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  1. #19126
    Join Date
    Feb 2015
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    MA
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    3,951

    Real Estate Crash thread

    Been that way for years in and around Boston up to ~800k. The pandemic pushed that activity to the $1.5M range for single families (some city condos too), even ~$2m in the toniest of towns/neighborhoods got really competitive. This past spring it felt like buyers were bidding as if their life depended on it. That’s cooled down a bit on average, think selling for 4-8% over asking, maybe with a contingency, vs 10-20% over list price with no contingencies and an open closing date. Some towns/neighborhoods haven’t cooled off at all.

  2. #19127
    Join Date
    Oct 2007
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    10,643
    We could have been under contract in a day but gave it a week to get more offers. Seems silly to accept the first offer when you could get higher ones if you give it a while. We ended up under contract for 10% over asking.

  3. #19128
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    Feb 2008
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    1,821
    Listed this past Saturday with an offer review date of Sunday, pending today.

    https://www.redfin.com/WA/Bellingham.../home/15762903

    Cause who needs more than 1 day to figure out if they want to buy a house and get their offer together?

  4. #19129
    Join Date
    Aug 2007
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    At the beach
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    16,492
    Quote Originally Posted by dan_pdx View Post
    Listed this past Saturday with an offer review date of Sunday, pending today.

    https://www.redfin.com/WA/Bellingham.../home/15762903

    Cause who needs more than 1 day to figure out if they want to buy a house and get their offer together?
    Fuck, I know my CA is showing with this comment, but what a fuckin deal! I get why it sold fast.
    Quote Originally Posted by leroy jenkins View Post
    I think you'd have an easier time understanding people if you remembered that 80% of them are fucking morons.
    That is why I like dogs, more than most people.

  5. #19130
    Join Date
    Oct 2003
    Location
    Big in Japan
    Posts
    49,944
    So, a new way to stage your house. Hire white people to fake it

    A Black couple says an appraiser lowballed them. So, they ‘whitewashed’ their home and say the value shot up.

    https://www.washingtonpost.com/natio...white-washing/

    Paul Austin said he felt good as the appraiser roamed his Northern California home last year, ticking off some of the $400,000 worth of improvements he and his wife had made to the property.
    The appraiser noted the new fireplace, Austin told a state reparations task force in October, mentioned a room they’d added and complimented the view from the new deck.
    So Austin and his wife were shocked when the appraiser pegged the value of their Marin City home in the San Francisco Bay area at $995,000, far lower than previous appraisals.
    “It was a slap in the face,” Austin told KGO-TV in February.
    Austin and his wife, Tenisha Tate-Austin decided to get another opinion three weeks later, they say in a lawsuit filed Thursday in federal court in San Francisco. This time, they enlisted the help of their White friend Jan who agreed to pretend to be the homeowner for a different appraiser, the lawsuit alleges. The Austins “whitewashed” their house by removing their family photos and stripping the walls of their African-themed art. Jan helped on this front, too, by staging photos of her own family, the lawsuit states.
    The new appraisal came in at $1.48 million — nearly a half-million more than the previous estimate.

    The world is perfect. Appreciate the details.

  6. #19131
    Join Date
    Feb 2008
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    1,821
    Quote Originally Posted by liv2ski View Post
    Fuck, I know my CA is showing with this comment, but what a fuckin deal! I get why it sold fast.
    Well...very central location, the inside of the house was not bad, but small lot and kind of ugly from the outside, with a mirror image ugly house next door. But yeah, with your CA glasses on, I guess it looks pretty good.

    We thought things would slow down as we get into the holidays, but in fact, I think the # of listings dropped more than the # of buyers, so there are actually now more buyers per house than in the summer / fall. Oh well, if worst comes to worst, our house in PDX is pretty nice and more or less done.

  7. #19132
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    Mar 2008
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    the ham
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    10,782
    Quote Originally Posted by dan_pdx View Post
    Listed this past Saturday with an offer review date of Sunday, pending today.

    https://www.redfin.com/WA/Bellingham.../home/15762903

    Cause who needs more than 1 day to figure out if they want to buy a house and get their offer together?
    They already had the buyer, and it's near certain that they're represented by the same office.

    The NWMLS requires that listings must be public. Otherwise, if you listed with Prevaricating Pete's Properties, he'd only share them with his clients and associates - and get both sides of the deal. So to get around this Pete puts it on the MLS with an unreasonably short time frame.

    And if somehow an offer comes out of the woodwork, now they have a bidding war. Win/win! (except for the buyer)

  8. #19133
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    Feb 2008
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    1,821
    Quote Originally Posted by Ted Striker View Post
    They already had the buyer, and it's near certain that they're represented by the same office.

    The NWMLS requires that listings must be public. Otherwise, if you listed with Prevaricating Pete's Properties, he'd only share them with his clients and associates - and get both sides of the deal. So to get around this Pete puts it on the MLS with an unreasonably short time frame.

    And if somehow an offer comes out of the woodwork, now they have a bidding war. Win/win! (except for the buyer)
    Thanks Ted, makes sense. It actually crossed my mind to throw an offer at it due to the location, but it got a solid "hell no" from Mrs. PDX due to the lack of curb appeal, and I couldn't really argue with that.

  9. #19134
    Join Date
    Nov 2006
    Location
    Seattle
    Posts
    7,699
    Appraisals are worth about the price of the paper they're printed on. It's not unusual for values to wildly vary on appraisal depending on what the specific purpose of the appraisal is.

    Purchase (loan)? pro tip, they almost always come in exactly at the purchase price! Go figure!
    Estate evaluation?
    Pre-listing appraisal?

    The proof will be in what that house actually sells for. That said, I have little doubt that racial bias comes in to the process more often than we'd like to admit.

    Quote Originally Posted by Benny Profane View Post
    So, a new way to stage your house. Hire white people to fake it

    A Black couple says an appraiser lowballed them. So, they ‘whitewashed’ their home and say the value shot up.

    https://www.washingtonpost.com/natio...white-washing/

    Paul Austin said he felt good as the appraiser roamed his Northern California home last year, ticking off some of the $400,000 worth of improvements he and his wife had made to the property.
    The appraiser noted the new fireplace, Austin told a state reparations task force in October, mentioned a room they’d added and complimented the view from the new deck.
    So Austin and his wife were shocked when the appraiser pegged the value of their Marin City home in the San Francisco Bay area at $995,000, far lower than previous appraisals.
    “It was a slap in the face,” Austin told KGO-TV in February.
    Austin and his wife, Tenisha Tate-Austin decided to get another opinion three weeks later, they say in a lawsuit filed Thursday in federal court in San Francisco. This time, they enlisted the help of their White friend Jan who agreed to pretend to be the homeowner for a different appraiser, the lawsuit alleges. The Austins “whitewashed” their house by removing their family photos and stripping the walls of their African-themed art. Jan helped on this front, too, by staging photos of her own family, the lawsuit states.
    The new appraisal came in at $1.48 million — nearly a half-million more than the previous estimate.
    Quote Originally Posted by Foggy_Goggles View Post
    If I lived in WA, Oft would be my realtor. Seriously.

  10. #19135
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    Nov 2006
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    Seattle
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    7,699
    This. And those fucking brokers are screwing their sellers. I fucking hate seeing that shit. And it's illegal as fuck (violation of the fiduciary obligation to the client). Tough one to prove in court though. Gotta expose it to the marketplace for a reasonable amount if time, especially in this market. Don't EVER let your broker tell you selling it like that is the right thing to do.

    Quote Originally Posted by Ted Striker View Post
    They already had the buyer, and it's near certain that they're represented by the same office.

    The NWMLS requires that listings must be public. Otherwise, if you listed with Prevaricating Pete's Properties, he'd only share them with his clients and associates - and get both sides of the deal. So to get around this Pete puts it on the MLS with an unreasonably short time frame.

    And if somehow an offer comes out of the woodwork, now they have a bidding war. Win/win! (except for the buyer)
    Quote Originally Posted by Foggy_Goggles View Post
    If I lived in WA, Oft would be my realtor. Seriously.

  11. #19136
    Join Date
    Nov 2003
    Location
    Joisey
    Posts
    2,010
    Anyone interested in a former data center disguised as a home (assumption mine) in Dallas for one mil?

    https://www.zillow.com/homedetails/1...18222349_zpid/

    A property unlike any other! With walls, flooring, and ceiling made of concrete, this property can serve as the perfect storage spot for large wine collections, art collections, multiple cars, as well as serving as the ultimate safe house. The building is connected to two electrical grids and also features a generator that has is powered by two diesel fuel tanks, making the chance of power loss a very rare. With office space as well as warehouse space and large outdoor area, there are many ways this property can be utilized.
    Because rich has nothing to do with money.

  12. #19137
    Join Date
    Feb 2010
    Location
    Portland by way of Bozeman
    Posts
    4,048
    Quote Originally Posted by spanky View Post
    Anyone interested in a former data center disguised as a home (assumption mine) in Dallas for one mil?

    https://www.zillow.com/homedetails/1...18222349_zpid/
    wut

    A data center built to look like a house? Why?

  13. #19138
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    Nov 2003
    Location
    Joisey
    Posts
    2,010
    I'm assuming to service the needs of the area. I think this was more likely a telephone (POTS) "substation". But, at almost 6K sq ft, this seems to be quite large for the area.
    Because rich has nothing to do with money.

  14. #19139
    Join Date
    May 2006
    Location
    Colorado
    Posts
    933
    Quote Originally Posted by spanky View Post
    Anyone interested in a former data center disguised as a home (assumption mine) in Dallas for one mil?

    https://www.zillow.com/homedetails/1...18222349_zpid/
    I feel like we've seen this one here on TGR before. Maybe Cool House thread?

  15. #19140
    Join Date
    Aug 2006
    Posts
    7,235
    I sold my house in Idaho in like 5 days for straight cash for over a hundred per square over the highest before seen in the hood and the house I’m buying in NH just had the appraisal come in well over the contract price. I think there might be something to the whole buyer to available property ratio increasing during the off-season this year.

    That’s all well and good, but I’ve been pretty blown away just how sloppy everything has been. I’m a finance guy so naturally in tune with this kinda stuff but the amount of errors on paperwork I’ve had to catch along the way has been mind boggling. From insurance to title and everywhere else. People are just throwing money around and giving zero fucks apparently because every time I brought something up it was just a shoulder shrug and some comment along the lines of no one ever reads this stuff...for real? On the most expensive purchase of people’s lives? It hasn’t been anything super consequential, a couple hundred here or 10 to 20 a month there but still.

    Anyway, pumped on the new hood. Super cool historic building in one of the best school districts in the state. 5 mins from a ski lift. 5 minutes to the boat launch. I dig it.

  16. #19141
    Join Date
    Jun 2020
    Location
    in a freezer in Italy
    Posts
    4,045
    Straight cash, homie?

    Cool about the move, you mind saying what town or at least region? Congrats.

    I'm gonna guess Newport or right close by it. We almost moved to Newbury when I was a kid but my folks bailed at the last minute.

  17. #19142
    Join Date
    Aug 2006
    Posts
    7,235
    Yeah, it was pretty wild. The guy actually tried to pay for the house with a personal check to the title co which felt like the most Jackson thing ever to me. Like of course that check is good, he was probably worth 100 times that amount or something.

    And actually pretty close but a little further north. Everything is a little smaller and a little slower and just feels right to me.

  18. #19143
    Join Date
    Nov 2005
    Location
    Down In A Hole, Up in the Sky
    Posts
    31,452
    Death Cult Starter Home?
    Ticks all of the boxes

    https://www.zillow.com/homedetails/1...45025343_zpid/
    Forum Cross Pollinator

  19. #19144
    Join Date
    Oct 2005
    Location
    Tahoe-ish
    Posts
    1,883
    Damn, that MT place must warrant the most WTF yet on this thread.
    ride bikes, climb, ski, travel, cook, work to fund former, repeat.

  20. #19145
    Join Date
    Feb 2008
    Posts
    1,821
    Quote Originally Posted by climberevan View Post
    Damn, that MT place must warrant the most WTF yet on this thread.
    I'm not sure about that, there's been a lot of WTF in this thread, but there's something unsettling about the way this building is trying to drown itself. The chapel was kind of creepy too.

    Name:  house.JPG
Views: 261
Size:  158.6 KB
    Last edited by dan_pdx; 12-07-2021 at 10:48 PM.

  21. #19146
    Join Date
    Feb 2014
    Posts
    2,143
    First place I lived in CO
    lake-creek-village-apartments-sale-nets-eagle-county-50-million-for-workforce-housing-projects/

    [The listing received a high level of interest from buyers with 251 confidentiality agreements signed by interested buyers." "The purchase price is $81,850,000]

  22. #19147
    Join Date
    Nov 2006
    Location
    Seattle
    Posts
    7,699
    That place is nuts, and sketch AF. Interesting that it's pending. Who sold it? Who the hell is buying it?

    Quote Originally Posted by rideit View Post
    Death Cult Starter Home?
    Ticks all of the boxes

    https://www.zillow.com/homedetails/1...45025343_zpid/
    Quote Originally Posted by Foggy_Goggles View Post
    If I lived in WA, Oft would be my realtor. Seriously.

  23. #19148
    Join Date
    Dec 2003
    Location
    Nhampshire
    Posts
    6,647
    Quote Originally Posted by AdironRider View Post
    I sold my house in Idaho in like 5 days for straight cash for over a hundred per square over the highest before seen in the hood and the house I’m buying in NH just had the appraisal come in well over the contract price. I think there might be something to the whole buyer to available property ratio increasing during the off-season this year.

    That’s all well and good, but I’ve been pretty blown away just how sloppy everything has been. I’m a finance guy so naturally in tune with this kinda stuff but the amount of errors on paperwork I’ve had to catch along the way has been mind boggling. From insurance to title and everywhere else. People are just throwing money around and giving zero fucks apparently because every time I brought something up it was just a shoulder shrug and some comment along the lines of no one ever reads this stuff...for real? On the most expensive purchase of people’s lives? It hasn’t been anything super consequential, a couple hundred here or 10 to 20 a month there but still.

    Anyway, pumped on the new hood. Super cool historic building in one of the best school districts in the state. 5 mins from a ski lift. 5 minutes to the boat launch. I dig it.
    Hangover area?
    Welcome (back?) to NH. You post opinions here, so you have a strong start to true NH citizenry by being an opinionated curmudgeon

  24. #19149
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    Feb 2010
    Location
    Portland by way of Bozeman
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    4,048
    Quote Originally Posted by dan_pdx View Post
    I'm not sure about that about that, there's been a lot of WTF in this thread, but there's something unsettling about the way this building is trying to drown itself. The chapel was kind of creepy too.

    Name:  house.JPG
Views: 261
Size:  158.6 KB
    There must be a weird back story to this place and we must know!

  25. #19150
    Join Date
    Oct 2003
    Location
    Big in Japan
    Posts
    49,944

    The world is perfect. Appreciate the details.

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