Real Estate Crash thread

[XXX-er]

It will be possible to run 1 only STR if the owner also lives on the property but It looks like the multiple Ghost hotels won't be able to operate in BC

apparently the situation for high rents/ high prices is even worse in Canada than the USA

[BmillsSkier]

I lol'd

It was a good one.

This got me thinking, while every major metro has desirable neighborhoods/locations and you can find expensive stuff anywhere, what does the cost of lakefront living look like in CLE?

This one, while not my style, has 6 beds, 7 baths, is on the Lake and has views of downtown. The cost, a mere $3.1MM.

https://www.cleveland.com/entertainm...-the-week.html

This one is from the Rockefeller-era of Cleveland is a much more budget-friendly $2.2M, but only gets you 3.5 acres of lakefront property, 5 beds and 6.5 baths inside the walled-community of Bratenahl just outside downtown.

https://www.cleveland.com/entertainm...-the-week.html

A steal, really.

[californiagrown]

This one is from the Rockefeller-era of Cleveland is a much more budget-friendly $2.2M, but only gets you 3.5 acres of lakefront property, 5 beds and 6.5 baths inside the walled-community of Bratenahl just outside downtown.

https://www.cleveland.com/entertainm...-the-week.html

A steal, really.

A buddys parents own a house in california on a 5200sf lot, that is 2200sf, built in the 80s, and quite frankly a fixer upper. It is 1hour from the beach, 4 hours from mountains, in a suburb, and has no views. Its zillow estimate is $3.8mil. I truly think that the people romanticize the west coast culture and opportunities for outdoor recreation, but in reality they live like midwesterners 99% of the time. RE is a mystery.

[Toadman]

I'd like to live in that world. Let me see, if I got it right.

Grocery Store employees $50/hr.

Patrollers $60/hr. full time year around

X Ray Techs/EMS/Teachers/Fire/Police $150k+/yr.

Ski Lifts Everywhere. Little satellite villages served by trams.

Probably gonna need a 4 lane highway getting there from the airport. What else did I miss?

$15 coffee
$10 microbrews
$2 public transit rides that come subsidized with your $1,500 mountain pass
$1 million 950 sq ft 2bed, 1bath starter homes
Private heli-port at the $25k annual membership golf course that you can pay $450 for 18 holes.

I know there are more but this was just off the top of my head.

[TAFKALVS]

$15 coffee
$10 microbrews
$2 public transit rides that come subsidized with your $1,500 mountain pass
$1 million 950 sq ft 2bed, 1bath starter homes
Private heli-port at the $25k annual membership golf course that you can pay $450 for 18 holes.

I know there are more but this was just off the top of my head.

Seems like we’re not too far off from this reality.

[frorider]

Primary residences and locality adjustments seem easily manipulated when WFH.

1. Tech job — Live in a van, follow the pow
2. VPN thru a server in Palo Alto where your ‘residence’ is and pay someone to fwd mail
3. Profit!

[BmillsSkier]

1. Tech job — Live in a van, follow the pow
2. VPN thru a server in Palo Alto where your ‘residence’ is and pay someone to fwd mail
3. Profit!

[Art Shirk]

I work with General Counsels of large companies in my job. No less than three of them this year have appeared via zoom while in their kitted out van, generally being nomads with Starlink and occasionally popping into company offices along the way.

The Managing Partner of a large well known multinational firm was doing the same thing.

Crazy times.


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[BmillsSkier]

I work with General Counsels of large companies in my job. No less than three of them this year have appeared via zoom while in their kitted out van, generally being nomads with Starlink and occasionally popping into company offices along the way.

The Managing Partner of a large well known multinational firm was doing the same thing.

Crazy times.


Sent from my iPhone using TGR Forums

Next time show 'em what's up by joining the call from the captain's chair of Suck My Wake.

[Foggy_Goggles]

Well yeah. they can't afford Real Estate in Mountain Towns. Maybe RV Parks are the answer?

Gonna need more shitters at the rec center. Seriously.

Sent from my Turbo 850 Flatbrimed Highhorse

[Mani_UT]

Switzerland is a great country to live in.

Where property is also mostly out of reach to most...
https://www.nytimes.com/2023/11/06/r...ing-homes.html

[Art Shirk]

Next time show 'em what's up by joining the call from the captain's chair of Suck My Wake.

Sent from my iPhone using TGR Forums

[byates1]

$15 coffee
$10 microbrews
$2 public transit rides that come subsidized with your $1,500 mountain pass
$1 million 950 sq ft 2bed, 1bath starter homes
Private heli-port at the $25k annual membership golf course that you can pay $450 for 18 holes.

I know there are more but this was just off the top of my head.

That's cheap. Big sky pass is 2700$. Just stopped into lone mtn ranch, know the chef there. They just opened a fully private restaurant. 10k membership. Expensive af.

The 1M condos are 400 sq ft. 950 would be palatial. The one and only they are building is like a 6 figure membership.

[MontuckyFried]

That's cheap. Big sky pass is 2700$.

Member when Moonlight-only passes were something like $400/year and single day lift tix were like $39? I member. What sucks is that it wasn't THAT long ago to justify the wild rate increases ever since the Boyne buyout. I miss those days.

[goldenboy]

I think the preferred nomenclature is “Character-building”. 8 months of winter/winter-adjacent and roadwork balanced out by a summer of sailing on the most volatile Great Lake changes a person. Getting to pay for the pleasure is next level (even if I kinda wished I had a boat with such quick access like that).

The better half grew up racing at the CYC since her dad worked as a race marshal in the summer when he wasn't teaching at Lakewood. She has some crazy stories, like when her and all the other 12 year olds lost their boats when a storm came out of nowhere. Lucky no one died by the sound of it.

PS, Hilarious that people actually think that dirt pimps somehow pump up real estate prices. I wish I had some sort of superpower (that I would do something better with), but it's just basic supply and demand, and no, we're just not that good at increasing demand like that. Gold, Jerry, Gold!

[mud]

[Conundrum]

Dirt pimps would never advertise in in-flight magazines to drive demand and sell homes in desirable places...at least not within a couple pages of each other this November.



Unsolicited add on my FB feed. There's not much for sale in the wilderness area but a pretty classic example of a realtor advertising a cool place as an amenity to buying stuff nearby. Maybe considered dirt pimps pumping up an area...?



Pimpin ain't easy. Don't take it personally...we could probably rip on any career if we were in thread devoted to it.

[I Skied Bandini Mountain]

The better half grew up racing at the CYC since her dad worked as a race marshal in the summer when he wasn't teaching at Lakewood. She has some crazy stories, like when her and all the other 12 year olds lost their boats when a storm came out of nowhere. Lucky no one died by the sound of it.

PS, Hilarious that people actually think that dirt pimps somehow pump up real estate prices. I wish I had some sort of superpower (that I would do something better with), but it's just basic supply and demand, and no, we're just not that good at increasing demand like that. Gold, Jerry, Gold!

And on the demand side, everyone loves to blame California (or Seattle, or Boulder, texass etc.) money for driving up prices, but on the supply side, I've been here 15 years and have yet to see a "California money not welcome" sign anywhere.

[yeahman]

I think that Switzerland article was very relevant...America is quickly becoming a "post-ownership" society as far as homes go. The supply isn't there, and what is available will be snatched up by corporations who will rent it back to people.

[neckdeep]

PS, Hilarious that people actually think that dirt pimps somehow pump up real estate prices. I wish I had some sort of superpower (that I would do something better with), but it's just basic supply and demand, and no, we're just not that good at increasing demand like that.

Yeah, we get it. You're small fry compared to the players on the top rung over at Sotheby's. You don't do lunch with the billionaires who move on mountain towns and scoop up huge tracts of farmland for land banking. You don't hang with the guys who build golf course mansion communities on that farmland. You don't have that sort of pull. You aren't in the puffy coat mafia. You can't call on contacts in the publishing biz and get annual feature articles to pump your market.

Supply and demand. Please. The real estate development/finance complex fucked the economy in 2008 with too much supply and now its fucked it with too little supply. One thing never changes, dirt pimps can somehow figure out how to get top dollar either fucking way!

[TAFKALVS]

I think that Switzerland article was very relevant...America is quickly becoming a "post-ownership" society as far as homes go. The supply isn't there, and what is available will be snatched up by corporations who will rent it back to people.

How many Americans actually own their houses? I feel like home ownership for most is actually a cycle of buying/refi/heloc/sell/buy/refi/heloc without ever paying the damn thing off.

[yeahman]

How many Americans actually own their houses? I feel like home ownership for most is actually a cycle of buying/refi/heloc/sell/buy/refi/heloc without ever paying the damn thing off.

Paying off your mortgage is kind of a separate topic. But I will say this, if you buy for 100k and sell for 200k and keep the profit, you damn sure own it. Otherwise some other bastard would be pocketing that money.

[Kevo]

The share of US houses without a mortgage hit a record high recently.

https://www.housingwire.com/articles...20decade%20ago.

40% of houses are ownedf free and clear.

It's hard to imagine people locked into crazy low rates paying off their mortgage early though. You can earn double your mortgage APR in a treasury money market fund.

There are certain circumstances where there is a value to being mortgage free, like gaming means tested anything while early retired but no reason to pay it off while still working as best I can tell.

[phatty]

The share of US houses without a mortgage hit a record high recently.

https://www.housingwire.com/articles...20decade%20ago.

40% of houses are ownedf free and clear.

It's hard to imagine people locked into crazy low rates paying off their mortgage early though. You can earn double your mortgage APR in a treasury money market fund.

There are certain circumstances where there is a value to being mortgage free, like gaming means tested anything while early retired but no reason to pay it off while still working as best I can tell.

I have a 15yr @ 1.875%. I've got 13yrs left and pay a few hundred dollars extra per month. Should be paid off in around 11yrs. Does this make the most financial sense? No, and I know that. The idea of having no payment is worth it to me. Being able to stop paying 3yrs early is worth more the few hundred/thousand dollars in interest I might gain.

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[Core Shot]

Dirt pimps would never advertise in in-flight magazines to drive demand and sell homes in desirable places...at least not within a couple pages of each other this November.



Pimpin ain't easy. Don't take it personally...we could probably rip on any career if we were in thread devoted to it.

Jennifer Shay advertises a private office.

Is that a hint? She seems nice.

Also wants to build relationships? Nah. That gets complicated. I’m just interested in a transaction.

PS. Her company has umlauts. I’m already interested in that.