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43971 |
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Date: December 31, 2023 at 17:12:20
From: blindhog 6th sense, [DNS_Address]
Subject: McMansions Are Falling in Price Because Few Have the Money or .. |
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..the kind of jobs that can afford such an
expense.
I've been watching Sach Realty YouTube and
Scott Walters YouTube and other sites and it
doesn't look good for owners of huge homes.
Can you imagine being the owner of a mcmansion
and coming up with the money for property
taxes, insurance bills, huge heating and
cooling bills, constant repair and replacement
costs, and maybe HOA fees, on top of the
mortgage payment?
We mistakenly got away from the post war
Levittown like modest homes that provided
security and enough money left over for paying
the bills, for supporting a family on a single
income, for buying a car and even for putting
a child or two through college. It was a home
modest enough that you could live out your
final days in.
The economy is so bad, in an exaggerated
rubber band effect, I've seen stories of tiny
homes being built which make Levittown homes
seem luxurious in comparison.
Ross Perot was so right. We gave away our
prosperity when we gave away our
manufacturing. The few at the top made
megabucks off globalization, thus the pockets
of mcmansions. But now the few have dwindled
down to just a fraction of what their numbers
used to be, ergo, mcmansions unsold and left
to deteriorate.
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Responses:
[43972] [43975] [43976] |
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43972 |
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Date: December 31, 2023 at 18:40:44
From: The Hierophant, [DNS_Address]
Subject: Re: McMansions Are Falling in Price Because Few Have the Money or .. |
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I think it depends what part of the country - because
here in the greater Seattle area, the 'McMansions' and
homes/condos that are $3 million and above are selling
just fine (in fact, majority of the sales have been
cash sales....no need for loans to make initial
purchase) (and in the wealthier parts of the greater
Seattle area, the average price of a home is $1.4
million - and those are not 'McMansions' - those are
homes that are above average but nothing luxury) as are
the homes that are $800,00 (since the average price of
a home in the greater Seattle area is about
$798,000)and below. It is that in-between where things
have slowed down. And believe me when I say that if
someone can afford to purchase a McMansion, they
certainly have the funds to afford all the others
things that come with owning that McMansion. The
everyday expenses that the average American is
struggling with is of no concern to those who can
purchase McMansions. The wealthy (are doing just fine
thanks to the stock market and other investments they
have.
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Responses:
[43975] [43976] |
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43975 |
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Date: January 01, 2024 at 15:06:10
From: blindhog 6th sense, [DNS_Address]
Subject: Another Possibility, Foreigners With Deep Pockets Could be Buying |
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There's also the possibility that 4
generations, and/or cousins, aunt, uncles, in-
laws, and even outlaws are moving in together
in those mcmansions and splitting costs.
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Responses:
[43976] |
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43976 |
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Date: January 01, 2024 at 16:17:08
From: The Hierophant, [DNS_Address]
Subject: Re: Another Possibility, Foreigners With Deep Pockets Could be ... |
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It is a possibility; however, not around here.
Majority of the McMansions are the 1-3% who are in high
tech, Vc's or other finances.
Where you DO see the multi generational homes are in
the $1-2 million ones that around here are not
'McMansions' but instead just a larger home - say about
3,500 - 4,500 sqft - in a built out newer community
where the homes are like 10 feet from each other. We
have a neighborhood about 1/2 mile away from where we
live - 95% of the community are all high tech who are
here on a green card/work visa that some high tech
company has paid for. And once that worker has that in
hand, they are able to buy a home (because of the high
salaries), and then they send for mom/dad/grandparents.
Unfortunately, this is the way things are in that
industry - there are not enough American workers who
have the skills (trust me, I know - we have had to try
and hire workers for our company - as recently as 6
years ago)...and not only do many of them not have the
high tech skills (video games don't count unless you
are going to go work for a gaming company and you have
coding skills) nor do they want to put in the long long
hours that the job needs - rather preferring a more
'balanced' lifestyle.
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