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Thread: Real Estate Crash thread
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11-11-2017, 05:51 AM #6001
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11-11-2017, 11:53 AM #6002
This is ridiculous. In a town where the middle school is 65% Latino and 60% free/reduced lunch program, the median SFH sells for $1.1M after only 45 days in the market.
Photo of RE flyer a buddy sends out:
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11-11-2017, 01:45 PM #6003
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11-11-2017, 02:21 PM #6004
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11-11-2017, 02:24 PM #6005
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11-11-2017, 03:26 PM #6006
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11-11-2017, 03:30 PM #6007
the working class living somewhere else is already killing SF, now it's coming for the suburbs.
I've started to think of affordable housing as a benefit for the wealthy. There's a steady supply of service workers so they can get their triple-chai cold brew mocchachino, have some one tune their bike, a yoga instructor, and restaurant staff who actually perform. Without it you can't keep the services people want in the current job structures.
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11-11-2017, 03:40 PM #6008Banned
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Yup, 21st century feudalism.
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11-11-2017, 04:00 PM #6009
The servsnt class lives in Richmond
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11-11-2017, 04:04 PM #6010
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11-11-2017, 04:36 PM #6011
Btw- if any Front Range mags are looking for a house, my neighbor across the street in Golden is selling their 3br/3ba single family house for $500k. Great neighborhood and right next to lots of mountain biking.
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11-11-2017, 05:34 PM #6012
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11-11-2017, 06:23 PM #6013"fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
"She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
"everybody's got their hooks into you, fuck em....forge on motherfuckers, drag all those bitches across the goal line with you." - (not so) ill-advised strategy
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11-11-2017, 06:27 PM #6014
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11-11-2017, 06:54 PM #6015"fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
"She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
"everybody's got their hooks into you, fuck em....forge on motherfuckers, drag all those bitches across the goal line with you." - (not so) ill-advised strategy
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11-11-2017, 06:56 PM #6016
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11-11-2017, 07:18 PM #6017
My neighborhood backs up to open space with mountain biking right out of my garage. Once you get up into the trails there are trees, and my neighborhood has a lot of trees in it.
Meh, I think you may be pleasantly surprised. I've really enjoyed getting to know the people here. There is a great crew of bikers and climbers and skiers and kayakers.
Golden has had a big transition from blue collar to white collar in the past ten years.
You could probably sell your house in Boulder, cash out the equity and come close to paying cash for the $500k house across the street from me. There's a good elementary school within walking distance as well.
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11-11-2017, 07:45 PM #6018
My cousin just dropped $500k for a small 1,200 sq ft SFH in Richmond. It's the only thing they could afford. A fixer upper with a nice size backyard. Back in the day when I had to go visit for business, it was duck and cover . Get in take care of biz and get the hell out before dark. I think it's gotten slightly better as more poor DINK's making only $100k or less move into the area. In about a decade it will be the new Williamsburg, NY. Or it will blow up from some industrial accident by Chevron...
"We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch
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11-11-2017, 08:54 PM #6019
Just curious, what is your charge/sf for new construction?
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11-14-2017, 07:41 AM #6020Registered User
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$250.00 sq ft, I know some other people who won't touch anything for less than $300.00 Looking at one project where we don't want to go over 210 sq ft. It's almost impossible. But the long term payout would be great if it could be done
here is my price list per sq ft:
concrete 180.00 yard
aggregate/fill haul in or out 400 - 600 truck load
concrete flat work 7.00
concrete wall work 8.00
framing, siding, decks materials 30.00
framing, siding, deck labor 25 - 35
roofing 8 - 14
flooring 5 - 20
insulation 4- 12 (we do lots of spray foam and sound insulation
drywall 3-4
paint and stain 6.50 - 9.00
ext windows and doors replacement 1500 - 2500 each labor materials standard size andersen 100, andersen high end, or weathersheild
Int doors 600.00 each labor materials (no stain, kwik set lock)
base 8 -15 lf labor and materials no stain
cabinets 85.00 box, trim, crown, fill, knobs, toe kick extra
vanities 300 each for standard installlabor
tile 18 -22 sq ft (no tile included)
electric 10.00 sq ft min
plumbing new 5k a bathroom/kitchen/washer dryer rough only
plumbing boilers in floor heat 40 - 60 k
granite 85 sq ft
pack of shorties from urban roots w locals discount to get me through the day 12.50
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11-14-2017, 08:47 AM #6021
Agree that RPLs are def bid through the roof, but up until the last 6 months or so, I️ believe that the homes themselves (outside the few “story MSAs”) were still not doing great. South Florida is an interesting case - Miami was ripping if you were in a hot neighborhood, but the vast majority of NPLs were coming from LMI census tracts inland under a highway overpass. Don’t get me wrong - the financial institutions are very happy to roll forward the price of those homes at the Case Schiller index for the region so they can mark their books higher, or “BPO shop” for an “independent” valuation that supports an improved LTV, but good luck actually trying to sell that home for the value you want. I️ had a cab driver in Miami (which I was visiting, ironically enough, for a single family rental conference), who still owned 5 Low-end homes from the heyday and was still massively underwater on all of them.
Florida is the exception though - judicial state with possibly the worst bubble in ‘07. I️ agree with your general point.
Here’s my left field, counterintuitive theory on credit reform: once you raise rates and shrink the GSEs, you will actually create a more equitable playing field for non traditional borrowers like cash-rich immigrants, small business owners, etc. More diversity of lenders and lending business models + more room to earn yield by taking risk will mean more diversity for borrowers.No gnar was harmed in the writing of this post...
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11-14-2017, 08:55 AM #6022Int doors 600.00 each labor materials (no stain, kwik set lock)
base 8 -15 lf labor and materials no stain
cabinets 85.00 box, trim, crown, fill, knobs, toe kick extra
My job site requirements are as follows: don't have hack framers and drywallers, everyone else gets out of our way, we run the stereo, it goes on at 7:30 and goes off once I can't read my tape straight anymore, metal, punk, or country only. Strongly suggest that you let me know when the homo is going to be on site.
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11-15-2017, 08:33 AM #6023Registered User
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No no no no
those are my prices, I pocket the rest. only pay out 140 - 160 a door hang and trim
base pays usually 3.50 - 4.50 labor
windows depend on the detail 80 - 220 a window
your music sounds ok, I don't care what anyone listens too, since I'm only on the job for ten mins a day, I do prefer not to hear any jam band music, hippie shit, greatful dead or fish. Usually guys who listen to that crap on my jobs don't last too long
no drugs or alcohol at work, sorry
unfortunatly my partner the designer half of the company is homosexual, so this may not work out for you, everyone calls him fancy pants, not sure why, but if I show up on the job everyone is like where is fancy pants today? My secretary is smoking hot so that might make up for it. let me know if this works you can contact me through my web site bonghitconstruction .com
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11-25-2017, 01:01 AM #6024
The 3/2 ranch house across the street from my house sold in a day for $35k above the $500k asking price. They got 8 offers in the first day.
The house is basically the same as my nextdoor neighbors house, which sold for $100k less 18 months ago.
The recently sold home is $20k more than I bought my house for a year ago. Mine is 4/3.5 with an extra 1k square feet and a much better view of the mountains.
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11-25-2017, 08:16 AM #6025Registered User
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Any opinion on how the elimination or reduction in mortgage interest deductions might affect the housing market? Could be the straw that breaks the camel's back around here. Could send 2nd homes into a tail spin in the NE, SoCal, and many resort towns across the west.
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