Real Estate Crash thread

[ColMan]

LLC Is $500 a year here. Fucking thieves.

Delaware LLC instead?

[altasnob]

What in the wide, wide world of COVID is going on in Seattle? I was up there in Feb. and there were boarded up retail stores all over down town Seattle. NYC by comparison looked semi-normal last week. (At least SOHO and the West Village)

I haven't been to downtown Seattle in awhile but downtown Tacoma is starting to look more and more normal (which for Tacoma, means not that busy). Amazon is booming and despite Bezos' attempt to divest from Seattle, they are more Seattle centric than ever, with no sign of that changing. The Bay Area is still astronomically expensive making Seattle "affordable" for California companies and their employees. And while people love to bitch about Seattle, it is still one of the nicest cities in the US. TGR work from home tech workers move to Teton Valley but there are still tons of work from home tech workers who don't mind living in Seattle and occasionally making their way downtown to collaborate.

[Benny Profane]

What in the wide, wide world of COVID is going on in Seattle? I was up there in Feb. and there were boarded up retail stores all over down town Seattle. NYC by comparison looked semi-normal last week. (At least SOHO and the West Village)

Daily riots?

[Yonder_River]

Daily riots?

Are you a local here now too? No daily riots are going on here and haven't been since last summer.

[Benny Profane]

There always seems to be the potential in that town. Weren't the kids trashing that place for weeks?

[Toadman]

Here's a nice starter home for those looking in Seattle. I mean $595 sq/ft is crazy though. Looks like a flip based on the last sold date.

https://www.redfin.com/WA/Seattle/62...5fbnVtYmVyPTI=

[glademaster]

Here's a nice starter home for those looking in Seattle. I mean $595 sq/ft is crazy though. Looks like a flip based on the last sold date.

https://www.redfin.com/WA/Seattle/62...5fbnVtYmVyPTI=

You mean $595 sq/ft is crazy cheap, right?

[Ted Striker]

Maybe that stretch of Rainier has gentrified, but I'm guessing you can still buy meth within 500 feet of that house, the convenience store still gets robbed on the reg, and anything not locked up walks away.

And all of this can be yours for only $595/sq ft!

[Yonder_River]

There always seems to be the potential in that town. Weren't the kids trashing that place for weeks?

Yes, there is potential, but luckily we aren't Portland. And luckily the best of Seattle food, drink and entertainment is not located in our downtown.

Maybe that stretch of Rainier has gentrified, but I'm guessing you can still buy meth within 500 feet of that house, the convenience store still gets robbed on the reg, and anything not locked up walks away.

And all of this can be yours for only $595/sq ft!

That is insane. I'll be a bit shocked if it goes for that. It's closer to the stretch of Columbia City, but still a block of the ave.

[LegoSkier]

Here's a nice starter home for those looking in Seattle. I mean $595 sq/ft is crazy though. Looks like a flip based on the last sold date.

https://www.redfin.com/WA/Seattle/62...5fbnVtYmVyPTI=

It is walking distance to Rainier BBQ in case you want your $2 Balut happy hour special. https://www.rainierrestaurant.com/menu

[Ted Striker]

Here's insane up in b'ham:
https://www.redfin.com/WA/Bellingham.../home/15818477

Asking for $350K/year gain for a decade

[abraham]

It is walking distance to Rainier BBQ in case you want your $2 Balut happy hour special. https://www.rainierrestaurant.com/menu

How have I never eaten there?
Crunchy conch, tamarind blood cockle, deer curry, grilled lemongrass goat?

[Toadman]

You mean $595 sq/ft is crazy cheap, right?

Hey, it's got a fenced in back yard, and updated kitchen. But that stretch of Rainier S. is not what I would call a great location. But it definitely has been improving over the years. I remember riding my bike in that area back in the late 90's. And the change from those days until recently has definitely seen some investment and gentrification. But $595 sq/ft is a bit much. But someone who is priced out of the market and in constant bidding wars might bite.

[Danno]

Here's insane up in b'ham:
https://www.redfin.com/WA/Bellingham.../home/15818477

Asking for $350K/year gain for a decade

hard to tell what happened, but it seems like it was either scraped and built or remodeled like crazy. So it surely is worth more than a "normal" 10 year appreciation, but that's still a nice haul if they can get it.

[John_B]

Here's insane up in b'ham:
https://www.redfin.com/WA/Bellingham.../home/15818477

Asking for $350K/year gain for a decade

That much money and you are still surrounded by drunk college students.

[altasnob]

Marshawn Lynch selling his house for $5.2 million:

https://www.redfin.com/CA/Richmond/1...1/home/1077743

https://www.thenewstribune.com/news/...251151629.html

[Ted Striker]

hard to tell what happened, but it seems like it was either scraped and built or remodeled like crazy. So it surely is worth more than a "normal" 10 year appreciation, but that's still a nice haul if they can get it.

I doubt they can.

The current owners put the addition on the north side, but IIRC the previous owners did the big remodel of the original house and added the decks.

[Ted Striker]

That much money and you are still surrounded by drunk college students.

Yeah, it's a crapshoot in that neighborhood. A friend used to live on Morey Ave (just above and to the north of that listing, about a few houses off campus) and it was surprisingly quiet, but another friend lived on High St and it was a 24/7 gong show.

[John_B]

Yeah, it's a crapshoot in that neighborhood. A friend used to live on Morey Ave (just above and to the north of that listing, about a few houses off campus) and it was surprisingly quiet, but another friend lived on High St and it was a 24/7 gong show.

I was over on Myrtle for a year and honestly didn't venture south much but figured the likelyhood was high.

[Choss Jonger, Sr.]

ten percent over asking escalation on a home we just bid on....JFC these oil tycoons need to just stay outta Malibu if you are asking me.

[Flounder]

Good article on the ongoing assessment in BTV. https://www.sevendaysvt.com/vermont/...t?oid=32909386. We live between the trailer park and Starr Farm Beach talked about in the article. Our neighborhood did ok compared to other parts of the city, old north end got hammered which is a shame. Of course the Mayors house didn’t go up anywhere near the average.

We had what I think was a successful appeal of our appraisal. The house is a story and a half cape and as I dug into the numbers I found they included uninhabitable space under the eaves. Their total sf was about 300 more than what I expected and it only took me a few minutes to find the area. Pulled up the set of plans, flagged where the disputed areas were, and sent photos. 15 minute zoom yesterday where we spent a few minutes explaining the issue and walking him through the photos. Spent the rest of the time talking mountains, he’s a Colorado guy stuck in Dayton for work. At the end he told us he’s going to tell the team to correct the sf. It’ll be interesting to see the final number. The 300 sf is 15% so it should be substantial.

[sirbumpsalot]

hard to tell what happened, but it seems like it was either scraped and built or remodeled like crazy. So it surely is worth more than a "normal" 10 year appreciation, but that's still a nice haul if they can get it.

Last sale was the bottom of the housing bust so that was probably a desperation price?

$4.7M makes no sense when Fairhaven oceanfront are bigger and half that price.

[old_newguy]

ten percent over asking escalation on a home we just bid on....JFC these oil tycoons need to just stay outta Malibu if you are asking me.

Somebody outbid us on a 2 bed 1 bath by over $100,000 in PDX recently. Crazy people.

[dan_pdx]

Last sale was the bottom of the housing bust so that was probably a desperation price?

$4.7M makes no sense when Fairhaven oceanfront are bigger and half that price.

Yeah, even in this market, that price makes no sense to me, especially for a lot that size. The stonework is awesome, but not so awesome that it justifies that price. You could spend half that even somewhere more expensive like Seattle and get a palace.

[Kinnikinnick]

ten percent over asking escalation on a home we just bid on....JFC these oil tycoons need to just stay outta Malibu if you are asking me.

Defacto min on nice stuff around here last few weeks.


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