Real Estate Crash thread

[mcski]

You have the right team, wrong player

[ötzi]

out with it

[Name Redacted]

[JimmyCarter]

Those guys must have been swimming in pussy with a sweet pad like that

[sirbumpsalot]

Graph:

[Percy Rideout]

Graph:

Buy and hold, if you can. Lack of inventory will insulate the housing market from a deep crash in anywhere mildly desirable. Millenials and GenZ fucked over once again.

[Supermoon]

Buy and hold, if you can. Lack of inventory will insulate the housing market from a deep crash in anywhere mildly desirable. Millenials and GenZ fucked over once again.

[fastfred]

ain't going to happen
everyone gets bailed out and the national debt goes to 41 trillion in a week
boomers are dying so what do they care they just want to keep milking society for the sake of owning a tesla and saying they care

mitchy McConnel tripped over his shoe laces until we get rid of these 80 year olds running the country this is what we get

[yeahman]

My dad has a twin home in Maricopa, AZ that he has had on the market for several months with almost no action. Realtor says the market there is just dead.

[Toadman]

Was thinking about the S&L crisis way back in the day. If banks start failing, that could be the beginning of a crash in RE values also if history repeats.

Bank stocks getting taken for another wild ride today. And not just here in America. Is this where we get the all is good messaging from the Feds and nothing to worry about?

[fastfred]

a client said he would be unavailable all this week last saturday
he's the big wig and a big bank
and guess what he hasn't answered any texts or emails this week

[californiagrown]

3 houses just went up for sale last weekend on my neighborhood dog-walk loop in the Seattle suburbs. 2 of them are right next door to each other. All listed for way more than they should be worth.

[Danno]

Bank stocks getting taken for another wild ride today. And not just here in America. Is this where we get the all is good messaging from the Feds and nothing to worry about?

[summit]

Holy fucking shit! Have you seen this "Just Cause Eviction Bill" in CO?

https://kdvr.com/news/local/just-cau...olorado-house/

Basically says that once you sign a lease with a tenant, the only way to get rid of them (unless they straight up violate the lease) is to sell or do a major remodel, and then you have to give them 2 months rent assistance to get them out.

You can't simply say "hey I'm not renewing your lease at the end." You have to let them stay.

I'm not a landlord, but I would NEVER rent long term ever with a law like that in place.

[liv2ski]

CA is pretty close to that. These new laws are making owning a rental a lot less desirable for sure. Downside for tenants, is the screening process to rent a place from me got way tougher.

[sirbumpsalot]

Holy fucking shit! Have you seen this "Just Cause Eviction Bill" in CO?

https://kdvr.com/news/local/just-cau...olorado-house/

Basically says that once you sign a lease with a tenant, the only way to get rid of them (unless they straight up violate the lease) is to sell or do a major remodel, and then you have to give them 2 months rent assistance to get them out.

You can't simply say "hey I'm not renewing your lease at the end." You have to let them stay.

I'm not a landlord, but I would NEVER rent long term ever with a law like that in place.

You think thats awesome? Portland wants a cap gains tax on everyone in the county to pay a bunch of lawyers $4000 to defend against each eviction. And the cap gains rate is variable from year to year so good luck planning:

https://www.wweek.com/news/2023/03/1...uncertain-net/

I think its awesome. But then again I don't live in Portland but thats beside the point right?

[rideit]

I would start requiring two months and security, and use that for those last two months.

[liv2ski]

I would start requiring two months and security, and use that for those last two months.

Doesn't work that way.

[S_jenks]

One anecdote I can offer is that we just secured a rental in Lacey, WA and much like with renting here in MT there is a hefty screening process involved.

Lots of opportunities for a landlord (or in this case a property management company) to deny an applicant before they ever snag the place, and if we didn't have a crystal-clear-perfect record to show I'm sure there would be a lot of hassle trying to secure a place.

We'll see how things develop around Oly through the rest of '23, but we are certainly rooting for any kind of slowdown in the housing market here.

[Danno]

That bill is ridiculous. I'm all for robust tenant protections, but you shouldn't be forced to renew someone's lease. What's the point of a lease length if a landlord has to renew forever?

[climberevan]

Yeah that bill is BS. I hear stories from CA as well and am sure glad to be in NV with my little rental. I'm not sure it would even be worth it to rent if i couldn't get people out of MY PROPERTY when their lease was up. WTF?

[Jax]

Pertaining to Colorado, can't you just raise the rent if no controls in place, cite 'market rate' and inflation like they all do when it comes time to renew the lease? Seems to me that would flush out a tenant that you want to leave, no? Or does the bill actually state that you can't raise the rent?

[Danno]

Pertaining to Colorado, can't you just raise the rent if no controls in place, cite 'market rate' and inflation like they all do when it comes time to renew the lease? Seems to me that would flush out a tenant that you want to leave, no? Or does the bill actually state that you can't raise the rent?

I haven't read the bill, but the article says this:

The bill only allows an eviction if a tenant:
[snip] refuses to sign a new rental agreement with terms that are basically identical to the current one.

And I can't imagine that they would make it so difficult to evict but allow a giant loophole of doubling the rent on the existing tenants, getting them to move out, then advertising for the original rent or similar.

[Dantheman]

This sounds like de facto rent control.

[liv2ski]

That bill is ridiculous. I'm all for robust tenant protections, but you shouldn't be forced to renew someone's lease. What's the point of a lease length if a landlord has to renew forever?

Our plan in the next 3 years (after pups over the rainbow bridge) was to also rent out our home for 2 years, to go live in Yurp. That plan is in jeopardy if I can't give notice to move back in.