What can $500,000 buy where you live?

What will half a mill buy where you live? On my street, it appears that will pay for about a third of a house. If I wanted to expand my search to still be in my neighborhood but a bit farther away and include condos, for that dough, I could get a one bedroom and one bath condo in a building with no amenities besides a garage with room for only one car.

If the housing market is sooooooooooo terrible that it is a problem for the larger society requiring government intervention, why exactly are places empty rather than more reasonably priced?

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Originally Posted by Amelia G

What will half a mill buy where you live? On my street, it appears that will pay for about a third of a house. If I wanted to expand my search to still be in my neighborhood but a bit farther away and include condos, for that dough, I could get a one bedroom and one bath condo in a building with no amenities besides a garage with room for only one car.

If the housing market is sooooooooooo terrible that it is a problem for the larger society requiring government intervention, why exactly are places empty rather than more reasonably priced?

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1/2 Big can buy you a sweet pad here in Minneapolis, You must remember, Amelia, LA is always going to be hopping. You would be amazed what I could pick up here for 5 figures quite frankly. Major price drops. Commercial RE as well.

The Fannie/Freddie debacle goes beyond mortgages. I don't totally understand it, but the "government backing" made it ripe for speculators. Their response may turn out to be a disaster. They're pumping more liquidity into the market. If you want to buy, I'd buy in '09. The interest rates and prices (outside LA, SF, NYC) will stay low.

OEC

$500,000 could buy you a beautiful big house directly on the river, where I live (West coast Florida)....With a nice big pool to boot. Where I live, I'd buy now. Prices around here have it bottom.

when i lived in LA the valley to be exact thats how much our house sold for and it was in a shitty crime filled neighborhood. the house was a decent size i forget how many square feet but it had a nice yard 4 bedrooms a living rom and an entertaining room.

were im at now 500,000 gets you alot our house was only 90k and its a 4 bedroom 2 bathroom house with a media room on 3 acres were gettin a pool installed next year wee

thats funny I was helping my mom shop for houses today.

500,000 could buy you a remodeled updated 4-5 bed Victorian in the historic district or a brand new 4-5 bed pretty much anywhere..town river, mountains..really anything

http://cdn-506.homes.com/c1/cgi-bin/readimage/284899506
this ones only 409,000 you can kinda see the view behind it...5 bedrooms

http://images.realestate.com/MLS/ns_...025382_000.jpg
this ones 499,000 3 bedrooms

http://images.realestate.com/MLS/ns_...072445_000.jpg

this ones 499,000 4 bed

it'll pay for my DUI and a new 2-3bedroom 2 story house in Fillmore, CA :)
they start at 300,000

too damn bad I don't have that amount of cash...

a shitload of drugs.

250000 cheeseburgers...Im hungry

if you get us at the right time, it might get you our house, and it's a shack

I don't think you could get anything in Manhattan... Maybe something on the outskirts, like Harlem or The Bronx...

Actually when I first saw the message, I thought it said $500.00, in that case, you could get a Herve Leger vintage bandage dress on EBAY!! I want one!! I want a Herve Leger bandage dress damn it!!!

$500k will buy you a nice house in a great neighborhood in Indy. Hell, most of the celebrities who live here haven't paid more than a couple mil for their completely secluded places with a shit-ton of land.

bout £230 over here but will still get you something nice. but buying now will leave with Negative Equity for a long time after (and prices have been falling for a while).