Real Estate Crash thread

[ncskier]

Dude, all of those 40% are not hipster musicians. Rent is expensive there.

I understand. I’m very sympathetic. Just questioning why the story leads with a guy who probably missies rent payments regularly anyway.
Very narrow window of sympathy for that dude in the pic.

[Kevo]

They stop lecturing the rest of the country about their superior finance skills and awesome high paying jobs because one month of unemployment should not equal the next months rent not being paid in the supposed economic powerhouse of the western world. I highly doubt WV has a 40% delinquency rate. Although they are probably already are section 8.
I’m being an asshole of course, but that number seems high I’m sure its more in the outer Burroughs and not really manhattan, but leading with a hipster in Brooklyn who doesn’t have $600 makes my blood boil. Go learn a trade and maybe you’d have $600. I just dropped $1400 on a blower motor for one of my furnaces because it crapped out today. Wife is not living without ac blowing in North Carolina.
Guy was in and out in 2 hours and people are damn sure going to pay to have their ac fixed and toilets working. Skilled trades will take a hit, but his rent or mortgage is probably going to get paid.

I really am sympathetic though to most. It’s just hipster musicians are not garnering sympathy from me. Sarcasm doesn’t translate well in written form.

A lot of NYC trades are union gigs that have been passed down generation to generation. You gotta know someone.

Manhattan's median annual household income is $66,739. Brooklyn's is $44,850.

Boise, ID has a significantly higher average house income than Brooklyn (~$48k)

Denver has the exact same (literally down to the dollar) median household income as Manhattan.

[ncskier]

A lot of NYC trades are union gigs that have been passed down generation to generation. You gotta know someone.

Manhattan's median annual household income is $66,739. Brooklyn's is $44,850.

Boise, ID has a significantly higher average house income than Brooklyn (~$48k)

Denver has the exact same (literally down to the dollar) median household income as Manhattan.

Ok one more time, I was being sarcastic.
I am sympathetic. Hipster guy garners no sympathy when you lead a serious article about the plight of hard working people. He is not a hard worker by my estimation nor by the estimation of most Americans.
He should play music in Boise where the rent is cheaper I guess.

[rideit]

Where in the hell in Brooklyn is rent $600?

[Danno]

The world does need artists. Would be a really fucking boring place if the artists gave up trying to make a living off of art and all became plumbers and electricians and whatnot.

[Benny Profane]

Where in the hell in Brooklyn is rent $600?

It's a share.

[Benny Profane]

The world does need artists. Would be a really fucking boring place if the artists gave up trying to make a living off of art and all became plumbers and electricians and whatnot.

Yeah. That's why NYC is infinitely more exciting than Boise. Or Charlotte.

[iceman]

I saw a little bit yesterday about inklings of a national rent strike. It'll probably never happen. But if I was scraping and not sure where I was gonna get money for food I sure as hell wouldn't fire off a check to Jared Kushner.

[Conundrum]

Yeah. That's why NYC is infinitely more exciting than Boise. Or Charlotte.

Everyone is entitled to their own definition of exciting.

[iceman]

Speaking of exciting, you feel the quake in Boise?

[liv2ski]

On the topic of Air B&B rentals suddenly going long term rental, I looked in the Mammoth Times and found a sweet 2 bdrm 3 bath place that is cool with my 2 dogs for the next 12 months. The wife scoffed at me. Pretty annoyed.

[rideit]

It's a share.

Still. You can’t get a single room here (still!) for under $1000, and I thought Brooklyn was more expensive.

[Conundrum]

Speaking of exciting, you feel the quake in Boise?

I was distracted by chatting with an extremely attractive woman at the grocery store and missed it. I guess it was the real deal.

[ncskier]

Yeah. That's why NYC is infinitely more exciting than Boise. Or Charlotte.

It was sarcasm. Sensitive bunch here.
In the future i won’t point out the esteemed times sounded more like a village voice article.
I was merely pointing out that $600 seemed cheap and the dude looked like he hasn’t been able to pay rent ever. Almost looked like a parody article in the onion.
That fucking rent wouldn’t get you a trailer in Myrtle beach and John Q. Public doesn’t care about a fucking underemployed hipster musician.
Plenty of people play music at night after their day jobs. The guy was clearly half employed before the crisis.
That’s all.

[Benny Profane]

On the topic of Air B&B rentals suddenly going long term rental, I looked in the Mammoth Times and found a sweet 2 bdrm 3 bath place that is cool with my 2 dogs for the next 12 months. The wife scoffed at me. Pretty annoyed.

Patience. The fire just started. Plenty to sift through in the fall.

[muted]

I really am sympathetic though to most. It’s just hipster musicians are not garnering sympathy from me. Sarcasm doesn’t translate well in written form.

I get your point. They should have picked more sympathetic working man for the piece. There’s plenty of working class families out of the 2.5 million people living there, pick a single dad or mom with 5 kids and not your wife’s brother or whatever for the story because you are lazy.

[iceman]

whoa the hipster again.

[muted]

Manbums aside, if RE value is derived from the sanctity of contract law in the USA and contract law is on vacation until TBD, where does that leave RE value?

Man bums, huh? Works in a couple ways...that guys is a bum for sure. With a man bum.

[MakersTeleMark]

Where in the hell in Brooklyn is rent $600?

Per hour in a decent joint.

[Benny Profane]

The bottle of Pelligrino is a nice touch while crying poverty.

[skaredshtles]

Manbums aside, if RE value is derived from the sanctity of contract law in the USA and contract law is on vacation until TBD, where does that leave RE value?

On vacation as well?

[Toadman]

On vacation as well?

It's in quarantine with about 200 million people. I'm seeing listings that were pending come back on the market in my town.

[Toadman]

https://www.marketwatch.com/story/th...of2&yptr=yahoo

“The place to look right now is the FHA market with the credit quality of their borrowers,” Calabria said. “They are going to be the first canary in the coal mine if you will in terms about what the broader implications are going to be.”

[iceman]

So we put this house on the market again late-February. Dow was like 29,000, coronavirus seemed far away. Things changed, obviously. But we left it on the market, figured the exposure can't hurt anything but certainly didn't expect anything at all as far as interest until all this has simmered down, if then.

But a party of interest has emerged. Selling a house in the throes of a pandemic is...different. At first they asked for a tour/viewing/whatever the correct term is, and we declined. Too crazy to have strangers in the house. Plus, we have 5 people here, everybody's working on stuff, the weather has been pretty shitty and everything's closed so we can't even wait in a coffee shop or whatever, so we said No Thanks.

But they persisted. The other day, through the realtor, they asked if they could walk around outside. I had to go out for a bit and they came while I was gone, but a couple with 4 children came and walked around outside. Apparently everyone here was too petrified of them, or the virus, or something, to even just open a door and wave and call out a greeting, which seemed odd to me and had to be weird for our visitors.

I kinda figured that would be the end of it, but still they persist. We got a request that we allow their realtor into the house to do a facetime tour. The agent would wear gloves and a mask and not touch anythng in the house. Still that was too much for some of the people here, and we declined yet again.

Yet they refuse to be deterred. So now on Saturday my daughter and I will be conducting a facetime tour for them. My daughter's gonna run the camera, they'll say where to go and what to look at, and I'll be there to answer any questions. Should be weird but who knows what will happen.

As our agent said, he's spent his entire career trying to get as many people into houses as possible, but now he's trying to figure out how to keep them out. We'll see what happens. I'm not holding my breath. But I would so take the money and run.

[Kevo]

So we put this house on the market again late-February. Dow was like 29,000, coronavirus seemed far away. Things changed, obviously. But we left it on the market, figured the exposure can't hurt anything but certainly didn't expect anything at all as far as interest until all this has simmered down, if then.

But a party of interest has emerged. Selling a house in the throes of a pandemic is...different. At first they asked for a tour/viewing/whatever the correct term is, and we declined. Too crazy to have strangers in the house. Plus, we have 5 people here, everybody's working on stuff, the weather has been pretty shitty and everything's closed so we can't even wait in a coffee shop or whatever, so we said No Thanks.

But they persisted. The other day, through the realtor, they asked if they could walk around outside. I had to go out for a bit and they came while I was gone, but a couple with 4 children came and walked around outside. Apparently everyone here was too petrified of them, or the virus, or something, to even just open a door and wave and call out a greeting, which seemed odd to me and had to be weird for our visitors.

I kinda figured that would be the end of it, but still they persist. We got a request that we allow their realtor into the house to do a facetime tour. The agent would wear gloves and a mask and not touch anythng in the house. Still that was too much for some of the people here, and we declined yet again.

Yet they refuse to be deterred. So now on Saturday my daughter and I will be conducting a facetime tour for them. My daughter's gonna run the camera, they'll say where to go and what to look at, and I'll be there to answer any questions. Should be weird but who knows what will happen.

As our agent said, he's spent his entire career trying to get as many people into houses as possible, but now he's trying to figure out how to keep them out. We'll see what happens. I'm not holding my breath. But I would so take the money and run.

Dude, you're finally going to sell your house.