Current Events > So my in laws might be victims of gentrification

(+) Yeah! (+)

Or maybe come out winning? So my in laws are retired, living in a coastal town in Puerto Rico. Last few years the area has gotten more popular with lots of restaurants popping up and its also 5 minutes from the beach and an airport by walking distance. So its become a hotspot for rich people from the states.

Ok so the place was an inheritance and its all paid. It was actually some sort of townhouse and each brother got a side. So my wifes uncle recently sold his side for $350k which seems to have been a bit over appraisal. People bought with cash as well.

Noooow...seems like the new owners might have their eyes on MILs house to turn it all into one big house I assume. Realtor passed by today to relay the the buyers intentions and that since MILs house is a lil bigger they could demand a higher price. Were probably looking at a potential 400k cash.

So now MILs have a dilemma. Sell retirement home, buy somewhere else and enjoy the money, invest it or just stay there. They could probably buy a similar home even closer to us for much less than 200k and enjoy, invest the rest of the money. Their SS would be enough to cover their expenses.

What would you do CE?

Why bother selling at all? Is the area now too expensive for them to stay?

The buyers are now invested in the property and will probably pay more than $400k to have the whole lot.

Nothing says victimhood like being offered hundreds of thousands of dollars for something they got for free.

No, get $400k now or $800k in 5 years. It's rich people land

Sounds like they already live in a great place thats getting even nicer. Id just stay where I was and enjoy retirement unless it becomes too crowded there and they dont like it and want out.

Besides down the road when they pass or get so old they cant live on their own that place will be worth way more to pass on to the rest of the family rather than cashing out now. Its smarter to hold on to it.

A_Good_Boy posted...

Why bother selling at all? Is the area now too expensive for them to stay?

No. They havent decided, just considering all the options. The pro would be having 400k or maybe 200k after getting a new house. They could also live closer to us since my wife is their only kid in the island.

Theyre not hurting for money. It's all about the possibilities about what they could do with that money. My wife wants them closer to us. I told them if I were them I would sell due to peak prices right now. But ultimately do what they thinks its best for themselves without thinking of their kids.

K181 posted...

Nothing says victimhood like being offered hundreds of thousands of dollars for something they got for free.

Thats why I said they might come out winning. Anyway, the area was already gentrified a long time ago, but with the recent boom prices have skyrocketed.

Agonized_rufous posted...

No, get $400k now or $800k in 5 years. It's rich people land

I dont think thats likely. The place is not a mansion. Just a regular house with 3 beds/2 baths. Though its very well taken care of. Anyway Im assuming these are peak prices cause of the bubble

How far away do they live? I'm guessing you're in San Juan

Giacomo_Hawkins posted...

The buyers are now invested in the property and will probably pay more than $400k to have the whole lot.

Thought of this as well. If MILs decide not to sell they might go bigger.

I'd probably keep the land in the family.

Absolutely hold out for more.

Fuck 'em, they want it they pay up.

emblem-man posted...

How far away do they live? I'm guessing you're in San Juan

Yeah, Im in SJ. That would be around 2 hours to west. Theyre mid 60s and have nobody else over there.

A_Good_Boy posted...

Why bother selling at all? Is the area now too expensive for them to stay?

If not now, it eventually will be. Gentrification prices people out of their neighborhoods

Nah, the land is whats expensive. Rich people are always looking to be with rich people and less taxes

Hell, sell it to me

Hard to say. If they really love where they are I'd support their wishes to stay, but if the location/house isn't ultra important to them, or if everything is getting a little too expensive, it might be worth having them dangle the keys in front of the potential buyer so to speak and pocket a good chunk of change. Especially if it'd allow everyone to live closer together, that alone for me would be a big incentive.

Null_Gain posted...

If not now, it eventually will be. Gentrification prices people out of their neighborhoods

It also allows them to have lots of money from selling

Null_Gain posted...

If not now, it eventually will be. Gentrification prices people out of their neighborhoods

Sounds like an even better reason to hold on then. They're not struggling to stay in the area, for now. If they ever do then they could sell it for a lot more than that 400k. Beachfront property that's near the airport? Man that's some millionaire's dream spot for their mistress.

Malcrasternus posted...

Hard to say. If they really love where they are I'd support their wishes to stay, but if the location/house isn't ultra important to them, or if everything is getting a little too expensive, it might be worth having them dangle the keys in front of the potential buyer so to speak and pocket a good chunk of change. Especially if it'd allow everyone to live closer together, that alone for me would be a big incentive.

Thats the biggest part they gotta weigh in. They go every other day to the beach early in the morning (by car though). You have some nice coffee shops by walking distance and DOZENS of nice restaurants 1/2 minutes away. Its some sort of Beta version of Key west. Place also has a military base, homeland security, lots of federal departments, hence why a lot of "gringos" already live there.

On the other hand theres the money, getting older and being able to live close to your kid/grandson and enjoy more more family time.

Its a pretty hard decision.

Get a smooth milli out of those fuckers

I don't think 2 hours is that far away, unless your idea of close by is within 30 minutes and able to casually swing by multiple times a week

emblem-man posted...

It also allows them to have lots of money from selling

What if they don't want to move but have to, when property taxes skyrocket?

emblem-man posted...

I don't think 2 hours is that far away, unless your idea of close by is within 30 minutes and able to casually swing by multiple times a week

Pretty much. Also the tolls alone are like $12 round trip. I think its pretty far for casual visiting, so we go there like twice a month. But its also far for any emergency that may arise.