Real Estate Crash thread

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Originally Posted by neckdeep

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.

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What defines an adult? I would assume there are exceptions but that is nutso.



Toothlessness of the NAR settlement in black-and-white. Everything is the same, just don't write it down.

There will continue to be many ways in which buyer brokers could be compensated, including through offers of compensation communicated off MLS — as we have long believed that it is in the interests of the sellers, buyers, and their brokers to make offers of compensation — but using the MLS to communicate offers of compensation would no longer be an option.

https://www.ncrealtors.org/031524-na...ent-factsheet/

The sale of our Spokane pandemic house just closed. We bought at pretty much the Covid market peak and 2 years later, we sold for about 8% more than we paid. That seems crazy to me, but apparently the market still has some legs. We get out basically unscathed with our original down payment plus a few thousand bucks.

I'm going to miss the hell out of cycling farm roads in the Palouse and all my Schweitzer buddies, but it's time to get closer to our folks.

^^^congrats and impressive

Hey Dan that's awesome!

On that topic in CO some of our congressional reps are moving to different districts where they stand better chances at election. The R campaigns are tossing around concerning language as well despite the candidate’s being transplants themselves.

I could tell you an anecdote about about my friend from Montana who is considering moving back to the mountains of Colorado because real estate is more affordable here and jobs pay more.

It is what it is Liz. You are not gonna be part of any solution. More than anything, that's what pisses people of. The "I'm here, with my money and brains to make it better!" attitude.

Better for you ain't necessarily better for me. People struggle with that. Closed mindeness works both ways. If you chose move somewhere, do so for what it is. Framing the changes that you want as "improvement" is weak sauce and will make you no friends.

Saw a sticker yesterday- Keep Leadville Shitty.


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Originally Posted by Skistack

Saw a sticker yesterday- Keep Leadville Shitty.


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Pretty much. Keep Grand County Lame

J Hole labor shortage gets a lot shorter as the commute gets a lot longer.

Fucking Jackson priorities. Free bus service and swanky bike paths for the millionaires while the basic infrastructure for commuters crumbles away. No worries darling, just an extra 125 miles on the daily commute for the poors.

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Originally Posted by 406

^^^congrats and impressive

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Originally Posted by Ted Striker

Hey Dan that's awesome!

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Thanks guys! Feeling really lucky with how things turned out

i get the sentiment neckdeep but it's a state highway. i'm guessing the suits in cheyenne don't give a shit about jackson and in fact get a certain level of pleasure in them squirming a bit. Of course it won't affect the affluent only the poorest in the community.

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Originally Posted by NBABUCKS1

i get the sentiment neckdeep but it's a state highway. i'm guessing the suits in cheyenne don't give a shit about jackson and in fact get a certain level of pleasure in them squirming a bit. Of course it won't affect the affluent only the poorest in the community.

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Yea like I said in the other thread the rest of the state of Wyoming could care less and is mostly likely taking some pleasure in the fact that an area they deem as a bunch of wealthy liberal outsiders have to suffer a little.


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Any of you locals heard anything about lawyers signing up clients to sue the WYDot?


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Originally Posted by neufox47

Any of you locals heard anything about lawyers signing up clients to sue the WYDot?


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Nope, and don’t see how that’d ever hold any water.

Got yet another unsolicited phone to see if I was willing to sell my house so I throe down a dumb numberaa usual she was kind of confused after I said it what da fuck is wrong w people someday some idiots gonna say ok and I'll find myself in a van down by the river

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Originally Posted by east or bust

Nope, and don’t see how that’d ever hold any water.

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It would hold a lot of water if this slide/erosion was a known issue and maintenance was ignored or negligently performed. Like if there were pictures of the slide/erosion in progress, and then a paper trail requesting it be addressed, and then a paper trail at WYDOT showing the staff chose to not address it without first adequately investigating.


the better question is: Do you really want to sue WYDOT for millions of dollars that will either just raise taxes to cover the damages, or will come out of WDOTs already paltry budget. No such thing as an overfunded DOT these days- there is a MASSIVE backlog of infrastructure upgrades on the books everywhere.

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Originally Posted by californiagrown

It would hold a lot of water if this slide/erosion was a known issue and maintenance was ignored or negligently performed. Like if there were pictures of the slide/erosion in progress, and then a paper trail requesting it be addressed, and then a paper trail at WYDOT showing the staff chose to not address it without first adequately investigating.


the better question is: Do you really want to sue WYDOT for millions of dollars that will either just raise taxes to cover the damages, or will come out of WDOTs already paltry budget. No such thing as an overfunded DOT these days- there is a MASSIVE backlog of infrastructure upgrades on the books everywhere.

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In other road-related cases, I think courts have generally held that no one person has a tort just because a road they used is no longer open to travel, with possible exceptions for landowners who lose an access route. I have no idea what the law or case law is in Wyoming.

Some of the earlier articles mentioned a fatal motorcycle crash at the site of the failure prior to things fully failing. It seems like that might create a real case for the rider's estate.

Back on the real estate front, office buildings have started going for apparent cut-rate prices, and at least some portion of two such buildings in NYC are slated for residential conversion.

https://www.nytimes.com/2024/06/12/b...smid=url-share

Been looking at places near Jay Peak. I'm not using a real estate agent and selling agents are straight up refusing to work with me, even claiming it is illegal to do so in one instance.

Do agents really think they can keep up that ruse?

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Originally Posted by fastfred

Got yet another unsolicited phone to see if I was willing to sell my house so I throe down a dumb numberaa usual she was kind of confused after I said it what da fuck is wrong w people someday some idiots gonna say ok and I'll find myself in a van down by the river

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I have been getting the same thing. Stock answer is, $ 1,000,000.00 walk away after the RE agents get their cut. If someone says yes I can live with that.

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Originally Posted by Mazderati

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.

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What?

"I won't talk to you about selling this property unless you have a realtor!"

That agent must be doing really really well

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Originally Posted by neckdeep

Mountain towns are ceasing to be organic towns. They are becoming storage facilities for real estate portfolios.

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I may steal that phrasing

I missed Maz encountering the same scenario.

Talk about knowing they are doomed. They are basically begging to get sued by sellers for turning away interested parties because their friends won't get a cut of the action. Guess you are willing to take that risk when you will be out of a job anyways.

I don't understand why, as a buyer, you won't use a REA. It doesn't cost you anything, and it makes your life a lot easier.

That being said, the seller's agent is definitely out of bounds to say no to any potential buyer like that.

Because in my experience, they don't make my life any easier. They constantly make mistakes, and guide you to properties that benefit them (for a myriad of different reasons), rather than you. Then, if a real problem occurs, they pass the buck and blame inspectors or lawyers. At this point, I know what I'm doing and can fill out my own paperwork and make a couple phone calls.

For example, I'm looking at lots. Realtors are fucking useless here and since I'm going to have to do all the leg work at the town offices anyways, I'll just save myself the time running through a middleman.

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Originally Posted by Supermoon

I don't understand why, as a buyer, you won't use a REA. It doesn't cost you anything, and it makes your life a lot easier.

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I’m no RE expert, but it is my understanding that starting in July, buyer’s agents commissions are no longer paid by the seller.

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Originally Posted by Supermoon

I don't understand why, as a buyer, you won't use a REA. It doesn't cost you anything, and it makes your life a lot easier.

That being said, the seller's agent is definitely out of bounds to say no to any potential buyer like that.

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But until things change in July the price is set with the assumption the seller will be paying a buyer's agent. Having just sold, I would have been happy to give that 2 1/2% back to the buyer in the form of a lower price if they weren't using a buyer's agent.

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Originally Posted by spanky

I’m no RE expert, but it is my understanding that starting in July, buyer’s agents commissions are no longer paid by the seller.

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It's going to vary by state.

Commissions can still be paid buy the seller, BUT you can't advertise the amount on the MLS. So your buyer's agent is gonna have to call the listing agent and find out. Also, commissions CAN be advertised on personal agent websites. So it's just kind of some silly extra steps to get to the same end in most cases.

Regarding listing agents not wanting to talk to buyers directly: Many are probably worried about the ethics involved in this settlement potentially forcing transactions into dual agency. It's understandable. Dual agency is legal here in MT and in many states, but illegal in Alaska, Colorado, Florida, Kansas, Maryland, Texas, Vermont, and Wyoming.

^^ What WG said. The headlines are one thing, but the reality is that sellers will likely continue paying a buyer's agent. It just won't be listed in the MLS anymore.

It's understandable that agents are running interference for each other to maintain status quo. Questions of dual agency are not new. Every open house has a stack of forms disclaiming "You're a customer, not a client."

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Originally Posted by anotherVTskibum

Some of the earlier articles mentioned a fatal motorcycle crash at the site of the failure prior to things fully failing. It seems like that might create a real case for the rider's estate.

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Not fatal. Dude's wheel got hung up in the opening crack before it got very big. Had a trailer towing behind his moto. The bike flopped but the trailer didn't.
People stopped and helped him up.

Road broke loose a while later.

I get the whole dual agency thing, to the point where I was up front that I am not looking for them to represent me in any way. But they should do their job and open the door for me rather than protect their useless realtor friends (or in this case provide the address so I can walk the lot).

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Originally Posted by Djongo Unchained

Not fatal. Dude's wheel got hung up in the opening crack before it got very big. Had a trailer towing behind his moto. The bike flopped but the trailer didn't.
People stopped and helped him up.

Road broke loose a while later.

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That's good, the original wire story must've had it wrong (and the JH News and Guide does have a photo of the bike).

https://bozeman.craigslist.org/reb/d...757789875.html

only 25K. I should prob snag this and make it a Mr Lahey Airbnb. ppl can role play for the weekend

https://www.youtube.com/watch?v=Y7g8VAu6LKs

Consensus on being past peak home prices and starting down the other side? Not a crash, but a decline toward lower prices.

not seeing it around here. not much new inventory coming on market.

That topic came up on Thursday while playing golf. I don't follow the RE market but one guy just sold a place in Bozeman and bought a place in Livingston. He and another guy both claimed, longer time on the market for many properties and some capitulation on prices, but prices here are still stupid high.

https://www.nytimes.com/2024/06/20/b...smid=url-share

The market is stuck at this very high point and unfortunately there are probably many on the sidelines waiting to become landlords in addition to all those that actually want a place to live so I don't see much relief coming.

Everything I read locally in Southern California says low inventory and prices at all time highs. In my hood I just saw a new listing that's 800 square feet on a 3000 square foot lot for 2.5 million and promptly lost my shit. I hope there's someone stupid enough out there to pay it so the whole neighborhood goes up 1 million in value.

https://billings.craigslist.org/reo/...758382997.html

would you like own some land that is there sometimes, and other times not so much. act fast. what an opportunity for someone w an extra arc sitting around.