Does this seem like a good deal?

**disneysteve** · 08-12-2010, 05:31 PM

It looks beautiful, and huge. That price is amazing by NJ standards. Around here, 500K wouldn't get you anything nearly that big. That would probably be a million dollar home in this area.

As for a small dining room, formal dining rooms aren't so much in fashion today. We actually eliminated our dining room a number of years ago and converted it to a sitting room. It was too small for entertaining anyway - we do that in the living room. What used to be our dining room now has our fish tank, a love seat, a couple of nice chairs and some low shelving units with knick-knacks and collectibles.

**wincrasher** · 08-12-2010, 05:40 PM

Yes, the $ goes alot farther here in the south. And thanks to the GOP, property taxes on this house would be around $1500-2000/year. But you gotta send your kids to private school!

A big dining room is a must. So is a kitchen. I have big family get togethers and dinner parties.

From the pics, looks like this one will have a huge deck comming off the main level. Probably a patio off the basement level leading to a pool. That probably is a big adder, but something I'd want to do.

**disneysteve** · 08-12-2010, 05:56 PM

Our house is a shack compared to that and our property taxes are over $7,000. We do get to send our kid to public school, though.

Our big family get togethers and dinners are held in the living room where we can put 2 banquet tables and a card table end to end. Our dining room only held a typical dining room table.

**wincrasher** · 08-12-2010, 06:00 PM

Looking thru the listings is very frustrating. Lots of information missing. Pics are usually terrible or not many. Few list the square footage.

Amazing how many big houses are on 1/4 acre or smaller lot! I just can't imagine spending so much on a house and virtually no lawn.

**disneysteve** · 08-12-2010, 06:09 PM

Originally posted by wincrasher View Post

Amazing how many big houses are on 1/4 acre or smaller lot! I just can't imagine spending so much on a house and virtually no lawn.

I think this has become more and more common over the years. People don't spend as much time outdoors as they used to. Kids play inside online or with their Wii or Playstation. Adults plant their butts in front of their gazillion inch flat screen home theater. Schools give more homework. Parents overschedule their kids into a dozen activities. When I was growing up, we were never inside unless it was raining or dark (and not always then). Today, you can drive down our street on a beautiful, sunny day and not see a soul. Who needs a big lawn? Most people would rather have the indoor space. Honestly, I haven't been in my backyard for months.

**wincrasher** · 08-12-2010, 06:16 PM

I know the trends. It's sad really. I spend a good part of my weekend tending the lawn and my plants. I enjoy it really. Spend the week cooped up in the office, so I value my "outside" time.

My sister's family is like you describe - kids playing videos, husband watching sports on the big screen, she's farmvilling or whatever on the pc.

**Debt Vigilante** · 08-12-2010, 06:31 PM

Wow that house is gorgeous. I have never seen anything that big for that price. What state are you in Wincrasher?

**disneysteve** · 08-13-2010, 05:05 AM

Originally posted by Debt Vigilante View Post

Wow that house is gorgeous. I have never seen anything that big for that price. What state are you in Wincrasher?

It is in South Carolina, but keep in mind that the house isn't finished. I'm guessing it is being sold as is so it would be up to the buyer to finish the construction. At least that was how I was interpreting this.

**wincrasher** · 08-13-2010, 06:20 AM

This one says you have options on completing 3 rooms at extra cost.

Actually, looking thru all the listings, you can typically get something with 5000-6000 square feet for around $500-600k on a 3/4 to 1 acre lot or bigger. Many have 2+ acres.

This one looks like an exceptional deal because of the size.

New construction definately carries a premium where I live. If you want a house 5-10 years old, there are even better deals.

**cschin4** · 08-13-2010, 11:25 PM

It is only a "good deal" if you can afford it and want it. If not, doesn't matter. If you are in the market for a $500K house and that is in your reasonable price range then consider it. But, in looking for a home, you should be looking more at the qualities that make it a home you would enjoy and not just the price. Do you like the location? Do you like the neighborhood? Is it too close to the street? Do you like the layout of the house? I would base my decision more on those things than price.

The home is gorgeous, as for me, too big. I wouldn't want to clean it. If you can hire housekeeping, go for it.

**wincrasher** · 08-16-2010, 05:34 AM

I'm just mulling right now.

If a fantastic deal came along, and would be a good investment, then I might bite.

Buying a house that large makes a statement. I'd love the space, but am cautious about announcing to the world how much bread I've got.

In my area, alot of builders have gone belly-up. So the banks own alot of houses, some finished, some not.

Great deals right now, but in a few years time, I think you might have a hard time finding someone who will build you a house. So prices could go up?

**disneysteve** · 08-16-2010, 05:38 AM

Originally posted by wincrasher View Post

If a fantastic deal came along, and would be a good investment, then I might bite.

There is a big difference between buying an investment property and buying a primary residence. When evaluating this opportunity, or any, you need to be clear on why you are buying.

Great deals right now, but in a few years time, I think you might have a hard time finding someone who will build you a house. So prices could go up?

That may be true, but really has no bearing on whether or not this house is a good deal for you right now.

**wincrasher** · 08-16-2010, 06:02 AM

That's true.

There is another listing that peaked my curiosity. It's a 5600 sq ft estate home on 1 acre lot in a prestigious, gated community. The tax assessment lists it at $1 million even. The bank owns the house, had it completed, but is asking $999k. In my view, it's beautiful and lavish, but not a good investment. Even if it went up 5% a year, it's far too risky of an investment.

Now if it was $500k, that's a whole different ball game.

**curtis.lesa** · 08-30-2010, 02:19 AM

great one for sure!

Does this seem like a good deal?