OK clarification. When i talk about drainage I'm talking about the water clogged roads at the first sign of rain.
When i talk garbage disposal I'm taking about the street littered with crap which doesn't get moved and therefore
foul smell even in front of those 300/sq ft homes.
Yes there are places in each city that is 100 per sq ft also. But as mentioned it comes with the sacrifice
of commuting a huge distance for many things. Also these are places where there is not much infrastructure
in terms of good roads, hospitals, schools etc. All these places are mostly dug up because roads and bridges
are being laid out. Causing even more pain with your commte and pollution. When these places get all these
infrastructure built (if at all or even 20% of places like irvine ) I can bet the real estate will be 300+ /sq ft.
When I'm talking 300/sq ft I'm trying to compare it to
heart of the city or the places of desirability (similar to Irvine for example). Point was even these places of desirability
which are priced at 300/sq ft or higher lack many basic facilities (pocket parks, Pools, cleanliness).
As for pay scales and real estate prices that is a mystery to me as well. My opinion is real estate was cheap
10-12 years back and salaries were less also. Then they both kept going up. (35-50% raises). People doubling
salaries by changing jobs to a competitor. salaries went up much faster than inflation But Apparently the salary
part is adjusting it self quite a bit. Those dramatic raises have gone down a lot. But cost of everything is going up
a lot probably more than salary raises. So in a few years people will feel the pinch in terms of affordability.
That is just my observation & guess. But I truly felt quite content with what we have here in comparision.
westirvine_loaner said:
irvinehomeowner said:
waitin4ever said:
Talking of India realestate there is more expensive on a per sq ft basis than Irvine. This with no
infrastructure of roads, drainage, garbage disposal, availability of good water and noise pollution etc etc.
Honestly I felt happy and lucky to have bought a place in 2010 collection at about 300/sq ft in one of the
best maintained cities in the USA. Although I'm a long term bear on real estate when i saw
the prices in India (during my summer visit) I really felt fortunate for what i have here eventhough
it is probably going to be 15-20% less when the dust settles.
Is this how it is in most places in India?
If RE is more expensive there, how is it that labor is so cheap? Are there areas that are more developed and maintained similar to US cities?
Based on what you are saying, it would make sense for many Indians to migrate here.
IHO, It is not as bad as waitin4ever makes it sound in most places in India. Infrastructure, drainage, garbage disposal etc. all exist in India. To say that there is nothing is ridiculous, people do not live in the stone age there. The truth is all these systems exist but do not work as well as here. India's huge population and lack of planned development/regulation puts tremendous strain on the existing infrastructure. Roads are not as well maintained and crowded because of it. Other systems are also strained so they do not work as well as here. Things have gotten worse recently but i also see a concerted effort to improve things but it will take time.
On the real estate side some background may help explain things. Most well paying jobs are in and around the big cities. Here land is at a huge premium, so most people do not live in SFR's or Townhomes as we know them here. Most of the housing consists of apartment complexes, where units are available for purchase. On a per sqft basis these are much cheaper than $300/sqft number quoted for Irvine. One of my cousins recently bought one for ~$100/sqft (a 1900sqft 3 bedroom apartment unit) in a good neighborhood. There are plenty of options to get housing well below $100/sqft if you compromise on the location/commute. Hope this helps explain at least partially why labor is still not that expensive.
However, RE prices have only been going up like crazy for many years now and there is a mentality that RE prices only go up (sounds familiar?). I guess the only reason this bubble has not burst yet is 1) Inflation is crazy in India (~10-15% per year) and this has boosted wages too 2) long standing tradition of regarding RE as the best investment 3) Lot of money flowing from abroad in India as well as easier credit in the last few years.
Hope this post gives you a more balanced view on the Indian Market
