Real Estate

[Kevin]

A while back I posted my nieghbors sold their house and moved. It must have been just 10 days for it them to get an offer and the new neighbors just closed and moved in this week.

I just met him. Oh shoot. I forgot to ask if he wanted to come over and eat some chicken. Perhaps later this fall when it's cooler.

Anyway, I'm glad to see the real estate in Dallas hasn't slowed down.

There is some quote about real estate being a good investment because God isn't making anymore land. I can't remember the exact quote right now though. I think it might be Mark Twain?

 

[turd]

I did my senior design project at the University of Minnesota as a study of planning for the Minnesota Landscape Arboretum and the associated holdings of the Horticulture Department. When I presented the plan I developed, one of the professors in the Horticulture Department made the comment "they aren't making land anymore young man" when I suggested giving up some of their land holdings to purchase other land that was better connected to the whole shebang. They ended up just spending the money to purchase the new addition, keeping the other parcel.

I know, this doesn't have anything to do with your post, just the comment made me remember. Glad you met your new neighbor, and I hope you like them better.

 

[Wyandot Jim]

Well if you are going to wait until fall for Sunday chicken dinner, the least you can do is have them over Monday for BBQ Ribs They are probably unpacking and nothing to eat. Time to be a GOOD Neighbor

 

[Kevin]

They are nice. Interestingly enough the very first question he asked me was about the “strange-ness” of the old neighbors.

They are younger, I think this might be their first house.

Oh, and they don’t have kids or dogs. And I did apologize up front if my dogs get too noisy. They aren’t too noisy by the way, as they mostly stay inside. The dogs, not the neighbors.

But @turd you are spot on. I don’t think a person would lose money but buying land almost anywhere really. The University was right in keeping their land AND buying more.

The stock market is going strong this year, but land is also increasing in value.

 

[Watchman]

While I like land, and own 40 acres, the problem is I really don't own it. Even though the mortgage has been paid off.

No, the government says I need to pay them 3000 dollars a year for the privilege of living on "my" own land.
Worse, every year they raise my appraised value, and the taxes go up proportionately. This year they are up 500 dollars over last year! (26% over last year.) If this trend continues I could be taxed out of my land, and be forced to sell it off in 10 years or less.

Property taxes are designed to do just that. When your property sells, the taxes will be reset to what the new owner paid, quite possibly more than your assessed value if you live in an area where property tax increases are limited to a certain percentage each year, regardless of tax assessed value.

I would favor a flat tax or sales tax, or even an increase in income tax over property taxes as the primary source of government revenue. We shouldn't be forced to rent our bought and paid for property.

 

[turd]

^ Well, there's always that.......

 

[cowboycopus]

I think it was Will Rodgers that said that.

 

[GasGuzzler]

While I like land, and own 40 acres, the problem is I really don't own it. Even though the mortgage has been paid off.

No, the government says I need to pay them 3000 dollars a year for the privilege of living on "my" own land.
Worse, every year they raise my appraised value, and the taxes go up proportionately. This year they are up 500 dollars over last year! (26% over last year.) If this trend continues I could be taxed out of my land, and be forced to sell it off in 10 years or less.

Property taxes are designed to do just that. When your property sells, the taxes will be reset to what the new owner paid, quite possibly more than your assessed value if you live in an area where property tax increases are limited to a certain percentage each year, regardless of tax assessed value.

Not to mention (at least in Texas) hardly anyone has their own mineral rights. Around here that means some joker can come in and start pumping oil or natural gas and you get the eyesores only. What about all your neighbors deciding to take the greed train and putting up 10-story high windmills? That happened to two communities up here. Oh! Don't forget the government owns all the game and all the fish too.

 

[Ranger]

Property taxes are a very imperfect tax. At one time, they were likely a good indication of wealth. Not so much anymore. Someone can lease an apartment and own millions in stocks, etc. avoiding directly paying property taxes or supporting their local schools, fire, police, etc. Other people can have property and make little. Our property taxes just went up by $1,xxx+ so we're now paying over $18,000 in property taxes. On the other hand, I'm not sure how it would go if state collected additional income tax to be dispersed instead of property taxes. Suspect a big chunk would be redirected in Illinois.

 

[Johnnu2]

My departed daddy told me two things:

1) He who has the "gold", makes the rules.
2) Land (if intelligently researched and purchased) is the best investment..."they aren't making any more of it".
p.s. buy where the rich live........probably won't have someone open a dump next door....!!!

I listened to him.........
J.