[QUOTE=Appsolute;7066873]
Jill Burnell was foreclosed on, that is a fact - and yes, she kept all of those horses on that small acreage.
As far as the $3,500 a month mortgage estimate - that is also assuming a down payment of $179,000, plus an additional $550 a month for taxes and insurance - and assuming you qualify for the absolutely lowest rate available.[/QUOTE]
oh yes the down payment…never factored that in. Thanks
[QUOTE=Appsolute;7066873]
Jill Burnell was foreclosed on, that is a fact - and yes, she kept all of those horses on that small acreage.
As far as the $3,500 a month mortgage estimate - that is also assuming a down payment of $179,000, plus an additional $550 a month for taxes and insurance - and assuming you qualify for the absolutely lowest rate available.[/QUOTE]
$550 a month for tax and insurance? Try closer to $1000 a month.
It’s the reason I’ll probably never buy anything else here in CA. I can just about pay full board and training on a horse for what I would spend on the property taxes alone.
And this is why we have California horse people moving to Texas in droves! I agree… that wouldnt bring $250k here.
[QUOTE=IrishWillow;7066942]
And this is why we have California horse people moving to Texas in droves! I agree… that wouldnt bring $250k here.[/QUOTE]
I am actually really surprised it sold for that much, although it is an expensive area. I would have expected in the neighborhood it is in, with such a small, unhorsefriendly lot, it would have been more in the 650k range.
I have been to this place personally as well, it’s a much nicer property in just about every way, and not that much more expensive.
http://www.redfin.com/CA/Petaluma/3949-Magnolia-Ave-94952/home/2272213
The only thing that confuses me about people moving to TX is just how expensive the property taxes are. You pay less for the property, but you are stuck paying the high taxes forever.
What’s the tax rate in TX? It would have to be pretty high to come up with $1K a month on a $250K farm, and TX might be like KY, we have an ag exemption and our property taxes are really low. Homeowner’s? Not so much, doublewides are a high risk, but the total still winds up being less than 1% of our original purchase price.
About how much more do you have to make to qualify for an additional $100K in a purchase price - 30K more annually? Less? More?
The difference is the price per sq ft of the house where the one PP posts above is $575/sq.ft and the former GFF is $322/sq.ft, though I agree the one on redfin is lovely! And the GFF house has more sq footage. Loans and appraisals use and compare sq/ft prices, # of bedrooms etc. btw, cute idea with the water trough planters in front of the barn.
[QUOTE=Indy-lou;7067060]
The difference is the price per sq ft of the house where the one PP posts above is $575/sq.ft and the former GFF is $322/sq.ft, though I agree the one on redfin is lovely! And the GFF house has more sq footage. Loans and appraisals use and compare sq/ft prices, # of bedrooms etc. btw, cute idea with the water trough planters in front of the barn.[/QUOTE]
The house I posted also has nearly twice the acreage, and the acreage is much more usable. Also the improvements, outbuildings and fencing will add to the appraisal, as will the irrigation. That area can be up to 250k an acre or more (with utilities/improvements). Homes on acreage do not appraise purely on square footage of the home.
fwiw the market in petaluma is steaming hot right now. houses are pulling upwards of 30+ bids and selling way above market.
Property taxes vary Greatly from county to county in Texas. And remember, we have no state income tax.
My 8 acre farm just outside of Rockwall (a more high end area, lakeside and east of Dallas within commuting distance) cost me less than $700 a year in taxes due to ag exemption. Ag exemptions are very easy to maintain in most cases.
Texas Property Taxes
Property taxes vary Greatly from county to county in Texas. And remember, we have no state income tax.
My 8 acre farm just outside of Rockwall (a more high end area, lakeside and east of Dallas within commuting distance) cost me less than $700 a year in taxes due to ag exemption. Ag exemptions are very easy to maintain in most cases.
Easy to maintain, not “easy” to get necessarily. We have a contract on a farm in Tx and you have to be careful when buying is to make sure the property is ag exempt before you buy. It takes 5 years to get ag exemption. We were looking at two properties, one much much cheaper than the other but it was not ag exempt. Smaller house, less property, etc… the taxes on both properties were within a few hundred of each other. The house and 1 acre is not ag exempt, the remaining acres are ag exempt.
We have ag exemptions in Cali too - but the requirements are pretty stringent (due to corporate abuses - such as Walmart running a handful of cows out behind the parking lot, grrrrr), and once you are in the Act, it takes 9 years to get back out, during that 9 years, you can’t develop, split, or use the property for anything except ag purposes. Every county has their own little quirks they add to the base requirements - some counties don’t consider horses as ag qualifying - if you can’t eat or drink the product…
Property in Cali is quite expensive - but remember, our Winters are pretty darn civilized - no snow, no ice, much easier on horses and people. And Petaluma is a more expensive area - you could get 40 to 100 acres with a nice home and facilities for that price in my area (foothills southeast of Sacramento).
I’m relieved the bank got some money out of it - people like Jill cause ALL our borrowing costs to go up.
Funny, we have CA (and OR) people moving here in droves…and now I can see why! Of course prices are much higher now, but 15yrs ago I bought my little place (a shy 10 acres) w/ a 3 bedroom, older mobile (but still totally liveable) on it + well (120 gpm) + electric + a home-made “shop” that I converted to a 2 stall barn w/storage for about 10 tons of hay…I borrowed afew $1000 more to have it fenced.
Total price: $55,000! Even now, I doubt I could get more than $150,000 for it.
Taxes are a whopping $650 A YEAR!
It seems one of the only places I could really afford to raise horses on…
If you want to raise horses, (in my mind) it isn’t “heaven” unless you never have to worry about drought, you have access to lots of inexpensive, high-quality hay, and where you live “appreciates” an aggie/farming type of activity.
The only real downside to my area is it’s difficult to get people to come look at horses…CA (or even TX) would be much easier…
So, where IS heaven Kyzteke?
Yeah, Kyzteke, where are you? For that, I could take my savings and retire now.
[QUOTE=Beentheredonethat;7069051]
Yeah, Kyzteke, where are you? For that, I could take my savings and retire now.[/QUOTE]
HAH!! Like I’m going to tell!:winkgrin:
But I’ll give you a hint – we usually have 4-5 mos of fairly serious winter w/ lots of snow – so if you don’t have an indoor, or consider “heaven” to be devoid of cold weather, this ain’t it!
However, for myself, I’m like a horse – I prefer cold weather to hot, so it’s ok.
Oh – and good luck finding a job here…
Yep, the greater Bay Area is back in bubblicious territory. Can’t wait to see how this round turns out!
My little neighborhood has gone up 30-40% in just the last year. Hold on, here we go again…sigh.
[QUOTE=Kyzteke;7069580]
HAH!! Like I’m going to tell!:winkgrin:
But I’ll give you a hint – we usually have 4-5 mos of fairly serious winter w/ lots of snow – so if you don’t have an indoor, or consider “heaven” to be devoid of cold weather, this ain’t it!
However, for myself, I’m like a horse – I prefer cold weather to hot, so it’s ok.
Oh – and good luck finding a job here…[/QUOTE]
I actually think I know where you are. When I was looking for a horse, I was looking a that chestnut mare you had. 
Too far for me to go.
And for that price, I could sell my house here, by a property and a house outright there, and live quite well for the rest of my life without working.
I don’t have a lot of clothes for the cold, though. It gets in the 50’s here and we start whining. 40’s and we’re dying. But, I did used to work for someone riding horses in a snowy place, so maybe . . .
I figured it out also Kyzteke. My Mother’s best friend since childhood lived there all her married life and her husband worked for the Forest Service. I’ll bet the Government is the largest employer there, as it is here with USFS, Fish and Wildlife Service and California Fish and Game.
[QUOTE=Indy-lou;7069912]
I figured it out also Kyzteke. My Mother’s best friend since childhood lived there all her married life and her husband worked for the Forest Service. I’ll bet the Government is the largest employer there, as it is here with USFS, Fish and Wildlife Service and California Fish and Game.[/QUOTE]
Well, don’t you guys tell! Since I bought my place this area as been swamped w/folks from CA, then OR. Driving property prices up and really changing the “flavor” of the place.
Before it might have been abit rugged (example, I have to drive a 50mile RT to dump my garbage and I live 6 miles from the nearest paved road), but I liked it that way. Now there are more rules, everybody is rushing more and people aren’t near as friendly.
But land here is still a very good deal. In fact, I just got back from the grocery store where someone had posted a flyer to sell their property: 14 acres of “useable” land with some riverfront, power on the property, and a 10’ft x 24’ hunting cabin. No well or phone at this time. $180,000
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