Price of Roof Over Head

 After Andrew posted about the high price of a house in Melbourne, I decided to show prices of real estate around here.

My Lebanon friend, who feeds the park cats, has been looking for some time.  Except she has almost no money to look with, given the prices these days.  Granted my brother bought this place 16 1/2 years ago for way under what she has to spend on a place now.   But this house's value is now over double what he got it for.   Most things lose value with age, including people.

She half owns the house she lives in now, is the problem, and her brother gave his half to his son, who wants to buy out his aunts share.  She can't afford to stay there long term with only owning half of it and the property taxes in city.  But her half won't buy much else.  

She's been looking mainly in Sweet Home, because there prices are cheaper.

But the properties in her price range mostly should be bulldozed.

The latest ones she looked at include this one, which, she said, needs bulldozed, but was in her price range, if only it had been livable.

$140,000 for this one, but the floors are wet from the failing roof.

She looked at this one too, also strangely marked down.  To me looked nice on the outside and has a long lasting metal roof, but she said there is some huge wide ditch in back leading to this big icky dangerous looking pool or pond of water, with no apparent reason for water drainage into it and a safety risk.   Uh oh.

$149,000 but somethings going on with water drainage or sewer or something on the property

The next one is way overpriced for a house that may need bulldozed too, and is being offered cash only, as not loan eligible due to its condition.

$255,000 so not in her price range anyhow.

There have been very few to be found in her price range.   Not sure her price range now, with inflation still rising here, will be doable to find anywhere to buy.    In another state---like the Dakotas, maybe.  She only finds one or two a month within range to look at and so far they've been empty unimproved lots or bulldozer friendly houses.

She's in a bit of a bind, since even apartments around here, if she rented, the money from half the house she's in now, would not last more than a few years.  Most apartments now want your income source to be 3x the rent amount.     Roommates have to be on the lease with you, not sublent by you.  She says she's not roommate material, having lived alone most of her days and I believe that.   I'm same way.

I took her my stash of Andrea Camilleri books yesterday that I've already read.   She's optimistic prices will go down and she will find a place.  She's bought houses before so probably knows what she's talking about.