Real Estate Crash thread

[Benny Profane]

I feel his pain.

[Toadman]

All I kept thinking was that homeless dude, living in his truck, has a nicer truck than I have.

[sirbumpsalot]

IDK, which one do you live in? I could visit you sometime?

Oregon....its in my location line...never noticed that?

[liv2ski]

I try to ignore you amap SureBitchesAlot.

[Joey Joe Joe Junior Shabadoo]

ski towns are small towns with big problems and even bigger money

For all the truth you dump in here that everyone else laughs at, this is among your best.


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[easyrdr]

All people can count on is change. You need to get your little piece of the pie asap, because you will be eventually priced out. How many of us older doods who are retired / close to it could afford our present homes if we didn't have the equity from them? Not me.

I think about this too. My wife and I could never afford our house today. The Covid sent property values in the stratosphere on our lake. The property taxes will eventually price us out of our house thanks to the lovely second and third home owners driving up property values to stupid numbers. When I bought my house I was paying $3k/year for property taxes. Currently I'm paying $13k/year. My new neighbor is paying $30k/year for his house and the jackass two doors down who just built a mega mansion is paying $125k/year. Luckily they cap how much they can increase each year otherwise we would be selling now. I figure we are good for another 10 years or so before the property taxes become unmanageable, at that point whoever buys my house will probably be buying a six figure annual tax bill too. As for my kids I can not even begin to comprehend how they are going to afford anything.

[liv2ski]

Well that sucks about the property taxes eventually forcing you out. I am very sorry to hear that as I think that is very unfair.

[Core Shot]

Property taxes come from bloated governments and school districts.

And tax caps sound good in theory except they put the burden on recent buyers.

In theory. If every house goes up 50% the mil rate should drop by half.

But sounds like easydr is in a screwed up neighborhood where the Uber rich are driving up local values and that just sucks for the longtime residents.

On a smaller scale our summer cottage is in a very poor county but we are on the lake. Been in the family since 1920. More than a few of the neighbors have been forced out so I get it.

If your tax district is uniformly developed it should be fine. But when you are the anomaly it sucks.

This is the one situation where STR is nice. Rent a month of prime season and pay for the house you already paid for.
Unfortunately STR has become the next hipster bankster business model. Which only raises sales prices.

[Benny Profane]

Helps to buy in a town with a good commercial base that pays a lot of taxes. For instance, NYC has relatively low property taxes. I know, an extreme example, but, if all there is is residential property, well, you're paying a lot. Or, if you live in a much hyped zero to low income tax state. Texas property taxes are high.

[XXX-er]

Helps to buy in a town with a good commercial base that pays a lot of taxes. For instance, NYC has relatively low property taxes. I know, an extreme example, but, if all there is is residential property, well, you're paying a lot. Or, if you live in a much hyped zero to low income tax state. Texas property taxes are high.

the small village just east of here has no commercial tax base which causes higher taxes as in 1/3rd higher and poor infrastructure cuz they are fudging things to save money like a dutch uncle cuz thats what they are

[Game Over]

This is the one situation where STR is nice. Rent a month of prime season and pay for the house you already paid for.
Unfortunately STR has become the next hipster bankster business model. Which only raises sales prices.

Will STRs hamper or accelerate a downturn/crash?

[Benny Profane]

I just went through a group discussion on Facebook all about Vermont RE, and the prevailing argument is, well, cash flow, so, yeah, it's all about STRs.

[Bunion 2020]

Property taxes come from bloated governments and school districts.

Really now?

How about a State with no sales tax? Gotta make up that revenue somewhere.

[Skidog]

Our property taxes are semi high, in the village (we are town), they are higher. NY recently passed retail MJ, but village politics has opted out. Town has ok'd, but the town has no real retail area so I don't see how that will work. I hope some of the MJ taxes will offset stuff like property tax adjustments in years to come.

For reference 1400sq ft home on 2 acres. $7500/yr. Good schools quaint, quiet area.

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[liv2ski]

I don't get property taxes above what they pay in CO if the state is allowed to raise them all the time. From a few conversations with relatives in Canada, their property taxes are more like CO. I mean how the fuck do we see a spread of about .45% to 2.50%. The more I look at taxes, the more CA works for me due to Prop 13, but if that was gone, then I think CO is the winner.

[beer30]

Have you seen how much ghettobrook condos are going for?

Should have bought one decades ago. Oh well.

I saw one for sale in 2013 for 98k, I was all about it but my ex not so much. Fawk me...

[liv2ski]

I saw one for sale in 2013 for 98k, I was all about it but my ex not so much. Fawk me...

I should have bought the 900 sq ft 1 bdrm & bath for $125k in 2012. I thought it would go below $100k so I missed the boat on that Mammoth property that now sells for $350k+

[Whiteroom_Guardian]

I will forever be baffled that people still live in NJ....

[BC.]

I will forever be baffled that people still live in NJ....

The women….

[easyrdr]

Well that sucks about the property taxes eventually forcing you out. I am very sorry to hear that as I think that is very unfair.

It's a bummer for sure. Whats crazy is that we have homestead and non homestead tax rates. If I didn't live here year round I would be paying $25k right now. In the end if we decide to stay then at some point down the road we will have to start doing STR. I'm not going to worry about it today, but dang that is a hard pill to swallow.

[liv2ski]

I hear ya, I am not real sure I want people in my home for a month or two a year regardless of rent received. My area has many properties listed for rent, but per the cities rules you can't rent out a property for less than 28 days, so I am guessing most properties rent out for 2 months in the summer and then maybe another month a year for most listings on Air B&B and VRBO in 92118.

[Toadman]

I think about this too. My wife and I could never afford our house today. The Covid sent property values in the stratosphere on our lake. The property taxes will eventually price us out of our house thanks to the lovely second and third home owners driving up property values to stupid numbers. When I bought my house I was paying $3k/year for property taxes. Currently I'm paying $13k/year. My new neighbor is paying $30k/year for his house and the jackass two doors down who just built a mega mansion is paying $125k/year. Luckily they cap how much they can increase each year otherwise we would be selling now. I figure we are good for another 10 years or so before the property taxes become unmanageable, at that point whoever buys my house will probably be buying a six figure annual tax bill too. As for my kids I can not even begin to comprehend how they are going to afford anything.

That sucks. I know in the state of AK, they give property tax breaks for seniors. Wonder if that is something that can be pushed for where you live?

Your kids are going to have to work for it just like all kids who want basic things in life have had to do. Exceptions made for the trust fund babies.

[Skidog]

I will forever be baffled that people still live in NJ....

Yeah the views totally suck it's a horrible wasteland.


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[Toadman]

I will forever be baffled that people still live in NJ....

The money can be good, but yep, I did my time there and got the hell out. Got an offer to go back and it just wasn't enough to entice me back. Told the misses not even $600k would get me back there. Maybe $1 million and 8 weeks PTO would do it. Maybe

[rideit]

Also NJersey