures the water flowing over the ground. I live in PA the state is irrelevant the only thing that matters is if you live somewhere in the country where regulations are simply ignored because local govt lacks the will or resources for enforcement. I'm actually stating the low end of the costs, don't forget about having to pay for bog turtle studies .

Engineering I'm also stating the low end I used connections to get it done a lot cheaper than anyone around me, and I also did all leg work and approval meetings representing myself rather than pay for the engineer to go for me. You say you're familiar but it doesn't sound like you are. You have to submit preliminary plans to a planning commission once you have their approval which takes months it goes to the board of commissioners. While that process is happening you have to be submitting to your local Conservation District because the BoC won't sign off until you have the CD approval. The CD is usually "local" but these are the people who are getting their authority and direction from the EPA. You don't deal with federal people unless you're in deep trouble. You also have to get County approval but they will normally wave their review right to the township/municipality depending on what the scope of the project is.

I'm not going to type the 50 paragraphs to outline the process in detail. Sometimes its that people buy property where this work is already done so they aren't familiar with what it took to get to that point, they just go get their building permit and get to work.

What is your experience with land development, how much do you think engineering on a home would be? Who is putting full sets of plans together for chump change? In a large neighborhood these expenses are probably in $500k range which gets spread out over the building lots, in that some water management pits can be for the entire developments impervious surfaces, some land is cheaper to build on than others maybe there is no creek anywhere near by etc. but in most communities the "best" ie easiest land to develop is already developed.

I wasn't speaking of wells but what do you think a well costs? There is no guarantee, it costs about $7-10k per attempt at a well. My neighbor took 4 tries. I don't live somewhere with high cost of living either we are quite affordable in this area, its not the 1990s anymore, costs have become astronomical. I have been buying real estate for over 20 years and the cost are many magnitudes higher than it use to be.
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I dont even care that you got an attitude for me asking you questions about your building costs. I feel sorry for you for having to have spent that much just to build a house. Whether those regs were put into place in order to keep the "poors" out, or any type of liberal group has their run of the place, that shit is just no where near that extreme here in central Virginia. As new housing builds would not be affordable for anyone at those rates and thats not just because "regulations are simply ignored because local govt lacks the will or resources for enforcement."

Your situation very much so is "depressing" no matter how you try to make yourself feel validated.
 
Sanrith Descartes

Sanrith Descartes

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Did our first walkthrough on the new build. Lots of little paint issues and one light fixture that needs to be replaced. Everything else is solid closing next week.
 
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C

Captain Suave

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Sanrith Descartes said:
Did our first walkthrough on the new build. Lots of little paint issues and one light fixture that needs to be replaced. Everything else is solid closing next week.
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Did you run water and check showers, sinks, toilets, backsplashes, etc. for leaks? My experience with other people's waterproofing jobs has been very poor.
 
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Blazin

Blazin

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Daidraco said:
I dont even care that you got an attitude for me asking you questions about your building costs. I feel sorry for you for having to have spent that much just to build a house. Whether those regs were put into place in order to keep the "poors" out, or any type of liberal group has their run of the place, that shit is just no where near that extreme here in central Virginia. As new housing builds would not be affordable for anyone at those rates and thats not just because "regulations are simply ignored because local govt lacks the will or resources for enforcement."

Your situation very much so is "depressing" no matter how you try to make yourself feel validated.
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Wasn't meaning to give you an attitude the topic makes me salty, the wound is still fresh !
 
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Sanrith Descartes

Sanrith Descartes

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Big Phoenix said:
You about to get plowed sanrith?
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Nah. I think the storm eye is gonna pass way north of us. I don't close on the new house until Thursday so on one hand, I am in great shape because I only own the office building and not the house yet. On the other hand, if something does go sideways with the house and we end up walking away from it, then I am back to finding a new house. This is one of the rare times when "force majeure" could actually work out in our favor.

I also think that windshear is gonna fuck it up and the odds of it being above a Cat 1 are pretty slim. More media fear mongering.
 
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Moogalak

Moogalak

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Sanrith Descartes said:
Nah. I think the storm eye is gonna pass way north of us. I don't close on the new house until Thursday so on one hand, I am in great shape because I only own the office building and not the house yet. On the other hand, if something does go sideways with the house and we end up walking away from it, then I am back to finding a new house. This is one of the rare times when "force majeure" could actually work out in our favor.

I also think that windshear is gonna fuck it up and the odds of it being above a Cat 1 are pretty slim. More media fear mongering.
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Stock tips, investing tips, now meteorology! What a place.
 
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TomServo

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Sanrith Descartes said:
Nah. I think the storm eye is gonna pass way north of us. I don't close on the new house until Thursday so on one hand, I am in great shape because I only own the office building and not the house yet. On the other hand, if something does go sideways with the house and we end up walking away from it, then I am back to finding a new house. This is one of the rare times when "force majeure" could actually work out in our favor.

I also think that windshear is gonna fuck it up and the odds of it being above a Cat 1 are pretty slim. More media fear mongering.
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bro lived here just 5 years. i ignore this shit. non stop fear porn. even a direct hit unless you live in some swamp shack and if you have a new home. it means fuck all.
 
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C

Captain Suave

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Sanrith Descartes said:
Nah. I think the storm eye is gonna pass way north of us. I don't close on the new house until Thursday so on one hand, I am in great shape because I only own the office building and not the house yet. On the other hand, if something does go sideways with the house and we end up walking away from it, then I am back to finding a new house. This is one of the rare times when "force majeure" could actually work out in our favor.

I also think that windshear is gonna fuck it up and the odds of it being above a Cat 1 are pretty slim. More media fear mongering.
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If it's well built to modern code you'll be fine. My dad built a house on Boca Grande a few years ago. He looked at insurance costs ($30-40k / yr) and said, "Nah, I'll just overbuild and self-insure." It took a direct hit from the eyewall of Hurricane Ian last year and didn't have so much as a loose screw.
 
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Sanrith Descartes

Sanrith Descartes

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TomServo said:
bro lived here just 5 years. i ignore this shit. non stop fear porn. even a direct hit unless you live in some swamp shack and if you have a new home. it means fuck all.
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Yep. Part of our county is on the coast so flooding is an actual concern for them even if it misses. Me? I am in an AirBnb until our house closing.
 
Sanrith Descartes

Sanrith Descartes

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Captain Suave said:
If it's well built to modern code you'll be fine. My dad built a house on Boca Grande a few years ago. He looked at insurance costs and said, "Nah, I'll just overbuild and self-insure." His house took a direct hit from the eyewall of Hurricane Ian last year and didn't have so much as a loose screw.
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Yep. Also older houses back when we built out of poured concrete. I had a four point on the office building before I bought it and the roof was in good shape. This storm will fuck up people living on the coast where ever it lands because they choose to live on the water.
 
TJT

TJT

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Can you imagine a world where you buy a house for $45k while working at Best Buy? Wouldn't that be crazy?

 
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Fucker

Fucker

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TJT said:
Can you imagine a world where you buy a house for $45k while working at Best Buy? Wouldn't that be crazy?

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It wasn't that long ago when starter homes in ID were $75k+. Nice units, too. 1100 sq/ft. Affordable by nearly anyone with good credit. Same place now $345-$400k.
 
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TJT

TJT

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Fucker said:
It wasn't that long ago when starter homes in ID were $75k+. Nice units, too. 1100 sq/ft. Affordable by nearly anyone with good credit. Same place now $345-$400k.
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I bought a house within Austin city limits in 2015 for $180k. 1500 SQFT, 3/2.

That same house is $450k and I rent it out for $2200 a month.
 
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Caligula_The_Cat

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TJT said:
I bought a house within Austin city limits in 2015 for $180k. 1500 SQFT, 3/2.

That same house is $450k and I rent it out for $2200 a month.
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Surprised it doesn’t rent for more. Bought in Florida for 200,000 in 2017, now worth 460s, rental comps range from 3000-3400.
 
Palum

Palum

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So rentals near me keep cycling to higher rates and chasing the new 4 over 1s, but it seems things are cooling. 2 bedroom fancy new apt going for 3200 to 4200/mo, lots of units available still (guessing they are not posting all of them to look like less vacancies). Some houses they are still asking about 2k per 1000 sq ft to rent. Curiously though there are some townhomes and apt buildings that are still in the 1200-1500 range in decent areas. I wonder if just the difference in HUD vs actually renting to people without government funny money.

Seems like the hype train is running out of steam finally on the insane prices and even more insane rental market. If I rented my house I would be charging 25% over current monthly payments to outright buy at current prices with a 7.5% 30 yr which is outright crazy.
 
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