$617,000
Yep, that was the headline in the business section of today's Orange County Register. The median home price for a home in Orange County has risen to $617,000. Is this madness ever going to stop?
A quote from the article: "Prices for the typical O.C. house or condo are up on average $74,000 in the past year - $132,000 in the past 15 months." $132k in 15 months - that is an incredible amount of appreciation in a very short period of time. No wonder everyone and their brother is becoming a real estate investor. However, how sustainable is this?
I mean, come on people, your salaries have not increased tremendously in the last few years and gas prices are very high (which translates to higher prices in other areas). How do you think you are going to do this? The answer, of course, lies in creative financing and stretching yourself to the absolute limit.
I am beginning to think that folks are walking away from the whole concept of retirement, because the debt loads that I see people taking on are pretty much ensuring them that they will be working forever. We are a "live for the moment" society. Why do I feel like such an outsider with my 15 year mortgage, stashing away every penny I can into various investment vehicles, and living a relatively frugal lifestyle?
Somedays I almost want to give up my fiscal conservatism and join in the fray. Buy the obnoxious house, the plasma TV, the new car. However, at the end of the day, I realize those are only temporary fulfillments. While I cannot share my net worth figure with people (unlike a new house, new toys, etc.), I can take satisfaction in knowing it is there, it is growing, and I will be out of this rat race in my 50's).
Hopefully, some sanity will eventually creep back into American society and others will start to think this way as well.
A quote from the article: "Prices for the typical O.C. house or condo are up on average $74,000 in the past year - $132,000 in the past 15 months." $132k in 15 months - that is an incredible amount of appreciation in a very short period of time. No wonder everyone and their brother is becoming a real estate investor. However, how sustainable is this?
I mean, come on people, your salaries have not increased tremendously in the last few years and gas prices are very high (which translates to higher prices in other areas). How do you think you are going to do this? The answer, of course, lies in creative financing and stretching yourself to the absolute limit.
I am beginning to think that folks are walking away from the whole concept of retirement, because the debt loads that I see people taking on are pretty much ensuring them that they will be working forever. We are a "live for the moment" society. Why do I feel like such an outsider with my 15 year mortgage, stashing away every penny I can into various investment vehicles, and living a relatively frugal lifestyle?
Somedays I almost want to give up my fiscal conservatism and join in the fray. Buy the obnoxious house, the plasma TV, the new car. However, at the end of the day, I realize those are only temporary fulfillments. While I cannot share my net worth figure with people (unlike a new house, new toys, etc.), I can take satisfaction in knowing it is there, it is growing, and I will be out of this rat race in my 50's).
Hopefully, some sanity will eventually creep back into American society and others will start to think this way as well.
posted by The Random Gay Guy at 12:37 PM
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