Whats up with Molalla homes?

Discussion in 'Off Topic' started by wired, Jan 11, 2018 at 11:52 AM.

  1. 308

    308
    ΜOΛΩΝ ΛΑΒΕ
    ΜOΛΩΝ ΛΑΒΕ

    Messages:
    5,253
    Likes Received:
    14,534
    I remember just starting out with a $750mo mortgage and amazed at older folks with larger homes having a $250 mortgage.

    Now I’m older with a 2300ft2 custom build, 3-car garage home backing up to a nature park paying $1200 for my mortgage.

    Its just a matter of time and perspective it would seem.
     
    Stomper likes this.
  2. Mark W.

    Mark W.
    Silverton, OR
    Bronze Supporter Bronze Supporter

    Messages:
    6,440
    Likes Received:
    6,867
    Mikej nothing personal but I am one of the last people you would want to "show you around town" I'm of the opinion about 2/3's of these goobers need to go back where they came from or move on to wreck the next trendy little town. Silverton was a great place when it had 4000 people in it. Now we are over 10000 and they are having to Build up to fit more dead meat into the boundaries.
     
    partsed, Stomper, Mikej and 4 others like this.
  3. WAYNO

    WAYNO
    Oregon City
    Gold Supporter Gold Supporter

    Messages:
    1,513
    Likes Received:
    3,641
    This is the plight of many of the smaller bergs down the valley, and probably everywhere.

    When I was young, Oregon City, the largest town in Clackamas County, was livable, and was not part of the Portland metropolitan area.
    P1050193.jpg

    Everybody that wanted a good paying job, had multiple choices right in town.

    Now, pushing 37,000 people. It's a changed place, and other than service jobs, people travel to the big city for work, then bring the big city home with them.
     
    partsed and etrain16 like this.
  4. 2Wheels4Ever

    2Wheels4Ever
    Central Oregon
    Well-Known Member 2015 Volunteer

    Messages:
    1,383
    Likes Received:
    1,203
    Still cheap compared to out here. Our place is a 1400sq/ft house worth $550,000, and it is not a fancy house.
     
  5. Dungannon

    Dungannon
    Vancouver
    Gold Supporter Gold Supporter 2016 Volunteer 2017 Volunteer

    Messages:
    777
    Likes Received:
    2,437
    Around 2001, a guy at work retired and moved back to South Dakota [where he grew up]. For the first few months we would hear from him about the ridiculously low cost of land, houses, taxes, etc. He got some acreage with a big farm house, barn, mechanical shop, tractor shed, etc. Then a few months of silence. Finally called him. 'My God, I don't ever remember it being this cold before.' When the oil shale boom hit, he sold and moved to the southwest.
     
  6. Hop Sing

    Hop Sing
    Yamhill County
    Well-Known Member

    Messages:
    639
    Likes Received:
    1,894
    Perhaps this thread may explain why there are so many homeless folks out there. There's virtually no way a person can live on minimum wage and pay rent.
     
  7. WAYNO

    WAYNO
    Oregon City
    Gold Supporter Gold Supporter

    Messages:
    1,513
    Likes Received:
    3,641

    Bingo!

    Both of my kids, young adults, share rent with other people. And they're far above minimum wage. I tried to impress on them how important it was to get an education and/or learn a good trade while I was still supporting them. But what does Dad know? I cannot imagine either of my kids ever owning a home until someday they inherit mine.
     
    Last edited: Jan 13, 2018 at 9:00 AM
  8. Mikej

    Mikej
    Portland
    Gold Supporter Gold Supporter 2015 Volunteer 2016 Volunteer 2017 Volunteer

    Messages:
    5,024
    Likes Received:
    7,891
    I get it Mark. I'm of the same opinion. And IF I were ever to move to a nice little area like Silverton you could bet your butt that I would come there to assimilate into the country atmosphere and NOT want to change anything!
     
    partsed, Stomper and Ownerus like this.
  9. Mark W.

    Mark W.
    Silverton, OR
    Bronze Supporter Bronze Supporter

    Messages:
    6,440
    Likes Received:
    6,867

    My son after 10 years in the US NAVY lives in a rental house with two of his High School buddies one has a good job the other works a gas station. My son works for an outfit that builds Windmill turbines and its a decent job. And your right his first house will be this one good thing for him its paid for. Even with his GI bennies I doubt he could ever swing a house. My daughter and her husband both have good jobs and it was all they could do with her GI stuff to swing a House here in Silverton.
     
  10. kott0n

    kott0n
    Vancouver, WA
    Member

    Messages:
    68
    Likes Received:
    42
    I think minimum wage means basic skills means basic living. When I was living basic, we all had roommates. I'm not sure that's changed any. You get 2-4 basic people in a place. When you learn some skills and are no longer considered basic, you reduce the other occupants.

    I never expected my own place with simply basic skills.
     
  11. kott0n

    kott0n
    Vancouver, WA
    Member

    Messages:
    68
    Likes Received:
    42
    With a 0% down VA loan or a 3.5% down FHA loan they can't find a place for a 1200-1500 mortgage?
     
  12. CoastRange57

    CoastRange57
    Western Oregon
    Well-Known Member

    Messages:
    2,843
    Likes Received:
    5,996
    Areas down the valley from the Portland Metro area are comping out just slightly under the 3 county metro area right now. You might find some places under 300K but damn few and you better move on them.

    Anywhere in the 3 county area you need to have income of 80K per year in order to buy a house with 20% down and a good score. This makes it hard for a "starter" house to be purchased and hold that 28% upper end limit on income to mortgage payment. The rental market however does not care how much of your income you have to pay in housing and is going to capitalize on that big time in the next 10 years at least.

    There has been a documented 6.35% appreciation rate in Central Oregon. I have one of my boys convinced to buy something, anything decent this spring before the purchasing power gets diluted anymore. I am moving on two more lots over there as well, possibly this weekend. I do not anticipate that appreciation rate to hold there, but in the valley here I see a similar rate and it will hold since all these inbound lemmings seem to like the metro areas and their ever increasing traffic and crowding.

    This link is to an apartment development in Forest Grove. 29 million dollars. The builder / owner has similar projects in Silverton, Independence, Mollalla. He knows he will rent them as soon as they are built. $ 999 for a studio, $ 1,295 for a two bedroom, $ 1,655 for a three bedroom.

    Apartments in FOREST GROVE For Rent | FORESTPLACE APARTMENT HOMES
     
    Last edited: Jan 13, 2018 at 8:09 AM
  13. Mark W.

    Mark W.
    Silverton, OR
    Bronze Supporter Bronze Supporter

    Messages:
    6,440
    Likes Received:
    6,867
    The house they bought which is nothing special it is in one of the worst places in town (right in the middle of East Oak St with a very steep driveway and no level yard room for barely 3 cars in the driveway NO ON STREET Parking and no garage) Built in 1910 and recently upgraded and it was $299K their payments are near $1850 a month with taxes and insurance etc.
     
    CoastRange57 and WAYNO like this.
  14. PDXSparky

    PDXSparky
    Keizer / Hillsboro
    Well-Known Member

    Messages:
    2,543
    Likes Received:
    1,182
    I live in Keizer and work in Hillsboro. Yes, Intel. I would like to live closer to work, but moving to Portland isn't going to happen. I was born and raised there. Still like to visit, but living there? Nope. Too many people and prices are too high for me.

    My 27 y/o son is on his second house. He's a mechanical engineer for Boeing, so he does OK. First house was a foreclosure sale 1 bedroom condo for $85k in 2013. It originally sold for $206K. It's probably doubled in value. He just bought a house with his girlfriend. They wanted to move in together and rents in the area they were looking were so high, it made sense to buy instead. $500k for a 3 bedroom, 1 bath house on 1/3 acre lot in Shoreline about 10 miles north of Seattle. If my house was up there, it would be a $700k house instead of $330k house. Just ridiculous.

    I'd move in a second if I could find a 3 bedroom, 2 bath ranch with a big enough lot for a second 2 or 3 car garage.
     
  15. CoastRange57

    CoastRange57
    Western Oregon
    Well-Known Member

    Messages:
    2,843
    Likes Received:
    5,996
    I will be putting a 3 bedroom 2 bath completely remodeled this year with a 2 car detached garage (new door, siding) 36 x 28 3 bay open shed with another single car garage with a 28 x 28 shop on 5 acres, RV pad, 10 miles from Intel, on the market in spring of 2019. Mini orchard, blue berrys and grape rows with nothing but 300 acres of farm ground and wildlife preserve behind it.
     
    PDXSparky likes this.
  16. CoastRange57

    CoastRange57
    Western Oregon
    Well-Known Member

    Messages:
    2,843
    Likes Received:
    5,996
    Not even factoring in the property taxes of $ 3,000 a year this is the payment they are looking at:

    Home Value
    $ 330000
    Down Payment
    $0%
    Loan Term 30
    Interest Rate
    % 3.75
    Home Insurance
    $/year 700
    Property Taxes
    % Nothing factored in here
    Monthly Total
    $1,581
    Principal & Interest
    $1,514

    Insurance
    $67

    Tax
    $0

    10Y20Y30Y

    30 year loan totals:
    Principal
    $330,000
    Interest
    $214,802
    Total Payment
    $544,802
     
  17. Hop Sing

    Hop Sing
    Yamhill County
    Well-Known Member

    Messages:
    639
    Likes Received:
    1,894
    Just throwing this in as an FYI if anyone is interested: today's Statesman Journal has a big story on Silverton and how is it wrestling with growth and so forth. I haven't read it yet, so just posting this in case anyone is interested in reading it. :)
     
  18. pharmseller

    pharmseller
    Harrisburg
    Active Member

    Messages:
    110
    Likes Received:
    183
    Anything north of Woodburn is Portland.



    P
     
    CoastRange57 and Stomper like this.
  19. Certaindeaf

    Certaindeaf
    SE Portland
    Well-Known Member

    Messages:
    11,663
    Likes Received:
    18,611
    S@#* hole's full, Clark!
     
    Jamie6.5 and Stomper like this.
  20. Stomper

    Stomper
    SCREW YOU SALEM!!
    SCREW YOU SALEM! Gold Supporter

    Messages:
    18,192
    Likes Received:
    42,047
    We have a 140 year old 7-BR, 3-BA house on a 0.26 acre lot that’ll be paid off in less than 6 years from now. When we bought it, it was a 4-BR, 2BA house for $125k. It needed a LOT of work, and I’ve been plugging away
    on it piecemeal over the years. I’m now working on a covered wrap-aroun porch ATM, then I’m going to gut out my current master bathroom and make it into a nice walk-in closet, then I’ll make the adjoining bedroom to the master bedroom into a NICE master bathroom with free standing tub, a walk-in 3’x5’ double shower (chicka-ba-wa), a separate toilet room (because sometimes sharing is NOT caring) and huge double sink vanity set-up so I don’t have to slide all of the wife’s crap outta my way when I want to shave or brush my teeth.... LOL!

    Losing a bedroom, but gaining a huge master ensuite will actually increase the value of the house.


    After the main house is complete, new siding on the out-building work shop, then a detached 3-car garage after that. The REAL upside is that I know how (and do) all the work myself, so it’s like paying myself $1,000 an hour because the “sweat equity” will be off the charts when I finally give Oregon the middle-finger and move somewhere around the Redoubt when I retire.

    ;)
     
    etrain16 likes this.

Share This Page