Questions re: Condo Ownership

[BenedictGomez]

Declining wages?

Yeah maybe for Philosophy majors, most of my Economics friends, (same with Engineering) are doing just fine.

Wages for everyone in America have been on the decline.

 

[Vortex]

I took three semesters off. I initially went to Skidmore College for a year and it was crazy expensive. I realized I could get the same education at UVM for a fraction of the cost. I established the VT house as my residence and had W2 earnings in VT for six months. I lived off campus, worked fulltime and paid my living expenses, my folks helped with tuition. They cut me a check, I paid the school from my bank account and no questions were asked from the school.

So, it's not something that a kid can do straight out of high school. It took some time away from school, but I made it works. Saved something like 28K in tuition. This was late 90s. Today the savings would likely be double.

Another Angle VSAC, Vermont Students Assistance Corp. Not sure if that is still what its called. My folks moved from VT to NH my Junior year. VSAC wanted to pull my AID due to my parents not living in VT any more. I got a 15 minute 3 board member conference call appeal hearing. Explained my parents moved. I stated I had a written job offer I could provide and upon graduation, I would work and live in VT. I also said I work in Vt every summer and every weekend, and stayed with a Vermont Family member. All was true. They gave me back my State Financial aid. I was a student in Mass. I was surprised and impressed. I did what I promised and so did the VSAC association. Small state personal touch

 

[Puck it]

Wages for everyone in America have been on the decline.

Very true. Salary increases have averaged 2-3% for quite a few years and cost of living is 3-4%.

 

[Vortex]

The worst part about the ocean in Maine and New Hampshire is it's a little bit like the pool in Caddyshack given how friggin' cold it typically is. 60 degrees? Yeah, no thanks.



This is changing though. First-time home ownership isbumping into the 30s now. Decrease in desire to own a home, staggering student loan debt, declining and/or stagnant wages, and psychological apprehension due to 2008 are the triggers.

EDIT: Just checked due to curiosity, it's 33 now, and rising (i.e. not leveling off).

You are correct. I was more getting at what I experienced starting 15 years ago when I started looking at 2nd properties.

 

[HowieT2]

I should add, my older brother did the exact same thing in the early 90s at Colorado State. He moved out there, worked for a year and established residency before going to school.

I have a son starting college next week. establishing residency for purposes of getting in state tuition is becoming more and more difficult for obvious reasons. so much so that there are companies that will assist for a fee but even they can't do anything in some states.

 

[jimk]

This is mostly just restating what’s already been said in this interesting thread, my two cents:

My folks owned a vacation home near a ski area (Blue Knob) in southwestern PA from ~1972-1987. At the time my three siblings and I ranged in age from late teens to late 20s (I was youngest). The cool thing about the house and skiing is that it was a powerful enough draw to bring even young adult children back into the fold for many nice family gatherings/holidays that eventually grew to include spouses and grandchildren. You will ski more if you are invested in property near a resort, than if you are just a day-tripper skier. As stated, with ownership it becomes a lifestyle once you have season passes, all associated gear, new friends, a new place and way to spend weekends including summers too. My parents never rented their house. They liked it personalized and did not buy it as a moneymaker. When they got older and sold it after 15 years they realized only a little appreciation, but had lots of fond memories and no regrets. My folks home was about a mile from ski area. Slopeside would have been nice, but most all the lifestyle benefits there from one mile out too.

As an adult I myself never owned a ski house, but have thoroughly enjoyed skiing around, in fact, have visited nearly 90 different ski areas at this point. I have lived all my life in Virginia and I enjoyed our small, not very snowy local ski hills, but also was quite motivated to visit bigger, snowier ones in New England and out west. When my kids were under the age of ~12 they usually only came with me to ski local hills a few times a winter. It was only later that I brought them on longer ski trips. As a result only one of my four kids (my son) is currently what you would call a die-hard expert skier, but the others still ski under the right circumstances. It would be cool to own a ski house even now, but last year I did a one month rental in Summit County, CO and I really liked that approach. More upfront cost, but few headaches, and no long term commitment. I found a nice two bedroom condo and stayed for the month of March at a cost ($3500 total) for what one week might cost for a similar upscale property for just one week during the winter Holidays. You take what you get in life and any skiing is good skiing.



PS: I went swimming for a week every summer at Hampton Beach during the 60 and 70s. It toughens you for ski season! Plus, the water is beautifully clear compared to down here at the mid-Atlantic beaches.

 

[slatham]

jimk, I grew up in Bethesda and learned to ski at Liberty (Charnita), Roundtop, and BlueKnob. Fond memories and an inbred appreciation (and knowledge) of good snowmaking! Have wanted to get back to BlueKnob (with good snow) to ski it again - want to see if Extrovert is really as steep as I remember it as a kid!

 

[deadheadskier]

I have a son starting college next week. establishing residency for purposes of getting in state tuition is becoming more and more difficult for obvious reasons. so much so that there are companies that will assist for a fee but even they can't do anything in some states.

Are schools increasing length of stay as a means of determining residency?

College is getting so ridiculously expensive, I'm sure many still figure out a way like me and my brother did. Might just mean a couple more years off and working after high school, which for many kids isn't a bad thing. Let's them experience some poverty and realize how important college is.

 

[VTKilarney]

If making money by renting was so easy, lots more people would do it.

You certainly wouldn't need to advertise your listings here.

 

[WWF-VT]

If making money by renting was so easy, lots more people would do it.

You certainly wouldn't need to advertise your listings here.

Looks like the posts from our friend at Jim Campbell Real Estate have been deleted. I was hoping would be a key conributor in the "Big Burke announcement" and "Jay Peak bombshell" threads

 

[jimk]

jimk, I grew up in Bethesda and learned to ski at Liberty (Charnita), Roundtop, and BlueKnob. Fond memories and an inbred appreciation (and knowledge) of good snowmaking! Have wanted to get back to BlueKnob (with good snow) to ski it again - want to see if Extrovert is really as steep as I remember it as a kid!

LOL. I was born in Bethesda Naval Hospital in 1953.
Not sure I'd ever recommend driving south from LI to ski, but I have a friend who wants his ashes spread one day on Extrovert. He’s enjoyed it that much and holds it with that much esteem. It is steep and often gnarly due to icy surfaces and windy exposure. Perhaps comparable to Ripcord at Mt. Snow or Upper FIS at Mt. Ellen, except usually with thin, icy conditions and a little dirt between mogul troughs. Even to this day I frequently compare other steep slopes I come across to it. Last winter was a poor one in Tahoe and I was at Kirkwood, CA one day when the whole mtn was covered with a thin, extra-firm, frozen granular surface. When skiing a black diamond slope called The Wall I joked, “good thing for the years of preparation on Extrovert.”

Extrovert with abnormally good coverage in 2010:



The Wall at Kirkwood with abnormally thin/slick coverage in 2015:


Sorry for thread hijack:-0

 

[gmcunni]

Are schools increasing length of stay as a means of determining residency?

College is getting so ridiculously expensive, I'm sure many still figure out a way like me and my brother did. Might just mean a couple more years off and working after high school, which for many kids isn't a bad thing. Let's them experience some poverty and realize how important college is.

daughter , just starting Junior year in HS, has expressed an interest in University of Colorado, in Boulder. if she gets in and it is her first choice we'll be CO residents before she starts school.

 

[dlague]

Sounds like a Zoomer Bar initiation?

Hell ya!

 

[dlague]

I took three semesters off. I initially went to Skidmore College for a year and it was crazy expensive. I realized I could get the same education at UVM for a fraction of the cost. I established the VT house as my residence and had W2 earnings in VT for six months. I lived off campus, worked fulltime and paid my living expenses, my folks helped with tuition. They cut me a check, I paid the school from my bank account and no questions were asked from the school.

So, it's not something that a kid can do straight out of high school. It took some time away from school, but I made it works. Saved something like 28K in tuition. This was late 90s. Today the savings would likely be double.

I liked my approach. Started college and thought it was too expensive as well not to mention that a partied and skied a little too much. So... went into the military got out paid for school using military benefits and the remaining military money was used to pay for my student loan. Got a job in California and used tuition reimbursement to pay for graduate degree. Education on the cheap. Now have a son on the same path. Other son moved to Florida worked for six months became a resident and is going to school there for about $1000 per semester which works too. Nice thing he is self funding it. EVEN BETTER!