Real Estate Crash thread

[MakersTeleMark]

No one moved in yet. Straight to update construction but the yard was dialed in before placed on market. I’ll update if she’s spicy
Nahh not going out like that

Dog. I'm talking bitches.

[Benny Profane]

It's just about maximizing square footage with setbacks I bet, it's more engineering than architecture.

Man, that weird Japanese arch over the front door, the multi colored shingle siding, the arch windows, the way too big for the property. Plant some trees and hide that shit.

McMansion hell. https://mcmansionhell.com/

[Toadman]

Man, that weird Japanese arch over the front door, the multi colored shingle siding, the arch windows, the way too big for the property. Plant some trees and hide that shit.

McMansion hell. https://mcmansionhell.com/

I think this is more my style, https://berlinarchitects.com/

[Kevo]

I closed on the sale of my CO house today. The wire just hit my bank account. Feels kinda surreal to have walked away from my first house, but the ownership experience couldn't have gone much better TBH.

[Toadman]

Congrats Kevo. Hope the 2nd home ownership goes just as well as the 1st.

[Benny Profane]

About a month ago a friend of mine followed my advice I had given him before and moved to Spain. To the Costa Blanca area if my memory serves me correctly. I don't remember the exact price of his duplex but I believe that due to the coronavirus situation in the world the prices will inexorably go lower.

Brexit will do that, too. A lot of old Brits in Spain.

[Kevo]

Congrats Kevo. Hope the 2nd home ownership goes just as well as the 1st.

Thanks man!

[Toadman]

This doesn't even take into account all the new construction going on in high end neighborhoods over in NW Bend. It's bonkers. Talked to two builders that are booked up for the next 18 months. I'm sure if you were looking to build a $700k + home on your own land, you would not break ground until Spring of 2022 if you were lucky.

https://ktvz.com/news/central-oregon...-in-september/

In a review of monthly third-quarter stats, Beacon appraiser Donnie Montagner noted a significant rise in sales of Bend-area homes valued above $700,000, starting with a 54% jump from June to July, continuing that trend in August and starting to decline in September.

At its peak, in August, there were 102 Bend-area sales of homes in the $700,000 to $1 million-plus price range, representing 34% of all sales – more than double the percentage seen last year.

The sales numbers did drop during the summer, from a record peak of 318 in July to 296 in August and 279 in September. At the same time, the average number of days on market for sold homes, as high as 115 days as the year began, dropped to just five days last month.

[Bobcat Sig]

This doesn't even take into account all the new construction going on in high end neighborhoods over in NW Bend. It's bonkers. Talked to two builders that are booked up for the next 18 months. I'm sure if you were looking to build a $700k + home on your own land, you would not break ground until Spring of 2022 if you were lucky.

https://ktvz.com/news/central-oregon...-in-september/

In a review of monthly third-quarter stats, Beacon appraiser Donnie Montagner noted a significant rise in sales of Bend-area homes valued above $700,000, starting with a 54% jump from June to July, continuing that trend in August and starting to decline in September.

At its peak, in August, there were 102 Bend-area sales of homes in the $700,000 to $1 million-plus price range, representing 34% of all sales – more than double the percentage seen last year.

The sales numbers did drop during the summer, from a record peak of 318 in July to 296 in August and 279 in September. At the same time, the average number of days on market for sold homes, as high as 115 days as the year began, dropped to just five days last month.

Nuts. I'm surprised Bend isn't to the point where people are standing at the edge of the construction site and verbally out-bidding other buyers in real-time, a la Las Vegas pre-2008.

[zion zig zag]

We got an unsolicited offer (well above 'market', whatever that means anymore) on our home the other day from a couple moving here (Ogden) from California. They mentioned our home specifically to the RE agent who is a friend of ours. She called my wife and asked what she thought and we told her that they can look, but the price is X, no negotiations. They offered to buy 24 hours later. My wife got cold feet and backed out. I was ready to take the money and run, we plan on leaving here in 3-4 years anyway. I would've rented till market correction and then downsized to something we could rent out when we go, but...no dice, she said too much trouble.

[Skidog]

Bro in law is in commercial construction. Builds urban outfitters and anthropologie stores. That company doesn't take loans to build stores, all in house cash. He's been working all over the us, currently in vegas, but is clear booked for builds and updates to existing stores through 2021. He's cleaning up.

Sent from my Pixel 2 using TGR Forums mobile app

[skifishbum]

We got an unsolicited offer (well above 'market', whatever that means anymore) on our home the other day from a couple moving here (Ogden) from California. They mentioned our home specifically to the RE agent who is a friend of ours. She called my wife and asked what she thought and we told her that they can look, but the price is X, no negotiations. They offered to buy 24 hours later. My wife got cold feet and backed out. I was ready to take the money and run, we plan on leaving here in 3-4 years anyway. I would've rented till market correction and then downsized to something we could rent out when we go, but...no dice, she said too much trouble.

its boomin here
i git an unsolicited text every other week from an re investor and their always adressed to my wife
so far no "i bets she'd take a mil" action
were refinancing at 2.5 for 20 paying off some debt and the home eq line the solar was on
The appraiser sent her highschool kid in to take pics
i wish i had a picture of his eyes when he opened the man cave door
ya im a ski gear investor
and yeah ill sell anything if you gots bob barker cash
im skeptical of the half a mil appraisal on a 1/2 remodeled house and the increase of property taxs
but stoked on the refi and the market

[liv2ski]

I have read elsewhere that the moratoriums on evictions and foreclosures ends early 2021. If that really happens, that is when the shit could start to hit the fan. We shall see.

[AdironRider]

From what I understand, there are about 8 loopholes on the eviction moratorium, as in if you don't pay your utilities or there is damage to the house you can still get booted as just some examples. There also hasn't been a rash of foreclosures, which I would expect if people weren't actually paying their rent in droves.

It will be interesting to see what happens, but I suspect it wont be some cataclysmic event like 10-12 years ago when ARM's all reset.

[liv2ski]

No foreclosures due to most home loans being able to request a forbearance at this time. At some point that will have to end. Hopefully those effected can sell before they are truly fucked by a foreclosure. I don't think this will be like the 2008 thru 2012 problem as anyone that has owned a property for 2+ years should have enough equity to sell. It will only effect those newly to the Home Ownership party whose employment was fucked up by Covid.

[Self Jupiter]

Generally foreclosures / REOs are brought to market years after the initial default, and that was the pre-COVID process.

[Skidog]

Generally foreclosures / REOs are brought to market years after the initial default, and that was the pre-COVID process.

yeah dont the banks have some time? Like 5 years before they are required to sell those assets?

[Toadman]

yeah dont the banks have some time? Like 5 years before they are required to sell those assets?

I think the time line on selling a foreclosed home held by a bank is dictated by the bank's the balance sheet.

[AdironRider]

The banks selling the asset sometime after the fact is one thing, but people still get their asses kicked out sometime before.

I did forget the forbearance thing, but thought that only applied to primary residences? Looks like it did apply to 2nd homes and investment properties, so that would definitely stem the tide.

[4matic]

Q3 sales of:

* luxury homes: UP 41.5%
* medium-priced homes: UP 3%
* affordable homes: DOWN 4.2%

[goldenboy]

Q3 sales of:

* luxury homes: UP 41.5%
* medium-priced homes: UP 3%
* affordable homes: DOWN 4.2%

I'd be curious how much of that is a supply issue. At least in my market, there simply isn't anything for sale in that bottom third of pricing.

[schuss]

I'd be curious how much of that is a supply issue. At least in my market, there simply isn't anything for sale in that bottom third of pricing.

I'd say all supply. Our low-end inventory here is non-existent.

[Conundrum]

3-4 years ago, my neighborhood was considered middle of the road with some affordable options bordering some luxury neighborhoods. Prices going $250k on up. Looking last night, there’s is nothing for sale <$1m within a mile radius. For those wanting to move here, they’ve got to be somewhat affluent. For those of us who would like to stay in area but upgrade, no chance even with gained equity in current homes. Sure, some could borrow and take out mortgages well into retirement but that seems a little silly. Supply side is tough on the low to mid end.

[liv2ski]

3-4 years ago, my neighborhood was considered middle of the road with some affordable options bordering some luxury neighborhoods. Prices going $250k on up. Looking last night, there’s is nothing for sale <$1m within a mile radius. For those wanting to move here, they’ve got to be somewhat affluent. For those of us who would like to stay in area but upgrade, no chance even with gained equity in current homes. Sure, some could borrow and take out mortgages well into retirement but that seems a little silly. Supply side is tough on the low to mid end.

Yup, the double edged sword. O look my house went up, lets look at newer and nicer homes. Da fuck? They all cost $1M now? GTFO!

[goldenboy]

^^^ Which is why there's nothing to buy, because nobody wants to sell, because there's nothing to buy.