| Wow, Coldwell Banker is reporting these stats on the most expensive vs cheapest USA markets for a comparable 4 BR house. I’ve been wondering about this for some time and this indicates clearly the truth of the old maxim in real estate “location, location, location”Looks like here in southern Oregon we are near the national average of about 410k for a 4BR house.
City |
Price |
| Greenwich, Conn. |
$2,018,750 |
| Santa Monica, Calif. |
$1,785,000 |
| Newport Beach, Calif. |
$1,617,500 |
| San Mateo, Calif. |
$1,498,023 |
| Boston, Mass. |
$1,381,250 |
September 28, 2007 -
Posted by
JoeDuck |
Real Estate, Talent, california, oregon |
oregon, Real Estate, talent oregon |
10 Comments
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Be glad that you don’t live in Switzerland
. If we at least had the weather that California has … Are those the average selling (or asking?) prices for those areas?
Most expensive, cheapest, affordable ???
I wonder if there is any analysis of ‘average home price in area’ versus ‘average income in the area’? After all, part of the price of the home reflect past appreciation in the area and the generally expected future appreciation in the area so I wonder if a home in the Dakotas would be lower in terms of number of dollar required but far higher in terms of lack of future appreciation and lack of lifestyle amenities.
The People’s Republic of Santa Monica has ultra high real estate prices, but it also has upscale, trendy restaurants, bars, art galeries, etc. Get a parking ticket on your Rolls Royce in Santa Monica and you will pay more than someone in the Dakotas pays in a year to haul hay in a ten year old pickup truck to feed his cattle. A waitress in Santa Monica probably makes more in one night than a waitress in the Dakotas makes in a month.
So what is the actual ‘cost’ of the home?
OFF-TOPIC. (SEARCH optimization not real estate prices).
I am posting this comment on Search Optimization in this thread on geographical variation in real estate prices for a reason.
I happened to click on the above commentor’s link as I was curious about his reference to Switzerland in a thread on real estate values in the USA. I found some cryptic references to cheese and have concluded he is located in Switzerland. I also found his prominently displayed “faible” instead of “foible” is probably accidental but would certainly be a major ‘down-ranking factor’ in both my personal estimation as well as in a search engine’s evaluation of his site. I also found his personal website of “I’m not home but leave a message after the beep” to be a wasted and frustrating click-detour.
Now maybe if I continued on to Sphinn or Twitter or something things might improve but before I have to click on InADither or engage in social ranking on DarnItAll.com, I’m just going to give up! At what point would a better search algorithm not make me want to link him to CyberNull.com?
Interesting. Wish they would have done it by avg price per square foot.. Strange to see a list of highest real estate prices w/out NYC represented!
JohnMu I think those are sales prices but can’t remember.
Felix these were supposed to be comparable houses so the square footage would likely be similar, though I’m guessing the upscale areas are in fact nicer construction, which could more than double the building costs and complicate things.
FG - good points about affordability, and that a more relevant measure here in terms of standards of living would probably look at several factors.
There aren’t many investment banker jobs in Minot, N.D.
However also interesting is the fact that that many people now living in expensive areas could sell out and retire in less expensive, but very nice areas with similar houses. They rarely do this however.
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“… many people now living in expensive areas could sell out and retire in less expensive, but very nice areas with similar houses. They rarely do this however. …”
Actually, I think there has been a trend for both individuals and businesses to do exactly that! Many businesses formerly located in highly commercialized areas with high rents and long commute times (eg, City of Industry, CA) have kept their Name and Area Code but physically relocated to remote rural areas where rents and quality of life issues are much better. A fax machine, 800 number, website and FedEx box are often all that are needed these days.
As to individuals, many retirees and semi-retirees are indeed moving to small rural towns and often buying in-town commercial structures. Alot of Californians sold a home in Los Angeles and bought an entire block of homes in the Pacific NorthWest. Even if prices are nowhere near as heady in California now, its still a bargain to move to rural areas and find value.
Investment banking jobs are often in Cyberspace these days anyway with physically “doing lunch” being passe and much over-rated. Quality of life for some means hunting and fishing; for others trendy bars and pricey restaurants.
Even immigrants often known for investing in Central Business Districts are now migrating to third-tier cities or very rural areas as value emphasis changes.
Some upthread issues:
As to NYC real estate: In NYC the price will reflect the home’s value but in Greenwhich, Connecticut the price will reflect the home’s value and its minimum of ten acres of land as well.
Home and Gardening Channel: Consider the ReZoned and other shows that focus on couples who buy commercial or industrial properties and convert them to residential living space. There would not be enough material for weekly shows if there were not a sufficiently strong trend of people moving to the smaller cities and towns.
Its hard to measure ‘price’ and its harder to measure ‘value’. Some businesses are still run on face to face meetings and how spotless someone’s car is or how much defference is paid to them by waiters at power lunches, but too much business is now a commoditized price-competitive operation to be limited to specific physical locations.
Location, location, location…? Sure, its always relevant, but it is no longer all there is. Too many locations are in cyberspace and local tax revenue is rarely generated when the shopping mall is located in cyberspace rather than the town’s central business district. Just as many actors refuse to live in Hollywood and are willing to pay the price to be elsewhere, many homeowners are also willing to pay the price to be away from the hubbub of a pasee value system based solely on location.
Hey i was woundering can u find out where, there is low relaste with great police pay Thanx
Is there a blog or website which shows which towns have the lowest House rents…not apartments.