Real Estate Crash thread

[Conundrum]

Something about arguing with idiots bringing you down to their level... I've fallen for it too.

[skaredshtles]

Just for example - I suspect the people that own this house are/were poor:

https://www.zillow.com/homedetails/7...08949859_zpid/

Just a guess, though...

ETA: check out that jump in value in '14/'15 - $6,820 to $15,000! I bet they checked their net worth that year and started planning their exit strategy...

[Meadow Skipper]

Its just another corner case like you all point to...but we all know what Benny means. Some folks here just like to argue IMHO.

Benny said.

They're not poor if they own a house outright.

…which is demonstrably stupid. Stand with him if you like, I’ll be glad to pass judgement on you for it.

[Meadow Skipper]

Something about arguing with idiots bring you down to their level... I've fallen for it too.

Point taken.

[Benny Profane]

You're a very angry person. Living in poverty in NM?

[skaredshtles]

Point taken.

[Meadow Skipper]

You're a very angry person. Living in poverty in NM?

Hahahahahahahahaha! Lamest comeback yet. Benny, want to place a bet on whether you or I have more ‘assets’? Instead of a ski-off, I propose having a ‘net-worth off.’

[mcphee]

Most sources in US that "I see" are income based which I always thought was odd. I have friends who work businesses that have claimed upper 1% incomes one year followed by "poverty incomes" the next 5....and they aren't starving. Heck I have a contractor working for me now that keeps his income under $30,000-ish to qualify for Obamacare subsidies (poverty), lives in metro Denver and just forked out big $$$ for benny's dream (a summit county condo)....again not starving...but does get picked up the gvmt stats.

Its just another corner case like you all point to...but we all know what Benny means. Some folks here just like to argue IMHO.

Sounds like a real POS, but you know, birds of a feather and all.

[mcphee]

Hahahahahahahahaha! Lamest comeback yet. Benny, want to place a bet on whether you or I have more ‘assets’? Instead of a ski-off, I propose having a ‘net-worth off.’

Dude eats cat food and can't afford an AirBNB for a week this winter. Take it easy on him and bless his heart.

[concretejungle]

Hahahahahahahahaha! Lamest comeback yet. Benny, want to place a bet on whether you or I have more ‘assets’? Instead of a ski-off, I propose having a ‘net-worth off.’

Benny going to lose either way.

[skaredshtles]

Benny going to lose either way.

Truth ^^^

[old_newguy]

Most sources in US that "I see" are income based which I always thought was odd. I have friends who work businesses that have claimed upper 1% incomes one year followed by "poverty incomes" the next 5....and they aren't starving. Heck I have a contractor working for me now that keeps his income under $30,000-ish to qualify for Obamacare subsidies (poverty), lives in metro Denver and just forked out big $$$ for benny's dream (a summit county condo)....again not starving...but does get picked up the gvmt stats.

Its just another corner case like you all point to...but we all know what Benny means. Some folks here just like to argue IMHO.

I’m asking a the person who said that “technically” Benny was right if the technical definition of poverty in the US includes owned assets, not some corner case that conveniently makes your point.

That person as far as I know would know of such a agreed upon definition as I believe they are some sort of professional in the accounting/bookkeeping/number cruncher world.

[Kevo]

https://issuu.com/jhsir/docs/idahoma...rce=activepipe

"While Teton Valley, Idaho, has often been referred to as the“Quiet Side of the Tetons,” the west side real estate market has been anything but “quiet” for the last 12 months. Arguably stifled by a lack of inventory and rapidly escalating prices, the home segment of the Teton Valley market saw “only” a 55.7% jump in overall transactions thus far in 2021, but a 180.6% increase in dollar volume. So while one of out five sales in 2021 involved a house, more than half of the YTD dollar volume in Teton Valley involved home sales (or $121.1M out of the total YTD market dollar volume of $236.1M). A surge in the upper-end of the market (that is, listings of more than $1M) helped fuel the statistics. In the first six months of 2020, only three homes sold in excess of $1M. Thus far in 2021, that number has sky-rocketed to 41 sales of homes greater than $1M and has pushed the average home price in Teton Valley to $984,000."

Things seem ridiculous here at the moment. I guess those numbers confirm it.

A house is going up down the street- builder says his costs are coming out to $380/sf. At a little more than 2k square feet and the lot being worth somewhere around $100k now, he's going to list it for $1MM+.

Lots of rumors swirling about Targhee being sold in the near future. That'll only add fuel to the fire.

[Supermoon]

I’m asking a the person who said that “technically” Benny was right if the technical definition of poverty in the US includes owned assets, not some corner case that conveniently makes your point.

That person as far as I know would know of such a agreed upon definition as I believe they are some sort of professional in the accounting/bookkeeping/number cruncher world.

Poverty in the US is strictly based on income and doesn’t take into account rent or mortgage payments.

Homeowners as a whole are much better off than renters but low income homeowners struggle just like other low income people.

https://www.urban.org/urban-wire/low...-costs-renters

[The AD]

Ballard (Seattle) area $800k tear-down on a 5,000 sq ft lot. A more desirable location than the one I posted yesterday, but still--wow.
https://www.redfin.com/WA/Seattle/67...17/home/496788

[Conundrum]

$12,880 in annual income for a single person is the federal poverty definition. Pretty easy to define (and google) if you want to use the federal definition. Doesn't list assets as a measure.

https://aspe.hhs.gov/topics/poverty-...rty-guidelines

[AdironRider]

Yeah sure fellas, and when businesses claim zero profit (ala GM and Amazon or just that local contractor example above) it totally means they didn't actually make money....

[Conundrum]

Businesses don't live below the federal poverty line. People do.

[Mazderati]

But businesses are people.

[simple]

It's like arguing with Tucker Carlson....constant whataboutisms and never admitting their statement is based on opinion and not facts.

[AdironRider]

Businesses don't live below the federal poverty line. People do.

Quit being obtuse, you know the point being made.

Or maybe not, as the guy who bitches about paying taxes on millions of dollars of real estate as if it is an actual hardship.

[Conundrum]

Something about arguing with idiots bringing you down to their level... I've fallen for it too.

Dang it. Slipped on the banana peel. I saw it too.

[Mazderati]

Regardless of federal definitions which may or may not be practical or representative, I do think you have to take equity into account when trying to come up with a definition of poor. Someone who owes $50k on a $100k house is in a very different position than someone who owes $50k on a $2MM house.

[skaredshtles]

Yeah sure fellas, and when businesses claim zero profit (ala GM and Amazon or just that local contractor example above) it totally means they didn't actually make money....

Just out of curiosity... what point are you trying to make here with regards to the discussion?

[Ted Striker]

Ballard (Seattle) area $800k tear-down on a 5,000 sq ft lot. A more desirable location than the one I posted yesterday, but still--wow.
https://www.redfin.com/WA/Seattle/67...17/home/496788

lol at "Liveable fixer/DIY/teardown"

That's like a buffet at the worst restaurant in town. Eat as much as you want, it's all crap!