Real Estate Crash thread

[Mazderati]

11 bdrm and only 6.5 bathrooms spells disaster.

Someone forgot to count the sinks.

[Core Shot]

Someone forgot to count the sinks.

The wealthy don’t pee in sinks

They pee on the maids

[Mazderati]

Looks like there is space for a few more.

[ötzi]

Seems alright.



https://www.redfin.com/MA/Beverly/57...5/home/8215781

Man. 170 years in the same family. That has to sting, selling that.

That's not a place for a boat, it's direct oceanfront. Salem harbor is excellent and just down the road, you'd keep the boat there and have the servants carry you down to it.

[JimmyCarter]

Man. 170 years in the same family. That has to sting, selling that.

That's not a place for a boat, it's direct oceanfront. Salem harbor is excellent and just down the road, you'd keep the boat there and have the servants carry you down to it.

Salem Harbor??? This is Prides Crossing man, have some dignity! You just build a bridge of linked servants to walk on until you can reach your mooring.

[dan_pdx]

Man. 170 years in the same family. That has to sting, selling that.

Maybe they did the math on how many years they have left before it's underwater during big storms. Looks like it's about 10 feet above sea level.

[Mazderati]

Or the kids don't want it.

[dunfree]

Wonder what happened to 170 years of stuff?

[rideit]

This ad copy is kind of sickening. Interesting marketing ploy, but Latham might be a little late.
https://www.businessinsider.com/35-m...listing-2022-7

[dunfree]

“Co-primary properties” is what they call tax shelter domiciles someone pretends you live at now?

[rideit]

Instead of “90 Day Wonders”, they are “181 Day Community Leaders”

[Core Shot]

Wonder what happened to 170 years of stuff?

A good friend has a family house with four horse carriages. It’s bizarre. They never get used. But there they sit. The house is like a museum.

[Toadman]

NIMBY!

https://www.yahoo.com/news/thousands...120042502.html

Bill Taormina had 17 minutes to convince the crowd in the auditorium of Boyle Heights Resurrection School to back his plan to turn their shuttered neighborhood Sears into a giant homeless services hub.

The “Los Angeles Life Rebuilding Center” that Taormina wants to build would house up to 10,000 homeless people and provide medical and mental health services, job training, immigration help and drug abuse diversion programs. But in Boyle Heights, he was greeted with a sea of homemade poster board signs saying “No Sears Detention Center" and "Respect Our Community." Dozens of speakers criticized his plan at the meeting June 27, calling it “a crime against humanity,” “irresponsible” and “a threat to the area’s children.” Shouts of “Take that to Beverly Hills!” were volleyed about.

[dan_pdx]

NIMBY!

You're not wrong, but if a 10k person homeless shelter was going to be built in my neighborhood, I'd fall into the NIMBY camp too. Building it in Beverly Hills is a pretty good idea.

[4matic]

The number of home sales in California in June dropped a staggering 21% year-over-year, a report from the California Association of Realtors revealed this week.
Outside of the early pandemic downturn in 2020, that plunge is the biggest since 2008, during the nadir of the Great Recession.

[Mazderati]

So 4 homes for sale now instead of 5?

[Kevo]

The number of home sales in California in June dropped a staggering 21% year-over-year, a report from the California Association of Realtors revealed this week.
Outside of the early pandemic downturn in 2020, that plunge is the biggest since 2008, during the nadir of the Great Recession.

Number of homes sold in the US were down 5% YoY in June, but median sale price set a new record high of $416k.

Sales are slowing, inventory is rising but buyers are still paying record prices every month while interest rates rise. YoY median mortgage payment for sold home is up 44%. It kinda boggles the mind.

[4matic]

June median sale price reflects purchase contracts signed from April and May.

Nationwide inventory up to three months.

[XXX-er]

Or the kids don't want it.

this ^^ I know a couple instances of the grown kids not wanting the " cottage " where they spent summers, actualy a large house on a lake with dock/ boathouse/ big tax bill

[sirbumpsalot]

Number of homes sold in the US were down 5% YoY in June, but median sale price set a new record high of $416k.

Sales are slowing, inventory is rising but buyers are still paying record prices every month while interest rates rise. YoY median mortgage payment for sold home is up 44%. It kinda boggles the mind.

Who takes out a mortgage anymore? Cash is King!

[goldenboy]

The number of home sales in California in June dropped a staggering 21% year-over-year, a report from the California Association of Realtors revealed this week.
Outside of the early pandemic downturn in 2020, that plunge is the biggest since 2008, during the nadir of the Great Recession.

The thing is, 2021 was bonkers. Like off the charts, record setting craziness. Sales in Crested Butte/ Gunnison were down 50% YoY in June- but 2022 sales were almost identical to pre-pandemic June #'s. 2019 was a good, solid seller's market. 2022 was the same, just with a lot higher prices.

[4matic]

The thing is, 2021 was bonkers. Like off the charts, record setting craziness. Sales in Crested Butte/ Gunnison were down 50% YoY in June- but 2022 sales were almost identical to pre-pandemic June #'s. 2019 was a good, solid seller's market. 2022 was the same, just with a lot higher prices.

Not what the chart says.

https://twitter.com/LanceRoberts/sta...KHOCqr6uVfkybw

[liv2ski]

Goldenboy was just talking CB, so it may be different than the chart provided. What you posted 4matic was worse news for sales than I expected.

[Whiteroom_Guardian]

July/Aug sold data will finally give us a better picture of what actually happened with contracts in May/June. So far our sale prices are still up, some inventory improvement but it's still meager. DOM obviously way up, but mostly on stuff that hasn't been price corrected yet. Properties priced right are still getting multiple offers and moving pretty quick. Something's gotta give. Everyone is in a staring match right now. Big investors down to qualified first time home buyers are all just sitting on their hands at the moment.

[pogs4ever]

didnt the jobs report last week showed that construction added very few new jobs, so i doubt to expect inventory problems to be solved anytime soon.