10 acres including a house or just raw land?Quote:
Originally Posted by Whiteroom_Guardian
Printable View
10 acres including a house or just raw land?Quote:
Originally Posted by Whiteroom_Guardian
Another brick. More incentives:
After two years of not being able to build homes fast enough to keep up with demand, the nation’s homebuilders are now experiencing a slowdown in sales and an increase in supply.
Sales of newly built homes fell more than 8% in June from the prior month and were 17% lower than June of 2021, according to a report Tuesday from the U.S. Census. Inventory also rose to a 9.3-month supply, up from 5.6 months at the end of last year.
Chief executives of major builders are saying they have to respond more quickly to the sudden turnaround in the market, in part by boosting incentives.
Pulte Group, one of the nation’s largest homebuilders, reported Tuesday that net new orders for its homes in the second quarter were lower by 23% from last year. The company’s cancelation rate was 15%, compared with 7% in the prior year period.
Tri-level 4200sf 4/2 house w/ attached 2 car garage, fenced in much of the property for horses, small corral, live water flowing through property etc.Quote:
Originally Posted by Kevo
Summer, if money was no object, there are a few homes I would like to buy. Thing is, I look at the closed comps and the sellers are listed way over the closed comps, so I would definitely be offending some listing agents with my offers.
Sounds cheaper and more reasonable than 2021. How much would that house have sold for in 2019?Quote:
Originally Posted by Whiteroom_Guardian
I found one that was roughly equivalent in house size and also 10 acres, but much newer house (built 2016 instead of 1980s) that sold for $950k in Sept 2019. Nicer house, much farther from the main road but in the same general (and desirable) area.Quote:
Originally Posted by Kevo
NAR says next year will be a good time to buy!
Signed contracts to purchase existing homes dropped 20% in June compared with the same month a year ago, the National Association of Realtors said.
Pending home sales also fell a wider-than-expected 8.6% in June from May. Economists polled by Dow Jones had predicted a 1% drop. The decline coincided with mortgage rates soaring to over 6% last month.
The NAR is now forecasting total sales for this year will be down 13%, but that sales should start to rise in early 2023.
Life in a mountain town -
https://www.nytimes.com/2022/07/31/u...e-housing.html
Quote:
Aaron Clark, 43, who owns a window-washing business, lost his long-term rental this past spring when the landlord sold the property for well beyond what Clark could afford. Knowing the exorbitant cost of all the other options around him, Clark moved into the box truck he uses to shuttle his ladders and washing equipment.
Inside the truck, he has a bed and cabinets, and he recently added amenities such as a sink with running water and solar power. He also got a refrigerator, so he no longer has to keep restocking an icebox for his food. Out the back is a shower hose with heated water.
Each night, when he’s done working, he drives out into the wilderness to park for the night. One recent day, he found a spot at the end of a potholed dirt road, next to a stream, where he spent a bit of time assessing the cryptocurrency market on his computer and then played fetch with his dog. Clark said he had found joy in the lifestyle, which at least has allowed him to save for when he eventually reenters the housing market.
But it has its challenges.
“It is a drain, every day, deciding, ‘Where am I going to park, where am I going to go?’” he said. “You get off work, you are tired, you are hungry, you are dirty, and now you have to decide what you are going to do next.”
mtn towns are fucked
I am in complete disbelief at what is happening
the demand for services and the growth that is occuring is out of control
mtn people used to take care of shit themselves and if they needed help they had a old fashion barn raising where everyone helped out for the day and the evening ended with everyone being shit faced
but now it's the monied class that demands services and doesn't want to lift a finger
yet all they do is cry about the prices well fuck you
just had the same conversation with a buddy this morning about bailing selling out and walking away with a shit boat of money he did it a few years ago but damnit I'm booked out till next summer with work aint' happen this week
I really liked seeing that article on the NYT this morning right next to an article about a guy who bought a 1.4 million dollar home on Fire Island who spent 400k remodeling and now Airbnbs it for 3k a night so that he can afford his mortgage.
What a dichotomy.
My wife and I have been contemplating buying a condo as a rental property for some time. We found one we really liked over the weekend, but it's a tough decision right now whether to pull the trigger. It just seems like right now is probably the wrong time to buy. We got a quote from a mortgage guy for 6.5% for a 30 year. That was a bit of sticker shock! Still seeing if we can find better financing, but apparently rental properties typically have higher rates. Too bad I don't have enough socked away to buy it with cash.
It is that person I want to see get crushed in a down turn.Quote:
Originally Posted by John_B
at this point I don't know when I good time will be to buy in resort areaQuote:
Originally Posted by The AD
I just don't see anything crashing to the bottom could be totally wrong but don't see it
I see a slowing down and I see shit bags asking top dollar for a shit hole maybe not getting what they want
but what do I know other than 20 years ago was a good time to buy and I think I was right around 6% then
Also look at ARMs if they have a lower rate. We had a 5 year plan of buy, rent, then sell. Took out a 7/1 ARM, and could have refinanced if we wanted to, but we sold at 4.5 yrs. Feeling pretty good about our timing on that one.Quote:
Originally Posted by The AD
20 yrs from now you will look back and say THIS was a good time to buy as well. Mtn Towns are limited and the population is increasing. Same with coastal property.Quote:
Originally Posted by fastfred
Yeah, would probably agree. I don't think vacation homes will see the same downturn. Not many are looking to cash out on their vacation home. I don't envision the same explosion of inventory that I'm seeing in city-ish locales, where people are trying to cash out at the peak before downsizing or moving away to cheaper areas (boomer retirement plan).Quote:
Originally Posted by sirbumpsalot
Yeah, seems like not a great time to buy. Rental income is interesting. The roi is decent but you can do better elsewhere with knowledge, but in the end with a home you have a fixed asset that can be sold off hopefully for a nice profit all while taking in supplemental income. When the market drops some more I'm going to buy something. Maybe a duplex to have some redundancy in case I lose a renter for a period of time. I'm definitely going with a prop management company. Let them deal with the bs.Quote:
Originally Posted by The AD
Yeah, we'll probably be holding onto the property for quite a while, so not sure I want to go the ARM route.Quote:
Originally Posted by Name Redacted
The saying is "marry the home, date the rate". You'll likely get a chance to refi at a lower rate since your plan is to hold long term. My lender said she wasn't seeing much difference between ARM rates and fixed (I'm looking to buy personally, just out of state where the rental #'s work)Quote:
Originally Posted by The AD
Still no inventory in my area.- 167 properties available a year ago in CB area, 153 today.
Is that a saying realtors use in a rising rate environment? I wouldn't touch any rental that I couldn't cash flow immediately. Me thinks the days of having the STR income cover the mortgage and maintenance costs and cashing out on the equity are over.Quote:
The saying is "marry the home, date the rate". You'll likely get a chance to refi at a lower rate since your plan is to hold long term.
Around here, transaction volume seems unchanged yet closing costs have seemed to come down from full retard. As mentioned previously, I think there is still a stupid amount of cash sloshing around the front range and those people have to mountains please. Combine that with the folks relocating for the pricey costal cities with their phat remote paychecks and it looks right now like a soft landing. Wanna bees on the margin needed cheap money to make it happen probably ain't making in happen. But build costs (materials) are coming down and the rich people still got big piles.
If you are talking about a ski town, good luck with that. I can only talk about Big Sky, but the property management companies have no workers. No one who works for a living can afford to live there.Quote:
Originally Posted by jackstraw
Sent from my iPhone using TGR Forums
No, zero interest in a ski town. Overpriced shit and I'm not looking to screw over ski town employees...I was one. Not that I'd be screwing them, but just to make ends meet the rent costs would be stupid high. I want a relatively affordable purchase whereas I can charge reasonable rent fees. If I had fu money I'd be building affordable housing and making minimal profits.Quote:
Originally Posted by Harry
Agreed.Quote:
Originally Posted by Foggy_Goggles
AD, maybe I missed the purchase details, but the rate sounded really high so I ran pricing on a $600k price, 25% down, Non Owner Occ Condo purchase and came up with 5.125% for minimal loan fees, so maybe you should shop around.
Attachment 422882
See my post upthread about Ketchum. And basically every ski town. So much for trickle down from the wealthy ski town class.Quote:
Originally Posted by Harry
Ha, that's better than I got in 2012.Quote:
Originally Posted by liv2ski