Bump for TT
On a side note, property taxes AND insurance rates are rising faster than a hurricane flood around here.
A couple of my friends own 2500 sq foot homes and their property taxes and insurance combined ALONE is over $1,200 a month and rising!!!!
I still believe this housing market could crumble anytime, it is allready falling here.
Two months ago their were 2-4 condos for sale/rent on my street........now there is no less than 15!
On a side note, property taxes AND insurance rates are rising faster than a hurricane flood around here.
A couple of my friends own 2500 sq foot homes and their property taxes and insurance combined ALONE is over $1,200 a month and rising!!!!
I still believe this housing market could crumble anytime, it is allready falling here.
Two months ago their were 2-4 condos for sale/rent on my street........now there is no less than 15!
Around here, it's about $1200 a yr in in property taxes. Just get them rolled into your mortgage & you'll never notice them.
This area is still feeling the repercussion of the tech bubble bursting(and a serious excess of new housing). Lots of stuff on the market out here-especially on the low end & the rate of foreclusures is one of the highest in the country.
This area is still feeling the repercussion of the tech bubble bursting(and a serious excess of new housing). Lots of stuff on the market out here-especially on the low end & the rate of foreclusures is one of the highest in the country.
TTinCO said:
That is about the same as here, but we are known for cheap taxes all around.
I know there are a ton of deals out there. My friend has been talking to me about investing out there because of the deals and the fact that prices have been flat for about 3 years. How long do you think until prices finally start going up again?
Fishhead said:
You guys have it easy - here in NY my house is assesed for $142k, property taxes are about $2,500/yr AND school taxes are another $2k, F***king rediculous. Be happy with the taxes you are paying, it's cheap compared to where i live. Adds up to $375/month. Also I do not escrow my taxes, I pay my taxes separately so I know exactly how much I am paying. Makes me wanna
ucking:Holy Shit.....$4500 year on a house valued at 142k!?!?!?!patswin said:You guys have it easy - here in NY my house is assesed for $142k, property taxes are about $2,500/yr AND school taxes are another $2k, F***king rediculous. Be happy with the taxes you are paying, it's cheap compared to where i live. Adds up to $375/month. Also I do not escrow my taxes, I pay my taxes separately so I know exactly how much I am paying. Makes me wanna
Wild Bill, I'd be leary of this market right now. Prices have been flat for 3 years (guess who bought 3 years ago?:nohead
, but the inventory on the market is out of control. There is also a ton of new building in progress which will just add to the inventory.It is for a multi-unit rental TT, not worried as much about the factors you are. The inventory numbers for SF homes are indeed a bit concerning so it has made me pause a bit. Rents are excellent there for the cost. Compare it to Vegas where you take an absolute bath if you try to rent something out and paid market value to buy it. We're already in some places in Texas and just thinking of diversifying a bit.
Personally wouldn't mind living in your part of the world, but job has my ass tied down here for better or worse.
Personally wouldn't mind living in your part of the world, but job has my ass tied down here for better or worse.
The rental market is actually in a lot better shape
Metro-area rental house vacancies drop to 4.9%
By John Rebchook, Rocky Mountain News
June 1, 2006
Rising foreclosure and interest rates, as well as an improving economy, drove the vacancy rate for rental houses in the Denver area to 4.9 percent, the lowest rate since Gordon Von Stroh began tracking small rental units in 2003.
Von Stroh, a professor at the Daniels College of Business at the University of Denver, on Wednesday released his first-quarter Residential Rent and Vacancy Survey of single-family homes, duplexes, triplexes, fourplexes, condominiums and townhomes.
Von Stroh has been tracking the regular multifamily rental market for about a quarter century. The vacancy rate in the Denver area for traditional apartments stood at 7.7 percent in the first quarter.
"Since we created this survey in the third quarter of 2003, this is the lowest vacancy rate the residential sector has seen," Von Stroh said. "I think it suggests that rental housing is improving as part of the overall momentum of the Denver economy."
But despite job growth in the metro area and strength in some industries such as oil and gas, a trouble spot has been rising home foreclosures. But that has actually helped the rental market.
"I think foreclosures are a factor," improving rental occupancies, Von Stroh said. "People who had been in an ownership mode are now in a rental mode."
The lowest vacancy rate was in Arapahoe County at 3.1 percent, while the highest was found in Adams County at 9.1 percent. Denver's vacancy rate stood at 4 percent.
Bob Alldredge, owner of Jericho Properties and a member of the National Association of Property Managers, agreed with Von Stroh's assessment.
"Most everyone who is involved in a foreclosure moves into a rental somewhere," Alldredge said. "But it is an interesting situation. Adams County has the highest rental vacancy rates, and that is where most of the foreclosures are."
The report also shows that the average monthly rent in the first quarter was $924.37, down slightly from the $929.80 in the first quarter of 2005 but up from the $912.54 in the fourth quarter of 2005.
http://www.rockymountainnews.com/drmn/real_estate/article/0,1299,DRMN_414_4741098,00.html
Metro-area rental house vacancies drop to 4.9%
By John Rebchook, Rocky Mountain News
June 1, 2006
Rising foreclosure and interest rates, as well as an improving economy, drove the vacancy rate for rental houses in the Denver area to 4.9 percent, the lowest rate since Gordon Von Stroh began tracking small rental units in 2003.
Von Stroh, a professor at the Daniels College of Business at the University of Denver, on Wednesday released his first-quarter Residential Rent and Vacancy Survey of single-family homes, duplexes, triplexes, fourplexes, condominiums and townhomes.
Von Stroh has been tracking the regular multifamily rental market for about a quarter century. The vacancy rate in the Denver area for traditional apartments stood at 7.7 percent in the first quarter.
"Since we created this survey in the third quarter of 2003, this is the lowest vacancy rate the residential sector has seen," Von Stroh said. "I think it suggests that rental housing is improving as part of the overall momentum of the Denver economy."
But despite job growth in the metro area and strength in some industries such as oil and gas, a trouble spot has been rising home foreclosures. But that has actually helped the rental market.
"I think foreclosures are a factor," improving rental occupancies, Von Stroh said. "People who had been in an ownership mode are now in a rental mode."
The lowest vacancy rate was in Arapahoe County at 3.1 percent, while the highest was found in Adams County at 9.1 percent. Denver's vacancy rate stood at 4 percent.
Bob Alldredge, owner of Jericho Properties and a member of the National Association of Property Managers, agreed with Von Stroh's assessment.
"Most everyone who is involved in a foreclosure moves into a rental somewhere," Alldredge said. "But it is an interesting situation. Adams County has the highest rental vacancy rates, and that is where most of the foreclosures are."
The report also shows that the average monthly rent in the first quarter was $924.37, down slightly from the $929.80 in the first quarter of 2005 but up from the $912.54 in the fourth quarter of 2005.
http://www.rockymountainnews.com/drmn/real_estate/article/0,1299,DRMN_414_4741098,00.html
TTinCO said:
Almost exactly what I have been hearing. Average rents in Vegas have been going up, but still in the low $800s. Yet median home price is $300k while in Denver it is around $225k. The math makes this one obvious. Texas is an even better investment, rents around Austin are almost the same as Vegas and the median homes are half as much. Just trying to avoid getting too many eggs in one basket.
On the bright side of being flat for 3 years TT is that there is very little downside to owning in Denver. It will go up eventually, incomes are getting stronger and affordability is quite high for a major metro area. As you say, just have to work off the high inventories and could be some upside waiting soon.
