Take a message

[Randy G.]

I have been looking at this message for a while at the top of my screen:

Hello Randy Goodwin (45471) it appears that you have not posted on our forums in several weeks, why not take a few moments to ask a question, help provide a solution or just engage in a conversation with another member in any one of our forums?

So, here's something to discuss.

A few years ago my wife and I contemplated purchasing real estate or the beloved Corvette as an investment. After carefull consideration we purchased a 1954 and a 1957 Corvette in early 2006. I live in Southern California and I'm a Real Estate Appraiser.

Since 2006, real estate values have dropped up to 50% or more while it seems the value of our Corvettes has remained very strong. And looking at the overall picture, the nice part about our Corvettes is that we have been enjoying the ownership experience.

Buying cars strictly as an investment is risky business, but in my mind no matter how far the stock market tanks I can still take the '57 out for a spin. When paper is worth less or worthless we still have our beloved fiberglass.

I bought my first C1 in 1974 at the tender age of 18. I paid $1,800 for it. Two years later I sold it for $3,500 and have regretted that day ever since, even though my dad was dumbfounded by the fact that I made money on an old used car. LOL.

As an appraiser, we are struggling financially and I may have to part with one of the Vettes to remain afloat. Had I bought a condo a few years ago instead we would be so upside down it wouldn't be funny.

Anyway, I thought this might make for an intersting discussion while, at the same time, removing the message from the top of my screen at least for a while.

Cheers.

[Chuck G.]

Re: Take a message

You're not alone, Randy. Although not as bad as in SoCal, the real estate market here in Maryland isn't real good either.

I'm not in the real estate biz, but my wife and I are trying to sell our present house and retire/relocate to our house in Florida. Nothing around here is moving. No action on showing the house, etc.

SO, we're "stuck" now with 2 houses. The new house in Florida that we recently built is probably worth less than it cost us to build it, and it was just completed in April of this year.

Our current house will probably sell for 100K to 150K LESS than we could have sold it for last year.

AND....the old joke......My 401K is now a 201K applies to just about everybody. Hope things work out for you.

Chuck

[Kenneth B.]

Re: Take a message

[quote=Chuck Gongloff (5629);383087]You're not alone, Randy. Although not as bad as in SoCal, the real estate market here in Maryland isn't real good either.

I'm not in the real estate biz, but my wife and I are trying to sell our present house and retire/relocate to our house in Florida. Nothing around here is moving. No action on showing the house, etc.

SO, we're "stuck" now with 2 houses. The new house in Florida that we recently built is probably worth less than it cost us to build it, and it was just completed in April of this year.

Our current house will probably sell for 100K to 150K LESS than we could have sold it for last year.

CHUCK
It's kind of ironic. When we were young interest, housing & investment's were going up. now that we want to retire all of the above are down. I guess nobody said life was fair. I gust wish it would have heldon for a few more years. Seems like the people born in the 40'S got it coming & going.
KEN
AND....the old joke......My 401K is now a 201K applies to just about everybody. Hope things work out for you

[Chuck G.]

Re: Take a message

[quote=Kenneth Barry (7808);383097

CHUCK
It's kind of ironic. When we were young interest, housing & investment's were going up. now that we want to retire all of the above are down. I guess nobody said life was fair. I gust wish it would have heldon for a few more years. Seems like the people born in the 40'S got it coming & going.
KEN
[/quote]

That's true, Ken. BUT......regardless of WHEN it happened, it would have effected us.

I was planning to retire at the end of this month, but I've had to change my plans. My wife can retire anytime. She's still working for the Federal Government here in the Baltimore area. We've got to sell the house here in MD before we make the move. Can't support both places on a retirement income.

That being said, I have friends who retired several years ago, and they're sucking wind too. Many worked for large companies, and have lost their health care coverage. That has compounded the problem of diminishing income from IRA's, 401K's, etc. SO....whether you are presently retired, or are contemplating retirement, we're all in the same sinking boat.

Chuck

[Stuart F.]

Re: Take a message

Shouldn't the 401k's be called 200.5K's - just trying to look for a bit of humor where there isn't any, I guess.

We retired from GM back in 2000, but moved to Florida and built on the upswing in 2004. I recall in 05 you had to be in a lottery just to buy a house, and the paper value of our property doubled. Things were looking pretty good. Come the first of 09, we lose our supplemental health insurance from GM, I enter the year when I turn 70 so my life insurance premiums more than double for both self and spouse, I have to start taking withdrawals from my 200.5k (a fixed percent of nothing is nothing, right?), my 5 year old house must be repainted (sealed) and the a/c coil is rusted out, etc., but my Vette is still running great!

A word to the wise for those contemplating retirement and moving to Florida; Living down here ain't cheap. Almost everything costs double; home and car insurance, water & sewer (both fresh & reclaimed), electricity, home repairs and maintenance, eating out, etc,, etc. What you do get is 9 months of great weather - top down weather! lots of cruise-ins, country roads, car enthusiasts and vendors, sandy beaches and golf. It's a good life while you can afford it.

Oh yes, Medical care sucks (here in Central Florida anyway). You'll still have to plan on going back up north if you want any test or invasive procedure done - that is if you want to survive! Make a deal with your Doctor's here on that basis. It's tough on their egoes, but it's your life! Florida is a Medicare money pit! When we first moved here we were on what seemed to be a "15 minute per appointment plan". That has since been reduced to 12 minutes. You think I am kidding?! I have had Doctor's walk out of the exam room while I'm in the midst of explaining where I hurt!! You have been "Medicared"!

Have a great weekend.

Stu Fox

[Chuck G.]

Re: Take a message

A word to the wise for those contemplating retirement and moving to Florida; Living down here ain't cheap. Almost everything costs double; home and car insurance, water & sewer (both fresh & reclaimed), electricity, home repairs and maintenance, eating out, etc,, etc. What you do get is 9 months of great weather - top down weather! lots of cruise-ins, country roads, car enthusiasts and vendors, sandy beaches and golf. It's a good life while you can afford it.

Oh yes, Medical care sucks (here in Central Florida anyway). You'll still have to plan on going back up north if you want any test or invasive procedure done - that is if you want to survive! Make a deal with your Doctor's here on that basis. It's tough on their egoes, but it's your life! Florida is a Medicare money pit! When we first moved here we were on what seemed to be a "15 minute per appointment plan". That has since been reduced to 12 minutes. You think I am kidding?! I have had Doctor's walk out of the exam room while I'm in the midst of explaining where I hurt!! You have been "Medicared"!

Have a great weekend.

Stu Fox

Interesting, Stu. I find the cost of living to be MUCH less than here in Maryland. My HO insurance is the same. My car insurance will be the same. Property taxes are much less. There's no state income tax. I find other things to be less too, but I guess it's all relative to where you're from originally.

I live in the "high rent" district of Baltimore/Washington DC. It's one of the top 5 cost of living areas in the USA.

I'll be 62 in April, so I won't be involved in Medicare till I'm 65. It truly sucks, and it's getting worse. I'm a dentist/oral surgeon in my daily life. The reimbursement for Dr's is pitiful. That's why lots of health care providers won't take it anymore. Something's gotta give.

I'm almost afraid to type that my wife works for CMS, Centers For Medicare and Medicaid Services, headquartered here in Baltimore. It's one of two huge Federal agencies here, the other being the Social Security Administration. That being said, my wife isn't in the payment or benefit section. She works in the contract end of things.

Chuck

[Dale S.]

Re: Take a message

The republican's blame the democrat's and the democrat's blame the republican's (I used lower case on purpose) and nothing changes. I have watched it for most of my 74 years. Dale

[Stuart F.]

Re: Take a message

Chuck;

Like you say; "every thing is relative". We moved here from just west of Chicago, and we had built a new home there 2-1/2 years before moving here. But, our only 2 (twin) sons and our only 4 grandchildren live here, and they convinced my wife we should be here so they could look after us in our old age. Truth is we see less of them here than when we lived in Illinos, or so it seems. I was talked into moving by the "you can drive your Vette year round here" idea which, of course is not true unless you like to drive in the rain.

Property taxes - right. We get Homestead exemption and Senior Citizen Exemption which puts us under 4k for a 2717 sq.ft. 5 year old 2 story on a pseudo lake. We sold a 1750 sq.ft. place in Illinois and picked up almost 1000 sq.ft. for about $2000..

Well, as long as you are making an informed decision, that's all that matters. Please understand, it is my obligation to discourage emigration, and to encourage tourism. That keeps us from having an Income Tax and pays for our new sports venues.

Stu Fox

[Chuck G.]

Re: Take a message

Chuck;

Like you say; "every thing is relative". We moved here from just west of Chicago, and we had built a new home there 2-1/2 years before moving here. But, our only 2 (twin) sons and our only 4 grandchildren live here, and they convinced my wife we should be here so they could look after us in our old age. Truth is we see less of them here than when we lived in Illinos, or so it seems. I was talked into moving by the "you can drive your Vette year round here" idea which, of course is not true unless you like to drive in the rain.

Property taxes - right. We get Homestead exemption and Senior Citizen Exemption which puts us under 4k for a 2717 sq.ft. 5 year old 2 story on a pseudo lake. We sold a 1750 sq.ft. place in Illinois and picked up almost 1000 sq.ft. for about $2000..

Well, as long as you are making an informed decision, that's all that matters. Please understand, it is my obligation to discourage emigration, and to encourage tourism. That keeps us from having an Income Tax and pays for our new sports venues.

Stu Fox

We built about a 2800 sq. ft. house up in Citrus County. Has a big 3 car garage, 36 x 28, with a vaulted ceiling for a lift. We can't do the Homesteading deal yet. We have till March, 09 to apply for 09, but we may not be there by then.

We've been going to FLA for many years, and have a lot of friends retired in the area. So, we're very familiar with the nuances of Florida.

One day, hopefully soon, I'll get there, when I can ditch this house, close my business, and head South.

Chuck