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Re: The Madness Is Back: Homeowners Take Out Mortgages To Buy Bitcoin, Cars And Wine

By: DGpeddler in POPE IV | Recommend this post (0)
Tue, 08 Aug 17 9:48 PM | 100 view(s)
Boardmark this board | POPES NEW and Improved Real Board 		Msg. 30770 of 47202
(This msg. is a reply to 30768 by Decomposed)
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De, I lived in Dallas in a neighborhood
that had been there forever because five
miles away, it cost twice as much. I have
always lived as cheap as possible and
saved as much as I can


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The above is a reply to the following message:
Re: The Madness Is Back: Homeowners Take Out Mortgages To Buy Bitcoin, Cars And Wine
By: Decomposed in POPE IV
Tue, 08 Aug 17 9:32 PM 		Msg. 30768 of 47202

DG: 

re: "I never could understand why someone would want to pay $100,000 for a house when they could get a nicer one some where else for $50,000."

Do you mean somewhere else NEARBY, or just somewhere else? Many people don't want to live in a different state. Environment, politics, cultures, cliquishness (such as you'd find in Utah) ... all play a role. I don't think there's anything that could get me to live in Mississippi, Detroit or Yuma, for instance. There are very different reasons for each, but the bottom line is that I don't like those places.

I never thought I'd want to live near Washington D.C. Now that I've lived here, I find that I'm right! Oh, it's been great for my son, but prices are so G*awful that it just isn't worth it. (I came here in order to get out of California, and because I knew I could bolster my salary if I did it for a little while. I never intended to stay for twelve years but look what happened.)

Now, if you're talking about houses that are close to each other yet very different in price, then I sort of agree with you. I know some ritzy neighborhoods that are just a street or two away from less glamorous but still nice areas, and the home prices differences are staggering. Well, each to his own. Some people around here own businesses and are making millions of dollars per year. To them, spending $2 million instead of $1 million isn't that big of a deal. The slightly nicer street might be worth it to them.

And, there might be more to it than that. The different address could mean that a a family's kids go to a different school. (Admittedly, most people who an afford a $2 million house can also afford private schooling for their kids, though not all choose to do so.) It could put them in closer proximity to metro. (Around here, if your house is in walking distance of a subway station, it might be worth 75% more.) There are other reasons.

There's my two cents. 

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