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Gentrification, your neighborhood, and you

Old 01-11-2019, 06:55 AM
  #76  
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Default Re: Gentrification, your neighborhood, and you

Originally Posted by BauleyCivic View Post
The difference between a 500k 3.5% loan and a $500k 5% loan is not $650/mo. It's $440. $2,245 payment vs $2,684. About 20% higher.
show your work doe

500k*.05 = 25k
500k*.035 = 17.5k

25k-17.5k= 7.5k

7.5k /12 = 625

if this is not correct, show me doe
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Old 01-11-2019, 06:58 AM
  #77  
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Default Re: Gentrification, your neighborhood, and you

Originally Posted by Tim2179 View Post
show your work doe

500k*.05 = 25k
500k*.035 = 17.5k

25k-17.5k= 7.5k

7.5k /12 = 625
Except you are only paying interest on the principal balance, not the original amount of the loan.

https://www.thebalance.com/how-amort...n-works-315522


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Old 01-11-2019, 07:08 AM
  #78  
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Default Re: Gentrification, your neighborhood, and you

Originally Posted by BauleyCivic View Post
Except you are only paying interest on the principal balance, not the original amount of the loan.
I understand that. My numbers assume 0% down to make the math easy and I don't know Ross's principal balance. Using 20% down or a 400k balance it still works out to be $500 difference between the 2 rates.
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Old 01-11-2019, 11:10 AM
  #79  
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Default Re: Gentrification, your neighborhood, and you

Originally Posted by Tim2179 View Post
well TBH, Trump has very little to do w/interest rates. Interest rates were only made low in the past few years in order to get us out of the post-housing bubble crap economy. They're still not as high as they were before the crash. Pissed I didn't pull the trigger when rates were under 3.5%. What rate are you at Ross?
Oh I know he doesn't affect the rates, I did my best to describe those things as separate factors facing the economy.

As far as our rate, we got 4%. Pretty happy with that. They didn't stay that low for long afterwards.
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Old 01-11-2019, 11:22 AM
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Default Re: Gentrification, your neighborhood, and you

I had a house under contract at 3.4% in 2016, but the day Trump got elected I pulled out. I thought for sure the economy would nose dive after.

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Old 01-11-2019, 11:53 AM
  #81  
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Ow

**** man. Lol

There is always a honeymoon period for new Pres. But his instability and lack of knowledge are starting to really rattle the markets now.
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Old 01-11-2019, 12:37 PM
  #82  
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I was wrong the other day when I said that they tore down the building where a couple of folks were shot last year. In fact, that building is one of the few that remains and they now charge $1500 for a 1 bedroom. Now that's what I called expedited gentrification!! From Section 8 to grad student/professor apartments in less than a year.

UPDATE: 2nd arrest made in Sunday N. Gay St shooting


Edit: The link above isn't to the shooting I was talking about; it's from an earlier shooting at the same complex. Lulz. Here's the one where the dude was running his mouth on Facebook and was dead less than an hour later:

UPDATE: 1 killed, 1 arrested in deadly Auburn shooting on North Gay Street
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Old 01-11-2019, 10:58 PM
  #83  
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Default Re: Gentrification, your neighborhood, and you

I can't wait until I am surrounded by people who look at me and think, "man... why does my neighbor have to be so poor! He's bringing down the class of this neighborhood! He never brings any treats to the HOA meetings but he sure does come and eats like the appetizers are set there for a meal!"

Regarding SilverLake.... yikes that place is expensive. They have a couple good places to eat, but it's not really my type of place.
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Old 01-12-2019, 07:07 AM
  #84  
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Default Re: Gentrification, your neighborhood, and you

Originally Posted by A D NOH View Post
I can't wait until I am surrounded by people who look at me and think, "man... why does my neighbor have to be so poor! He's bringing down the class of this neighborhood! He never brings any treats to the HOA meetings...
That's what I told my wife: "my dream is to buy in an area that we couldn't afford to move into 5 years later"

We have no HOA though

Got an informal appraisal done by a local realtor yesterday, he said that he thought the extra garage bay added around $10k and the addition out back around $15k. Said he thought the house was probably worth $525-530k. And confirmed that the subdivision down the street is a big positive indicator.
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Old 01-13-2019, 01:04 AM
  #85  
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@r*** we are in similar boat. im not trying to sell but **** raising a kid here. our block is nice but (the bay area in general) you're always 15 minutes away from the ghetto.
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Old 01-13-2019, 06:25 AM
  #86  
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Default Re: Gentrification, your neighborhood, and you

I love the gentrification that's happening here. My tiny little 900sq/ft house a couple blocks from me rents for $1800/month now. The laundry is in the garage across the backyard and people literally don't care haha. Rain? No laundry but they are right next to the water, a boat landing, and a really cool shopping area and one bridge from downtown. My current house has increased in value $150k in the three years we have lived here. I'm a happy turd. Gentrify forever!! I can't wait to sell at the market peak which ain't anywhere in the future with the amount of people moving here muhahahaha!!!
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Old 01-13-2019, 11:08 AM
  #87  
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Default Re: Gentrification, your neighborhood, and you

Originally Posted by Ross View Post
Got an informal appraisal done by a local realtor yesterday, he said that he thought the extra garage bay added around $10k and the addition out back around $15k. Said he thought the house was probably worth $525-530k. And confirmed that the subdivision down the street is a big positive indicator.
What's your end game? Are you trying to get out of that house asap and move somewhere else or do you genuinely hope the area gentrifies enough so that you actually like living there?
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Old 01-13-2019, 11:24 AM
  #88  
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Default Re: Gentrification, your neighborhood, and you

If you're not moving anytime soon, I'd not worry too much about house value. Maybe you should make friends with your neighbors, get an email list or Nextdoor group started, community watch, quarterly block parties... etc.

That kind of thing does more for neighborhood value than anything. People will start to take better care of their homes and in general the neighborhoods they live in.

The biggest concern is the Owner vs Renter ratio; too many renters and the neighborhood can really nose dive. One of my friends lives in a 15-20 year old subdivision that used to be really nice, but all it takes is one or two joke renters to move in and tell their friends... bam, shitty area.
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Old 01-13-2019, 11:50 AM
  #89  
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Default Re: Gentrification, your neighborhood, and you

Yeah once it hits 70:30 the neighborhood is done
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Old 01-13-2019, 12:43 PM
  #90  
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Default Re: Gentrification, your neighborhood, and you

Originally Posted by SkyeC View Post
If you're not moving anytime soon, I'd not worry too much about house value. Maybe you should make friends with your neighbors, get an email list or Nextdoor group started, community watch, quarterly block parties... etc.

That kind of thing does more for neighborhood value than anything. People will start to take better care of their homes and in general the neighborhoods they live in.

The biggest concern is the Owner vs Renter ratio; too many renters and the neighborhood can really nose dive. One of my friends lives in a 15-20 year old subdivision that used to be really nice, but all it takes is one or two joke renters to move in and tell their friends... bam, shitty area.
See below. There are lots of renters IMO but they don't stand out.

Someone went and power-washed the sign for our development. There isn't an HOA so I'm assuming one of the homeowners just did it. And he landscapes the thing too. It's cool.

Originally Posted by BauleyCivic View Post
What's your end game? Are you trying to get out of that house asap and move somewhere else or do you genuinely hope the area gentrifies enough so that you actually like living there?
A little bit of both?

We actually really like living here. I downplay it because I know it's not the kind of place we all dream of living, but it's not bad. It's just not Vienna, Oakton, Falls Church etc where everyone is either white or Indian, and loaded. We have black, white, Asian and Latino families as well as some old folks. They all take pride in their homes and there's no noticeable drug or gang activity. It's like a nicer version of Manassas lol. There are a lot of cars parked on the street, some of them are work vans. So it's definitely, I would say, a lower-middle-class neighborhood. The condition of the house was just awesome, and still is. It's very cozy (not grandiose) and we have no need to make any major upgrades.

If we'd been real smart with our money before we started dating, we'd be paying the same mortgage on a much nicer house in one of those other areas. But this is the best we could get without downsizing to a TH or condo in a nicer area. Same $ in Reston gets you a TH without a garage. Like I said, it is right on the border...anything to the north is Old Town/big bucks, anything to the south is that area where you and me and Brian met at the Thai place.
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Old 01-14-2019, 06:39 AM
  #91  
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Fox Con is building their supermassive plant in my town, but it's on the exact opposite end, 6 miles away. In crony capitalist Wisconsin, minority gentrifies you
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Old 01-14-2019, 08:01 AM
  #92  
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Originally Posted by Uncle Ben's View Post
Fox Con is building their supermassive plant in my town, but it's on the exact opposite end, 6 miles away. In crony capitalist Wisconsin, minority gentrifies you

your governor sold your state out Foxconn

dont point your finger at the Asian man
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Old 01-15-2019, 06:16 AM
  #93  
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Default Re: Gentrification, your neighborhood, and you

Perfect example of gentrification in my neighborhood... Here's a place listed for sale @ $350 and the top of the description reads:

"Amazing opportunity to tear down and build a custom home in the heart of the Midtown area." Some poor house that's been around since the 60's that you can assume some family (if not a few) have memories in and realtors aren't shy about suggesting the bulldozing route. Nothing wrong with it, but I doubt we'll recognize this place in 10 years.

https://www.zillow.com/homes/for_sal...t/15_zm/0_mmm/
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Old 01-15-2019, 06:36 AM
  #94  
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Improving communities is nice and gentrification helps to a degree but it eventually almost always pushes renters out and in many cases turns owners into renters. For example here in Detroit if a family is behind on property taxes, the property goes up for sale without them knowing a lot of times. Next thing they know they get a knock on the door saying, "Hey Mr/Mrs So and So my name is Such and Such and I own your house now." New owner lets them live in "his/her" house but they now must pay rent. A lot of lower income families cannot afford the rent these landlords are charging (by design) and are forced to move or fall farther into debt.

Stronger communities on the other hand are great and we're seeing it in parts of the city too. New businesses are opening up and more people are moving in and buying property to fix up and KEEP instead of trying to make a buck off of. There are frequent meetings where people discuss issues with keeping rent affordable, planning community events, programs to help people get to know their neighbors, etc. It's helping stabilize and improve a "rougher" part of town without it being bought and sold repeatedly until all that's left are some orange and grey box apartments and a Trader Joe's.
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Old 01-15-2019, 07:02 AM
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Originally Posted by tron_ View Post
Improving communities is nice and gentrification helps to a degree but it eventually almost always pushes renters out and in many cases turns owners into renters. For example here in Detroit if a family is behind on property taxes, the property goes up for sale without them knowing a lot of times. Next thing they know they get a knock on the door saying, "Hey Mr/Mrs So and So my name is Such and Such and I own your house now." New owner lets them live in "his/her" house but they now must pay rent. A lot of lower income families cannot afford the rent these landlords are charging (by design) and are forced to move or fall farther into debt.

Stronger communities on the other hand are great and we're seeing it in parts of the city too. New businesses are opening up and more people are moving in and buying property to fix up and KEEP instead of trying to make a buck off of. There are frequent meetings where people discuss issues with keeping rent affordable, planning community events, programs to help people get to know their neighbors, etc. It's helping stabilize and improve a "rougher" part of town without it being bought and sold repeatedly until all that's left are some orange and grey box apartments and a Trader Joe's.
Detroit is going to be an extreme example on all ends of the spectrum for sure. There's so much upside to cash in on that it doesn't seem crazy that people are out to make quick cash.

I'd like to check it out someday, I've heard great things about its revitalization from when it all went to **** a decade ago.
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Old 01-15-2019, 08:07 AM
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Originally Posted by itrSteez View Post
Detroit is going to be an extreme example on all ends of the spectrum for sure. There's so much upside to cash in on that it doesn't seem crazy that people are out to make quick cash.

I'd like to check it out someday, I've heard great things about its revitalization from when it all went to **** a decade ago.
These days you have to get pretty far out into the East/West side to land one of those bargain deals we began seeing around 2008 or so.

If you're ever in town the beer's on me

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Old 01-15-2019, 08:11 PM
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The neighborhood i grew up in is slated for gentrification. In the 80s it was the aging burbs of the old city. Shotgun houses, brick Victorians many older people, pretty good, doors unlocked, keys left in the car, ya know high trust society, 95% white. Fast forward now several housing projects have been demo'd from around town and THEY have been shipped into the area.

I've long since left but that area will always be home, i still have a house there. The good and bad news is the entire neighborhood is being bought out over the next 25 years. Where my Great Grandmother and many in my family lived is going to be the backside of a parking lot for a casino. I guess a clean parking lot sitting over my childhood beats a dystopian Red V Blue gang war going on over it. lulz.

I'm thinking about fighting the buyout like hell when it comes, try to get a nice chunk of money. I honestly did have dreams of going back and setting up a life once the area came back. Its very special to me.

Murica, amirtie? **** this country and its garbage culture.

Originally Posted by slomofo View Post
There's reverse gentrification going on in my neighborhood. My area was primarily upper middle class Asians and then one Mexican moved in, then another, and another, and now the streets are lined bumper to bumper with Mexican styled cars because Mexicans have furniture in their garages where they hold social gatherings and presumably house more Mexicans and they don't park in the driveway because it restricts pedestrian access to the garage-livingrooms.

The average home price in this ghetto Utopia is $310k, but these same cookie cutter styled homes are $430k in neighborhoods with less Mexicans.


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Old 01-15-2019, 09:52 PM
  #98  
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It's not just Mexicans or any one group with the garages...And it isn't even just the US. Across the US and even UK garages are mostly used for storing stuff and cars are parked outside.

https://household-tips.thefuntimesgu...ed_with_stuff/
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Old 01-15-2019, 11:37 PM
  #99  
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Talk about gentrification, trailer park mobile homes are fetching subletters $1300/month rent for a bedroom and a bathroom in San Jose CA lololol

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