Real Estate Crash thread

[Shredhead]

I'm the condo karen, got all pissy yesterday, so used my hoa power at the office complex and put the smack down on some shit always makes me feel important
would you guys belive me if I told you I'm president of an hoa? 150 units?

No wonder you smoke so much weed.
It’s a thankless job. But if you don’t have someone competent, shit can go south fast.

[ncskier]

So, it's gotten cheaper and cheaper to put a roof on your house, side it, paint it, pave the driveway, landscape, heat it?

Siding, what is siding When I built my house in 2007 it is all brick, with aluminum clad low e windows. Boxing and fascia were Hardi plank and pvc accents. Will actually have them painted this year in fact, but despite the house being over 4500 sq ft the painting on the exterior is $4k. So a little less than $300 a year in exterior painting seems reasonable.
The driveway is all concrete. Not many people “pave” driveways in the south. The roof is 40 year type, so if I get 20-25 years, I’ll be moved out probably.
I mow my own lawn and have two sons also. I mean granted I pay for all their stuff and a lawn guy would be cheaper, but maybe spend a couple of grand on exterior stuff.
Add in taxes of around $5000 a year and I come out way ahead not paying ridiculous hoa fees.
I’ve had peers downsize only to wind up keeping all their expenses high due to high fees. Sort of like someone scared of car maintenance always leasing because they want reliability.
Even my energy costs are low because we built with blown in cellulose walls and foam attic.
I may change my mind when I’m 70, but I like my expenses low and on my terms. Too many horror stories of friends with bad assessments and worse shoddy workmanship after the fact.

[liv2ski]

I may change my mind when I’m 70, but I like my expenses low and on my terms. Too many horror stories of friends with bad assessments and worse shoddy workmanship after the fact.

This, every time I get the hair up my ass to buy a condo in a mountain town this conversation of special assessments due to dumb ass boards over rules my thought process.

[Benny Profane]

4500 sq. ft. is a lot of house to maintain when kids are gone.

[Deebased]

4500 sq. ft. is a lot of house to maintain when kids are gone.

Not really if the house is well built and maintenance planned for. We did geothermal, radiant floors, metal roofing, wood grained powder coated aluminum siding, Aluminum clad wood windows, concrete/granite everywhere except for the countertops

Annual maintenance including landscaping is about 15k. Got an LEED rating and crazy low energy bills out of it for a house slightly larger.

[El Chupacabra]

Not really if the house is well built and maintenance planned for. We did geothermal, radiant floors, metal roofing, wood grained powder coated aluminum siding, Aluminum clad wood windows, concrete/granite everywhere except for the countertops

Annual maintenance including landscaping is about 15k. Got an LEED rating and crazy low energy bills out of it for a house slightly larger.

Are you including taxes in that $15K? If not... what costs so much for just maintenance?

[Deebased]

Are you including taxes in that $15K? If not... what costs so much for just maintenance?

Landscaping is 1k/mo

Major expenses are sealing concrete/granite annually
Pressure wash every 4-5 years
Upkeep wood interior annually
Hydraulic door fluid change
and then the expectation that we'll change the aluminum roof or TPO for the flat roof every 40-50 years

[Name Redacted]

This, every time I get the hair up my ass to buy a condo in a mountain town this conversation of special assessments due to dumb ass boards over rules my thought process.

Not that hard to just look at their financials, read the board minutes from the last year, and maybe give a call to the property manager. They aren't all bad apples and certainly not a reason to avoid buying in a resort town all together. If it's a second home w/o an HOA you'd either have to pay someone to maintain it, or spend your own time and money doing it. That's why condos are much better options when you don't live there full time.

[Name Redacted]

Landscaping is 1k/mo

Major expenses are sealing concrete/granite annually
Pressure wash every 4-5 years
Upkeep wood interior annually
Hydraulic door fluid change
and then the expectation that we'll change the aluminum roof or TPO for the flat roof every 40-50 years

Sounds like a money pit to me. $1k a month for landscaping? So the lawn isn't LEEDS certified I take it?

[AdironRider]

I am struggling to see how an exterior redo of any condo, anywhere, could cost 300k per unit. Then to have the balls to say you will double your investment in increased equity. 100% return on an exterior remodel? No fucking way.

[XXX-er]

fixing the building envelope damage ^^

[californiagrown]

Always check the financials, minutes, and hire an engineer.

Sounds like your maintenance was deferred to the inevitable bad conclusion.

Maintenance wasnt delayed, the damage just wasnt found until recently, and then the HOA decided to just tack on a full reclad while construction was already mobilized because the complex was looking pretty darn dated and crumbly after 35 years of seattle weather. Getting new energy efficient windows, doors, new siding, trim, porches, garage doors, etc. The great location, great landscaping, and new remodel should boost values considerably. Maybe not $50k worth, but itll soften the blow.


I was planning to rent the condo and buy a house this summer/fall, but then Covid hit (which affects my job security) and i want to avoid buying at the top of the market. Id prefer to buy a "forever home" so getting a killer deal isnt overly important, but my fiance grew up moving every few years as her dad was military and would renovate and flip the houses so a killer deal would be important if we went that route. We want a kid in the next few years too. Adult decisions are tough.

[XXX-er]

Seattle has the same kind of weather as Vancover where there were all kinds of leaky condo issues going back > 20 years due to bad design, bad instal, bad materials

the link tells all

https://en.wikipedia.org/wiki/Leaky_condo_crisis

[Ted Striker]

Landscaping $1k/month?!

That's a lot of root canals.

[californiagrown]

Seattle has the same kind of weather as Vancover where there were all kinds of leaky condo issues going back > 20 years due to bad design, bad instal, bad materials

the link tells all

https://en.wikipedia.org/wiki/Leaky_condo_crisis

This is EXACTLY the case in my situation.

[liv2ski]

We want a kid in the next few years too. Adult decisions are tough.

Get a vasectomy and tell her, "let's get busy". You'll thank me later.

[Whiteroom_Guardian]

I don't keep up on this thread. We have inventory finally. I honestly don't see it lasting all that long. Obviously lots riding on what happens in the fall with ski areas and/or another big seasonal covid spike. Either way, buy the dip. PM me and see my signature. Now back to your regularly scheduled programming.

[Danno]

I don't keep up on this thread. We have inventory finally. I honestly don't see it lasting all that long. Obviously lots riding on what happens in the fall with ski areas and/or another big seasonal covid spike. Either way, buy the dip. PM me and see my signature. Now back to your regularly scheduled programming.

nice stache.

[XXX-er]

This is EXACTLY the case in my situation.

yeah I remember seeing many buildings with water damage all over in Vangroovy they were easy to spot cuz they had big tarps covering the area being rebuilt

"A major design aesthetic of the 1980s and 1990s was Post Modernism, which featured building styles and forms reminiscent of the Mediterranean and southern California. This design approach was heavily marketed and became a fashionable design motif. Common building elements of this time included roof parapet with no overhangs or eaves, stucco wall cladding, open walkways, arched windows, complex cladding joints, all of which provided more opportunities for penetration of water and studies confirmed were key contributors to water infiltration.

The City of Vancouver, the largest city in British Columbia, had also changed its Zoning By-Law to include roof overhangs in the amount of permitted (buildable and salable) floor area, known as floor space ratio or FSR. Roof overhangs were included in the calculation of FSR, and because this reduced the amount of permitted floor space, they were often removed from designs. The disappearance of roof overhangs resulted in walls being exposed directly to rainfall. "

a construction guy who had worked on a lot of leaky condo's in Vangroovy was telling me something about becuz the temps were always above zero vapor would end up in the building and not be able to get out

IMO in the wet climate you want a big roof cap that covers everything with lots of overhang

I dunno if the situation was exactly the same in Seattle, there could be different codes and or materials but
what got designed in San diego should have stayed there,

[Harry]

nice stache.

That’s basically how I find him in the lift line. WRG is always in all black head-to-toe. But he has the most glorious mustache I have ever seen. Makes him easy to spot in a crowd.


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[skaredshtles]

Get a vasectomy and tell her, "let's get busy". You'll thank me later.

[Whiteroom_Guardian]

That’s basically how I find him in the lift line. WRG is always in all black head-to-toe. But he has the most glorious mustache I have ever seen. Makes him easy to spot in a crowd.


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I switched it up at the end of the season and MiCol got me dialed in with the eye melting yellow FRS shell. The all-black was terrible for photos. The stache is here to stay I think. At this point I am pretty committed......although maybe I would get more dates without the cookie duster?


By the way I think my signature link may work now. Several people just tried it and couldn't get the site to load for some reason.

[Conundrum]

The stache is here to stay I think. At this point I am pretty committed......although maybe I would get more dates without the cookie duster?

Without your sexuality in mind, I think calling it a cock duster could definitely get you some dates whether you want them or not.

[Whiteroom_Guardian]

Without your sexuality in mind, I think calling it a cock duster could definitely get you some dates whether you want them or not.

Lol

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[iceman]

Any port in a storm.