Real Estate Crash thread

[schuss]

Yeah, there's a ton of qualifed buyers, demand and not much inventory so the most we'll see is specific market corrections IMO. Some over leveraged people will get fucked, most will be fine.

[skiballs]

Until the ROI ceases to exist in residential housing, prices will remain steady. For a long time residential housing was not as profitable as other uses of capital, the last decade has been much different. Unless corporate owned residential housing starts selling off, think’s won’t change much.


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[yeahman]

Unemployment rate was also pushing 10% in the aftermath, which is what I'm talking about. Not the cause. The cause is going to be different, but I don't see a significant RE market crash happening without some follow on impacts to the overall economy and unemployment rates which seems like it would probably impact the people who can't buy right now.

Maybe, but a lot of those people tend to work in the trenches (teacher, police, firefighter, nurse, military, fast food manager, etc.) and those jobs tend to hold up better when things go to shit and all the crooks who do nothing but move money around find themselves out of a job.

Why do I think this? Because my wife and I have made careers out of working in the trenches, and we were totally unaffected by the so-called Great Recession. In fact we benefited greatly by buying our house in 2010 at pretty much the lowest low.

[GBB]

Anyone have any good recommendations for a real estate attorney in California?

[Toadman]

Location, location, location.
https://www.redfin.com/OR/Bend/748-N...5fbnVtYmVyPTA=

[skaredshtles]

Location, location, location.
https://www.redfin.com/OR/Bend/748-N...5fbnVtYmVyPTA=

[CarlMega]

Location, location, location.
https://www.redfin.com/OR/Bend/748-N...5fbnVtYmVyPTA=

True dat. A modest regular house. But, they do have nicer trees with more privacy than the renovated houses on the same block. I'd still do more blocking of the neighbor on the right. 2.5MM tho.

[californiagrown]

True dat. A modest regular house. But, they do have nicer trees with more privacy than the renovated houses on the same block. I'd still do more blocking of the neighbor on the right. 2.5MM tho.

Id much rather have that place for 2.5 than anything for 2.5 in Bellevue, or kirkland, or anywhere in the bay area. Having a big backyard with the deschutes river right there, multiple breweries and restaurants a block or two away, and 20 mins to bachelor is worth a lot more to many people than the newest sink and flooring.

[byates1]

Or you could buy that house for 240k somewhere else and put the 2 plus M to work earning 120k a year, not working and skiing everywhere.

[Whiteroom_Guardian]

I mean people say Bozeman is overpriced. It may be to some, but holy shit 2.5 goes WAY farther here. Damn.

[californiagrown]

Or you could buy that house for 240k somewhere else and put the 2 plus M to work earning 120k a year, not working and skiing everywhere.

I mean yeah, if you are single w/o kids, have 3mil cash on hand and are into a nomadic lifestyle. Not many of those folks out there though.

[skiballs]

https://www.realtor.com/realestatean...1_M99514-29456

I think I’d much rather have this for 2.4 mil


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[TBS]

^^^And how many scantily clad athletic women you gonna see paddling by on SUPs every summer day if you’re on a hilltop in almost West Virginia?

[Toadman]

True dat. A modest regular house. But, they do have nicer trees with more privacy than the renovated houses on the same block. I'd still do more blocking of the neighbor on the right. 2.5MM tho.

It's right near downtown on the Deschutes. But still...$2.5 million? I guess shoot for the moon and see if you can achieve low Earth orbit.

[dan_pdx]

Wait - a 9K sq ft house just sold for $249K?

That's... hilarious?

I'm disappointed that Montucky didn't inform us of this AAA investment opportunity. Missed a golden chance for the TGR collective to buy a giant house on the cheap, do a half-assed job of finishing it, and have a shared ski/party palace that pisses off all the multimillionaire neighbors for the foreseeable future. MontuckyFried, next time you have to let us know!

It's right near downtown on the Deschutes. But still...$2.5 million? I guess shoot for the moon and see if you can achieve low Earth orbit.

What do you think it would be on the other side of the street with no river frontage? Under $1m? My sister is in Bend now and I've been visiting enough to get the idea that Bend seems to be headed the same way as Aspen. I walked past this listing last week that's even crazier than the first one: https://www.redfin.com/OR/Bend/615-N...home/112330773

[Toadman]

What do you think it would be on the other side of the street with no river frontage? Under $1m? My sister is in Bend now and I've been visiting enough to get the idea that Bend seems to be headed the same way as Aspen. I walked past this listing last week that's even crazier than the first one: https://www.redfin.com/OR/Bend/615-N...home/112330773

Probably $850k-$1 million range. I heard someone call Bend the poorman's Vail. I don't think they had probably ever been to Vail though.

[phatty]

https://www.realtor.com/realestatean...1_M99514-29456

I think I’d much rather have this for 2.4 mil


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Compared to a house on the river in Bend? F no way. 7k sq ft is a lot to keep up plus you're in Virginia. Screw that.

[dunfree]

https://www.realtor.com/realestatean...1_M99514-29456

I think I’d much rather have this for 2.4 mil


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that’s Kentucky, you can get any number of places for $2.5 in shitholes

[Whiteroom_Guardian]

This all day in that price range.

https://www.realtor.com/realestatean...=srp-list-card

[LHutz Esq]

Or you could have 2 of these:

https://www.realtor.ca/real-estate/2...hroad-smithers

[Whiteroom_Guardian]

Or you could have 2 of these:

https://www.realtor.ca/real-estate/2...hroad-smithers

Thats fucking sweet.

[Toadman]

This all day in that price range.

https://www.realtor.com/realestatean...=srp-list-card

Yeah, but who wants to mow 33 acres?

[skiballs]

^^^And how many scantily clad athletic women you gonna see paddling by on SUPs every summer day if you’re on a hilltop in almost West Virginia?

True, but I also wouldn’t have to see spandex wearing, Tacoma driving, California transplant, brew pub bro-brahs every time I walked out the front door.


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[skiballs]

^^^And how many scantily clad athletic women you gonna see paddling by on SUPs every summer day if you’re on a hilltop in almost West Virginia?

True, but I also wouldn’t have to see spandex wearing, Tacoma driving, California transplant, brew pub bro-brahs every time I walked out the front door.



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[Toadman]

When the say it can't get much worse, that's when it usually starts to prove them wrong and it gets much worse.

https://finance.yahoo.com/news/housi...221906929.html

The housing market can't get much worse from here, according to Redfin CEO Glenn Kelman.

High mortgage rates and high prices have crushed affordability for buyers.

The market is in a freeze and the sales slowdown that will last for a "long time," Kelman warned.

The only good thing right now about the US housing market is that it can't get much worse from here, according to Redfin CEO Glenn Kelman.

The head of the real estate listing site pointed to tough market conditions over the past year, with affordability plunging to an all-time-low, according to Goldman Sachs' housing affordability gauge.

That's the fault of high mortgage rates, which have raised the cost of borrowing for prospective homebuyers, while also discouraging potential sellers from listing their homes. That's exacerbated the supply shortage and pushed up home prices even as demand falls due to higher rates.