Massachusetts couple sell home of 25 years: "No Jobs"

[Bush_Eats_Beef]

MSNBC is running the following story:

http://www.msnbc.msn.com/id/4010668/

"They’re selling their house in Massachusetts and heading for Florida, hoping to find jobs there. After more than two years out of work, they’ve burned through their stock portfolio and retirement savings."

"The president, along with more than 8 million Americans out of work, is still waiting for the recovery to create the final crucial element — jobs."

And as Tom Petty once said, the waiting is the hardest part...right, Mr. President? Why don't you go take your afternoon nap and we'll wake you up when the jobs come back.

[mars_clover]

1. foolish...

I have never understood people that just up and move somewhere on the "hope" that they will find a job when they arrive. I have never moved somewhere without having a job lined up in advance. I sure as heck wouldn't be selling my house before I had something lined up somewhere else, unless I was broke and had no choice. Even then, if it was my home of 25 years I should have a TON of equity in it, and I would take a home equity loan to get by a while before selling. Likely I would turn it into a rental property when I left. This is what I did when I got laid off from my last job, except I had no equity in the house to borrow from! I also couldn't afford to sell it (I would have lost money) so I turned it into a rental to let someone else pay it off for me.

I feel for them in this economy/job environment, but you gotta learn to look before you leap.

clover

[Kathy in Cambridge]

5. For what they get for a shitty house in Mass they could buy a mansion

in FL.

So it's a smart move.

[pfitz59]

2. Jebthro promises jobs.....

cleaning yachts and scrubbing toilets! Florida's service economy will welcome them.

[Kathy in Cambridge]

8. The cost of living is much lower in FL

I can't say I blame them for moving.

[creativelcro]

3. Not a bad idea, actually...

Depends on the details. They may get a bunch from selling their home, depending on where in MA. With that bundle it make sense to move to a cheaper place (it would not good to spend it all on buying another house in MA)...

[KamaAina]

4. Four Repuke governors in a row, plus a couple of Bush*s

brought Mass. from the envy of the entire nation (the "Massachusetts Miracle") to this.

Of note is that Mass., under that "card carrying ACLU member" Mike Dukakis, had the ONLY effective welfare-to-work program, the "Employment and Training Program". Those kinds of things work better when your local economy is at full employment and there's a labor shortage (as hard as that must be to imagine today!)

[creativelcro]

6. BS: it's the dem legislature that is causing this

There is total corruption at multiple levels. If anything, we need a bit more of a check in MA, not less. Im not a Repub, by the way.

[Kathy in Cambridge]

7. Finneran (D) is no prize but

much of the corruption to do with the Big Dig, for example, involved Republican officials. Political corruption is rampant in Mass-but the Republicans had the most to do with it, not the Dems.

[picus9]

10. hmmm.

Who , i wants names, so i cans argue with peeps.

[Kathy in Cambridge]

17. James Kerasiotes Head of the big dig, among others

I will have to ask my Dad...he can reel the corruption brigade off the top of his head.

[picus9]

9. Please this is Bullsh*t.

they sold their house because here in MA, you can get 5 times what it is actually worth. I'd suspect jobs have little to do with it.

[Kathy in Cambridge]

11. Five times? in Cambridge it's like 10x

my parents bought their house in 1966 for $18K. It's been assessed for 950K. And it's not very big-1300 sq feet, 2.5 bedrooms-and needs lots of work. Housing is outrageous here.

[creativelcro]

12. Hmmm, 1300 sqft single home for 950k ?

I don't believe it. For that amount, even in Cambridge, Brookline and Newton, you can buy a really nice 2000 sq ft house...

[Kathy in Cambridge]

13. In Harvard Sq you can't

My husband works in real estate so my knowledge of the market is pretty good. The two family next door to my parents sold for $1.2 million.

I think the prices have stabilized, with a lot of the houses that were re-assessed during the boom not getting the asking price.

I own a two family in Cambridge and a one bedroom condo. I paid 210K for my two family in 1995. I can easily get 850K for it. I paid 300K for my loft one bed. I can easily get 400K for it. And it's only 750 sq feet.

It's location-there are parts of Cambridge, Newton and Brookline that are less desirable. Harvard Sq. is one of the most desirable areas.

[creativelcro]

19. Well, then try selling it, if you are so sure... Perhaps 2 years ago.

[picus9]

15. My fathers house in Dot is worth 700k.

He bought it in 1989 for 150. That's when prices were "high"

[Kathy in Cambridge]

16. Do you mean $700K? 7K won't buy you a parking space

;-)

[The Backlash Cometh]

14. Ugh. Are they Republican?

One of our ex-acquaintances came down from Massachusetts. One of the first things out of her mouth, "Democrats are stupid people." She escaped the liberal Massachusetts and settled down in this primarily Republican county, only to find out that her Republican neighbors are far more predatory and obnoxious than she is. We befriended them for as long as we could -- but they are people who feel they must control every aspect of the friendship, and we finally said good riddance.

[KayLaw]

18. Depends on where in Florida

House prices are pretty high in the ( what I consider ) desirable areas. We moved here, in the Tampa Bay area from Key Largo a few years ago. The house we paid $123,000 for should sell for $215,000 today based on comps. But, the Keynoter paper did a special report last week saying the average home was about $450,000, though the average family earns about $55,000.
I hope those people aren't moving there. Lots of jobs, but no affordable housing. It wasn't that bad when we lived there; maybe for the working class, but not so bad for the middle. Now it's a big problem to keep teachers, etc. The article, at www.keynoter.com ,says it's become a problem over the past couple years.
Makes me wonder about all this new housing going up, and the big prices.

[Name removed]

20. Deleted message

Message removed by moderator. Click here to review the message board rules.

[KayLaw]

21. I believe you're mistaken

The governor of MA is also a Republican and we live in Florida. My husband's employer receives countless applications for work - people ready to take any kind of job. I hope you don't think we're rolling in jobs down here because we're not.