Entry level California home costs up 88% since 2020.

[ultrarunner]

I think it should be illegal for sports stadiums to be funded with taxpayer dollars. As near as I can tell it never works to the benefit of the taxpayer. And think of all the people who never watch sports and couldn't care less? Why should they have to pay for a privately owned sports complex?
Eric

I only attended the Oakland Roadster Show each year until the Warriors won a playoff and needed the date so after 50 years the cars were booted...

Elected officials said the people of Oakland love the Warriors where most of the Roadster Show crowd was from outside the city...

As long as you remember cars bad it all makes sense.

The sprawling complex has been for sale but monies promised have not materialized...

Meanwhile the Oakland A's play in a Sacramento minor league venue...

 

[lman]

I know a person that recently moved to CA and he told me his mortgage is for 50 years. He stated that is not uncommon there. Geez, he’s in his late forties. He got a promotion with his job and moved from Nashville to CA, he commutes 7 hours a day, his wife left him and went back TN and one of his sons now wants to be a girl. His raise has evaporated due to the cost of living there. It has turned to s$@# for him there.

All for the pursuit of happiness!

 

[JasperFrank]

Not sure what to think about this, but my good neighbor for 26 years passed away in 2020. We built our houses at the same time, and I knew how much total he had in to the property. About $250,000. The children could not sort the estate, so they put it on the market in 2022 for $700,000. A couple from CA bought it and put about $100,000 in improvements, including a new shop/barn.
I thought, "cool," at least they seem like good people and will be long time neighbors. They said they loved the area and intended to retire there.
Then, last month I see a realtor's sign and my brain explodes. They have it listed for $1.3 Mil.
So, now its clear that they intended to flip it all along. And in Oregon, our taxes are based on assessed value of property, and assessment is based on equivalent sales. If we didn't have measures 5 and 50, which limit, prop tax to 3% increase per year, I would be screwed.
But I'm still a little miffed, and confused over the misdirection.

 

[ultrarunner]

It happens a lot…

Same happened with a retired couple in my area they bought a bank foreclosure for 800k and said how happy they were in the place and making it their own… had painters in and out and 30 months later said it was too big and flipped it for 1.2m

They moved to Oregon to downsize. I looked up their Oregon property on more land and 1500 square feet larger.

Can’t really believe what folks say.

I’m taking a beating on property tax in WA… from 6k to 23k in less than 20 years… it’s not sustainable… at least for me.

 

[ultrarunner]

I’m in a conundrum regarding a property I bought with my 2 brothers in 1985 for 50k… one said yesterday sell or cash him out… doesn’t want his wife or adult kids stuck with income property….

If I cash him out he is looking at 175k and it will trigger a huge property tax increase based on change of ownership.

If Sold I face a big capital gain and loose a 6 car garage I built in the back… plus after fix up and broker fees my net would be around 150k

I’ve done all the repairs and managing renters for 40 years. We each put in 3k to buy it and I loaned him 3k so we could be in it as brothers… build a company together and all that…

It currently rents for 2,400 a month with no issues.

 

[ultrarunner]

Just for curiosity I looked up childhood tract home folks bought new for 16,500 Dec 1959.

At current value it’s at a million dollars… boggles the mind… 3 bedroom, 2 bath 1100 square feet.

 

[JasperFrank]

I think it should be illegal for sports stadiums to be funded with taxpayer dollars. As near as I can tell it never works to the benefit of the taxpayer. And think of all the people who never watch sports and couldn't care less? Why should they have to pay for a privately owned sports complex?
Eric

I'm one of those "Couldn't care less people." And the whole concept of people thinking that a team is "Their Team," mystifies me. The only professional football team in the USA that is publicly owned is the Green Bay Packers.
Here in Eugene Oregon, even the local minor Baseball team, The Emeralds, are actually owned by the Elmore Sports Group, more specifically by Doug Elmore, that just so happens to own and manage other Minor teams and the concession businesses that are associated with those teams.
The Ems are about to lose the ability to play at the U of O, so there was discussion to enter a public/private partnership to build a new stadium. This was to be a bond measure. Fortunately, someone on the city council, ran the numbers, and projected that the new stadium would have an annual operations loss of $200,000 dollars, so the whole project was tabled.
So it seems now, that the Ems are going to move someplace else. Which is fine by me, since the city didn't own the team in the first place.

 

[Runner]

I think it should be illegal for sports stadiums to be funded with taxpayer dollars. As near as I can tell it never works to the benefit of the taxpayer. And think of all the people who never watch sports and couldn't care less? Why should they have to pay for a privately owned sports complex?
Eric

In Kansas City, the sports teams are now threatening to move across the state line to KC Kansas because they are tempting them with new stadiums. They do this every so many years to extort more money from KC residents, so this time, I'm hoping they will actually go through with it.

What I wonder is if our property taxes will actually go down if we no longer have to provide welfare for the sports teams?

 

[2manyrocks]

https://fred.stlouisfed.org/graph/fredgraph.png?g=1Kbmv&height=490

Real Residential Property Prices for United States

Graph and download economic data for Real Residential Property Prices for United States (QUSR628BIS) from Q1 1970 to Q1 2025 about residential, HPI, housing, real, price index, indexes, price, and USA.

fred.stlouisfed.org

Unprecedented amount of money was printed beginning 2020 that resulted in doubling of median home prices in the span of about two years instead of twenty years. This also increased insurance and property taxes. Wages did not keep pace.

Looks like more inflation is coming, too.

 

[ultrarunner]

In Kansas City, the sports teams are now threatening to move across the state line to KC Kansas because they are tempting them with new stadiums. They do this every so many years to extort more money from KC residents, so this time, I'm hoping they will actually go through with it.

What I wonder is if our property taxes will actually go down if we no longer have to provide welfare for the sports teams?

Ask Oakland CA where the Raiders and Golden State Warriors have sellout crowds… they wanted a new stadium and when not forthcoming left.

Athletics also left and now play at a minor league community field.

It’s ironic in the case of the Raiders because the residents of Oakland are stuck with bond payments for the expansion Al Davis demanded to bring back the team…

Now we have empty stadium and sports arena…