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Thread: Ridiculous real estate

  1. #1
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    Ridiculous real estate

    This is a small (under 1000 sq foot) house in a planned community in Bridgton Maine that markets to over 55 downsizers and used to push bill themselves as an eco village. When I first saw these houses, five years ago, they were around 150k tops. Now they are over 300k. The worst thing is that you can't really walk anywhere from them, and you are car dependent there.

    https://www.zillow.com/homedetails/2...77918396_zpid/

    What do you all think of this? I think it's ridiculous, thus the thread title. What am I missing here?

    I checked and it is over 55. A clubhouse and a fitness center. No pool!

  2. #2
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    Everything real estate has gone up it seems. Even our own house here has gone up $100K in four years. It is not a sustainable situation. I am not one who would do well in a 55 plus setting with HOAs etc even with all the "amenities." And I think most of those places have very strict HOAs and the fees to go with them.

  3. #3
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    My gosh, I forgot about HOA. It is 185 dollars a month! For virtually nothing. Ouch.

  4. #4
    Senior Member JaneV2.0's Avatar
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    That would be a real bargain in this area, or in the Portland suburbs, where 300K would buy a nice older condo.

  5. #5
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    Yeah, that's why we ruled out Portland, where my son lives, even though it's super nice and I love the climate and I love my son. No way can we ever afford it.

  6. #6
    Senior Member catherine's Avatar
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    I just spoke to one of my neighbors (a summer resident) and she said she just sold her year-round house in Middlebury, VT. They bought it for $160 9 years ago. The put it on the market for $320 and they got 8 offers in one day.

    If my son doesn't wind up buying my house and I miss this housing bubble I am going to be totally bummed. Meanwhile, he might be getting to the point where he can't afford to buy it from me!!
    "Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
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  7. #7
    Senior Member JaneV2.0's Avatar
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    House prices have gone up here, then slipped some, then gone up again; but their overall trajectory is up. My house, on paper, is worth more than seven times what I paid for it.

  8. #8
    Simpleton Alan's Avatar
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    We in fly-over country aren't necessarily blessed/cursed by outrageous home prices. We built our house 25 years ago for $185,000. It's in excellent condition and in a desirable neighborhood but hasn't seen the huge increases in value many of you have, at least according to Zillow. They say mine is now worth about $280,000.

    If my focus was making money I'd have been better off investing that initial $185K.
    "Things should be made as simple as possible, but not one bit simpler." ~ Albert Einstein

  9. #9
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    A friend put her tiny house in Lafayette, IN on the market and the same day she had it listed there were 5 viewings and a sale, She lost out on over 5 houses due to bidding and immediate cash offers in Indy before finding her house.

  10. #10
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    It is a totally crazy market, for sure. We just bid on one two weeks ago and lost out, are negotiating on another one now, fingers crossed.

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