It's Out of Control
In the day and age we hear so much about how prices are getting out of control. We hear about the raising gas, food, tax, utilities, home price costs and of course house rentals. Here we have few rental properties available with decent rents, since the country has gone crazy over money, not realizing what it is going to do in the long run. The market here has gone absolutely beyond believable since they have allowed so many people from the mainland and other countries to come and buy property here to turn into vacation rentals. These people don't care about what it does to the local economy and the people that have to live and work here, they aren't living here, just making money from their homes. If you live in an area where the prices are steady, then by all means, get down on your knees and thank the man above. It is driving the people that have to work here out of their homes of many years. Since so many homes are selling so fast and for unbelievable prices, taxes are running long timers that had lived in their homes for 60 years out of them. Their taxes, in some instances have gone up over several hundred per cent in the past few years.
Now we are not talking wonderful homes here, these are homes that 4 years ago were selling for 300,000 and are now selling for one million. These homes are 60-70 years old with no air conditioning, bad kitchens and baths, thin uninsulated walls, and termit ridden. These elderly people are not wanting to sell their homes and now they can't afford to keep them. In many instances, there are several generations living under one roof, just to keep one over their heads.
Now, here is the kicker:
This was just in the paper this week and brings it all into a very clear focus.
In one of our nice little areas, there are 4 professionals renting a home, they had a large walk in closet not being used, so they advertised it for someone wanting to sleep in it. The first day, they had 33 applications for it. So they rented it out and on top of that, they rented out the laundry room for the same purpose.
Now, I ask you, IS THIS OUT OF CONTROL??
Now we are not talking wonderful homes here, these are homes that 4 years ago were selling for 300,000 and are now selling for one million. These homes are 60-70 years old with no air conditioning, bad kitchens and baths, thin uninsulated walls, and termit ridden. These elderly people are not wanting to sell their homes and now they can't afford to keep them. In many instances, there are several generations living under one roof, just to keep one over their heads.
Now, here is the kicker:
This was just in the paper this week and brings it all into a very clear focus.
In one of our nice little areas, there are 4 professionals renting a home, they had a large walk in closet not being used, so they advertised it for someone wanting to sleep in it. The first day, they had 33 applications for it. So they rented it out and on top of that, they rented out the laundry room for the same purpose.
Now, I ask you, IS THIS OUT OF CONTROL??
posted by the golden horse at 10:16 PM
2 Comments:
The answer to your question is yes....
but you gotta realize that it's not just your beautiful corner of the world where this is happening.
San Francisco, and to a lesser degree, L.A. are experiencing similar increases.
Property near the water in Florida has trebled in value in five years.
Rental properties there need people to come clean, landscape, etc.. The folks that do those jobs can no longer afford to live anywhere near where they work, and have to be trucked in from some distance.
The question everyone is asking is: How long can it continue? If you know the answer, you can be a rich person in a hurry.
I have an idea.......
Rent a mini-warehouse with electrical outlets and sublet sleeping space.....
A sure-fire money maker!
Good idea, but it has already been done. Believe it or not. Sad really, isn't it?
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