Originally posted by @Account Closed:
@Mike Hern why wouldn’t you buy in California? The best appreciation historically in the nation. Also, prop 13 keeps your taxes low. I know many people that are millionaires simply because they bought a home 20 years ago.
Not sure what you mean by "low" taxes. I have taken two houses priced at $1,000,000 per Redfin. One in Torrance CA and one in Henderson NV just as an example. Time wold fail me if I went into all the comparisons obvioulsy.
$1,000,000 in Torrance - 1521 Beech Ave,Torrance, CA 90501 - 3 Beds 2 Baths 1,360 Sq Ft - Built 1927 Lot 4,275 - Prop Tax $12,696
$1,000,000 in Henderson - 1964 Larkspur Ranch Ct, Henderson, NV 89012 - 4 Beds 4.5 Baths 3,503 Sq Ft -Built 1997 Lot 8,712 - Prop Tax $ 3,636 - (1/3 the tax of CA)
The property in Henderson is 70 years newer, Nearly Three Times the size, the lot is twice the size and the taxes are 1/3 of the Torrance property.
Californians are "frog in the boiling pot" mesmerized. Over time things have degraded so much they simply don't notice.
Not to mention, the crime, the traffic, the cost of living, the cost of entering the housing market, no cash flow, and the crazy politics. The state of California taxes your wealth, lifelong no matter where you move. Look it up.
I love the California weather and the water and we just got back from Leguna Beach (which we frequent) along with Newport Beach and Santa Barbara.
But, I would not invest there. There are too many unpredicables about the future course of CA.
By the way, your appreciation and $5.00 will get you a cup of coffee. You can't eat appreciation, you can't invest appreciation, you can't guarantee that appreciation will be there next year.