The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Lizzie Tudor who wrote (6073)	10/17/2002 4:07:33 PM
From: Wyätt Gwyön	Read Replies (3) of 306849

interesting that you mention Noe Valley. today i was talking to a friend of mine here whose sister lives in Noe Valley and got laid off from a dotcom early this year. many of her friends are also laid off--people just living on savings and unemployment. apparently it's hard to even get an interview for a good job, so she said. anyway, the silver lining is that she's rented the same place for years, so the rent is "cheap". do they have rent control there? bought for $1.1mm in bubble stock money in early 2000 well, at least you bought something real. though the house has depreciated, i imagine the bubble stock has done a lot worse, in which case not a bad trade after all... (property taxes are only increased 1.5%/year no matter how much the house appreciates but what if your place loses 30% of value? will they step down your taxes 30%? property tax in Texas is very high. here in Austin it's like 2.5% (not a typo). so that's $25,000 PER YEAR on a $1MILLION home. and that 25K goes into the mortgage underwriter's evaluation of whether one can afford a house. no wonder $500K is considered expensive! otoh, there's no state income tax, for which i am very grateful. that made the big tax hits in 1999 and 2000 easier to swallow. however, i must admit it is rather regressive to have zero income tax, coupled with high sales tax and high property tax. i expect we will have an income tax here eventually.

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