Thoughts on the Northeast
I’m winding up my 10-day trip to Erie, Pennsylvania and Las Vegas today. I’m finally getting around to perusing Pennsylvania’s version of the Homes & Land magazine, called Homes.com, and checking out home prices in Erie. We drove around with a local while we were there, looking at lakeshore property, country estates, high-end homes, as well as suburban neighborhoods and city flats. The big surprise is the lack of apartments compare to urban areas like San Francisco, San Jose, Los Angeles and San Diego. The majority of what I saw were smaller complexes comprised of 4-6 buildings, each with 4-8 units. Near the downtown areas, flats are the more common low-end rentals, predominantly two-story, side-by side flats.
Not so surprising was the pricing of homes. We all know that California has been a bit overinflated when it comes to pricing, and the demand and average income is higher than in Erie, contributing to lower-priced housing. The average home price in areas like Millcreek run in the $100-200,000 range for a 2-4 bedroom home, most having a full basement as well. Lots tend to be larger than in California in the areas outside the core city area, usually a minimum of 10,000 sf.
In Saturday’s newspaper real estate pullout, the highest priced home I could find ran $849,000. It was a ten-year-old custom-built home on 16.9 acres in nearby Girard. Three stories, 6BR/5.5BA with lake views from every room, it also had its own gas well, Yes, that’s right folks, its own gas well. Reserves under ground can be tapped and used by homeowners, thereby bypassing utility companies for any of your gas needs (oven,
range, dryer, hot water heater, furnace). In a house this size, that could be a tidy sum saved each year.
I particularly liked the homes along the lake, many on larger pieces of property, that backed right up to the lake with beach access. Kind of like this home at 1942 Lakeside Drive (picture above). It is a 3.010 sf Tudor-style home with 4 bedrooms and 3 baths, on half an acre, for $445,000. You can enjoy the lake sunsets from your patio, splash around in the lake in the summer, and still be close to town.
You do get 4 seasons in an area like this, with beautiful autumns as the leaves turn. The downside is the cold and snow all winter long, and the humidity in the summer (around 80-85% when I was there). It’s not for everyone, but there is an affordability factor working here. Our friend’s nephew, only 25, was able to purchase a 5 bedroom home on several acres on a salary of about $45,000, which is something you won’t find round these parts.
Recent Sweet Digs Posts:
Should the FHA Turn Into the “FEMA” of the Mortgage Crisis?
FSBOs: Few And Far Between But Worth Checking Out
Investment Opportunity with Toxic Pollution, High Crime, and a Stellar View: Will Hunter’s Point/Bayview be the Next Marina?
David said:
I’ve always believed that if Californians got over their collective prejudices and took some long trips to “flyover country,” they’d find that there are lots of places where the quality of life is far far better, at a far far lower price.
But they don’t, so they don’t.
June 13, 2008 2:13 PM
susan.brady said:
I agree. I try to look at places differently now when I travel. For example, I loved Idaho. Gorgeous country, Boise has a thriving arts community and university, and a rejuvenated downtown. Close to skiing, lakes, activities. Same with Seattle. Was just there in May touring loads of neighborhoods, as my daughter is thinking about relocating. I’m a fair weather bird myself, so snow is a no go for me. That’s part of what keeps me in California; that and my family, which I adore and can’t seem to live without. But there are affordable places elsewhere, with a slower pace of life, with a great sense of community. Won’t find them if you don’t look though.
June 13, 2008 2:37 PM
David said:
Lots of places in the US don’t get snow.
Try Chattanooga.
June 13, 2008 4:19 PM