Results 23,251 to 23,275 of 26889
Thread: Real Estate Crash thread
-
01-20-2023, 10:03 AM #23251Registered User
- Join Date
- Sep 2015
- Posts
- 162
San Francisco Bay Area House Prices Plunge 30% from Crazy Peak: Housing Bust 2 | Wolf Street
When people's primary residencies start dropping, I wonder how long before they start considering selling their vacation homes that they are less likely to work remotely from? I've noticed a lot more spec builders putting half-finished homes on Zillow asking for what they've got in it if you pay them to finish the home.
-
01-20-2023, 10:51 AM #23252
Getting a ride home this morning, my Uber driver thought we were looking at as much as a 50% decrease in values from the top 12 months ago. He must be reading some pessimistic stuff as I don't see the impetus to make that happen unless a fuck ton of people in CA loose their jobs.
-
01-20-2023, 11:04 AM #23253man of ice
- Join Date
- Jun 2020
- Location
- in a freezer in Italy
- Posts
- 7,181
I knew the '08 crash was coming when a taxi driver in Dublin started telling me what a sweet deal he had going with Florida condos, so maybe your Uber driver knows something.
-
01-20-2023, 12:10 PM #23254
In a similar vein, I knew the 08 crash was coming when a local developer asked me to participate in his Ponzi scheme.
-
01-20-2023, 12:16 PM #23255
I always found the Berry guy's story ridiculous in that he was at the strip club and realized these hookers cant afford houses so lets short the market. You might have been right but that was definitely not the reason, but probably got him out of a jam in his marriage.
Live Free or Die
-
01-20-2023, 12:28 PM #23256
-
01-21-2023, 07:00 AM #23257
The stupid pricing was driven by cheap money and work from home.
That ship has sailed.
I expect 20 to 30% corrections in vacation markets. Maybe more. Depending on desirability.
Otoh. If you can hold your second home at sub four percent interest and still afford it why would you sell?
-
01-21-2023, 07:49 AM #23258
-
01-21-2023, 08:27 AM #23259
Shit box prices in my old East Bay Area hood are still higher than when I sold in 2021.
-
01-21-2023, 10:11 AM #23260one of those sickos
- Join Date
- Oct 2005
- Location
- Tahoe-ish
- Posts
- 3,141
Yeah, my sis just bought a place in Berkeley after a long search. Prices haven't really gone down, but the insane bidding wars have abated. 6.5% mortgage, though: ouch!
ride bikes, climb, ski, travel, cook, work to fund former, repeat.
-
01-21-2023, 12:28 PM #23261
-
01-21-2023, 10:11 PM #23262
We still haven’t found the bottom. Microsoft announced they’re cutting 10,000 jobs. Central Oregon real estate is down 19% from peak market.
-
01-24-2023, 05:30 AM #23263Minion
- Join Date
- Jan 2023
- Location
- Spain
- Posts
- 1
I wouldn't be able to cover my expenses for renting an apartment in Mallorca and paying a mortgage (according to Yes! Mallorca Property Prices report).
-
01-24-2023, 06:06 AM #23264
Still getting almost weekly unsolicited txts/letters from investors wanting to pay "cash today" for my rental properties.
-
01-24-2023, 07:04 AM #23265
Sharks smell blood in the water.
My boat dealer is clearly getting desperate on model year 23 boats after giving everyone with a fresh heloc a ticket to the water over the past couple years. 30% off MSRP on a new Malibu is the latest offer and that was the opening salvo. I'm holding out to July and see how desperate they get.Live Free or Die
-
01-24-2023, 07:06 AM #23266
A home listed fourth quarter last year popped up in my feed yesterday. Reason? Price increase.
-
01-24-2023, 08:57 AM #23267
-
01-24-2023, 09:04 AM #23268Registered User
- Join Date
- Mar 2008
- Posts
- 112
-
01-24-2023, 09:22 AM #23269
Always an interesting predicament. My guess is that broker prices low promising multiple offers, which could have been sound advice this time last year. Some guys and gals only do a deal or two a year and work from home, they can be slow to adjust strategies. I tend to call the listing agent and pick their brains a little if I have a client interested in one of these. Who knows they could have replaced the HVAC or roof.
-
01-24-2023, 09:28 AM #23270
No way peak vacation areas with huge local housing crunches like Aspen, Tahoe, Summit, Vail are going to correct 20-30%... at least not in the less than 1-1.5 million dollar properties. It didn't after 2008 either. I doubt even 10%. It corrects 20% and I'd buy a second property as a rental.
Last edited by summit; 01-24-2023 at 09:50 AM.
Originally Posted by blurred
-
01-24-2023, 09:36 AM #23271
What place in the US is (or is going) to correct 20-30%? Even places like Seattle and San Francisco are just seeing minor price corrections, not even close to pre-pandemic prices. Even with all the local tech layoffs and people supposedly fleeing the city.
https://fred.stlouisfed.org/series/SFXRSA
https://fred.stlouisfed.org/series/SEXRNSA
-
01-24-2023, 09:40 AM #23272I drink it up
- Join Date
- Oct 2002
- Location
- my own little world
- Posts
- 5,838
I think some other shit is gonna have to break grievously for prices to “correct” beyond, say, 10%.
But I’m a shit prognosticator.focus.
-
01-24-2023, 09:43 AM #23273
I hope y'all preaching massive price corrections are correct, because that's how I can get back in. But I don't see it coming, at least not in the really good places. But the market has softened for sure, so maybe sometime soon I can buy. But I'm also fine renting right now.
"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
-
01-24-2023, 09:54 AM #23274
Danno, I thought you recently finished a big remodel? You sold that place?
-
01-24-2023, 10:08 AM #23275
Last edited by Danno; 01-24-2023 at 11:12 AM.
"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
Bookmarks