Not a new approach. This is how I bought an open market home in a nearby ski town 4 years ago. The only difference is that I wrote hand signed letters and placed every one on each door (66 total) at a coveted home development. Withing 24 hours, I received 3 responses. I made an offer on one home, and I closed on it a month later. Leap frogging the market by direct marketing is one of the best decisions I've ever made.
There is PLENTY of affordable housing in this country. You don’t get to live somewhere you can’t afford. That’s life. Learn to live within your means. That includes choosing to live in a place that you can actually afford.
There are plenty of vacant >$1mil homes, you mean? Most "affordable" homes in the US, are in the very poorest counties where people's incomes are lowest... & those homes are being bought up en masse, by "investors" who then _rent_ them out. Taxes on a single residence, should be almost nil, with the tax rate increasing very _slightly_ for each additional residence owned; a tax rate that gets prohibitively high once thousands of homes are owned, would allow individual home owners to build equity & lease out a house or six, while preventing large-scale corporate profiteering off housing markets.
@@Johnfisher12345 ok; let’s go with that-leave the high end areas for those with money. The wealthy can then proceed to work at the car wash. Wait tables. Work checkout. Clean houses. Mow lawns. As the area I live in expands with gentrification, it’s becoming harder to find help. Because if you’re lower income living in a place you can afford, you ain’t driving two hrs to work minimum wage when there’s a place in your own hood. Good luck in the new world order!
As a homeowner, you can choose. My relatives had 11 offers in one afternoon. They didn’t pick the highest one, but the one that came with a hand written note explaining why they wanted that particular house. Which is exactly what they had done before listing theirs-wrote a letter to the owners as to their intentions. In this day & age, many are happy to know their well loved homes, where they raised their kids, aren’t going to a corporation.
Another option is for the counties to de regulate and allow for quality tiny homes. Owners of property could rent out space on their land for cheap and people could build their own tiny homes and live in them… because we want affordable housing right, right? Oh… county commissioners don’t ACTUALLY want affordable housing? Got it.
I've lived in CO for almost 8 years and have moved 6 times after roommate issues. Now I live alone in Wash Park. But yeah its getting to be way too expensive, and I say that as someone who used to live in NYC and is from CT. Denver used to be cheap when I moved here and now it's not affordable at all
The requirements are odd. They want full time non-seasonal workers for the program, yet the household can only make 80k. Most people working full time and all year round up there can clock 80k without even trying. You need to bring that up to 120-130k.
Try finding a place in Eagle county, Vail is doing a new product that used to be low income rentals and now they have turned it into condos with one bedrooms starting at $650k and another $15k to buy one parking space in underground parking.
Been bad for workers in summit county for 40 years and all that happens is more millionaires vacation homes. Easy answer Colorado, double capital gains tax.
Heck, just base residential property taxes off the number of residences owned: Less than ten? Pay way less than now. More than a thousand? Prohibitively high tax rate.
My approach to evading all property taxes, laws, and regulations is to rent. At least until I see a 50% price correction from here, it's not worth the hassle.
Really? Well you might think that's a good idea but I bought an expensive house in Southern California, and in five years my house has appreciated almost $400,000. I could sell it today and walk with 400,000 in cash and go buy a home outright somewhere else in the country. Which is exactly what I plan to do in about three or four years. Have fun wasting all of your money on rent.
I'm just running a very cursory calculation and being very conservative. I'm not a realtor. I'm not a bank. I did just buy a house about 3 years ago when interest rates, taxes, and insurance were significantly lower. Groceries were significantly lower. I'm not seeing the math working out with an 80k pretax salary and a 320k house, even on a 30-year term and a 20% down payment. The ratio doesn't work, even before expenses and utilities. 320k would be ok at 2.75% or 3%, but it would be pushing it. I could be wrong. I only know taxes and insurance in my area, so I'm taking a guess. My lender told me back in 2022, a rule of thumb was 2.5 times your annual salary is good starting point for your maximum purchase price, but that was at 2.85%. Like I said I could be way off here, even using a mortgage calculator. I'm glad I live in the Ozarks. Almost nothing is 320k, and absolutely nothing around here is 2 million dollars.
This whole situation is insane. Two things: You are NOT entitled to live wherever you want even if you can’t afford to live there and Deed-restricted houses are INSANE. Houses, just like everything else, should be free to be bought and sold for whatever price the market will bear. Can’t afford it? Oh well, there’s a whole rest of the country out there with plenty of places in it you can afford to live. All of the garbage like this, and rent controls and all manner of other manipulation of the market makes the housing situation WORSE, not better.
If you can afford to live there, you'll have to bag your own groceries, pump your own gas, and do such things as clean your own home and do landscaping...no one who provides manual labor jobs can afford to work where they live, vice versa. Good luck with that. Get rid of the Airbnb rentals, available houses might come up on the market again.
Single guy problems.Ha. Factor in wife and kids, you'll have no chance. Change up location to afford to survive. Visit Frisco when you can like the rest of us.
Cheaper to buy an RV or Van and live that life....many people are going that way as housing is in short supply and way over priced. Get an older Class C RV ...
😂 they can definitely sell their house for “whatever they can get”, as long as they pay whatever the previous owner can get when they buy it. You don’t get given a house at a 90% discount and then get to sell it at 100% later on. Maybe you missed that, but that’s a pretty simple concept to understand. smh
Y'all both look high asf. Why not invest your red-eye pineapple express budget into crypto options and just earn the $800-$2M ? Not everyone is guaranteed an expensive home in expensive neighborhoods in the USA. I lived in my car & worked 80 hrs a week to come up with my down-payment. At the same time, I fed hundreds of homeless and working poor locals. Didn't snowboard once and had to give up drinking, weed, and eating out during those few years, tho. Yeah, it's tough... but 100% doable. There are affordable housing options nationwide. The dude is gonna rent his extra bedrooms and basement out for a premium. That much is obvious. The deed restrictions won't restrict that, especially if it goes unreported to "friends".
I guess I found someone that’s not the sharpest tool in the shed. The people he’s wanting to buy a house from other people who originally got the handout. And they were given a handout so that way when they sell it later they also give a hand out. So unless you want to go back generations and wipe out the whole program, then this comment is pretty silly. I’ll say it that way to be nice. 😂
The early bird gets the worm, Alex is too late trying to get the worm. His best option is work harder or leave the area. Also it’s funny how individuals want free or reduced housing in a small town 🤣🇺🇸MAGA
Not a new approach. This is how I bought an open market home in a nearby ski town 4 years ago. The only difference is that I wrote hand signed letters and placed every one on each door (66 total) at a coveted home development. Withing 24 hours, I received 3 responses. I made an offer on one home, and I closed on it a month later. Leap frogging the market by direct marketing is one of the best decisions I've ever made.
Good for you. Glad it worked out! 👍
@@Eddievonnosy Thank you!
Summit County is for people that have won the Lottery more then twice.
_than_
I lived in Colorado for 30 years left there 5 years ago never to return
And why is that?.. too many brown people now?
Dude, move. Move somewhere cheaper. It's not your job to cater to the rich people. Let them fend for themselves.
He lives there to enjoy the mountains too. I respect the sacrifice.
@je5406 I'd enjoy a Ferrari, but I can't afford one. That's why I drive an old corolla.
We need to do better for housing for everyone. Not just people that can afford a $800,000 2 bedroom condo.
There is PLENTY of affordable housing in this country. You don’t get to live somewhere you can’t afford. That’s life. Learn to live within your means. That includes choosing to live in a place that you can actually afford.
There's a lot of homes under 200k in this country. It wont be in the most popular area though.
There are plenty of vacant >$1mil homes, you mean?
Most "affordable" homes in the US, are in the very poorest counties where people's incomes are lowest... & those homes are being bought up en masse, by "investors" who then _rent_ them out.
Taxes on a single residence, should be almost nil, with the tax rate increasing very _slightly_ for each additional residence owned; a tax rate that gets prohibitively high once thousands of homes are owned, would allow individual home owners to build equity & lease out a house or six, while preventing large-scale corporate profiteering off housing markets.
@@Johnfisher12345 ok; let’s go with that-leave the high end areas for those with money. The wealthy can then proceed to work at the car wash. Wait tables. Work checkout. Clean houses. Mow lawns. As the area I live in expands with gentrification, it’s becoming harder to find help. Because if you’re lower income living in a place you can afford, you ain’t driving two hrs to work minimum wage when there’s a place in your own hood. Good luck in the new world order!
My skepticism says if people can “choose” who they sell to then there is some backdoor cash trading hands to get chosen.
As a homeowner, you can choose. My relatives had 11 offers in one afternoon. They didn’t pick the highest one, but the one that came with a hand written note explaining why they wanted that particular house. Which is exactly what they had done before listing theirs-wrote a letter to the owners as to their intentions. In this day & age, many are happy to know their well loved homes, where they raised their kids, aren’t going to a corporation.
Great! The city manager says this issue is in their strategic plan! I feel better already!
Ha ha ha! EXCELLENT sarcasm. Love it!
Another option is for the counties to de regulate and allow for quality tiny homes. Owners of property could rent out space on their land for cheap and people could build their own tiny homes and live in them… because we want affordable housing right, right?
Oh… county commissioners don’t ACTUALLY want affordable housing? Got it.
Tiny homes are illegal in most of Florida. Can't make $ if folks can afford to build their own homes.
I've lived in CO for almost 8 years and have moved 6 times after roommate issues. Now I live alone in Wash Park. But yeah its getting to be way too expensive, and I say that as someone who used to live in NYC and is from CT. Denver used to be cheap when I moved here and now it's not affordable at all
Time to leave then. Or start making more money. It’s one or the other.
The requirements are odd. They want full time non-seasonal workers for the program, yet the household can only make 80k. Most people working full time and all year round up there can clock 80k without even trying. You need to bring that up to 120-130k.
😅😅TRUST, there's many households that make under 80k
@@9.87woke2 Sure, but they tend to be part-time or seasonal.
We work year round full time and make just under 80,000
I bet the town manager doesn’t have any problem making money from multiple sources fleecing that town and county.
Try finding a place in Eagle county, Vail is doing a new product that used to be low income rentals and now they have turned it into condos with one bedrooms starting at $650k and another $15k to buy one parking space in underground parking.
Home prices are going to crash in the next year or two, a little patience will be to your benefit.
Great idea for the regular person. More states need to enact this type of legislation
No 🤣🤣🤣
Sounds like a great idea. It may not be perfect, but it is better than the alternative.
Been bad for workers in summit county for 40 years and all that happens is more millionaires vacation homes. Easy answer Colorado, double capital gains tax.
But I won't be able to go from a hundredaire to a billionaire if they do that! /s
Heck, just base residential property taxes off the number of residences owned: Less than ten? Pay way less than now. More than a thousand? Prohibitively high tax rate.
My daughter lives and works in Breckenridge and goes thru the same thing every 6 months. So stressful for those working in Summit County.
My approach to evading all property taxes, laws, and regulations is to rent. At least until I see a 50% price correction from here, it's not worth the hassle.
Really? Well you might think that's a good idea but I bought an expensive house in Southern California, and in five years my house has appreciated almost $400,000. I could sell it today and walk with 400,000 in cash and go buy a home outright somewhere else in the country. Which is exactly what I plan to do in about three or four years. Have fun wasting all of your money on rent.
Breason
Honey you are paying the taxes etc.. It's added into the rent ...❤
I'm just running a very cursory calculation and being very conservative. I'm not a realtor. I'm not a bank. I did just buy a house about 3 years ago when interest rates, taxes, and insurance were significantly lower. Groceries were significantly lower. I'm not seeing the math working out with an 80k pretax salary and a 320k house, even on a 30-year term and a 20% down payment. The ratio doesn't work, even before expenses and utilities. 320k would be ok at 2.75% or 3%, but it would be pushing it. I could be wrong. I only know taxes and insurance in my area, so I'm taking a guess. My lender told me back in 2022, a rule of thumb was 2.5 times your annual salary is good starting point for your maximum purchase price, but that was at 2.85%. Like I said I could be way off here, even using a mortgage calculator. I'm glad I live in the Ozarks. Almost nothing is 320k, and absolutely nothing around here is 2 million dollars.
Sounds like a personal problem
This whole situation is insane. Two things:
You are NOT entitled to live wherever you want even if you can’t afford to live there
and
Deed-restricted houses are INSANE. Houses, just like everything else, should be free to be bought and sold for whatever price the market will bear. Can’t afford it? Oh well, there’s a whole rest of the country out there with plenty of places in it you can afford to live.
All of the garbage like this, and rent controls and all manner of other manipulation of the market makes the housing situation WORSE, not better.
Tell that to Blackrock and Vanguard. It works both ways.
If you can afford to live there, you'll have to bag your own groceries, pump your own gas, and do such things as clean your own home and do landscaping...no one who provides manual labor jobs can afford to work where they live, vice versa. Good luck with that. Get rid of the Airbnb rentals, available houses might come up on the market again.
This doesn't sound Colorado housing law .I doubt it's legal
$25,000 cash and a handful of little gold bars in a bag would work better than a postcard.
The latest aid package to Ukrainian would have given every American 3 million dollars each. Think about that
You’re very far off. Total aid to Ukraine since Russia’s invasion has been about 3 Starbucks plain coffees per month per American.
@1legoadventures Try a calculator.
Can you rent a deed restricted property for the going rate? Sounds like all these properties will be bought up by landlords.
Just leave Colorado!!!
This called Below Market Rate housing.
Sounds like a long term lease. I wouldn't sign up for that.
If you think it sounds like a long-term lease than obviously you didn’t pay attention.
So the tax appraisal and property taxes are done differently on these homes???❤
Or you could just move somewhere practical..
This!!!
Yep, this story is all about first world problems. No one deserves to live in a ritzy neighborhood. You can either afford it or you move.
Why live there? A lot of other places that have beautiful views.
So much for retirement equity
then why buy it?
Single guy problems.Ha. Factor in wife and kids, you'll have no chance. Change up location to afford to survive. Visit Frisco when you can like the rest of us.
Cheaper to buy an RV or Van and live that life....many people are going that way as housing is in short supply and way over priced. Get an older Class C RV ...
This is in Frisco not San Francisco.
DUMB idea! You are NOT the OWNER if you can't sell it for WHATEVER you can get. DON'T DO IT!
😂 they can definitely sell their house for “whatever they can get”, as long as they pay whatever the previous owner can get when they buy it. You don’t get given a house at a 90% discount and then get to sell it at 100% later on. Maybe you missed that, but that’s a pretty simple concept to understand. smh
Y'all both look high asf. Why not invest your red-eye pineapple express budget into crypto options and just earn the $800-$2M ? Not everyone is guaranteed an expensive home in expensive neighborhoods in the USA. I lived in my car & worked 80 hrs a week to come up with my down-payment. At the same time, I fed hundreds of homeless and working poor locals. Didn't snowboard once and had to give up drinking, weed, and eating out during those few years, tho. Yeah, it's tough... but 100% doable. There are affordable housing options nationwide. The dude is gonna rent his extra bedrooms and basement out for a premium. That much is obvious. The deed restrictions won't restrict that, especially if it goes unreported to "friends".
Move to nys upstate ny has affordable homes in the country
Welcome to the rat race. Learn to live within your means & stop looking for hand outs!!
I guess I found someone that’s not the sharpest tool in the shed. The people he’s wanting to buy a house from other people who originally got the handout. And they were given a handout so that way when they sell it later they also give a hand out. So unless you want to go back generations and wipe out the whole program, then this comment is pretty silly. I’ll say it that way to be nice. 😂
More dystopian stories.
The early bird gets the worm, Alex is too late trying to get the worm. His best option is work harder or leave the area. Also it’s funny how individuals want free or reduced housing in a small town 🤣🇺🇸MAGA