housing dilemna....

[michael anderson]

Moving in 6 months, and many of the areas Im looking to move are in
low to moderate housing price areas....

And of course I'm a single guy with no dependents(or pets), so I would
ideally like something fairly small. After all, what do I need with 3
or 4 empty bedrooms?

I would like a *large* central living room, large kitchen, area to
entertain, bar area, etc...

Money is not really an issue, as I've paid off most of my student
loans from contract moonlighting and have a good bit saved for down
payment and would have a budget between 600 and 800k...which in these
cities buys a *lot* of house.

The problem is that I'm noticing that in 2 of the 3 cities I'm looking
at, there isn't much in the way of housing that meets these demands.
There are plenty of houses in that price range(and plenty above as
well), but they are 5000 sq ft atocities with no character and have
like 5 bedrooms. There are some other houses with the large central
areas and entertaining areas, but they also have massive numbers of
bedrooms and bathrooms.

I also am noticing that it is hard to find really well constructed
small homes/condos with a top end feel. The smaller houses all seem
kind of thrown together....shoddy bland cabinets, no character.

Is there no market in most southeastern cities(outside of parts of
Atlanta, Miami, maybe nashville, maybe tampa, charlotte) for small
upscale well made urban dwellings for single people or married
childless couples?

[xyzzy]

On May 20, 11:42 am, michael anderson <mianderso...@gmail.com> wrote:
>
> Is there no market in most southeastern cities(outside of parts of
> Atlanta, Miami, maybe nashville, maybe tampa, charlotte) for small
> upscale well made urban dwellings for single people or married
> childless couples?

Yes.

But you have to be 55 or older to buy in.

[Jim Brown]

Build.

[michael anderson]

but I want more of an urban living feel....will city codes and such
even let me do that? Also, wouldn't it cost a fortune?



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[michael anderson]

well I have thinning hair and very much believe the younger generation
of today is lazy and incompetent......would that get me in?

[xyzzy]

Yes. And Yes. But that's OK, you seem determined to spend a
fortune.

I mean c'mon man... Dixie is your oyster. You're not gonna let a few
hundred thou stand between you and your bachelor paradise in hopping
downtown Chattanooga, are you?

(hint: if you lower your market price point, you might be more likely
to find what you're looking for)
(hint2: buy a small place that doesn't meet your exacting standards
and do a gut remodel the way you want it. It would still be cheaper
than what you are looking for)

[michael anderson]

the problem with that suggestion is with a 4-5k mortgage I get a nice
mortgage interest deduction......so the difference(in real dollars to
me) between a monthly mortgage payment of 4300 vs 2300 isn't 2000
dollars...it's more like 1400 dollars.

> (hint2: buy a small place that doesn't meet your exacting standards
> and do a gut remodel the way you want it. It would still be cheaper
> than what you are looking for)

but then could I somehow finance that remodeling to count towards
mortgage so I get mortgage interest deduction.

[Mr. N.A.Cho]

I keep thinking of high-end high-rise condos like in major cities like
NYC or Chicago or Boston. Not sure if you have that type of market
where you're going, but I think that's what you're after.

[michael anderson]

thats kind of what I'm after, and would be perfect(although a small
urban house in an upscale area just outside the city center would be
nice too)......if I was living in NYC or Chicago. But I hate cold
weather.

The southeastern cities that most has that type of setup is Miami.
However, Miami is a lot farther away from my hometown than I would
like to be. Additionally, it's harder for me to find a good job that
pays well that I would enjoy in miami than in many of the other places
I am looking.

[xyzzy]

Ummm, you do realize that when spending more to get a bigger mortgage
interest deduction, it's still costing you more after taxes?

IOW, spending $100 to save $30 on taxes... you're still $70 behind in
that calculation.

> > (hint2: buy a small place that doesn't meet your exacting standards
> > and do a gut remodel the way you want it. It would still be cheaper
> > than what you are looking for)
>
> but then could I somehow finance that remodeling to count towards
> mortgage so I get mortgage interest deduction.

1. Do the remodel with a professional contractor with plans, etc, and
you might be able to get a construction loan (interest is deductible
on those) that rolls into a mortgage when the remodel is done.

or

2. Pay for the remodel some other way, then refinance to the higher
value of the place after you're done.

Problem with these is that your home value will probably not increase
by 100% of the cost of the remodel, so you'd only partially get to
mortgage it.

[michael anderson]

yeah but i'm working towards paying off a house that is worth an extra
350k or whatever....

[xyzzy]

Have you considered Austin? Because if you have, we old timer
rfsckers know a guy who knows the city and close-in upscale real
estate market pretty well, who would probably be happy to help you
find a place.

[xyzzy]

Well for now it is. A lot of homeowners in Nevada and Arizona can
tell you how that can turn out.

[michael anderson]

I have, but it's too far west(I want to stay closer, within easy daily
driving distance, to my hometown) and the job market there(because so
many young professionals want to live there) is brutal. I'd have a
lot of difficulty finding a good job I enjoy in Austin.



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[xyzzy]

I think you've discovered your problem.

The kind of housing you want appeals to young professionals. It's
only going to be readily available where there are a lot of young
professionals. But you don't want to be in cities with lots of young
professionals, either because you don't want to be competing with
other young professionals for jobs, or you don't like their liberal
culture.

It's a quandry.

[michael anderson]

I think in many areas though, housing prices really can't get any
lower.....even if I did buy a house and it went down 15% in
value(which I think is unlikely given where current levels are),
that's not the end of the world.

[michael anderson]

well yeah that's it(moreso the jobs thing than the culture
thing).....I want to have my cake and eat it too. I'm trying to find
the best balance for that.

[Mr. N.A.Cho]

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have you thought about buying a condo on a golf course? There's a TPC
golf course in my area with high-end condos on it.

[michael anderson]

> golf course in my area with high-end condos on it.- Hide quoted text -
>

http://www.randallrealtors.com/p/195/G638343?posc=3&post=100&chome=1&

it doesn't really seem to be what I'm looking for...if that is what
the market is for a 3300 sq foot house on the course, I have to think
a condo would be even less.

And wtf is with the taxes in your area? Almost 12k in taxes on that
house? Is that a misprint?

[michael anderson]

http://www.trulia.com/property/1093699593-4779-Collins-Ave-908-Miami-Beach-FL-33140#photo-11

something like this would be ideally what Im looking for....sold for
570 in 2010, and I bet it could be had for 600-650 or so.
Unfortunately I can't find a job in miami.

[Mr. N.A.Cho]

CT is a high-tax business-unfriendly State.

[timv]

A lot of even smaller cities will have some type of urban renewal area with very high end townhomes.

Here's a few examples from OKC.

http://www.realtor.com/realestateandhomes-detail/28-Ne-3Rd-St_Oklahoma-City_OK_73104_M86667-10844?row=4

http://www.realtor.com/realestateandhomes-detail/422-Ne-2Nd--85_Oklahoma-City_OK_73104_M86616-05410?row=1

[michael anderson]

> http://www.realtor.com/realestateandhomes-detail/28-Ne-3Rd-St_Oklahom...
>
> http://www.realtor.com/realestateandhomes-detail/422-Ne-2Nd--85_Oklah...


yeah those look good...still twice as big as I want(Im thinking more
~1700 sq ft). I've seen some areas like that in nashville too, which
would probably be a good comparison in terms of size.

[J. Hugh Sullivan]

On Mon, 20 May 2013 08:42:50 -0700 (PDT), michael anderson
<miande...@gmail.com> wrote:

>Moving in 6 months, and many of the areas Im looking to move are in
>low to moderate housing price areas....
>
>And of course I'm a single guy with no dependents(or pets), so I would
>ideally like something fairly small. After all, what do I need with 3
>or 4 empty bedrooms?
>
>I would like a *large* central living room, large kitchen, area to
>entertain, bar area, etc...

Do you like to mow the yard and do the landscaping also? That and
taxes come with home ownership. When you move to the next place do you
have time to arrange the sale of the house?

My suggestion would be to decide where you really want to be first. Do
something temporary until you find out what others in your status do
and use that as a guide.

I would look at an upscale condo in an area you like and let someone
else worry about all the honey-dos that one has even when he doesn't
have a honey.

Hugh

[xyzzy]

They need the square footage to justify the price. $/sq foot is one
of the measures banks and appraisers use to determine if a property is
priced right, and therefore what maximum mortgage they will underwrite
on it.

[NapalmHeart]

"J. Hugh Sullivan" <Ea...@bellsouth.net> wrote in message
news:519a659e...@news.eternal-september.org...

Great advice, Hugh.

[Futbol Phan]

Beware the AMT.

[michael anderson]

I think even with a big mortgage interest deduction I still am going
to be shy of AMT though.....no kids, student loans mostly paid off to
limit those deductions, a good deal of my income will be
salaried(limiting those deductions), etc.....I wish I could get into
AMT but I think I'm still going to pay way too high a % to be there.

[Michael Press]

In article
<01db35b4-baca-48d6...@v14g2000yqm.googlegroups.com>,

Just take a larger place that is solid.
It will have more amenities as well.
The extra rooms will not be a burden.

--
Michael Press

[NapalmHeart]

"Michael Press" <rub...@pacbell.net> wrote in message
news:rubrum-680195....@news.albasani.net...

If there isn't much of a supply for the type of house you consider ideal
there may not be that much of a demand for it. The extra rooms may make
it more sellable when you decide to move. I still think Hugh has a good
idea. A year's rent may be a wise investment.

Ken

[Hench]

It's pretty good advice.

[Kyle T. Jones]

I don't know that anywhere outside of Miami in the region you're looking
at will have that high a price per square foot.

You should look at the regions you like and get a feel for the price per
square foot range - clearly you want to be on the high end of that range.

Given your range of regions, it's ridiculous to talk "I want to spend
$600,000 - $700,000" - for one, the salary/borrowing power for a
psychiatrist is going to vary greatly across that region. You should
always be able to afford the very high end of that $/area scale if
you're looking at 1700-2000 sq ft, though.

Someone already suggested a golf/country club community - or a nice
waterfront neighborhood - those are going to be your higher per sq foot
areas.

For what you're looking for - go to Zillow, zoom in on the maps in the
cities you like, look for the million dollar + houses (multi-million in
Miami, I suppose) - look at those neighborhoods for the lowest price
homes - those will be the small but still "up to standards" homes you're
looking for - might even find a couple 2 bed 2 bath if you look hard,
although it seems like they hardly make those outside of custom builds
these days.

Buying at the low end in a high end neighborhood is generally a good
bet, in any case - and should match your sizing well.

Zillow is your friend - they have a web site but also a very addictive
little app for your phone - try the live feed feature if you're actually
driving around a neighborhood that interests you.

Cheers.

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--
Too bad. Read the manual. If this stuff were easy
we would not get the big bucks. -- Michael Press, June 1st 2012

[J. Hugh Sullivan]

On Mon, 20 May 2013 19:31:26 -0400, "NapalmHeart"
<kol...@freedomnet.org> wrote:

>
>"Michael Press" <rub...@pacbell.net> wrote in message
>news:rubrum-680195....@news.albasani.net...

>> Just take a larger place that is solid.
>> It will have more amenities as well.
>> The extra rooms will not be a burden.
>>
>> --
>> Michael Press
>
>If there isn't much of a supply for the type of house you consider ideal
>there may not be that much of a demand for it. The extra rooms may make
>it more sellable when you decide to move. I still think Hugh has a good
>idea. A year's rent may be a wise investment.
>
>Ken

I think MIA wants to party and not be burdened with a lot of details.

I can't visualize a single doctor playing housekeeper every week and
trustworthy maids are not easy to find. And they want you to purchase
all sorts of expensive cleaning equipment.

I believe MIA is more transient than permanent so I suggest less
permanent quarters. And I suggest learning more before forking over
600-800k regardless of how easy that amount is to earn.

I think a start should allow some flexibility rather than being
essentially final. Foreplay is important.

And, sooner or later, I think most of us would choose pleasant
surroundings, a happy work place, good friends and the happy life over
more show and tell.

OTOH condos in Destin that cost more than $3 mil 10 years ago are
selling for less than $1 mil now.

Hugh

[michael anderson]

I refuse to get a phone that can handle apps, internet, etc....old school. but I'll check it out online.

I think part of my insistence on spending at least 600k is I have to spend money on something right? I'm not a car person obviously(no car payment, drive a camry). I don't wear flashy clothes or bling. I already save too much. I don't have a wife to spend money on. Don't have family who needs support. I do like to eat out at nice restaurants and planning on traveling a good bit, but you can only eat so many meals. I guess I could always step up the football plays.....

Thanks to everyone for the suggestions and perspective. Lots of useful stuff.