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Old 18 August 2018, 03:25 AM   #1
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What $1 Million Gets You for a home in 15 Cities Across the U.S.

Interesting Read...

https://www.redfin.com/blog/2018/08/...s-the-u-s.html
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Old 18 August 2018, 04:08 AM   #2
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Seattle is always on the list. Got a really good job offer last year in Newport CA. Was pretty interested until I started looking at houses in the region. If I remember the median price was like 2.5 million anywhere close the to job location. So ventured out a little and could get what looked like a 50K home for 1.5 mil. Needless to say, I did not take the job.
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Old 18 August 2018, 04:24 AM   #3
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Tucson didn't make the list, but a cool million will set you up very nicely here.
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Old 18 August 2018, 04:26 AM   #4
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Man I need to move to Atlanta or Austin. Wait I hate those cities. Maybe Charlotte then, that’s still a nice house
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Old 18 August 2018, 05:06 AM   #5
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For what I paid for my 685 square foot condo near the beach in La Jolla California, I could have bought a three thousand square foot house in St. Louis. Hmmmm.....
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Old 18 August 2018, 05:08 AM   #6
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For what I paid for my 685 square foot condo near the beach in La Jolla California, I could have bought a three thousand square foot house in St. Louis. Hmmmm.....
Paul you live in a palace compared to my broom closet here in the San Francisco Bay Area
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Old 18 August 2018, 05:08 AM   #7
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For what I paid for my 685 square foot condo near the beach in La Jolla California, I could have bought a three thousand square foot house in St. Louis. Hmmmm.....


Yeah, but then you’d be in St Louis


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Old 18 August 2018, 07:38 AM   #8
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Yeah, but then you’d be in St Louis


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Old 18 August 2018, 07:45 AM   #9
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Nice snippet. Thanks for sharing.
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Old 18 August 2018, 08:07 AM   #10
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Wow.

Thanks for sharing
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Old 18 August 2018, 09:01 AM   #11
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Thanks for sharing!


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Old 18 August 2018, 09:32 AM   #12
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The house in a Charlotte looks great externally.
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Old 18 August 2018, 09:38 AM   #13
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Seattle is always on the list. Got a really good job offer last year in Newport CA. Was pretty interested until I started looking at houses in the region. If I remember the median price was like 2.5 million anywhere close the to job location. So ventured out a little and could get what looked like a 50K home for 1.5 mil. Needless to say, I did not take the job.
A million is a starter home in coastal OC if you can find one. Hence why its better to rent here right now. The bubble of everything will eventually end and it will hit all asset prices as well. Im hoping it hits Daytona prices! (probably not )
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Old 18 August 2018, 10:13 AM   #14
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Man I need to move to Atlanta or Austin. Wait I hate those cities. Maybe Charlotte then, that’s still a nice house
Lol
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Old 18 August 2018, 10:20 AM   #15
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You don't want to know what $1 million gets you in Hong Kong.
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Old 18 August 2018, 10:46 AM   #16
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Very interesting.
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Old 18 August 2018, 11:10 AM   #17
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No way that place in SF sells for $995k. Offers will be taken way over that.

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Old 18 August 2018, 11:36 AM   #18
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No way that place in SF sells for $995k. Offers will be taken way over that.

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What I thought, looked at places like this in january when I was there and prices where 2 Million and up, close to three million.
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Old 18 August 2018, 11:37 AM   #19
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You don't want to know what $1 million gets you in Hong Kong.
If HK is anything like mainland China when it comes to realestate, buying is expensive, rent isn't...?
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Old 18 August 2018, 12:03 PM   #20
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No way that place in SF sells for $995k. Offers will be taken way over that.

Ben


The article is kinda crap....sorry. So many of those are off, including the one you noted in SF.


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Old 18 August 2018, 01:47 PM   #21
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You can get a gorgeous turn of the century mansion downtown here for a million. Right on one of the many parks. That or a mansion on the lake. Property taxes be high though compared to the south.
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Old 18 August 2018, 02:57 PM   #22
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You can get a gorgeous turn of the century mansion downtown here for a million. Right on one of the many parks. That or a mansion on the lake. Property taxes be high though compared to the south.
If you could only convince my wife to move!!

I'm SF'd out man...
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Old 18 August 2018, 04:43 PM   #23
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If HK is anything like mainland China when it comes to realestate, buying is expensive, rent isn't...?
Quote:
Originally Posted by bayerische View Post
If HK is anything like mainland China when it comes to realestate, buying is expensive, rent isn't...?
Rent in HK is sky high as well, tops in the world, there's a full-blown housing crisis with no end in sight. Definitely NOT like the mainland where the other extreme is evident; I've driven through miles of empty high-rise apartment ghost-towns on the outskirts of mainland Chinese cities that could house tens perhaps hundreds of thousands that the Gov has built to prop up economic numbers but has nobody living in them.

In Hong Kong apartment/flat rental price away from the city is now around $4 -$5 USD per square foot per month. Live in the city itself on HK island and in an "average" 500 sq ft flat and rent can easily be $10 USD per sq ft per month.

Example of rentals in HK for a decent, half-modern place. To get what would be an average- 2 or very small 3 bedroom apartment (say, around 1,000 sf) in the U.S. will run appx $4K to 5K USD per month, but those aren't downtown prices. 1500 sq foot 3-bedroom around $6,500 USD per month but, again, not downtown. Live somewhere down near Central and for the 4K or 5K price your space will be reduced to about 400-600 sq feet. It'll be an apartment in a bunny hutch high-rise, no central A/C or heating, possibly a concierge downstairs, probably no balcony but if so a laughably tiny one made for standing, no view except the building next door or a tiny strip of water, maybe freshly renovated but maybe not, no closets, no utilities included, no parking space (if available that'll cost you, spots near mine go for 130K USD), tiny kitchen, no building super for maintenance, maybe a small common workout room. And of course, no yard.

Almost all locals earning local wages are living in high-rise Government housing or with relatives, or both in tiny, tiny spaces that are now being sold/rented that some now have less than 200 square feet. There are with only 100 square feet that rent for the equivalent of $500 USD per month.

That's not a typo; rent a 100 square foot space to sleep, sit, cook, relax, and live in for $500 USD per month. 100 square feet is prison cell-size.

It's the most vertical city in the world, so to find a bona-fide house with a small yard to rent anywhere in or near the city is basically impossible unless you/your company wants to spend 15K, 25K, 50K, even 75K USD per/month depending on square footage and whether you're in Stanley or over in Repulse Bay or, for crazy money, up on the Peak. Live large enough it's possible to rent a million dollar view of the city for literally 1 million dollars per year, or, $2,700 USD per day.

For those of us who aren't bank presidents, billionaires, or married to one of their daughters, people who have a few kids and want house-size square footage (by US standards, maybe 1500-2000 square feet) are forced to move outward into the New Territories or Outlying Islands to find it, usually in the form of a village house which are normally either 2 or 3 levels (1400 or 2100 sq ft). Anything closer to the city in a nicer area, for example, Sai Kung you'll pay appx 8K to 11K USD per month for a modernized 3 story, about half that for the smaller.

To come back down to the 4k to 5K USD rent per month for a for a village house it means something out on Lantau well past where the metro rail system ends meaning limited taxi service, limited buses, owning your own car, or somewhere the the NT near the mainland border. Either that, or rent an absolute falling apart, smaller-space dump.

Basically, rental costs for living space that to any degree approaches what would be considered the average, very basic apartment or small house in the U.S. means paying the equivalent of buying 1 SS Rolex at MSRP every 2 months, or 6 Rolexes per year. And for that you still won't get closets.

You know it's bad when traveling to most all major cities in the world (London, Paris, NYC, San Fran, etc etc), browse realty offices advertising wonderful-looking flats, apartments, and homes for rent located in desirable areas, and think "Wow these are great deals!". Buying or renting in HK makes everywhere else look cheap just on a square footage basis, but where it gets completely ridiculous is when you consider the quality of what you get and the conveniences of living and/or amenities.

To buy, the most expensive houses (LA and SF) on the linked list shows less than $700 per square foot. In HK, old, crappy apartments (not houses, no yards, no garages etc etc) are for sale at appx $2,500+ per square foot, which quickly rises to 3K and 4K per square foot for newer, nicer construction. Earlier this year a 120 square foot, government-built apartment in HK sold for $250,000 USD.

For $1 Million USD buying in town on HK island, (Mid-levels, Kennedy Town, Causeway Bay) you'll get a 350-500 square foot flat. Move outwards to the New Territories or Lantau/Islands and $1 million will bump the square footage to somewhere between 600 and 800.

For the price of my HK flat I could easily buy 3 of my U.S. homes, each of those 3 times the size of it plus yards, garages, property, etc.

HK real estate is insane. By U.S. standards..even the most expensive.. there is no such thing as an affordable, decent-sized, kept-up place to live (whether buying or renting) no matter where you go. It just doesn't exist.
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Old 18 August 2018, 04:45 PM   #24
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Rent in HK is sky high as well, tops in the world, there's a full-blown housing crisis with no end in sight. Definitely NOT like the mainland where the other extreme is evident; I've driven through miles of empty high-rise apartment ghost-towns on the outskirts of mainland Chinese cities that could house tens perhaps hundreds of thousands that the Gov has built to prop up the numbers of their economy.

Apartment/flat rental price away from the city is now is around $5 USD per square foot per month. Live in the city itself on HK island and in an "average" 500 sq ft flat and rent can easily $10 USD per sq ft per month.

Example of rentals in HK for a decent, half-modern place. To get what would be an average- 2 or very small 3 bedroom apartment (say, around 1,000 sf) in the U.S. will run appx $4K to 5K USD per month, but those aren't downtown prices. 1500 sq foot 3-bedroom around $6,500 USD per month but, again, not downtown. Live somewhere down near Central and for the 4K or 5K price your space will be reduced to about 400-600 sq feet. It'll be an apartment in a bunny hutch high-rise, no central A/C or heating, possibly a concierge downstairs, probably no balcony but if so a laughably tiny one made for standing, no view except the building next door or a tiny strip of water, maybe freshly renovated but maybe not, no closets, no utilities included, no parking space (if available that'll cost you, spots near mine go for 130K USD), tiny kitchen, no building super for maintenance, maybe a small common workout room. And of course, no yard.

Almost all locals earning local wages are living in high-rise Government housing or with relatives, or both in tiny, tiny spaces that are now being sold/rented that some now have less than 200 square feet. There are with only 100 square feet that rent for the equivalent of $500 USD per month.

That's not a typo; rent a 100 square foot space to sleep, sit, cook, relax, and live in for $500 USD per month. 100 square feet is prison cell-size.

It's the most vertical city in the world, so to find a bona-fide house with a small yard to rent anywhere in or near the city is basically impossible unless you/your company wants to spend 15K, 25K, 50K, even 75K USD per/month depending on square footage and whether you're in Stanley or over in Repulse Bay or, for crazy money, up on the Peak. Live large enough it's possible to rent a million dollar view of the city for literally 1 million dollars per year, or, $2,700 USD per day.

For those of us who aren't bank presidents, billionaires, or married to one of their daughters, people who have a few kids and want house-size square footage (by US standards, maybe 1500-2000 square feet) are forced to move outward into the New Territories or Outlying Islands to find it, usually in the form of a village house which are normally either 2 or 3 levels (1400 or 2100 sq ft). Anything closer to the city in a nicer area, for example, Sai Kung you'll pay appx 8K to 11K USD per month for a modernized 3 story, about half that for the smaller.

To come back down to the 4k to 5K USD rent per month for a for a village house it means something out on Lantau well past where the metro rail system ends meaning limited taxi service, limited buses, owning your own car, or somewhere the the NT near the mainland border. Either that, or rent an absolute, falling apart dump.

Basically, rental costs for living space that to any degree approaches what would be considered the average, very basic apartment or small house in the U.S. means paying the equivalent of buying 1 SS Rolex at MSRP every 2 months, or 6 Rolexes per year. And for that you still won't get closets.

You know it's bad when traveling to most all major cities in the world (London, Paris, NYC, San Fran, etc etc), browse realty offices advertising wonderful-looking flats, apartments, and homes for rent located in desirable areas, and think "Wow these are great deals!". Buying or renting in HK makes everywhere else look cheap just on a square footage basis, but where it gets completely ridiculous is when you consider the quality of what you get and the conveniences of living and/or amenities.

To buy, the most expensive houses (LA and SF) on the linked list shows less than $700 per square foot. In HK, old, crappy apartments (not houses, no yards, no garages etc etc) are for sale at appx $2,500+ per square foot, which quickly rises to 3K and 4K per square foot for newer, nicer construction. Earlier this year a 120 square foot, government-built apartment in HK sold for $250,000 USD.

For $1 Million USD buying in town on HK island, (Mid-levels, Kennedy Town, Causeway Bay) you'll get a 350-500 square foot flat. Move outwards to the New Territories or Lantau/Islands and $1 million will bump the square footage to somewhere between 600 and 800.

For the price of my HK flat I could easily buy 3 of my U.S. homes, each of those 3 times the size of it plus yards, garages, property, etc.

HK real estate is insane. By U.S. standards..even the most expensive.. there is no such thing as an affordable, decent-sized, kept-up place to live (whether buying or renting) no matter where you go. It just doesn't exist.
Holy cow.
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Old 18 August 2018, 05:19 PM   #25
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Holy cow.
The problem with HK compared to other expensive cities is while other expensive cities do have some sky high real estate areas where prices approach or equal HK's, those other cities offer many, many other options to buy or rent less expensively while not at the same time living in a run down prison cell-sized flat. In a normal expensive city, sometimes all it takes is to live a few more miles down the road or a few more blocks away from public transport for prices to drop-off noticeably, sometimes significantly. Most cities even have suburbs with cheaper houses and yards one can commute from, the trade-off being a daily traffic jam or longer tube ride for more square footage and elbow room per $$$, and there's more space to build houses. In normal places, this is a quality of life trade-off that people can decide whether or not to make.

Not so in HK. It happens to a degree, but the low-end threshold of anything one can buy is still stupidly expensive which makes the trade-off so slight it's almost non-existent except to downgrade your quality of living. Buildable sites are limited, there's nowhere to go but up, those places take years to complete, and the investment/speculation real estate market is still hot sending it up farther every year. Builders actually slow down their housing projects because labor is cheap and they know what they'll get for units on completion will be far more in 2 or 3 years from now compared to this or next year. Taken together, expensive housing is utterly inescapable in HK IF one expects to have what we think of as adult or family living space larger than a dorm or frathouse room and with average, minimal conveniences. There's really nowhere to go that isn't ridiculous, and it affects everyone.

Living in HK requires one to completely change their notion of what a "normal" home is. Those of us with salaries commensurate with real estate prices don't have it so bad except to note how utterly out of whack prices are from what we're used to somewhere else. It's the locals living in those sub-300 square foot places who have it bad. Even if they do get cheaper government housing they can scrimp by on, they're still living in a tiny, tiny place with really no hope for anything more. Many local families have to splinter and move people around, re-shuffling living arrangements between kids and grandparents etc etc and it all has to do with physical living space.
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Old 18 August 2018, 05:24 PM   #26
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The problem with HK compared to other expensive cities is while other expensive cities do have some sky high real estate prices that approach or equal HK's, those other cities offer many, many other options to buy or rent less expensively while not at the same time living in a run down prison cell-sized flat. In a normal expensive city, sometimes all it takes is to live a few more miles down the road or a few more blocks away from public transport.

This happens in HK too to a degree, but the low-end threshold is still stupidly expensive. Buildable sites are limited, there's nowhere to go but up, and the investment/speculation real estate market is still hot sending it up farther every year. In other words, expensive housing is utterly inescapable HK IF one expects to have what we think of as adult or family living space larger than a dorm or frathouse room and with average, minimal conveniences. There's really nowhere to go that isn't ridiculous and it affects everyone.

Living in HK requires one to completely change their notion of what a "normal" home is. Those of us with salaries commensurate with real estate prices don't have it so bad except to note how utterly out of whack prices are from what we're used to somewhere else. It's the locals who are the ones living in those sub-300 square foot places who have it bad. Even if they do get cheaper government housing they can scrimp by on, they're still living in a tiny, tiny place with really no hope for anything more.
It will implode like no one has ever seen before.

Godspeed.
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Old 18 August 2018, 05:31 PM   #27
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My old boss lived in the Bay Area, small house with no real yard. As a guess I would say 1,200 square feet. He and his wife packed up and moved to Reno. They bought a mansion comparitively speaking and have money to spare for retirement.
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Old 18 August 2018, 10:04 PM   #28
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Interesting read and some cool houses. I would also like to see the overall cost of living based on what your dollar buys in those markets. I assume that pay is more in certain areas but then does it buy more. All interesting considerations.
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Old 18 August 2018, 11:03 PM   #29
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A very good friend of mine just purchased an 850sf flat top roofed square house in San Francisco, out in the avenues for $997,000 and that was after the bidding war. It was built in 1927, is 2 bedroom and has 1 bath. It is attached to the building next to it on one side and has a 3ft walkway down the other side to the backyard which is undeveloped. There is no garage.
To afford this place, he is a top head hunter and his wife is the General Manager of Nordstroms department store.
Where him and I grew up, this same house would have cost about $65,000. Its the premium you pay for living in San Francisco I guess.
I can almost guarantee the San Francisco house in the article went for way for than the list price. It was probably purposely priced low to entice a bidding war.
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Old 18 August 2018, 11:55 PM   #30
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Less in the coasts more in the center of the country? Am i close?
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