Real Estate Crash thread

Are you guys a bunch of divas or what? Pulling bed sheets is too tough? I'd rather get a STR with a full kitchen, living room, yard, garage, private driveway, etc than a shitty overused 300sqft hotel room any day. To each his own I guess. Of course there are anecdotal examples on either side, but if you are smart about your choosing, you'll be fine. And the fees are all laid out for you before you click go on airbnb. I've shown up to a lot of hotels that had extra charges for pets, parking, etc that weren't listed on the booking. My buddy's catalytic converter got stolen from the hotel parking lot and he was parked right in front of the office.

It depends on the area obviously, but hotels can really suck too. YMMV

Kitchen, living room, yard, garage? I got that shit at home. I'm on vacation and all I want is a place to sleep with the least amount of hassle and expense.

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Originally Posted by Kevo

...and the $1.2mm STR on my street that I mentioned here went under contract in less than a week. Stuff is very much still moving here.

I have a feeling that if a nationwide slowdown happens we'll follow the trend but likely lag by a bit from a timing standpoint.

Are CO mountain towns still showing signs of slowing? I remember someone mentioning that Summit had cooled down.

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1.2 million is a steal compared to summit county prices

there is a stack a shack spec home being tossed together right on the highway in blue river co crappy little windows highway noise and they want 3 million for it
1 million plus for a sixteen foot wide 3-4 floor shit box condo in trailerthorne sorry I'm wrong I think they are called "brownstones"

in breckenridge people are buying 2-3 million dollar homes and scraping them to build 10-15 million dollar homes kind of mind blowing

so are things slowing? Yes. the average dump is now out way out of the price range of the average upper middle class person so we are next leveling stuff and pricing out larry and rachel from littleton

I have a client right now nothing makes sense when you think about it bizzaro in a way awesome person and someone you want to hang out with because of who they are and their attitude but jesus fucking christ the amount of funny money that some people have right now is mind bending and yes they need to park the money somewhere besides the stock market and other whatever other places so why not go for top level luxury living in the mountains if you plan on holding 10 years or more the return will be aok keep in mind the average homeowner ship in summit county is 6-10 years
prices in summit county co are still stupid as hell

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Originally Posted by yeahman

Kitchen, living room, yard, garage? I got that shit at home. I'm on vacation and all I want is a place to sleep with the least amount of hassle and expense.

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Choose your own adventure. But if i am traveling with a dog, kids, family or basically anyone but just my wife, i need space and a kitchen minimum. Hotel rooms just don't cut it for that.

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Originally Posted by Dantheman

I'll say this though, people like STRs because most hotels suck.

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Originally Posted by jackstraw

Yeah, I'm guilty of that. I can't stand hotels. I've been exclusively Airbnb for a long time now, so I am part of the problem. Most have been adu's and on occasion a full house if my kids and friends show up.

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Originally Posted by Name Redacted

Are you guys a bunch of divas or what? Pulling bed sheets is too tough? I'd rather get a STR with a full kitchen, living room, yard, garage, private driveway, etc than a shitty overused 300sqft hotel room any day. To each his own I guess. Of course there are anecdotal examples on either side, but if you are smart about your choosing, you'll be fine. And the fees are all laid out for you before you click go on airbnb. I've shown up to a lot of hotels that had extra charges for pets, parking, etc that weren't listed on the booking. My buddy's catalytic converter got stolen from the hotel parking lot and he was parked right in front of the office.

It depends on the area obviously, but hotels can really suck too. YMMV

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I'm in this group. I'll stay in a hotel when it's warranted, but IME airbnbs are the better deal. The *should* be more expensive for what you get, but they are routinely cheaper IME.

I prefer hotels - predictable, staffed, issues get resolved, breakfast included, easy checkout.

Airbnb /VRBO - who knows what it'll be like in reality, I don't care about cooking meals while there, issues arise = good luck with management (there isn't another room they'll move you to), check in can be a PITA without a front desk.

I'm not basing my lodging on having a local experience - - I'm not traveling to XYZ place for the purpose of experiencing a local apartment. I'd just as soon have clean, quiet, predictable, generic Marriott Hilton Hyatt etc.

I can also often do hotels on points, which makes it much more affordable than Airbnb. Those are often priced higher than hotels if paying cash.

I've never even stayed in an AirBnB. If there is a comfy bed, a coffee maker, and a bathroom, I'm all set since 95+% of my waking time will be spent somewhere other than the hotel/airbnb.

Often in yurp your AirBnB is a room in what was a 3 bedroom LTR and you are sharing a bathroom but its cheaper for sure

Interesting hearing the differing preferences/perspectives on STR/AirBnB useage here.

Anytime I'm going somewhere with the fam for longer than a couple days I'm renting a AirBnB; a house or a multi-bed condo. I like having the bigger space, the amenities (private pool or hot tub for example) and the full kitchen. I've routinely had good experiences, and have even gone to renting directly through the management company of one location we hit up each year as opposed to through the STR platforms.

I still stay in plenty of hotels/resorts but the bang for the buck that a good AirBnB provides consistently beats out the hotel for most of our trips.

YMMV.

Depends on the trip. We've had to go to bozeman a few times for my wife's work and we keep staying in the same airbnb'd ADU thing downtown. Nice to have the kitchen and space for me to work on the weekdays. She can walk to her stuff which means I can take the car and go on adventures. After staying there for 5-6 days I don't really mind stripping the bed or taking out the trash and it just seems like the decent thing to do to hit "Go" on the dishwasher...but I'd note that the place basically says to do those things "if you have time". There's no fee or anything if you don't and the host has been super good about allowing late checkouts well past what hotels will do, so I can't complain.

Ditto for anything like group trips. Way more fun to have a place place with multiple bedrooms and a shared living area--although usually that's in places that already had a long history of vacation rentals that predates AirBNB (e.g. ski areas, beach houses, etc.)

But I have shifted back to hotels for a lot of other travel. The flexibility, consistency, price, are better. Especially for travel in city areas. We had to do a bunch of travel to Denver for medical stuff last year and ended up always renting suite-style hotels with 1br + kitchenette. Biggest reason was that our schedule wasn't locked in and it is easy to extend (or shorten) a hotel stay, but it is also super nice to have 24 hour reception so you can just show up whenever you want vs trying to coordinate with an airbnb host (although smart locks have improved this), you get regular housekeeping, you can get moved if your room smells bad or something...

For business travel, hotel all the way.

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Originally Posted by fastfred

1.2 million is a steal compared to summit county prices

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Then maybe don't compare it to summit co.

The TV isn't next door to the west's most diverse and dynamic economy. We can only dream about infrastructure that summit county takes for granted. We don't have half dozen resorts at our doorstep. This county only has two stoplights, for fucks sake. Half our roads are gravel and most of the paved ones are full of potholes.

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Originally Posted by Danno

I'm in this group. I'll stay in a hotel when it's warranted, but IME airbnbs are the better deal. The *should* be more expensive for what you get, but they are routinely cheaper IME.

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Because they are commercial entities that are not being treated as commercial entities WRT regulation, taxation, etc.

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Originally Posted by neckdeep

Then maybe don't compare it to summit co.

The TV isn't next door to the west's most diverse and dynamic economies. We can only dream about infrastructure that summit county takes for granted. We don't have half dozen resorts at our doorstep.

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He was directly answering Kevo’s question about CO mountain towns and slumping real estate.

LOL to the "I've never stayed in an AirBNB, but I'd much rather stay in a dark room the size of a toilet stall that reeks of bleach listening to an HVAC unit powered by a Rolls Royce turbofan that cycles on and off every 37 seconds."

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Originally Posted by Name Redacted

He was directly answering Kevo’s question about CO mountain towns and slumping real estate.

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Just saying...if you're going to compare summit county to something around here, maybe try Jackson.

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Originally Posted by neckdeep

Just saying...if you're going to compare summit county to something around here, maybe try Jackson.

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I prefer Eagle County as a comparison.

;)

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Originally Posted by skaredshtles

Because they are commercial entities that are not being treated as commercial entities WRT regulation, taxation, etc.

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what part of "they should be more expensive" didn't you get? :D

I totally agree.

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Originally Posted by Touring_Sedan

LOL to the "I've never stayed in an AirBNB, but I'd much rather stay in a dark room the size of a toilet stall that reeks of bleach listening to an HVAC unit powered by a Rolls Royce turbofan that cycles on and off every 37 seconds."

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A really sweet hotel beats a PITA air BNB every time, and vise-versa.

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Originally Posted by Touring_Sedan

LOL to the "I've never stayed in an AirBNB, but I'd much rather stay in a dark room the size of a toilet stall that reeks of bleach listening to an HVAC unit powered by a Rolls Royce turbofan that cycles on and off every 37 seconds."

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With just me and the wife, or if im solo i will take a hotel/motel every time. The room is just a homebase to shit/shower/shave and sleep. Its cheap and easy. Id rather save the money with a hotel room, and spend it on better food/drink, souveneirs, or upgraded experiences on the trip.


If we are with family or friends then an STR makes more sense so we can all hang out together all day into the night.

I hate staying somewhere that feels like somebody else's space. Give me uniformity, anonymity and flexibility. As was mentioned, I'm not hanging out at my lodging space when on vacation. And no way I'm cooking my own meals, JFC I do that every night at home, why would I want to go do it in some strange kitchen of somebody else's home? For sure they're going to have shitty knives and that would annoy me. :smile:

Anyway, on to the next fascinating pointless debate. Bridger or Big Sky?

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Originally Posted by skaredshtles

Because they are commercial entities that are not being treated as commercial entities WRT regulation, taxation, etc.

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I don't have much sympathy for some one who has invested in an STR which they must have realized is really not completely on the up and so up and now controls are being forced on them so the figures don't work and its not just some ski town in America its all over the whole fucking world

I have stayed in AirBnB and if they are there i will stay in them again but actualy I preferred booking.com in Bali cuz we didnt pay until we got there so you could cancel if you didnt like the room, and most all places were on both sites, don't know if that has changed

WE got fucked around double booked/ charged by an Air BnB in Bali we did get the money back eventualy but it was a hassle

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Originally Posted by Touring_Sedan

...listening to an HVAC unit powered by a Rolls Royce turbofan that cycles on and off every 37 seconds."

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This shit is the worst. I'm a heavy sleeper and I have no idea how people sleep through those things.

I'm extra bitter right now since I found out this morning that Marriott never refunded me for a canceled stay last month. 40 minutes on the phone getting bounced between multiple people, and actually getting my refund is a 4-5 day process that requires multiple emails between Marriott corporate and the local hotel staff. IME, CS is not a selling point for hotels.

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Originally Posted by yeahman

And no way I'm cooking my own meals, JFC I do that every night at home, why would I want to go do it in some strange kitchen of somebody else's home?

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Because 3+ people eating out every meal for a week is really fucking expensive?

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Originally Posted by yeahman

For sure they're going to have shitty knives and that would annoy me. :smile:\

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Pro tip: you can do light hand sharpening on the shitty knives using the unglazed ring of ceramic on the bottom of random plates/mugs/bowls you find in the AirBNB kitchen.

As for cooking, it just depends...location, group, etc.

Had a mountain rental in Switzerland last fall with 4 couples and one toddler. Between the high price of restaurants (and honestly not that many options besides more melted cheese), some of the couples being on a tight budget, the kiddo, and the fact that the goal of the trip was mostly for the ladies to see each other...we cooked about half our dinners and made use of the kitchen facilities for all of our breakfasts and some lunch prep.

The rest of that trip was just my wife and I in France...yeah...not cooking our meals there. Give me a tiny hotel room and blow the budget on restaurants.

Eventually I will be buying a mountain condo (when I move in with the GF), and originally was thinking 2-3 BR and airbnb it when we're not using it. Because the prices are so crazy, that is really the only way I can afford a place that big (ie need some rental income). I mean, I wouldn't buy a place where I couldn't pay the mortgage entirely in a pinch, but to comfortably afford it, rental income would be required. Lately, been thinking that it might make more sense to sacrifice space and buy a 1 BR condo that I can completely afford without needing rental income, so I don't have to deal with and worry about that hassle.

I'd suggest reading the reviews before booking on Airbnb. You can usually tell if it's managed by a local or individualy vs by some corporation.

I own a permitted STR, 2br 1.5 bath over my garage. We allow up to 4 guests and 2 dogs. It's got a private fenced in yard, patio, outdoor cooking and dining space. My wife and I took a lot of pride in setting it up. I set the kitchen up as if I were going to be living there, we get the knives sharpened from time to time and we stay there sometimes when it's vacant to make sure we aren't missing any details.

Check in is as simple as pushing the last 4 digits of your phone number into the keypad. Checkout, we don't ask that you do anything. Sometimes guests start the laundry and have the dishes cleaned, but we don't ask or require it.

Our cleaning fee is $150 and we pay 100% of that to a local cleaning company an average of 2-3 times per week.

We live in the main house in the same property and I can be there in no time to fix something or change a light bulb, etc

Our place has 4.98 stars on Airbnb and has very little vacancy aside from a few odd days here and there because we don't allow single night stays.

We end up being right around the same price per night as two hotel rooms, but you get a lot more value, better experience, more space, backyard, fully stocked kitchen, etc.



Sent from my Pixel 6a using Tapatalk

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Originally Posted by Danno

Eventually I will be buying a mountain condo (when I move in with the GF), and originally was thinking 2-3 BR and airbnb it when we're not using it. Because the prices are so crazy, that is really the only way I can afford a place that big (ie need some rental income). I mean, I wouldn't buy a place where I couldn't pay the mortgage entirely in a pinch, but to comfortably afford it, rental income would be required. Lately, been thinking that it might make more sense to sacrifice space and buy a 1 BR condo that I can completely afford without needing rental income, so I don't have to deal with and worry about that hassle.

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Basement suite LTR's were the only way I could afford to buy a house first of all post divorce and later with no job so I've had LTR's for > 20 yrs

So back when houses were cheaper and finding a place to rent was easier if you told people doing a rental was the way to get ahead they were like no fucking way do i want the inconvienience of a tenant

FF 20 yrs so now it looks more like a really good idea

and I'm golden

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Originally Posted by Danno

what part of "they should be more expensive" didn't you get? :D

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That first part... and the middle part... and some of the end part.

:tongue:

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Originally Posted by yeahman

<snip> For sure they're going to have shitty knives and that would annoy me. :smile:

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Oh, man... this drives me bananas. The sailboat we rented in the BVI had the world's dullest knives. :mad:

Man, I have stayed in some truly exceptional AirBNBs over the years that provided some incredibly fun experiences with friends. Most hotels I have stayed in have not been very memorable at all and if they were it was because they sucked. In places like Silverton, getting an Airbnb is 1000% better than the triangle motel or any of the other spots in town. Having a kitchen is crucial because the food options are pretty lacking.

LOL at the former surgeon complaining about dull knives. ;)

I've got a camper now though and it costs more than at least 8 vacations, so I will be trying to use that as much as possible for the foreseeable future.

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Originally Posted by skaredshtles

The sailboat we rented in the BVI had the world's dullest knives. :mad:

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https://y.yarn.co/ae3d79a8-a717-46bb...5e82f_text.gif

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Originally Posted by yeahman

And no way I'm cooking my own meals....

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Yeah, dragging an 8 year old and a 10 year old to a restaurant every 3 hours, wasting another hour there, and dropping at least $60 bucks for some shitty chicken fingers sounds much nicer than slapping a PB&J together with an apple in an adequately equipped kitchen.

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Originally Posted by skaredshtles

Oh, man... this drives me bananas. The sailboat we rented in the BVI had the world's dullest knives. :mad:

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Did you go through The Moorings? They typically do a good job of making sure the boats are well-stocked and that shit works. That said, it never ceases to blow my mind how people abuse a chartered sailboat and the stuff in it. Probably used that chef's knife to saw through the anchor line after getting it caught up in a tangled mess on something.

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Originally Posted by BmillsSkier

Did you go through The Moorings? They typically do a good job of making sure the boats are well-stocked and that shit works.

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Fuck if I know who we went through. Sailed out of Nanny Cay - that's all I really know.

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That said, it never ceases to blow my mind how people abuse a chartered sailboat and the stuff in it. Probably used that chef's knife to saw through the anchor line after getting it caught up in a tangled mess on something.

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"It's a rental" - amirite?? :D

Fortunately there was a single filet knife that was reasonably sharp. The rest wouldn't even cut a lime.

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Originally Posted by singlesline

Pro tip: you can do light hand sharpening on the shitty knives using the unglazed ring of ceramic on the bottom of random plates/mugs/bowls you find in the AirBNB kitchen.

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Nice! I'm house sitting at my sister's now, going to give this a try

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Originally Posted by skaredshtles

Fortunately there was a single filet knife that was reasonably sharp. The rest wouldn't even cut a lime.

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oh, you poor thing, do you need a hug?

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Originally Posted by Danno

Eventually I will be buying a mountain condo (when I move in with the GF), and originally was thinking 2-3 BR and airbnb it when we're not using it. Because the prices are so crazy, that is really the only way I can afford a place that big (ie need some rental income). I mean, I wouldn't buy a place where I couldn't pay the mortgage entirely in a pinch, but to comfortably afford it, rental income would be required. Lately, been thinking that it might make more sense to sacrifice space and buy a 1 BR condo that I can completely afford without needing rental income, so I don't have to deal with and worry about that hassle.

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Buy the three bedroom!! You can be like everybody else I know who bought a ski condo and basically quit skiing so they could rent it out.

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Originally Posted by Danno

oh, you poor thing, do you need a hug?

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Did I mention it was hot as BALLS every day? :mad:

Just back from looking at a project.
Turns out that fucking TV show Yellowstone is somewhat accurate.

^ he's a natural gas billionaire who has ca, the place you were at, And 5 other ranches, and God knows what else.

They hired me at one rate, and on day 4 said oh by the way...

Put 5000 extra waddles in and charge them another 30k

I don't install. I tell people where to install and what to install.

BTW it is Wattles, not Waddles (common error).:wink:

And 5K of wattles would pencil out to about $ 715,300.00.:FIREdevil