Any comments WRG? Who the fuck represents this type of sale? They should've at least talked about waterfowl opportunities and proximity to premier music venues and of course titty bars..
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Any comments WRG? Who the fuck represents this type of sale? They should've at least talked about waterfowl opportunities and proximity to premier music venues and of course titty bars..
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Not sure how it's ridiculous to advise someone to consult their lender and an attorney on something that is theoretically possible. It's largely out of the scope of my knowledge.Quote:
Originally Posted by AdironRider
Seller financing on a property owned outright? Yes, it is happening, but rarely.
Or you could just put down the realtor crack pipe and admit it is a terrible idea to even explore.
This is a perfect example of why your career is going away. Every realtor's focus is just on getting a deal done and basically zero focus on looking out for your client's best interest.
I thought this podcast was interesting- "The Possible Collapse of the US Home Insurance Industry"
I expected a profile of a community in coastal Florida or a wildfire prone community in California, but allegedly a small town in Iowa is ground zero for insurance non-renewals.
If it is an existing FHA or VA loan it can be assumed by qualified buyer but that's it no conventional loans are assumableQuote:
Originally Posted by Mustonen
I suspect that derecho that went through Iowa a few years back really opened up some peoples' eyes as to what can be expected in the Midwest going forward.Quote:
Originally Posted by Kevo
Sure is a good thing that global warming isn't a thing!
tHaNkS AlOt, JoE BiDeN.Quote:
Originally Posted by Danno
Thank you for the responses.
Was told it goes up you’re credit too.
Right. I shouldn’t say it’s impossible. But it narrows an already tough market to what I’d say is an untenable level, and even then you’d have to assume the market hasn’t priced it in. If the stars align, sure.Quote:
Originally Posted by liv2ski
CA and FL have state sponsored insurers of last resort (Citizens and Fair Plan). Iowa does not. Yet.Quote:
Originally Posted by Kevo
We use the Fair Plan for our place in Tahoe. Never heard of Citizens. I w heard fla insurers are fleeing that state as much as CA. This non insuring or massively increased premiums is not sustainable for most communities
Citizens is the FL insurer.
Florida has the highest insurance rates in the country and Louisiana is the only state close. A HUDGE part of the problem is and was their regulations and how they let plaintiffs attorneys and public adjusters run rampant sucking the insurers dry. On the flip side FL has lax regulations that don’t effectively prevent insurers from popping up, sucking profit out, and going bankrupt in a bad event.
And of course it’s one of the most disaster prone states in the country.
Florida just doing Florida stuff.
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Not specifically related to Real Estate but perhaps related to wider economic trends in general-
Palm Beach Housekeepers are Making $150k+ per year- https://www.cnbc.com/2024/05/23/palm...ve-demand.html
The going rate here in Teton Valley is roughly $45 per hour. A lot of the demand seems to be from short term rental owners who pass the cleaning costs onto the guests.
Odd they didn't mention the FL crackdown on migrants that is apparently driving the people that historically did these jobs away from the state.Quote:
Originally Posted by Kevo
FAFO?
https://www.theguardian.com/us-news/...land-ownership
Quote:
For Allen, the owner of the feed store, the 2016 changes mean that he can’t retire to Montana, where his wife moved seven years ago.
Selling the store had always been Allen’s retirement plan. But since the new owner will not be able to transfer their lease or sell the business to recoup their investment, he hasn’t found a buyer. Meanwhile, his own lease has gone into holdover status: he continues to pay his rent and abides by the terms of his lease, but he can be evicted at will with 30 days’ notice.
Leases lapsing into holdover status have long been an issue, but between 2015 and 2023, more leases have gone into holdover than did before.
NYTimes article on increasing homeowners' premiums, with Florida quote: "we're still in Hell, but it's not as hot"
https://www.nytimes.com/2024/05/29/b...smid=url-share
"The houses sold easily, but often to well-off cash buyers who could drop the insurance altogether because they did not have a mortgage that required them to carry it."Quote:
Originally Posted by anotherVTskibum
You suppose buyers are banking on the federal taxpayer picking up the bill when their uninsured abode gets destroyed by a hurricane?
I’m not an expert on FEMA benefits to private homeowners but I believe the most significant thing you can get is a Stanford Grant which is capped at $33k.
More likely they are self insuring. If they are really wealthy they have a Captive Insurance Company that allows them to self insure with tax savings.
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If you insure your home with Auto Owners, expect a 16-25% increase in premium on any renewal after August. Also placing ACV on roofs over 16 years old and requiring pics of roof. Not location dependent.
Snippet from NYT article on the struggles of buying a starter home or moving up from the starter home.
Quote:
Twice as expensive
In the past, the starter home served as a bridge: Families just starting out would squeeze into a smaller home and build equity. With time, as their careers grew and their incomes increased, they cashed in the equity and moved to something bigger.
But now that process has hit a wall. “The trade-up buyer has just disappeared,” Sam Khater, chief economist of Freddie Mac, said.
A majority of homeowners — six out of 10 — have mortgages with interest rates that are locked at 4 percent or lower. With rates now hovering around 7 percent, most people who buy a home today will pay much more interest on their new mortgage.
Economists put it to me like this: If you were to sell your house today and buy an identical one across the street, your payment would double — and that’s before you factor in how much the house across the street has gone up in value. (Which is a lot: According to Redfin, home prices are at a record high.)
In Chicago, Chris and Alison Wentland told me about the predicament in which they found themselves. Last year, they decided to sell their townhouse in the Lincoln Park neighborhood. Their children, at 2 and 6, were sharing a room not much bigger than a walk-in closet, with their daughter’s bed pressing up against their toddler’s crib. They began looking for a four-bedroom.
They had purchased their townhouse in the low $500,000s, and would likely be able to sell it for $700,000. But getting that one extra bedroom in the popular Lincoln Park neighborhood would put their next home in the $1 million range. Despite having a sizable equity from their starter home, the higher rates and higher cost meant that their monthly payments would go from around $3,000 to at least $7,500, their real estate agent warned.
Quote:
Nothing to buy
It has also become harder to buy your first home. Starter homes — defined as those that cost 75 percent or less of the median home price in a given market — have gone up faster in value than any other category of home.
The problem is being exacerbated not just by rising prices and high interest rates, which affect every tier of the housing market, but also by something more fundamental: The number of new entry-level homes being built has fallen off a cliff.
In the 1970s, more than 400,000 entry-level homes were built every year. By 2020, only 65,000 were built. One reason for the drop is the rising cost of materials; smaller homes just don’t pencil out for builders.
So the supply of starter homes is not being replenished — by builders or by the last generation moving out and selling. The first rung of the ladder of homeownership, long a key part of the American dream, has become especially hard to climb.
Yep, tip of the iceberg. There's a downside to pricing out the labor force. For example, if you're paying housekeepers 3x what you pay the police force, you shouldn't be surprised when the deputies keep making the news for their incompetence and moral turpitude.Quote:
Originally Posted by Kevo
There's real trouble brewing in the county and municipal departments, none of which pay enough to rent here since nearly the entire rental market shifted to STRs. I got several friends who wake up every morning wondering if they still have employees. One buddy manages a key piece of infrastructure and they are fucked. Totally fucked.
The writing is on the wall over at the grocery store. That's the future. Dipshits and ex-convicts bussed in to do the work for below market rate.
Fixed!Quote:
Originally Posted by neckdeep
Regarding the starter home NYT article, agree it is unfortunate more starter homes are not being built, but people will probably be better off in the long run stuck in their smaller than expected homes. Stay in the smaller house, invest the extra money and retire early, kids can share a room, is my approach.
Market still seems crazy in the San Diego, get the typical we will buy your house letters every week, but the one below is a new approach. I still can't figure out how people are running around with a million is cash, but didn't think to buy a few years ago when price was half. And why would investors think it is a good time to buy:
Attachment 494440
TBH, I kinda wish that we'd stayed in our original house (1300sq ft) instead of moving to our current house (2200sq ft). It would have been a bit tight with 3 kids, but they're around for such a short time that it probably would have been fine.Quote:
Originally Posted by 406
And now that house would basically be the perfect size for just the wife and I.
Live and learn, as they say... :D
The common denominator in the sheriff's department is mormonism. The sheriff is mormon. The deputy fired for stealing evidence is mormon. The deputy fired for jacking off in front of a dispatcher is mormon. The coach who was abusing and sexually assaulting kids who was protected by the sheriff is mormon. The entire department seems to be corrupt.Quote:
Originally Posted by neckdeep
And yeah the lack of workforce housing is a major issue, along with the county not being able to have a lodging tax and the state not allowing the municipalities to collect on the lodging tax that the taxpayers voted for.
Ya, Lifford probably did as much to raise real estate prices around here as any one person could do.
Wake me up when the deputies go back to stealing drugs and cash from the evidence locker, banging underage girls, framing innocent people and just generally acting like they own the place. Cuz that shit did wonders for keeping the cost of living dirt cheap.
There was a time when most of the new people would never have seriously thought of actually living here. I believe that sentiment hit its peak in spectacular fashion when deputy Gutierrez summarily executed that kid's dog and made the national news for it.
No houses for sale now in my HOA village. The highest price ever paid one went in a few days and then a couple others fell.
Our little town got noticed by Politico: https://www.politico.com/news/2024/0...homes-00161375
They are going to enforce it by spot auditing utility bills? Anyone who can afford a vacant second home in Tahoe can waste some energy keeping the hvac on and running water down the drain.Quote:
Originally Posted by frorider
Set up a Bitcoin mining rig and keep it cool with water straight out of the tap…No tax, just wasted resources.
(For the record, I think such a tax is probably a good idea overall)
What the holy fuck. A vacancy tax?
I thought STR was the problem.
Around here which is seasonal there used to be so many off season rentals. But the courts won’t promptly evict 9 month renters anymore. So those units don’t exist. Whether the prime 3 months are owner occupied or STR. Yes STR have increased. I have a contractor friend that has a half dozen STR two bed homes that he refuses to rent off season. If the courts would do their job and sheriff evict on time for his STR income he would be able to help rent off season. Yeah it sucks to couch surf with friends or pay hotel rates for prime season but it used to exist.
I love me some Neckdeep commentary, dude is living it.
The municipal employment thing is, to me, the biggest indicator that the living wage problem isn't really viewed as a problem. I'm the Treasurer of our water and sewer district. All the socially concious second homeowners talk a big game until it's time to write the check. They are in favor of affordable housing, just not in their neighborhood. They are in favor of living wages, just not in their district.
"I think we should add 25% to the labor budget to become a premier employer. This would cost each homeowner about $XXX."
"Uh...I think thats a bit too much", "Oh, I thought you were in favor of living wages, my bad"
At the County level revenues 2023 to 2024 increased from $69million to $107million. And yeah, people bitch about taxes because that's what people do. So we've got the money to giver everyone a giant raise but no, its increase head county and make capital expenditures.
Now I don't pay Town of Winterpark taxes, but 2 snowcats, a couple apartment buildings, always more cops. Gotta fee the monster.
$3k for the first year, $6k each year after that is too low IMO. Should at least be doubled or tripled for a place like Tahoe.Quote:
Originally Posted by frorider
Tell the rich fucks to either use it or lose it, lest they pay for the privilege.
Yup, 6k will create something to complain about while providing no meaningful disincentive.
Agreed. The vacancy tax is a hot topic around here (yet no elected official seems to want to carry its banner), but it needs to be a five-digit number to actually provoke action/reaction and fund something meaningful. $20k at 1000 households is a real amount of housing funding to start buying and building with. My affordable housing neighborhood was built with $80m for ~80 units and 150-200 peopleQuote:
Originally Posted by S_jenks
Seriously. $million per unit? And people wonder why I want to see what is behind door number 2?
It's starting to get wierd around here where it seems like the only multi family that gets approved are the governments own projects.
And I bring up questions like build cost and taxpayer subsidies to low wage employer and I get the roll eyes don't stand in the way of our agenda why are you against progress bullshit.
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Called an agent about a property they are representing. The agent would not answer any questions about the property; all information has to go through a buyer's agent. Blame was placed on the recent NAR rulings.
"Homeowners" don't want to pay because increasingly the homeowner is a nimby nonresident investor. They do not want to solve anything. Its a zero sum game for them. Its a fucking feedback loop of greed. My HOA was captured by the nimby STR investors and they don't want cost burdened locals renting the condos so they created different rules to FAVOR the STRs. 3 bedroom condos can only have two adults if owner occupied or LTR; even if owner family occupied, its not allowed to put Grandma in the back bedroom. STR owners, however, are allowed to have 6 adults and as many parking spaces as they want. Almost half the subdivision is STR and its never full. Most units around me are unoccupied most of the time. There's your housing crisis in a nutshell. Occupancy rates don't determine anything when wealthy multi home owners are just looking to park money somewhere.Quote:
Originally Posted by Foggy_Goggles
Mountain towns are ceasing to be organic towns. They are becoming storage facilities for real estate portfolios. Dirt pimps, property managers and investors only have one single agenda: to squeeze your town for every bit of filthy lucre they can get and pay as little local tax as possible.
Crazy. The Teton Valley story is why I dig my heals in hard when challenged with the "it can't happen here" argument.
Being so close to the Front Range Metro creates a bit of a different dynamic in the Upper Fraser River Valley.
Part of what I don't believe/understand is the nightly pricing on the STRs. This morning it was 43 and raining at my house. It's paradise for me but winter hats in June ain't everyone's thing.
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Honestly, it should really just be a different tax rate on the assessed value.
That's how places like Maui do it. One rate for owner occupied (that goes up a bit for property over $1m). Another rate for long term rentals that is a little higher. A higher rate for non-owner-occupied non-rentals (2nd homes) that's about double the rate you'd pay if you rented it out (this one blows up on properties above $3m), and then finally an even higher rate for short term rentals.
Of course that won't work in CA because of the stupid fucking prop 13. Some of these people with vacation homes that have been in the family for decades are paying nothing in taxes and a flat 6k might be doubling their taxes!
Also, I agree that vacancy might not be quite the right target. STRs aren't vacant...and some rich guy that uses a ski house every weekend in the winter and then gives someone a $$$ furnished summer rental for 3 months seems like they'd be able to get around the vacancy tax and wouldn't really be doing much to help house local workers.