Ha.Quote:
Originally Posted by Toadman
Ok. Let’s limit this hypothetical to the Great Lakes area. Drinking water is still critical to survival, but it’s still cheap.
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Ha.Quote:
Originally Posted by Toadman
Ok. Let’s limit this hypothetical to the Great Lakes area. Drinking water is still critical to survival, but it’s still cheap.
When have real estate developers ever thought beyond the moment they sell the property?Quote:
Originally Posted by Toadman
I thot the point was to make money god damn it, why do you hate America ?Quote:
Originally Posted by Foggy_Goggles
That's right ppl. A new era.
You will move to Bozeman. You will pay FORTY THOUSAND DOLLARS a year to rent your apartment. We have pre rusted the roofing tin for you.
You will never own anything associated w this property. You will just pay us FORTY THOUSAND DOLLARS a year to rent.
It's a new area of modern living.
At least they have the gaul to set their nuts right on your face. https://uploads.tapatalk-cdn.com/202...1a0e9d49d6.jpg
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What I'd like to know is who are all these chumps willing to pay such exorbitant rents?! KNOCK IT OFF, PEOPLE!!!Quote:
Originally Posted by byates1
Quote:
Originally Posted by MontuckyFried
assuming tech/remote workers, trust fund or uber uber rich retirees.
$3300/mo for an apt in Bozeman? Must be a pretty big place. Or perhaps just super-chi-chi?
Drugs were working as they should allowing you to reach cosmic clarity. Back then, the average 2nd home was a cottage on a lake you could drive to. The CEO of Xerox had a bigger cottage on a different lake and maybe an apartment in Paris the wife wanted.Quote:
Originally Posted by fastfred
You're probably right. Either way, all those douchebags seriously need to knock it off! They've done to Bozeman (and every other formerly semi-affordable mountain town) what rich Canadian and American expats have done to poorer communities around the world. Now you got quaint Mexican villages that have been invaded, once again, pricing the locals out. It's starting to get seriously annoying.Quote:
Originally Posted by NBABUCKS1
They look like literally every other place in Bozeman built there in the last 15 years. Seems that place (and now everywhere in the American mountain West) has the same exact architect and designer. It's like our modern American version of Soviet bloc housing. Except hella expensive.Quote:
Originally Posted by skaredshtles
These lame ass developers come to every mountain town and be like Ctrl+C --> Ctrl+V
I know Spokane ain't Bozeman, but our mortgage payment in Spokane for a 4/3 with detached 1/1 ADU was less than thatQuote:
Originally Posted by skaredshtles
Well...yeahQuote:
Originally Posted by MontuckyFried
You think they're going to hire a real architect to come up with a novel design for every project? Trying to make money here...go with the design you already have that the guys already know how to build.
The people buying/living in the places don't care. Heck...even most people building new homes for themselves mostly just make it look like everything else that was built in the same decade.
Pre rusted tin bro.Quote:
Originally Posted by skaredshtles
https://www.northwestcrossingapts.com/
Hot Take: appears fair priced to me
Atleast you have apartments to rent. We just shut the shit down with all kinds of entitled classist, racist, scared people bullshit. And don't want it have free market competition with the governments noble yet incompetent housing agenda.
Sent from my Turbo 850 Flatbrimed Highhorse
"Fair priced"?! Your affordabilit-ometer must be miscalibrated. Be a part of the solution, not a part of the problem, Foggy.Quote:
Originally Posted by Foggy_Goggles
https://i0.wp.com/econ.video/wp-cont...60916_rent.jpg
Did you check the website? 1bds are under $2k and 3bds are slightly over $3k.
What should they cost and based on what?
Land, infrastructure, materials and labor cost what they cost.
This is one of two main reasons we can't make progress in this space.
The affordable argument refuses to engage with the sub living wage employers and we won't allow/approve/tolerate value built compexes.
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I mean - $1000/room seems to be the going rate in popular areas like Bozeman. <shrug>Quote:
Originally Posted by MontuckyFried
A quick look makes it seem like teachers start around $45k, cops maybe $65k? Are these too high or too low?
Again people love to opine on rent being too expensive but it's rare that the discussed is ever about wages, build cost, ROI, or any of the other bullet points that could be in the conversation.
Those rents are about on par with what subsidized housing costs in Grand County which isn't even meeting the government sectors own metrics of affordability for the governments' own employees.
Yet I try and bring this shit up in the meetings and and I get painted as the enemy. Meanwhile, the pro affordable housing flag wavers fight tooth and nail to keep multifamily out of their neighborhood.
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Rent is pricey anywhere people want to live. Lots of places for much less if you can't afford it. They are red States though, so don't get your girl knocked up.
Liv2ski5xperyr can't help but get partisan any chance he gets
Let's remember:he's wealthy, lives on the beach, and is miserable. Don't aspire to ski 5xper yr.
Of course, if she was a government teacher. Insurance is subsidized. I’d be shocked if it was a private school.Quote:
Originally Posted by liv2ski
There’s a nice house in my hood with a great floor plan for sale. Open house was a ghost town yesterday. Another nice one was taken off the market. Now mortgage rates bumping 7% again and the housing and big box stocks got hammered.
The broker on one of the houses says the new law is tweaking buyers and their agents. They can’t rationalize paying the commission after sale price.
Keep an eye on inventories going into next spring.
House down the street from me has had three weekends in a row of open houses. 2 years ago it wouldn’t have lasted a single day on the market.
Question for the collective. Back in the early covid years when interest rates were at historic lows, do you guys think it was common for buyers to stretch themselves out to buy at the top end of their affordability levels? Are those same people fucked now (mobility wise) with higher interest rates. Is that just short term thinking until prices fluctuate to match, which we may well be seeing right now?
In theory, would it be wiser to [over]extend at higher interest rates than lower?
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Well, anecdotally I saw a bunch of people buying parcells of land to build their dream home when interest rates were in the 3% range. Then interest rates doubled and all of a sudden those lots that had sold when rates were at 3% were going back on the market. Granted, ifr you are taking out a loan to build a custom house, the construction loan is generally about a point higher than a convential fixed 30 yr. mortgage.Quote:
Originally Posted by east or bust
In theory, it shouldn't matter much. Prices should fluctuate with interest rates, adjusted for the share of buyers in the market who are true cash (not just "cash" for offer purposes but plan to mortgage immediately).Quote:
Originally Posted by east or bust
But the reality is that residential real estate prices are sticky and can stay irrational for extended periods of time. So yes, a lot of people are fucked in terms of mobility. They haven't built enough equity to sell and re-buy at anywhere near a similar price point and prices mostly haven't come down, they've just stopped going up as fast.
Also, even if prices weren't sticky and were entirely driven by monthly payment affordability, it sucks for them. For example, say home prices went down such that after a 20% down, your payment at 6% is the same as the payment was at 3%. A house that was 500k is now 350k.
Shit...person who bought at 3% 3 years ago is now ~30k underwater. And that's assuming 20% down...if they were stretching, maybe they put even less down and are even further underwater. So sure, whatever house they will move to is cheaper...but they have no down payment money and negative equity.
alot of people thought they could buy some land and put up a beautiful house for 300 a sq ft and live happily ever afterQuote:
Originally Posted by Toadman
construction costs have completely sidelined many people and that dream
so they shop it around can't find the cheap guy to do it fast and put it back on the market with at least a 50% mark up
then it sits
been seeing lots of lots like this
Yep, and carrying costs on residential land are pretty high given the tax structure, HOAs, utilities and so on. Land is interesting. There is some scarcity value to some unique and premium locations that have more than doubled in the last few years. Think $150k>$300+. And there are other neighborhoods with a lot of vacant lots that really haven't changed much at all. But most people don't borrow money, in the traditional sense, for land.
Home prices seem a stagnant but they are selling. The STR hustler that stretched their way into a second home when rates were low is pretty much gone.
Just got my Homeowners Insurance Renewal notice. 71% increase.
At least you can get insurance. I got dropped years ago. And now with the never ending fire danger, I may never get any again.
No doubt. Same thing is going to hit large parts of Florida. No insurance, no financing. Only buyers will be all cash.
Could be a blessing in disguise. Fuck insurance.Quote:
Originally Posted by Truckee Joe
I'm having trouble seeing how this could be a "blessing in disguise."Quote:
Originally Posted by yeahman
:confused:
^^ Yeah, fuck insurance but I still want it.
Our condo building just got dropped. We should be ok, only because the HOA board just made the handful of remaining wood burning fireplaces illegal, and the insurer seemed to say that would bring them back. We have gas so it's no big deal for me, but I sure would be bummed if I had a perfectly functional and maintained fireplace.
He's relieved of the guilt of not paying for insurance. He has no choice in the matter. We should all be so lucky.Quote:
Originally Posted by skaredshtles
Do they differentiate between "fireplaces" and woodburning stoves? Fireplaces are useless, but I'd be pissed if I had a modern woodburning stove and were told I couldn't use it.Quote:
Originally Posted by goldenboy
Our insurer dropped us in the spring, report specifically said due to landscape vegetation too close to the house after visual inspection.
Many $$$$ of landscaping later, all plants moved, whole house with hardened 5' buffer....
insurance says they won't do us because there is only 1 access road in and out.
Whelp, I can't fix that. Fuckers.
Nope, no woodburning either way.Quote:
Originally Posted by yeahman
Mine and a friends agent said they never flip. Good luck.Quote:
Originally Posted by heckacali
Seriously, tho. WTF is up with insurance companies dropping people all over the country for BS reasons? Like using drones or satellite imagery combined with shitty AI, and being blatantly wrong about their assumptions, then being totally unwilling to let people appeal. It's nuts. While I can kinda understand dropping Florida properties, insurance companies have been going crazy these last few years. Whilst simultaneously hiking up rates for everyone.
My neighbor across the street is a career wildland fire fighter and I've noticed he has all his fire wood in the corner of the lot farthest away from his house, our crews usually go somewhere else for the action and its never been close but you never know
rugged individualist, probably also has a perimeter established with weapons and shitQuote:
Originally Posted by skaredshtles
Canary in a coalmine. The modern housing situation is unobtainable, unaffordable and is an illusion for most.
You will have no savings, own nothing, rent everything and pay 8$ for a coffee, and you will love it.