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anyone thought of buying property in America?
Former Member
Posts: 1,876,323 The Mix Honorary Guru
not something i can afford to do unfortunately but i was looking on another forum i use and theres some astonishing stuff going on with American house prices and just wanted to share.
the US economy is screwed and just hope it doesnt happen as bad over here altho i wouldnt bank on it.
for example:
http://www.realtor.com/search/listingdetail.aspx?ctid=2000173&typ=7&sid=92da444b088348b5a89f99437b7510c9&lid=1094076197&lsn=2&srcnt=19768#Detail
a 2 bed flat in Brooklyn, fair enough, maybe not the nicest area, but i have been there and the majority of it wasnt that bad.
but $1600 for a full flat, thats like £800, its rediculous.
a slight step up you have:
http://cgi.ebay.com/Rent-Or-Flip-This-Is-The-Home-For-You_W0QQitemZ130193315430QQihZ003QQcategoryZ12605QQssPageNameZWDVWQQrdZ1QQcmdZViewItem
$18000 for that, of course they aint the same build quality as you find over here, but thats dirt cheap.
finally:
http://cgi.ebay.com/Rent-Or-Flip-This-Is-The-Home-For-You_W0QQitemZ130193315430QQihZ003QQcategoryZ12605QQssPageNameZWDVWQQrdZ1QQcmdZViewItem
£100k for a 3 story house in a nice suburb of Boston, way up on my list of places to visit.
its crazy.
just hope for gods sake that all you home owners dont get stuck in a similar situation.
:no:
the US economy is screwed and just hope it doesnt happen as bad over here altho i wouldnt bank on it.
for example:
http://www.realtor.com/search/listingdetail.aspx?ctid=2000173&typ=7&sid=92da444b088348b5a89f99437b7510c9&lid=1094076197&lsn=2&srcnt=19768#Detail
a 2 bed flat in Brooklyn, fair enough, maybe not the nicest area, but i have been there and the majority of it wasnt that bad.
but $1600 for a full flat, thats like £800, its rediculous.
a slight step up you have:
http://cgi.ebay.com/Rent-Or-Flip-This-Is-The-Home-For-You_W0QQitemZ130193315430QQihZ003QQcategoryZ12605QQssPageNameZWDVWQQrdZ1QQcmdZViewItem
$18000 for that, of course they aint the same build quality as you find over here, but thats dirt cheap.
finally:
http://cgi.ebay.com/Rent-Or-Flip-This-Is-The-Home-For-You_W0QQitemZ130193315430QQihZ003QQcategoryZ12605QQssPageNameZWDVWQQrdZ1QQcmdZViewItem
£100k for a 3 story house in a nice suburb of Boston, way up on my list of places to visit.
its crazy.
just hope for gods sake that all you home owners dont get stuck in a similar situation.
:no:
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Comments
im wanting to live there so we're going apartment hunting this summer.
luckily he has a high budget so we'll be looking at some bigger places, but i guess even if the budget was lower it would still be ok finding a cheaper place.
so excited
he's given me the option to go to LA instead - but ive never been so im not too sure about that. would be better if i want to get into film production tho :chin:
not enough houses in england for housing market to go seriously pear shaped!
Surely that can't be right, you can't buy a decent car for that much!?
thats what i was gonna say, you can buy a flat for £800? i cant get my head round it?! my friend pays like that much rent a month for hers!
obviously that £800 flat doesn't look in a very nice area, but its still bizarre, even in the crack head parts of my town you pay min £20k for a burnt out shell.
My godfather lives in Brooklyn and he's been telling my parents to buy property there for as long as I can remember. I'd love to do it, but I bet there are numerous catches. It can't be as straightforward as buying an £800 flat and bob's your uncle. Can it?
Even if that flat was £800 why would you buy it???
It's in the Housing Projects
If you want to live in the american slums (literally) then go for it, - sure rent it out - think they'll pay?
As for the other comment about "all you home owners getting stuck in a similar position"
What position would that be ?
Anyone sensible who doesn't have much money would have a fixed rate anyway, at the moment, with the economy being so unstable, this means rates are going to go DOWN, not up
As they try to save it
So people who aren't fix rate, should wait for rates to drop shortly, then tie into a fix rate for 3-5 years and ride it out
I am fixed in until 2011 so I am confident I will be OK
Recessions have happened before and plenty of people still owned their homes at the end..
yeah sure, we've never had a housing crash over here :rolleyes:
not sure i'd want to live in brooklyn but boston's okay, bb is right though there's probably some bargains but we're nowhere near the bottom yet, unless you're loaded might as well wait it out for a bit.
whats the ETA to deflation?
yeah 'it's different this time' i know that's what they've been saying for a while now.....well the banks have already taken ~$146 billion out of circulation with write downs so far and we're only getting started, the TAF auctions is the only thing keeping the banks solvent because the CP market is still frozen (and the TAF itself is deflationary as the loan has to be paid back plus interest), debt origination is declining almost as fast as house prices so i think you could call that deflation. wait til the CP rolled over from august expires this month and when the monoline bond insurers lose their AAA rating that is when SHTF and you might actually hear about it on the news somewhere lol.
http://www.nytimes.com/imagepages/2008/01/31/business/20080201_ENVELOPE.html
...
well?
how long is a piece of string? why don't you pull your head out of your ass and DYOR.
http://globaleconomicanalysis.blogspot.com/2006/02/inflation-what-heck-is-it.html
http://globaleconomicanalysis.blogspot.com/2008/02/bubble-economy-endgame.html
http://www.bloomberg.com/apps/news?pid=20602007&sid=aju0C0WBT8GI&refer=rates
please tell me we're not arguing about whether japan had a deflation.
I wouldn't be 100% sure - the bank of england base rate may go down to try to stimulate spending, but the mortgage rate is based on the cost of lending a mortgage to the bank. They've just realised it's a lot more costly than they thought, due to the risk of bad debts being higher, so they won't be passing on any rate cuts any time soon.
no shit he is. but why would he do that when austrians reject the idea that velocity is related to inflation/deflation and prices. to use the austrian definition then cite evidence of a result that is predicted by a rival theory that they reject means he can't be taken seriously.
suppose thats why they havnt been part of the mainstream the last 60 years.
no i wasn't.
btw shyboy the gov has just nationalised northern rock so watch out monday, mortgage rates are going up and the £ is going down.
I heart Alliance and Leicester. Got a mortgage in July - floating rate, 31bps below BoE. After the next rate cut it'll be just 4.94%!