Cityboy
Banned
And is the bubble going to burst soon? Land and home prices around here have exploded. When I moved to central Ga. in 1996 from Atlanta, land could still be purchased for $1000 per acre and sometimes less in 100 acre tracts within about 50-75 miles of Macon. Closer in, it was a little more expensive. It is 16 miles from my carport to my parking space at work and only 12 miles for my wife, so I paid around $1800 per acre for my approximtely 35 acre parcel. At the time, I thought this price was really too high, but I figured it would be worth it in the long run. I proceeded to build a 2200 Sq. Ft. brick house on the same sized basement with 9' poured walls. With the land, and me acting as general contractor, the final price came to $210,000; which again, I felt was pretty pricey, but believed it would be worth it in the long run.
Well, fast forward to 2006. My neighbor with a 3000 Sq. Ft. log house on 35 acres, adjoining my property, just listed his house with a local realtor for $915,000! Holy smokes!
Small parcels of land now commonly sell for $10,000 per acre and up; yet there are thousands of acres of vacant land everywhere you look. This does not make economic sense to me.
I am seeing houses that sold for $175,000 five years ago listing for $400,000! Now, I am curious just how many people actually have incomes to pay these 400K to 1 million dollar notes on these homes? There is a neighborhood near me with homes from 4,000 Sq. Ft. to 10,000 Sq. Ft. with matching prices and people are steadily buying them.
Correct me if I am off base here, but I don't think incomes are rising as fast as home prices are. There has got to be a correction on the horizion, and it is going to have to be ugly.
Me and Citygirl are seriously considering listing our home and taking the money and running to somewhere like Kentucky or some other area that has not yet gone insane with property prices, and before the bubble here bursts. What do you guys think? What's going on with real estate prices in your area?
Well, fast forward to 2006. My neighbor with a 3000 Sq. Ft. log house on 35 acres, adjoining my property, just listed his house with a local realtor for $915,000! Holy smokes!
Small parcels of land now commonly sell for $10,000 per acre and up; yet there are thousands of acres of vacant land everywhere you look. This does not make economic sense to me.
I am seeing houses that sold for $175,000 five years ago listing for $400,000! Now, I am curious just how many people actually have incomes to pay these 400K to 1 million dollar notes on these homes? There is a neighborhood near me with homes from 4,000 Sq. Ft. to 10,000 Sq. Ft. with matching prices and people are steadily buying them.
Correct me if I am off base here, but I don't think incomes are rising as fast as home prices are. There has got to be a correction on the horizion, and it is going to have to be ugly.
Me and Citygirl are seriously considering listing our home and taking the money and running to somewhere like Kentucky or some other area that has not yet gone insane with property prices, and before the bubble here bursts. What do you guys think? What's going on with real estate prices in your area?