A $500,000 fixer upper
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8/16/2006
The cost of living in Orange County is really terrible, and it's getting worse as the populations in every city is growing. There are very few vacant lots left to develop (and many of those that currently are have future plans already made), so the demand is spurning an incredible increase in price.
In 2004, My husband and I bought a three-bedroom 1950s "fixer upper" in Fullerton (1,258 sq ft) for $480,000.. One 350 sq ft room addition later, the home was recently appraised for $680,000. I find it amazing this rate of appreciation, but also frightening to think of where housing will be 5, 10, 20 years from now. I also am frightened to look at my $2,780 mortgage payment every month. If either my husband or I lose our jobs, we lose our home- more than 50% of our income goes into paying for house (versus the recommended 30% ). This is the situation of most people in Orange County- although most don't admit it.
Crystal | Anaheim, CA