Real Estate Crash thread

[liv2ski]

Quoting for posterity

Jesus TBS, what did I miss? I have no idea how you could of pissed Benny off that much for him to threaten you. Whatever, irl he is a good guy and I am certain everyone here would enjoy skiing with him.

[Tips^Up]

Outlying areas always correct first and then the closer in areas may start to see the effects of weaker demand

Colorado broke this during GFC. Denver crashed about a year before the mountain markets. Unless Denver is the outlying area to the resorts, in which case you are correct?

[Toadman]

Nice fixer upper/starter home here in Bend for the DIY person.

https://www.redfin.com/OR/Bend/1595-...5fbnVtYmVyPTA=

[skaredshtles]

Nice fixer upper/starter home here in Bend for the DIY person.

https://www.redfin.com/OR/Bend/1595-...5fbnVtYmVyPTA=

lol

[Dantheman]

Nice fixer upper/starter home here in Bend for the DIY person.

https://www.redfin.com/OR/Bend/1595-...5fbnVtYmVyPTA=

My Dad still refuses to believe me when I tell him that his GF's well-kept turnkey house on Hayes Ave is worth at least $800k. IIRC she paid $385k 5-6 years ago.

[skaredshtles]

My Dad still refuses to believe me when I tell him that his GF's well-kept turnkey house on Hayes Ave is worth at least $800k. IIRC she paid $385k 5-6 years ago.

You tell him that a million bucks ain't what it used to be? Old dudes love it when you tell 'em that.

[phatty]

Good for you. Honestly the smartest thing a person can do, pay the house off asap.

Yep. I try to avoid any type of debt, even cheap debt. Would rather not have a mortgage than have a "cheap" one. Every one I know who loaded up on cheap mortgage money to use for other investments has taken it in the shorts in this downturn and is regretting it. It may pay off for them in the long run, but the headache isn't worth it to me.

[CarlMega]

Nice fixer upper/starter home here in Bend for the DIY person.

https://www.redfin.com/OR/Bend/1595-...5fbnVtYmVyPTA=

Heh. I didn't see the price before I clicked thru the pics. I was like: 'this is a perfectly reasonable starter home'.

[byates1]

Jesus TBS, what did I miss? I have no idea how you could of pissed Benny off that much for him to threaten you. Whatever, irl he is a good guy and I am certain everyone here would enjoy skiing with him.

No. Irl he is the person/ thoughts posting on this forum. And he pretends to be a nice guy skiing.

[Danno]

Jesus TBS, what did I miss? I have no idea how you could of pissed Benny off that much for him to threaten you. Whatever, irl he is a good guy and I am certain everyone here would enjoy skiing with him.

I thought Harry was the only one who met him, you have too?

BTW, if you click on the little arrow next to Benny's name in the quoted post, it's a link that will take you to that post with all original context.

[Toadman]

My Dad still refuses to believe me when I tell him that his GF's well-kept turnkey house on Hayes Ave is worth at least $800k. IIRC she paid $385k 5-6 years ago.

It's amazing what people are asking for that area.

[J. Barron DeJong]

Yep. I try to avoid any type of debt, even cheap debt. Would rather not have a mortgage than have a "cheap" one. Every one I know who loaded up on cheap mortgage money to use for other investments has taken it in the shorts in this downturn and is regretting it. It may pay off for them in the long run, but the headache isn't worth it to me.

It’s going to depend on the specific situation, but if you’re looking at either paying off a mortgage with a very low rate more quickly vs. investing more in a tax advantaged retirement plan, and you’re considering a long timeframe, then it doesn’t matter what the market is doing right now (except that the downturn is letting you buy stocks cheaper), and the extra money in retirement investments will have a higher expected return than the additional mortgage payments.

If the mortgage rate isn’t very low, investments aren’t going to be tax advantaged, time horizon is short, etc., that could change the calculation.

[dunfree]

Nice fixer upper/starter home here in Bend for the DIY person.

https://www.redfin.com/OR/Bend/1595-...5fbnVtYmVyPTA=

Sunk a bit of cash into the kitchen, but nothing else?

[J. Barron DeJong]

Sunk a bit of cash into the kitchen, but nothing else?

Hey now, looks like they put some money in the laundry room too. And don’t ignore the pink loveseats either.

[dunfree]

Hey now, looks like they put some money in the laundry room too. And don’t ignore the pink loveseats either.

i was trying to figure out what closed bar/restaurant those four corners were salvaged from to make a bastardized inglenook

[Toadman]

More ski town housing affordability issues. (Steamboat, CO)

https://www.yahoo.com/news/america-n...140650218.html

Cliff notes: People want single family homes that are affordable and not apartments or condos.

[Skistack]

Hmmm, maybe those folks should move to the Midwest, plenty of affordable single family homes there!


Sent from my iPhone using TGR Forums

[J. Barron DeJong]

More ski town housing affordability issues. (Steamboat, CO)

https://www.yahoo.com/news/america-n...140650218.html

Cliff notes: People want single family homes that are affordable and not apartments or condos.

That’s not really how it works. Generally the best way to help with affordability is to allow more building, and especially dense building: condos, apartments, duplexes, etc.

There’s no solution that makes large single family homes, on large lots, in highly desirable locations, affordable. Allowing some dense housing will help the single family pricing a little, but I doubt it would bring it down to what these people are considering affordable.

[comish]

Good for you. Honestly the smartest thing a person can do, pay the house off asap.

^Not always true.

I'm pretty stoked on my cash out 2.625% 30yr fixed for Condo that enabled me to buy a house w a 2.75% 30yr fixed. Not gonna pay off either anytime soon...

Totally depends on what one does w proceeds. If u can cash flow and make a nice return significantly above ur cost of capital, Ala > 2.625%, why not hold the loan? My yield is approx 8x what I'm paying P&I on that loan and I would have never been able to pull this off w/o the loan. Even if u throw in taxes, HOA, and maintenance I'm netting 4x my total nut annually.

Poster that posted how avg. Payment has nearly doubled in last 18 mo's is a very interesting stat. It will be very interesting to see where pricing goes. My condo in Mammoth is up about 4x since 2012 based on recent unrenovated comp. Bonkers.

Sent from my SM-S906U using Tapatalk

[californiagrown]

That’s not really how it works. Generally the best way to help with affordability is to allow more building, and especially dense building: condos, apartments, duplexes, etc.

There’s no solution that makes large single family homes, on large lots, in highly desirable locations, affordable. Allowing some dense housing will help the single family pricing a little, but I doubt it would bring it down to what these people are considering affordable.

For most people, condos and apartments make a lot of sense. However, most people think they need way more than they actually do and feel entitled to more than they need.

I would have been totally fine staying in my 2bedroom condo with my wife, kid, and dog. It has everything we needed, and nothing we didn't. But I'm not into status symbols (which houses are), and most Americans are VERY much into status symbols. So much so they will sacrifice their financial futures to buy a home to feel they finally "made it".

[El Chupacabra]

I thought Harry was the only one who met him, you have too?

BTW, if you click on the little arrow next to Benny's name in the quoted post, it's a link that will take you to that post with all original context.

Mrs C and I met him at Snowbasin once, skied with him part of the day. Benny, in person, was actually a nice guy and good skier.

Weird how his personality on here became so crotchety.

[rideit]

Well, ain’t no slowing here…yet. House five doors down went on the market a few weeks ago for $1.65m.
kind of dumpy house, odd layout. Can’t be redeveloped, etc. 10 bids the first day, went for $1.95m. There is simply no inventory, and that’s not really ever going to change in any way that would put downward pressure on prices.
yeesh.
Our friend who sold it has free housing with the Forest Service, is retiring in 5 years, and owns 10 acres near Glacier National Park. He’s set.

[AdironRider]

^Not always true.

I'm pretty stoked on my cash out 2.625% 30yr fixed for Condo that enabled me to buy a house w a 2.75% 30yr fixed. Not gonna pay off either anytime soon...

Totally depends on what one does w proceeds. If u can cash flow and make a nice return significantly above ur cost of capital, Ala > 2.625%, why not hold the loan? My yield is approx 8x what I'm paying P&I on that loan and I would have never been able to pull this off w/o the loan. Even if u throw in taxes, HOA, and maintenance I'm netting 4x my total nut annually.

Poster that posted how avg. Payment has nearly doubled in last 18 mo's is a very interesting stat. It will be very interesting to see where pricing goes. My condo in Mammoth is up about 4x since 2012 based on recent unrenovated comp. Bonkers.

Sent from my SM-S906U using Tapatalk

It is much easier (and in many ways much safer) to utilize leverage in real estate vs. stock investing which greatly increases your return. That makes it more than just a comparison of mortgage interest rate vs. annualized return on an ETF for example.

[rideit]

Two words: “diversified portfolio”

[skaredshtles]

most Americans are VERY much into status symbols. So much so they will sacrifice their financial futures to buy a home to feel they finally "made it".

You've met my BIL??