Mike

It would be nice if the NAR used their lobbying power to change our tax laws to allow wealthy investors buy up property here in the US like they're doing in London. The US doesn't block foreign investors, but the way the US taxes foreign nationals is what drives wealthy foreign buyers to London instead of the US.

Regardless of what side of the "xenophobic fence" you stand on, nobody in the US should have a problem with wealthy foreign nationals coming over and spending money shopping, eating, traveling... ...all of which is taxed like crazy. If you're against wealthy foreign nationals having access to shop in the US, visit Boston's Copley Place and you'll see firsthand how thousands of foreigners drop thousands on Louis V bags without even blinking... ...Boston and MA both rake in the tax revenue from the foreign binge shoppers. - Sun Jul 27 2008, 18:54

I don't think there are any restrictions, as both Boston and NYC have experienced phenomenal investment from overseas buyers. I know of quite a few people who are not citizens but who own condos in Boston.

Are you looking to spend $50K-$75K and own the house / condo "free and clear" with no mortgage ??? Or are you looking to put $50K-75K down and then take out a mortgage on top of your $50K-$75K ??? This info would be very helpful.

I know Boston VERY well, and I'm a big fan of Chicago property right now. But your answers would be very helpful to start.

I can tell you right now to stay away from Detroit as that market is in horrible turmoil right now and it only appears to be getting worse with the collapse of the big 3 auto makers. - Sun Jul 27 2008, 18:47

Obviously, this question is 10,000% dependent on WHERE you're looking to buy. HUGE difference between the coasts / sunbelt / Hawaii and Ohio and Michigan or anywhere in the Midwest for that matter (I laugh just thinking about this statement).

The Midwest suffers not only from a lending crash and horrible markets, but for many affluent and even not so affluent new retirees... ...the goal is to move to the Sunbelt or at least ditch the big house for the custom condo. Midwestern retirees who can't sell are simply buying the new house elsewhere and sitting on their empty former homes till they sell.

Midwestern baby boomers all built the McMansions that few people younger than them are willing to buy or can afford to even touch. That and the younger affluent buyers are far more interested than ever in living in the city or old-world, walking neighborhoods like Shaker Heights. I think the oil crises is going to accelerate this trend. - Sun Jul 27 2008, 17:57

I'm waiting for the biggest housing crash in history to transpire so I can buy that $500K house for half price! - Mon Dec 3 2007, 09:10

I once took a spin through Friendship when I pulled off the Southern Tier Expy looking for a public washroom (I didn't find one!). Friendship is a very nice little town, the old houses are very well preserved, and as of 4 years ago there was a cool mom-and-pop grocery in the center of town. There was also a cool New England style town green surrounded by big old houses. When I stopped in it was a late weekday overcast afternoon and the town had an almost creepy empty feeling to it; in reality it's probably just a bedroom town and everyone was at work / at school / or elderly /retired.

Anyway from what I could tell the busy small town life is in the surrounding towns. I finally found a washroom and gas in a nearby town and I can't begin to remember the name (next town over to the west). The nearby town was bustling but it wasn't nearly as nice as Friendship. It doesn't appear that much has happened in Friendship in at least 30-50 years (much as in new development / new industry), which is good if you're a fan of historic preservation. I'm a fan of small towns and I liked how this town wasn't bulldozed by fast food joints and other bad 60's suburban style development.

Cheapness Factors:
* This area of NY is fairly remote, and it doesn't seem like there's a whole lot pushing real estate prices either way. The nearest big cities are Buffalo, Erie, and Rochester; all three of which are relatively cheap compared to the east coast.
* When I worked in Columbus, OH, I met quite a few younger upstate NY'ers who left upstate NY because there are few jobs for the young college educated set. - Sun Feb 17 2008, 19:20

Check out Hudson. It's minutes from Akron, and the schools are top notch. The market is terrible in most towns but homes in Hudson are still holding their value. - Thu Jan 17 2008, 14:29

Kohr Royer Griffith is good. They used to manage my apartment and they were always very responsive and professional. - Thu Jan 17 2008, 14:26