Real Estate Crash thread

[Toadman]

Sold my house in AK in two days, then bought one in Montana sight unseen. This market is nuts, and so am I, apparently. Whatever.

Do you know where this unseen house is located in MT? Also, you're sure it's in MT?

[BFD]

My buddy bought a big ass boat with PPP

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PPP paid for a lot of boats.

[MakersTeleMark]

Sold my house in AK in two days, then bought one in Montana sight unseen. This market is nuts, and so am I, apparently. Whatever.

Slow retirement moves to FLA.

[Harry]

Update: multiple offers, all cash, bidding war in progress, currently way over asking.

Those HOA fees are quarterly, and yes the property taxes are real low.

Whiteroom Guardian can’t spell. Degree from CU Boulder, heh. And he does indeed have a glorious mustache. That’s how I find him in the liftline, he wears all black just like everyone else so I just look for the stache.

A highly esteemed maggot (post count over 10,000) who wishes to remain anonymous was in the running before it went on the market. I was going to cut him a bro deal. But he got cold feet.... his loss = my gain.

My place has been great, many maggots have crashed on my sofa/floor/wherever. But my medical issue means I can’t live at this elevation. It sucks, but I’m ok with it. Life goes on.


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[Benny Profane]

Well, you certainly timed the market well.

[skifishbum]

Sold my house in AK in two days, then bought one in Montana sight unseen. This market is nuts, and so am I, apparently. Whatever.

well when will you see what yur gonna ski while you pee?
feel free to come fish with harry this july

[AdironRider]

Update: multiple offers, all cash, bidding war in progress, currently way over asking.

Those HOA fees are quarterly, and yes the property taxes are real low.

Whiteroom Guardian can’t spell. Degree from CU Boulder, heh. And he does indeed have a glorious mustache. That’s how I find him in the liftline, he wears all black just like everyone else so I just look for the stache.

A highly esteemed maggot (post count over 10,000) who wishes to remain anonymous was in the running before it went on the market. I was going to cut him a bro deal. But he got cold feet.... his loss = my gain.

My place has been great, many maggots have crashed on my sofa/floor/wherever. But my medical issue means I can’t live at this elevation. It sucks, but I’m ok with it. Life goes on.


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Get that paper

[Toadman]

$650 per square foot?

Worker housing?

This is what worker housing looks like in Bend at $663/sq ft. Just 7 years ago it was $245/sq ft.

https://www.redfin.com/OR/Bend/2170-...9udW1iZXI9MA==

[Toadman]

PPP paid for a lot of boats.

Paid for a lot of sports cars, hookers and blow, and from what I have read, crypto.

[liv2ski]

Years ago when the market crashed you could buy a really nice place in Bend for about $350k. Could not talk the wife into it.

[MontuckyFried]

Good luck with the sale and the impending move, Harry! No need to put with ANY annoying buyers in this market if any of them wanna get finicky with you. Glad you were able to time the market so perfectly.

[Toadman]

Years ago when the market crashed you could buy a really nice place in Bend for about $350k. Could not talk the wife into it.

My aunt and uncle bought a 2k sq ft. ranch in Bend for $140k after the RE crash. They put $50k into to it. It was a foreclosure. It's probably worth $600k now.

[Toadman]

Meanwhile, for all you bankers and Wall Street types that moved to FL or CO or anywhere else for that matter - From the CEO of Morgan Stanley...

'I would call it directionally strong without dictating - yet. But [by] Labor Day, I'll be very disappointed if people haven't found their way into the office and then we'll have a different kind of conversation.'

'Make no mistake about it - we do our work inside Morgan Stanley offices, and that's where we teach, that's where our interns learn, that's where you build all the soft cues that go with building a successful career that aren't just about Zoom presentations.

'There'll be more flexibility because we've learnt we can function with flexibility but that doesn't mean, "hey it'll be Monday, Wednesday and Friday and I'm in Florida. If you want to get paid New York rates, you work in New York. None of this I'm in Colorado getting paid like I'm sitting in New York City. Sorry that doesn't work."

[old_newguy]

I too fucked up and didn’t buy a house in Bend in 2010. But you know, our timeline was short and all the experts said that we would lose money on the transaction costs.

All of the places we were considering are all worth $400k more or more than we would have paid and would have nicely cash flowed rent.

[Jong Lafitte]

Douche. Lol. “That’s where we teach, that’s where our interns learn how to tell everyone how smart we are and then apply for bailout loans to the tune of 107 Billion dollars.”

“I’m not having people asking for bailouts from Florida!!!! FLORIDA!!! Is that even a state?!?!!”

“We will make a list of all the people who have invested their money and how much they have invested. We will keep that list in a safe place. If the list were to be lost, that would be bad.”

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[Toadman]

Douche. Lol. “That’s where we teach, that’s where our interns learn how to tell everyone how smart we are and then apply for bailout loans to the tune of 107 Billion dollars.”

“I’m not having people asking for bailouts from Florida!!!! FLORIDA!!! Is that even a state?!?!!”

“We will make a list of all the people who have invested their money and how much they have invested. We will keep that list in a safe place. If the list were to be lost, that would be bad.”

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I'm guessing some Morgan Stanley employees will just take the pay cut to continue living and working out of state for the quality of life. Maybe the younger go getters will want to be in the office in order to stick their noses as far up their bosses butt as possible in order to get ahead.

[Ted Striker]

I too fucked up and didn’t buy a house in Bend in 2010. But you know, our timeline was short and all the experts said that we would lose money on the transaction costs.

All of the places we were considering are all worth $400k more or more than we would have paid and would have nicely cash flowed rent.

Me three in 2011. Our plan was buy something modest in the location we liked, turn it into a long term rental, and move there at some future point. Hindsight = 20/20

[liv2ski]

In my case I just always wanted to be within an hour of skiing and Flatelor would of suited me to a tee. Could of sold our place, bought a nice home there cash and a few rentals. Good game plan until my born and raised Coronado wife rolled her eyes at me. O well, it all worked out, just differently than I would of done it.

[altasnob]

Hasn't Bellingham, San Diego, Seattle, Portland, and all the other desirable places in the West appreciated just as much as Bend in the last decade? Bend is a more volatile market than the larger metro areas in the West, so the highs and lows stick out.

[californiagrown]

I'm guessing some Morgan Stanley employees will just take the pay cut to continue living and working out of state for the quality of life. Maybe the younger go getters will want to be in the office in order to stick their noses as far up their bosses butt as possible in order to get ahead.

i think "soft cues" is an apt term that describes what ive had trouble putting into words. I feel like the folks still full-time WFHing are falling behind (at my company) as its harder to mentor someone if you have to pick up the phone every time to give them some advice, or they dont get to overhear you on a call deal with a situation. Or they arent physically there "in the shit" with you when a fire drill happens, nor are they there afterwards when your sharing a beer on friday afternoon talking smack about the client that caused the fire drill.

Company culture was a HUUUUUGE thing before the pandemic- its why millions were spent on lavish corporate campuses, wacky open office layouts, employee retreats, fringe benefits, etc. The importance of company culture didnt just go away. What we learned is that good, strong company culture isnt neccessary to productive employees in the short term... but when the newness of WFH wears off, the fear of a global meltdown ceases, and people are still pulling 60hr workweeks with lots of stress and no time to unwind on the commute home, not seeing their coworkers for HH or lunch and losing the sense of community that good companies have, i bet folks want to come back to work. How many people love what they do? how many people get paid enough to do something they hate and still be happy? Not that many... so its usually the company culture and comradery with coworkers that make people want to work hard and be happy with their careers and company. At least that has been my experience personally, and with the large majority of people i know. YMMV.

[dunfree]

No, what you learned was some company’s have a good strong productive online culture, and others don’t. Offices are just an aspect of corporate culture.

[summit]

Company culture was a HUUUUUGE thing ... millions were spent on lavish corporate campuses, wacky open office layouts, employee retreats... The importance of company culture didnt just go away. When the newness of WFH wears off and people are still pulling 60hr workweeks with lots of stress and no time to unwind on the commute home, not seeing their coworkers for HH or lunch and losing the sense of community... i bet folks want to come back to work. ... its usually the company culture and comradery with coworkers that make people want to work hard and be happy with their careers and company.

[RootSkier]

no time to unwind on the commute home

Never knew this was a thing, unless you are on a bike.

[abraham]

I dated someone who lived 3 minutes from my office, it's a thing even in a car.

[californiagrown]

Never knew this was a thing, unless you are on a bike.

Haha, when my commute was an hour fifteen of traffic each way it sure sucked and i vowed to never do that again. But my commute now is 15 minutes along a lake frontage road and through a small state park. Even when i did have a bad commute the one silver lining was having a physical boundary and time buffer between work and home. a 15-20 minute commute is ideal for me- it gives enough time to catch up on top news stories for the ride in, and then decompress a bit on the ride back and isnt so long to cause schedule issues. IMO of course.