THE McMansion Thread (merged)

by **bobeau** » Thu 26 May 2005, 21:30:46

$this->bbcode_second_pass_quote('smiley', '')$this->bbcode_second_pass_quote('', '
') I estimate the percentage of people which are allowed to take out a loan higher than $750k is less than 0.1%.

Are the banks more lenient over there or are the top salaries just so much higher than here?

by **FoxV** » Thu 26 May 2005, 23:04:26

$this->bbcode_second_pass_quote('jaws', ' ')It's a giant sleight-of-hand trick that's been played on the international bond market.

by **cube** » Fri 27 May 2005, 00:04:36

$this->bbcode_second_pass_quote('jaws', '.')...........The banks don't care about lending since they don't assume the risk. To paraphrase a banker, they don't let the ink dry before selling the mortgage to the street. The street being mortgage wholesalers like Fannie Mae and Freddie Mac, who are unaware of the risk they are assuming and don't wish to be as they then sell the mortgages back as government-grade bonds that investors feel safe buying. It's a giant sleight-of-hand trick that's been played on the international bond market.......

by **frankthetank** » Fri 27 May 2005, 00:40:29

Its interesting to note how new homes are being built. The quality of materials is nothing compared to houses built years ago. I was in a house costing over 200K and noticed huge cracks across the ceiling among other things. Might as well live in a camper

by **RiverRat** » Fri 27 May 2005, 09:44:26

$this->bbcode_second_pass_quote('frankthetank', 'I')ts interesting to note how new homes are being built. The quality of materials is nothing compared to houses built years ago. I was in a house costing over 200K and noticed huge cracks across the ceiling among other things. Might as well live in a camper

by **RiverRat** » Fri 27 May 2005, 11:04:35

McMansion defined

I just googled 'McMansion' ... 20,400 hits :shock:

by **threadbear** » Fri 27 May 2005, 17:36:17

$this->bbcode_second_pass_quote('jaws', '')$this->bbcode_second_pass_quote('some_guy282', '
')
Yes. This is part of the problem. The banks are lending out way more money than they should be, to people who have no business taking out loans in the first place.

by **jaws** » Fri 27 May 2005, 18:46:12

$this->bbcode_second_pass_quote('threadbear', '
')Fannie and Freddie are govt grade but they're not govt. guaranteed, are they? If they are govt. guaranteed, then if there's a serious economic problem and the bonds default, you could lose your home AND have to bail out Freddie and Fannie through higher taxes or the crushing burden of trillions in govt. debt.

by **smiley** » Sun 29 May 2005, 07:24:08

People are using the increase in value of their homes as disposable income. As the prices of the houses are rising people have more money to spend. And by the looks of it they are spending it on buying more homes, which in turn increases the prices of the houses. Because the housing market keeps on growing the mortgage rates will drop.

That looks to me like a classic inflation paradox, a self-sustained runaway reaction.

Perhaps the housing market will not cool down, but melt down.

by **linlithgowoil** » Wed 01 Jun 2005, 05:50:24

Im from the UK and we sort of have McMansions, though they are usually not in the middle of nowhere, but normally nearish to a local town, or joined on to it. I just wondered what it is like to live in a big suburban housing estate that is miles from any amenities and is surrounded by desolate lands and roads. It must be terible for the soul and mind.

If i dont live near to natural things and have the opportunity to walk to my town main street etc., it makes me feel bad. I stayed in a house in florida once that was a mcmansion, and it was mile from anywhere. its a terrible feeling of isolation you get - especially because no one seems to play in their gardens or in the street in these areas as it would upset the neighbours i suppose.

finally - those who are living in a mcmansion - how are your bills and expenses going? are they going up faster than your income?

by **jato** » Wed 01 Jun 2005, 06:48:08

I am not too sure what constitutes a McMansion. I do live 4 miles from the nearest gas station and market. Everyone is on 2 acre lots. I love it! I don’t like crowds, cities or high density housing.

$this->bbcode_second_pass_quote('', 'f')inally - those who are living in a mcmansion - how are your bills and expenses going? are they going up faster than your income?

by JR » Wed 01 Jun 2005, 08:11:23

Wow, Jato...your taxes are high. Per month! Mine are about 500.00 for the whole year. I can't imagine paying that much per month.

JR

by **Permanently_Baffled** » Wed 01 Jun 2005, 08:23:02

Ok so you guys can benchmark here are my costs based on a 4 bed semi detached house in the UK:

Water: $50 a month
Electricity:$50 a month
Gas: $60 month winter , $30 - $40 in summer
Council tax(aka property tax) $210 a month.
Petrol: $240 a month (its now $80 to fill my 1997 escort!

)

PB

by **pip** » Wed 01 Jun 2005, 08:51:36

I live 5 miles from the nearest gas station and 20 miles to the nearest store. My closest neighbor is 1/2 mile away, which is too close in my opinion. I'm not a big fan of the city life. My current location feels more like independence than isolation to me.

Gasoline runs me about $350/month.

by **linlithgowoil** » Wed 01 Jun 2005, 09:04:00

i have 2 bed bedroom terraced house in scotland (my neighbours are JOINED to me..!

) my costs are:-

(using 1.85 dollars to the pound)

electricty + gas = £30 a month ($55.5)
council tax = £92 a month ($170.2) - this includes water as well
petrol - £90 a month ($166.5) - £47 ($86.95) to fill my 1996 laguna.

my location:-
i live about a 10 minute walk from our high street which has a very large tesco and sainsburys supermarket, 1 minute from a petrol station, 10 minute walk from a train station, 1 minute from a bus stop, 5 minutes from council sports centre and swimming pool, 15 minute walk from a national country park, 5 minute walk to primary school and secondary school, and 17 miles from my place of work in Edinburgh, which takes me 40 minutes to drive and costs £3.80 a day in petrol - though i'll be working a 5 minute walk from home come september.

by **frankthetank** » Wed 01 Jun 2005, 09:51:27

Around here you can figure your property taxes will run you about $2000 per 100K of assessed value. Incredibly expensive if you own a home worth 300K+.

I don't live in a Mcmansion..its more like a McShoebox

by **crude_intentions** » Wed 01 Jun 2005, 13:19:07

$this->bbcode_second_pass_quote('', 'W')ater (summer ) $150 per month

by **jato** » Wed 01 Jun 2005, 15:00:21

My water has to be imported from hundreds of miles away. It is expensive. When I moved in, I planted a large number of trees. I am going to let some of my property die in order to save $$$ on water.

Re property taxes: We pay about %1.1 of our assessed value. A small 2 bedroom home is going for $400k+.

My house still accesses for about $400k, but it is worth a lot more. IIRC the county can only raise my taxes so much % per year… even though my house has doubled in value since 2001.

How big is a McMansion? I just live in a McHouse.

by **FoxV** » Wed 01 Jun 2005, 15:37:25

Perhaps those of you living in those vastly inflated houses might consider selling now and renting till the foreclosures start rolling in.

Something you may want to consider doing soon, because I very much doubt the housing bubble will survive through the summer

edit---
my hometown appears to be crashing now (actually started last year) so there will be no cashing in on the bubble for me :evil:

THE McMansion Thread (merged)

Anyone here live in a McMansion?

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