Monday, July 30, 2007

Flip this house; a reason to like the show

Yesterday there was a "flip this house" and "housing ladder" marathon. The wife fell asleep in front of the TV while this was on. I've learned to let her sleep and leave the TV alone (and do housing blogs). :) But for an odd reason I really like those shows now.

Why? Two episodes on Houston Texas. You see, my company has *large* land options there. We're constantly one contract away from sending a few thousand engineers there. (We never seem to earn *that* contract.) So far the wife has been adamant about staying in southern California.

But after seeing two different five bedroom homes being flipped... flips that flopped at $210 and some other low value... She's now more receptive to relocating. I was just online. A 4 bedroom 3 bath in the 3,000 sqft range *on the water* is about $450k to $550k. Wow! No wonder so many engineers at work like the idea. Yea... she somehow seems asleep yet can watch TV... I just accept it. :)

And prices in Houston are declining...
Now, I don't want to move. But at some point I'm going to give up on waiting. (At some point my savings will let me buy the Houston home cash.) But if these shows awaken people to affordable areas... watch out. The flood gates will open.

I'm still amazed at how the "background" financial institutions that support mortgages are falling apart and yet J6P knows nothing...

What's the point of this post? Due to the extreme costs of California housing, the willingness to stay in the state can disappear quickly. I think the exodus will be like the 1990's where many who would like to leave won't be able to.

Got popcorn?
Neil

4 comments:

tj & the bear said...

Moved here from Houston. The humidity is un-friggin-believable, and because of it the summertime temperature *never* drops -- it just hangs in the air. Takes some getting used to.

Still, I enjoyed my time there. Nice, unpretentious people, great clubs and damn good food.

Anonymous said...

Neil,
On the Houston 5 bedroom 210 flip, did you notice the ungodly amount of traffic whizzing by? Not to mention the what looked like the back end of some "big box retailer" across the street?
They really played up the "investor".
I actually liked the guy doing the work, compared to Sergio on the episode before.

Rob Dawg said...

Neil,
That house will also run you $1500/month in taxes. Ouch. Of course with no income tax that helps seeing as Kalifornia swipes 9.3% or $800/mo from a $100k salary.

wannabuy said...

TJ,

I grew up in North Florida. Houston Humidity doesn't scare me. But it does worry my wife! and best friend...


The taxes would be bad. But I'd still have more left at the end of each month. :)

Anon, now that you mention it, that $210k flip had ungodly traffic!

As to going anywhere... not for a while. But I just cannot help but notice those real estate options in the quarterly reports... hmmm... Don't worry, no rash choices.

It just amazed me how quick her opinions could change off a few TV shows!



Got popcorn?
Neil