Real Estate Crash thread

[Yukonrider]

Good managers are few and far between, and they'll never look after your asset like you will.

[muted reborn]

We have a literal fuck-ton of apartments in the pipeline right now in Ogden. They must be needed because run of the mill studio apartments are going for 1100-1300 a month right now.

Sugarhouse is leading the apartment/condo/townhouse trend here in the SL valley https://www.buildingsaltlake.com/bui...n-sugar-house/

[Dantheman]

run of the mill studio apartments are going for 1100-1300 a month right now.

That's nuts.

[Toadman]

We have a literal fuck-ton of apartments in the pipeline right now in Ogden. They must be needed because run of the mill studio apartments are going for 1100-1300 a month right now.

Damn, only $1,300 a month!? That doesn't exist around here. No builder in Central OR is wasting their time building such low rent studio apts.

[Supermoon]

Haha. Right? In PDX you see close to 2k for a studio sometimes.

[ötzi]

Seems like a lot for a room.

[rideit]

<<JH has entered the chat >>>

[zion zig zag]

Yeah, we all know that other places have more expensive rents. I think what makes the Ogden rents noteworthy is that two years ago there was much less stock and studio rents were half of that. The speed of growth and price increase seems pretty remarkable.


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[muted reborn]

Comparing Ogden rental prices to PDX, Jackson, and Bend is quite silly.

[ötzi]

How many Ogdens are those places?

[liv2ski]

The mentioned increase in Ogden rents to $1,300 for a studio is pretty eye opening, but I am sure property prices have tripled there since 2011, so ya, prices be going up.

[Self Jupiter]

Does Ogden register a blue tarp rating?

[zion zig zag]

https://apartmentsinogden.com/apartm...-6f6654bf-d6c4

$1169-$1469 for a studio. And it isn't like this is a hip location by 25th st. It's on west 12th street, where you can walk to Winco and the county jail, and maybe a fast food place.

[tgapp]

https://apartmentsinogden.com/apartm...-6f6654bf-d6c4

$1169-$1469 for a studio. And it isn't like this is a hip location by 25th st. It's on west 12th street, where you can walk to Winco and the county jail, and maybe a fast food place.

being able to walk to the county jail might be a real perk for some who are looking in that rent range

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[Ted Striker]

From the county jail.

[klauss]

Does the fed taper actually begin

[Supermoon]

How many Ogdens are those places?

They are all probably closing in on a full Ogden these days

[dan_pdx]

Haha. Right? In PDX you see close to 2k for a studio sometimes.

It makes me crazy that studios are pushing $2k but our 3/1 in a good neighborhood will only rent for about $2,400 according to Redfin.

[Self Jupiter]

Doubt Redfin has accurate rental data, around MA/Boston they don’t touch rentals, not sure if that’s a national policy or not. Especially if the house hasn’t been on the market recently and you’ve made improvements since it last sold, etc.

[Supermoon]

It makes me crazy that studios are pushing $2k but our 3/1 in a good neighborhood will only rent for about $2,400 according to Redfin.

That feels really low to me unless it’s gone down significantly in the last year or so. I would have guessed more like 27 (obviously knowing nothing about it)

[dan_pdx]

Our friends have a pretty nice rental around SE 36th half a block off of Hawthorne, I think it's a 3/2, and they're only around $2600 if I remember right. Maybe they're under priced.

[Beaver]

Well fuck me sideways, I got my property tax assesments yesterday. The house I live in went up 34% (since purchase 6 years ago up over 100%), my rental up 25% (up about 500% in 20 years) and my vacation property up 36% (bought 1 year ago).

Rents have been frozen in BC for 2 years and were only allowed to be increased 2% this year. Being a landlord sicks, if it wasn't such an amazing property I'd sell it.

[AdironRider]

Did the rate not adjust down to compensate for the higher value or they just spending like drunken sailors? A 30 plus percent increase in actual tax dollar spending for a county or town would usually have the old guard raising their canes in the streets.

[Toadman]

Interesting read. I find some of the numbers suspect. I don't believe the lowball average cost for a night's stay in Aspen. $300 bucks? IDTS.

https://www.yahoo.com/news/aspen-hou...172643449.html

Monica Humphries
Mon, January 10, 2022, 9:26 AM
Tiny homes owned by Aspen Skiing Company at the Aspen Basalt Campground in Colorado.
The 500 to 600-square-foot tiny houses are homes for seasonal workers in Aspen, Colorado.Monica Humphries/Insider
Aspen is notoriously expensive, especially when it comes to the local housing market.

In need of more employee housing, ski company Aspen Snowmass made its own tiny-house village.

The 6-acre village, built on a campground, can house 120 people and has plans to double in size.

Aspen, Colorado and affordability are practically antonyms.

It's the most expensive ski town in the US when it comes to real estate, according to a 2021 report from Engel & Völkers, a global real estate company.

Traveling here is expensive, too. The average visitor spends nearly $300 on nightly accommodations and $200 on ski-lift tickets, according to HomeToGo.

Aspen's high price point — and the accompanying reputation — is what attracts the country's richest to buy million-dollar mansions and spend their winters on the slopes.

But the lack of affordability doesn't just impact vacationers, it affects the people who keep the town running, operating ski lifts, pouring cocktails, selling designer clothes, and working at hotel concierge desks.

As a result, one of the town's biggest pain points is a lack of affordable housing. "Housing is scarce and expensive," according to Pitkin County's website, the county where Aspen is located.

When the issue trickled down to Aspen Snowmass, the town's largest employer and name behind four ski areas, the company found a solution in tiny homes.

In 2016, Aspen Snowmass placed six 500-square-foot tiny homes in the Aspen-Basalt Campground. The pilot program was such a success, there are 40 tiny houses today with plans for more.

Affordable housing, a must for seasonal workers, is increasingly hard to find
When Blake Sims was hired for the winter season at Aspen Snowmass, he told Insider that finding a cheap place to live was the only way he could take the job.

"With the salary we get, living here is not doable," the ski-lift operator at Buttermilk said.

It's a familiar challenge for ski companies. One way Aspen Snowmass entices low-wage workers is with housing assistance, said Philip Jeffreys, a planning and development project manager for Aspen Snowmass.

Aspen Snowmass has a portfolio of properties that are leased to workers, priced below the region's market value, according to its websites.

Each season, departments at Aspen Snowmass, like hospitality or ski lifts, are allotted a certain number of beds, Jeffreys said. From there, each department chooses how to use them, whether for new hires or returning workers.

When Sims was hired to work the ski lifts, he was given four options: two shared apartments, a room in a tiny house, or to find his own housing. The last wasn't viable, "unless I wanted to live out of my car," he said.

Sims picked the tiny house, which was the cheapest choice. For $550 a month — between $100 and $200 less than the other options — Sims said he would have his own bedroom and be about an hour bus ride to his job.

Tiny homes owned by Aspen Skiing Company at the Aspen Basalt Campground in Colorado.
Two rows of tiny houses fill the back half of the Aspen Basalt Campground.Monica Humphries/Insider
A 500-square-foot solution for affordable housing
In 2008, Aspen Snowmass bought the Aspen-Basalt Campground for potential worker housing, according to the Aspen Times.

One option was to rezone the 6.6-acre lot, but that would be timely and expensive, Jeffreys said.

So he turned to tiny homes. In 2016, the company bought six 500-square-foot homes for $100,000 each. Technically RVs since they sit on wheels, they have license plates and traditional RV hookups for utilities and house two people.

"It's been really successful," Jeffreys said. For Aspen Snowmass, the village cost less than it would to rezone and build an apartment complex.

[alpinevibes]

Interesting read. I find some of the numbers suspect. I don't believe the lowball average cost for a night's stay in Aspen. $300 bucks? IDTS.

https://www.yahoo.com/news/aspen-hou...172643449.html

The tiny home thing seems to have been successful after a few years. It seems like almost a comical solution, but that's where it's at in this valley. The dirt pimps did $4.6B in business in 2021. In a town of "7,000 people"...

$300 is definitely low low and they must be including Snowmass rooms in the mix (not sure that "HomeToGo" is a strong data source for that article?). If you're looking at Aspen proper, I would guess the average is close to $800+ at this point in Aspen proper. This past July the average rate for one night at a lodge was $668 and in August it was $609, with accommodations "down" ~10% compared to pre-pandemic. There were a few points where it averaged about $1,000/night.