Originally Posted by Hammock Parties (Post 16994460)

meanwhile

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">UPDATE: Port KC board to consider issuing $36M bond for 108-unit, 12-story Crossroads apartment project next week; 18-year property tax abatement, 10 percent affordable units at 60 percent AMI.<br> <a href="https://t.co/kMj8rLr7uF">https://t.co/kMj8rLr7uF</a> via <a href="https://twitter.com/cityscenekc?ref_src=twsrc%5Etfw">@CitySceneKC</a></p>&mdash; Kevin Collison (@cityscenekc) <a href="https://twitter.com/cityscenekc/status/1639283308180766721?ref_src=twsrc%5Etfw">March 24, 2023</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Originally Posted by Bowser (Post 16995455)

What? Don't they already have Four and Five Light plans on the books when they get done with Three? What the hell kind of stupid shit idea is this?

Originally Posted by DJ's left nut (Post 16995138)

Just do the math and it's obscene.

Let's say you're looking at a nice 2nd home - nothing extravagant but certainly a fairly nice place. You have a growing family or something so you're looking to get a little bigger than your 'starter' house. That's gonna be probably $500K for maybe 3,500-4,000 sq ft if you're in a neighborhood you want to be in.

And lets say you're even able to put 20% down because of equity in your first home.

A 400K loan at my 2.25% is gonna cost me about $150K in interest over 30 years. The 'cost' of the house is gonna be $650K when factoring in your down payment.

If you make it 7% the interest you'll pay on that home almost quadruples on a 30 year note. Your total interest paid will be $560K. That house suddenly costs you 1.05 million.

And what these assessors are trying to do is use home values and sales from that late COVID era when interest was still low but supply was ass (and the money printers were going brrrrrrrr) so home prices were skyrocketing.

When you start to mess with the math here, 'upgrading' homes is almost a complete non-starter unless you can somehow pay cash for it.

I cannot for the life of me understand how people bought houses in the 80s when rates were briefly at 20% before settling into the 'manageable' low teens.

But at the risk of this turning to politics, I still think this NEEDED to be done. Home prices had gotten exorbitant precisely because free money led to a runaway market. My folks built their house in the early 90s when the market was still feeling the pinch from the 80s rates and hadn't fully absorbed those early 90s drops into the 5-6% range that we're climbing back into now. And man, comparing what they paid to what we would for a home like that now - it's night and day. At a point, the market needed a correction.

But you can't go rat-****ing people on their property taxes in the middle of it...

Originally Posted by duncan_idaho (Post 16994308)

Nah, it’s on everyone.

We are not in starter home territory ourselves and my friends/family all over the metro (Lee’s Summit, North KC, South KC, all the central KC neighborhoods, even a friend who has a home in the Northeast) are seeing crazy things.

Originally Posted by Mecca (Post 16995166)

rat ****ing people is the name of the game right now..it's a cash grab that is intended to price some people out opening their homes and areas to corporations for either permanent rental or commercial property..

Originally Posted by WilliamTheIrish (Post 16995478)

My first mortgage was in 1984 @ 17.7%. Beautiful little airplane bungalow in the oldest part of town. 40k.

And yes contraction of the money supply is exactly set up to slow down the housing market. Hope it works. I’m headed out of this area soon enough. Will definitely be a shoebox instead of a palace as I set up for the 3rd and 4th quarter of life.

Originally Posted by Bugeater (Post 16995577)

Yep. Blackrock will own it all.

Originally Posted by BigRedChief (Post 16995482)

this is nationwide. I couldn’t buy my house today. Last time I looked it had tripled what we paid for it 10 years ago. But, now I have to deal with property taxes going up but not because of my homes increased value but across the board property tax increases.
...

Originally Posted by BigRedChief (Post 16995482)

this is nationwide. I couldn’t buy my house today. Last time I looked it had tripled what we paid for it 10 years ago. But, now I have to deal with property taxes going up but not because of my homes increased value but across the board property tax increases.

Flood insurance(really hurricane) went up $2-$3K for most. Now, we can move from being on the water so no one needs to shed a tear for us ****ers.

But, just regular house insurance went up $1500 too. I’d bet we can find a poster on here from every state with a similar story.

I refinanced a couple of years ago. Got a 30 year/2.3% rate. Was going to put $500 a month back into my pocket. Until they raised the Insurance and taxes. Totally wiped it out.

Originally Posted by Titty Meat (Post 16995851)

What a ****ing mess LMAO

https://www.kshb.com/news/local-news...-its-worth-35k

Originally Posted by Titty Meat (Post 16995851)

What a ****ing mess LMAO

https://www.kshb.com/news/local-news...-its-worth-35k

Originally Posted by Hammock Parties (Post 16995869)

lmao

i'm glad these ****ing assholes don't know about my shed

Originally Posted by Titty Meat (Post 16995582)

What retirement home are you going to?