Real Estate Crash thread

[goldenboy]

But to bring it back to real estate, I know a bunch of 20 somethings living in places like Des Moines, Grand Junction, Laramie and so on that have purchased real estate, have good jobs and are generally enjoying life.

Interesting picks, not sure how alike they are. Laramie and GJ have tremendous recreational opportunities. Des Moines, not so sure. I couldn't live there but I could live in the other 2.

[Foggy_Goggles]

For those kids (their parents are my age) the only parallel is that the went there for school (due to relative affordability), stayed for the relative affordability, come back there to hang out, go skiing and such and explain to me that a big part of the reason they are happy versus peers that made different choices is that they don't feel crushed by bills or expectations.

There are no right answers but I would be more happy (primarily for mental health reasons) by living comfortably somewhere less cool than here than feeling a bit squeezed in a premium location. So when I think about enjoying life and how fucking expensive it is around here and see what financial hardship (real or perceived, good choices or not), I see the appeal of other places.

[MiddleOfNight]

I ride a lot in GJT/Fruita - housing is def cheaper, but has blown up lately too - I wonder if wages are proportionately lower there? I know of some folks live who there, work here and gotos during the work week.

new assessed values, 60-100% increases. and sadly, appraisals support it (might actually support more)

[snowaddict91]

I moved to Montrose from SLC in large part due to the affordability while still having decent access to recreation.

It is definitely blowing up here though. My assessment increased 40% since 2020.

[goldenboy]

Yeah Foggy, I hear you, life could be easy elsewhere. But there's no way I could live in Iowa no matter how cheap it is. I'll cash out someday and GJ is on the list, just not the short one. Too hot for me, but almost everywhere is.

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[Supermoon]

A tough one about some places that are cheap is that I wouldn’t really vibe with any of the people there. Both politically and socially I fit in much better in a bigger city, and I like the diversity that comes with it (one of the issues I have with Portland and the mountain west compared to like DC or Philly or even parts of the Bay Area)

[CarlMega]

I’m curious about this. Ours went up 30% or so. Not sure how to feel about the assessed value.

I’ve appealed in the past with no luck. I might not know the tricks though.

I'm in the same boat. TBH - still below fair market value and I had a long run with it being waaaay below value. I dunno.

[skaredshtles]

A tough one about some places that are cheap is that I wouldn’t really vibe with any of the people there. Both politically and socially I fit in much better in a bigger city, and I like the diversity that comes with it (one of the issues I have with Portland and the mountain west compared to like DC or Philly or even parts of the Bay Area)

I had a work colleague that retired a few years back and moved to Galesburg, IL from metro Denver. Small college town, cheap real estate, on the train line to Chicago/O'Hare for travel. He is a progressive soul, and has seemed to find things to his liking there.

It's worth a thought, eh?

[CarlMega]

But there's no way I could live in Iowa no matter how cheap it is. I'll cash out someday

Agreed. Tho - maybe I could use an Iowa as a cheap homebase in the US to return from foreign travel and then launch again to roam stateside.

Getting into a weird spot where my life period is pulling me to crave predictability and stability... but I can't override my built in lust for exploration. I live in place I love... been here a while. But things invariably change and got enough life under the ol' belt to notice it. And maybe bothered by it - attachment and all that. No country for old men I guess. Trying to figure out what to do - another big life adventure? Or secure that anchor and line it all up to keep on, keepin on?

What I can say is... I don't have the time or energy for a fixer-upper community. Those kids moving to Laramie and the like - hell yeah, lean into it and make it even better. They got the time and sweat equity if you will. You always read about ppl wanting great areas, great access, solid community.... for cheap! Lol. That's never been the case - if you want a turn key community, you gotta pay for it - someone else already did that and brought the value. If you want it cheap, find a place that is well located but lacks the rest. Now get to work making it great; hopefully you can be part of a critical mass of like minded ppl all pitching in.

[Supermoon]

I had a work colleague that retired a few years back and moved to Galesburg, IL from metro Denver. Small college town, cheap real estate, on the train line to Chicago/O'Hare for travel. He is a progressive soul, and has seemed to find things to his liking there.

It's worth a thought, eh?

Damn he can get the train all the way out there? You are almost further away from Chicago than Madison.

Last October I took my wife back to Wisconsin with me and she was blown away, but I had to remind her that January exists on Lake Michigan and it’s a whole different animal.

[Core Shot]

I moved to Montana from Wisconsin by myself, and without parents going with me, to go to college and establish residency for a year when I was 18. Never went home for summers and never understood why people would, they must have had family they liked or they didn't like full time jobs and wanted to fuck off all summer. I wasn't aware at the time what I was doing was rare.

So yeah. You don’t like family. And you have no friends.

[MagnificentUnicorn]

In college in CO nearly everyone who was in to mountain sports was out of state while the born and raised CO kids were mainly into the Broncos and city stuff. I know several people here born and raised in Bozeman and Sun Valley who never venture into the mountains. The pendulum swings back and forth. These mountain towns are filled with go getter, driven, Eastcoasters and Midwesterners. The people who grew up out West are generally more lazy.

This tracks.


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[skaredshtles]

Damn he can get the train all the way out there? You are almost further away from Chicago than Madison.

Last October I took my wife back to Wisconsin with me and she was blown away, but I had to remind her that January exists on Lake Michigan and it’s a whole different animal.

It's on the main Amtrak line west, IIRC. Apparently works well for getting to O'Hare. I can't speak to it with any 1st hand knowledge, though.

[stapes]

I had a work colleague that retired a few years back and moved to Galesburg, IL from metro Denver. Small college town, cheap real estate, on the train line to Chicago/O'Hare for travel. He is a progressive soul, and has seemed to find things to his liking there.

It's worth a thought, eh?

Ha. Wife and I are both from IL. Different parts. But during the middle of Covid I kept looking at property on Zillow around Galesburg and half joking we should sell our place in CO and move back there. Acreage, etc. There’s enough outdoor opps in that area and a days drive to keep me busy. But then I’d remember the humidity…

Edit: I’m wrong. It was Galena I was looking at….but I’ve taken that Amtrak from Galesburg to Denver once.

[stapes]

I'm in the same boat. TBH - still below fair market value and I had a long run with it being waaaay below value. I dunno.

Yep very similar. I was definitely below fair market for a few years. In fact I think I fucked myself by appealing one year. Idk what to think.

TipsUp I may shoot you a PM.

[Shredhead]

It's worth a thought, eh?

No, your friend is full of shit.
It would take half a day to get to ORD from Galesburg via Amtrak, which is pretty much a shithole.


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[MiddleOfNight]

Yep very similar. I was definitely below fair market for a few years. In fact I think I fucked myself by appealing one year. Idk what to think.

TipsUp I may shoot you a PM.

Other than tax implications, I can't tell what else the number does? if you sell you get an appraisal anyway, it's not like anyone would use the assessor's number to negotiate?
I called them to ask how they determined the increase to that number - something about comparable sales in the area and square footage and what they thought it was worth in june 2022. Didn't seem like an appeal was something I'd win.

[Danno]

Not really sure where to put this picture so I'll put it here, seems somewhat relevant

[ColMan]

Funny that Galesburg popped up in this thread. Spent a lot of holidays there and a part of a summer at my grandfather's farm growing up. Was back for a funeral right before Covid and the downtown area has really blown up. 2-3 breweries, new restaurants, some great dive bars, and a small college-town vibe (Knox). Could never live there but everyone is typical midwest friendly and the bass fishing kicks ass. The old homes are still affordable: https://www.realtor.com/realestatean...1_M72943-74231

[mud]

That Denver picture really sets the tone for real estate investment after a town wins a Super Bowl.
Back when going to El Chapultepec was dangerous.

[skaredshtles]

<snip>Back when going to El Chapultepec was dangerous.

Now you can't go there at all.

[mud]

Went to being out in the boonies to across the street from Coors Field.
At least Lions Liar is still around.

[skaredshtles]

Went to being out in the boonies to across the street from Coors Field.
At least Lions Liar is still around.

And Herb's.

[Foggy_Goggles]

Favorite Denver Dive Bar?

Don's Mixed Drinks

Candlelight

The 'Pus

The place near Pete's on Colfax

I've forgotten so many

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[skaredshtles]

<snip>

The place near Pete's on Colfax

Mmmm... Pete's Kitchen at 2:30am...