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Author Topic: New Neighborhood Going Up  (Read 11678 times)

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zena

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New Neighborhood Going Up
« on: August 18, 2016, 12:34:14 PM »
East of us used to be just fields except for a few farms and big homes here and there.  Recently a new neighborhood has gone up called South Shore.  There is no shore nearby. It should be called South Plains, really.  Check out the prices (last image).  Mid-400's really means you'd be shelling out at least 430 or 450 minimum and that's like with nothing but the very basic stuff.












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Offline SummerBerry

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Re: New Neighborhood Going Up
« Reply #1 on: August 23, 2016, 04:07:34 PM »
East of us used to be just fields except for a few farms and big homes here and there.  Recently a new neighborhood has gone up called South Shore.  There is no shore nearby. It should be called South Plains, really.  Check out the prices (last image).  Mid-400's really means you'd be shelling out at least 430 or 450 minimum and that's like with nothing but the very basic stuff.









Neighborhood get strange name.  Our neighborhood is called Belluvue Ranch but our section is Prairies and Meadows.  This city is so small but right now we are facing not enough homes and apts.  We have more and more college student each year at the University.  University is in construction for new dorms on campus that should be ready by 2020.  The city where there is empty lot residents are refusing or fighting the proposal not to have any apt/duplex.  While all homes that was in construction during the summer is sold out.  Some location the lot has the sign SOLD but nothing yet. Its nice to see a large population of Flip and Chinese moving in the last few yrs.  I don't know about the job market as most will just moved away from here when they are done or go back home.  My husband employer has been going back and forth trying to make the old hospital their main department since 2010 and finally it has been approval and will take about 2 yrs to be completed.  Just a little renovation while one of their facility is going to be renovated to allowed more bed or house patient. 

The price in South Shore sound like 400 low to high 700 but 400k is probably just basic standard with no upgrade.  That is pretty pricey and people need good job or large down payment.  Right now with the problem we are facing in our small town we are better just staying put.  We can rent, sell or do section 8 on our home and buy another home but that mean we need to save more $$ or wait to see how everything play out.  One thing for sure property tax where we are is going to keep increasing because the university is going to be part of city pretty soon and not county.



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zena

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Re: New Neighborhood Going Up
« Reply #2 on: September 08, 2016, 06:20:28 PM »
Neighborhood get strange name.  Our neighborhood is called Belluvue Ranch but our section is Prairies and Meadows.  This city is so small but right now we are facing not enough homes and apts.  We have more and more college student each year at the University.  University is in construction for new dorms on campus that should be ready by 2020.  The city where there is empty lot residents are refusing or fighting the proposal not to have any apt/duplex.  While all homes that was in construction during the summer is sold out.  Some location the lot has the sign SOLD but nothing yet. Its nice to see a large population of Flip and Chinese moving in the last few yrs.  I don't know about the job market as most will just moved away from here when they are done or go back home.  My husband employer has been going back and forth trying to make the old hospital their main department since 2010 and finally it has been approval and will take about 2 yrs to be completed.  Just a little renovation while one of their facility is going to be renovated to allowed more bed or house patient. 

The price in South Shore sound like 400 low to high 700 but 400k is probably just basic standard with no upgrade.  That is pretty pricey and people need good job or large down payment.  Right now with the problem we are facing in our small town we are better just staying put.  We can rent, sell or do section 8 on our home and buy another home but that mean we need to save more $$ or wait to see how everything play out.  One thing for sure property tax where we are is going to keep increasing because the university is going to be part of city pretty soon and not county.

Do you know where most people are coming from to your neighborhood?  For us, it's mostly from Texas.  I see Texas license plates every day.  Your husband's hospital will definitely need the upgrade if more people are moving to it.  We are surrounded by ER's and smaller hospitals.  The big hospitals are too far away.

Yes, it's pricey here.  I'm honestly not sure what kind of jobs people hold in order to live in those homes.  We couldn't afford it if we were buying a home now.  There will probably be a housing bust in the near future after this boom.  It's bound to happen.  That's crazy about your property tax.  What university are they putting there?



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Offline nightrider

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Re: New Neighborhood Going Up
« Reply #3 on: September 11, 2016, 11:30:21 AM »
I take it this is all in Cali? There has to be an economic opportunity for developers to want to develop a place out of nowhere. Half a mil is extremely high for bare essential home for the ground up.



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zena

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Re: New Neighborhood Going Up
« Reply #4 on: September 12, 2016, 10:37:54 AM »
Summerberry is in Cali.  I'm in Colorado.  I believe they are building there just as much as here but here, because Colorado has always been know to be small-townish, the boom is pretty extreme.  As mentioned an 800 sq ft 1 bedroom rental in Denver goes for $1500 a month.  Best to buy but all the homes in Denver are double the price so people tend to buy further out where we are at and we live just on the suburb outskirt.  Homes here are pretty price from $400K - millions, but people will pay for it because it's like $500 less then living in the city and it's safer out here.



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Offline nightrider

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Re: New Neighborhood Going Up
« Reply #5 on: September 12, 2016, 08:23:31 PM »
That's extreme. People there must make good money I take. Otherwise, it's impossible to keep a roof over your head. CO & MN isn't all that different in population, same can be said of the big cities, but it's mind bugling to see that kind of figures for rentals. Do you think geography plays a role in living cost? With 400k, you get a river front home with a few acres back yard.



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zena

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Re: New Neighborhood Going Up
« Reply #6 on: September 13, 2016, 11:37:29 AM »
I'm not sure why it's booming here but based on what I've seen, a lot of medical facilities are going up and DIA is growing with a train going to it from the city.  They are also doing a lot of work on road infrastructure .  They are widening the toll road and the main highway and other smaller roads. So, my guess is it's because of all these things that are bringing in new people.

And no, you can't get a river front home with backyard acres for $400K here (that would be a dream).  Husband and I went maybe 10 miles or more east from where we live and they were building homes on 5 acre land (no lakes nearby) and base price starts at $500K for a ranch.



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Offline nightrider

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Re: New Neighborhood Going Up
« Reply #7 on: September 13, 2016, 07:59:04 PM »
I'm not sure why it's booming here but based on what I've seen, a lot of medical facilities are going up and DIA is growing with a train going to it from the city.  They are also doing a lot of work on road infrastructure .  They are widening the toll road and the main highway and other smaller roads. So, my guess is it's because of all these things that are bringing in new people.

And no, you can't get a river front home with backyard acres for $400K here (that would be a dream).  Husband and I went maybe 10 miles or more east from where we live and they were building homes on 5 acre land (no lakes nearby) and base price starts at $500K for a ranch.

Usually when the state has so many projects to do with new infrastructure s spurring up all over, it does drive investors to come and develop. I'm sure there's still plenty of places where you can get it for under 500k, just in really really remote areas or way way outside the cities. Here in MN, if you go furthur north with the exception of Duluth,  500k can fetch 2 nice ranch. Down side is, there's nothing there as far as jobs goes and away from everything else. It's only good for retired folks. Places surrounding the Twin Cities, go for more than $500k, you can say that if you're not millionaires you can't afford them. Because many properties are really in their millions.



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zena

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Re: New Neighborhood Going Up
« Reply #8 on: September 14, 2016, 12:19:32 PM »
Usually when the state has so many projects to do with new infrastructure s spurring up all over, it does drive investors to come and develop. I'm sure there's still plenty of places where you can get it for under 500k, just in really really remote areas or way way outside the cities. Here in MN, if you go furthur north with the exception of Duluth,  500k can fetch 2 nice ranch. Down side is, there's nothing there as far as jobs goes and away from everything else. It's only good for retired folks. Places surrounding the Twin Cities, go for more than $500k, you can say that if you're not millionaires you can't afford them. Because many properties are really in their millions.

There might be tiny homes in the ghetto areas for less than $400K.  There will always be those ones, but they are still priced higher than what they used to be.  A house that used to be $100K is probably now $250K.  My parent's home in Denver (city) is only 990 sq ft and it's estimated close to $300K.  My house (suburb/bordering rural) is 2400 sq ft and it's about $500K.  You can see how much more city homes are worth compared to suburbs.



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Offline nightrider

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Re: New Neighborhood Going Up
« Reply #9 on: September 14, 2016, 08:51:29 PM »
There might be tiny homes in the ghetto areas for less than $400K.  There will always be those ones, but they are still priced higher than what they used to be.  A house that used to be $100K is probably now $250K.  My parent's home in Denver (city) is only 990 sq ft and it's estimated close to $300K.  My house (suburb/bordering rural) is 2400 sq ft and it's about $500K.  You can see how much more city homes are worth compared to suburbs.

Not really, it's the same kind of cost ratio you see here too. Besides each has its' own pros and cons. There's certainly more pros for your suburb home than is your parents house. Suburb homes and their price are rather stable unlike the city. City homes can peak near the kind of price of suburb homes but it's really comes down to timing.



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zena

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Re: New Neighborhood Going Up
« Reply #10 on: September 15, 2016, 01:16:30 AM »
My sister bought her house for about $221K a couple of years ago.  Now it's worth over $430K.  She lives close to lower Denver.  The value of homes have gone up in Co and more so in Denver than where I live, way out in the burbs.  My area is already upper-class and difficult to get in so I can understand why the value isn't as high, but not saying it's low.  Maybe it's already priced too high.

The one thing I've noticed that's a really big change is the traffic.  Cars on the road has tripled in my area.  It was pretty quiet on the road when we first moved into this area, but now, it's always so busy.  The plumber who did the plumbing on our kitchen sink/dishwasher today said his schedule is all booked up.  They can't find enough plumbers for all the condos and apartments going up.  I'm wondering where all these people are coming from that they have to build so much.



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Offline nightrider

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Re: New Neighborhood Going Up
« Reply #11 on: September 15, 2016, 09:05:03 PM »
My sister bought her house for about $221K a couple of years ago.  Now it's worth over $430K.  She lives close to lower Denver.  The value of homes have gone up in Co and more so in Denver than where I live, way out in the burbs.  My area is already upper-class and difficult to get in so I can understand why the value isn't as high, but not saying it's low.  Maybe it's already priced too high.

The one thing I've noticed that's a really big change is the traffic.  Cars on the road has tripled in my area.  It was pretty quiet on the road when we first moved into this area, but now, it's always so busy.  The plumber who did the plumbing on our kitchen sink/dishwasher today said his schedule is all booked up.  They can't find enough plumbers for all the condos and apartments going up.  I'm wondering where all these people are coming from that they have to build so much.

Good question, only the government knows the answer to your question about where people are coming from. But one indicator that may explain the influx of people would have to be the low unemployment rate in the city. It's the same for us over here, I think we've had the biggest gains over all perhaps, 200-300k people more in both cities combined. I-94 is like I-5 during rush hours in LA, but overall, all major arteries of traffic are jam pack regardless which you choose to be on. To make matters worst, about 30-40% of license plates you see in the metro here are Wisconsinites whom are willing to drive 1-2hrs to work here in the metro. But sadly, with this much activity in the metro area, houses aren't doubling like how your sister's property did. Almost all properties with average to high actually took hits during the housing bubble collapse and now just recouping their values. I don't know about the living expenses there but just looking up the average annual expenditure for housing category in Denver & Mpls/Stp metro area only differ by 2% only, Denver is about 34.4% and our metro 32.4%. Not much difference which is a great mystery as to why properties there are so high. You folks aren't exactly on Beach front properties like that of San Diego or the Bay area. Unless, you're on the rich upper class areas with 0 crime rates. Over inflated properties are the worst, if you owned and is paid for you'll be fine but if not, you would just be in financial ruin.

Just a question of curiosity, what is the minimum salary there to qualify a 500k loan?


« Last Edit: September 15, 2016, 09:07:58 PM by nightrider »

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zena

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Re: New Neighborhood Going Up
« Reply #12 on: September 19, 2016, 12:54:33 PM »
I have no idea why the prices of housing has doubled or why so many people are moving here and don't now why they are building like crazy so far out where I live too.  I guess you'd have to live here to see how fast everything has changed within just the last few years.  This year, I've noticed the influx to be the greatest because they've had to add stop lights in areas where they didn't have to before because there was no traffic, etc.  That's just one example.

As fore the minimum salary, I can't say for the whole state but for our neighborhood, you have to make at least a six-figure income to live here.  Anything less and you'd have to rent one of the apartments near by but even rent will cost you close to $2K a month.



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zena

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Re: New Neighborhood Going Up
« Reply #13 on: September 19, 2016, 12:57:10 PM »
Here's the price sheet of one of the builder's homes in the area east of us.  As you can see, the ranch is smaller than our house sq ft-wise and it cost more than what our house is worth.  What's shocking is that people are actually buying these houses because they are building really fast.




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Offline thePoster

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Re: New Neighborhood Going Up
« Reply #14 on: September 26, 2016, 09:10:30 PM »
Cheezez!  Pay that much to live in the desert?!?!   Ill pass all day!



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I went through all 15k posts and those 2 quotes I found were the only ones so I guess that would make it "everytime".  Feel free to go through all 15k posts and verify by quoting them all.  You need to quote them all to verifying prove "everytime".   Please verify that Im wrong.

 

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