Real Estate Crash thread

[pepperdawg]

1924 craftsman bungalow, so the floor plan is only logical if you like tiny beds. And the small one car garage is only usable as storage. The house itself is pretty cool otherwise. We were only going to live there for five years, but plans have a way of changing. At one point we seriously considered an addition, but the gentrification of that neighborhood has frankly been annoying.

Edit as I answered my own question....

1924 craftsman bungalow?

These small homes, anchored by charming front porches, originated in colonial India (that's the "bungalow" part). But bungalows really took off in the United States after the style was adopted by the Arts and Crafts movement (

One of those catalog houses?

I was thinking of/mixing up with these:
http://www.searsarchives.com/homes/1908-1914.htm

[365wp]

I think communities should be placing more emphasis on attracting business revenue to take some of the load off property taxes. We took a hit locally when a couple national retailers left the mall. They didn't leave because of state regulations, or COVID, they left because private equity firms killed them. This shifted the revenue burden more towards homeowners. But somehow, the end result is people pushing hard to cut the school budget, even before COVID. COVID just turned into an excuse to try to cut teacher salaries and benefits. Can't we just revitalize some vacant retail space with an Apple Store, REI, and Jamba Juice? Honestly, I think this is another reason large swaths of residential suburbia are not as healthy as mixed residential and retail/services/etc.

The city we're living in now takes both income and home value into account when calculating property tax in an attempt to reduce the burden. There are people who complain about income caps around $90k and home value caps around $400k for that, but I think for the most part it helps. The city of Boston has rebates for your primary residence, but some of that started back when they were trying to get people to move back to the city decades ago so we'll see how long it lasts (our old place in Dot is worth at least 2x what we sold it for, and they haven't changed a freakin thing), and I don't know if it's really going to help people who want to keep living in a brownstone the Back Bay that's been in their family three or four generations stay in the house.

[Benny Profane]

You know, again, over and over, I don't get young to youngish people buying a home. It's such an anchor/albatross in life when one has to be ready for the next opportunity at moments notice. But, I married late. it's always her fault.

[RootSkier]

Owning a home has never felt like an anchor to me, at least compared to having kids.

[Benny Profane]

Well, I guess they go hand in hand.

[ColMan]

You know, again, over and over, I don't get young to youngish people buying a home. It's such an anchor/albatross in life when one has to be ready for the next opportunity at moments notice. But, I married late. it's always her fault.

I bought my first home at 27 and it was one of the best financial decisions I've ever made. Yes, I got lucky and didn't buy at the top, but I also bought the worst home on the block and fixed it up over the course many years.

[Benny Profane]

And your career didn't require a move.

[Mazderati]

I think communities should be placing more emphasis on attracting business revenue to take some of the load off property taxes.

That doesn't work when state and local governments are begging businesses to take hundreds of millions in tax credits and incentives. See Amazon HQ2, Foxconn, and BB in Haverhill.

[Conundrum]

And your career didn't require a move.

You know some people pick where they want to live and then where they want to work right? WFH is screwing it up for a lot of people who have been choosing where to live for a long time but really working out for those who have wanted to but couldn't.

[Iowagriz]

And your career didn't require a move.

Corporate moves are probably a thing of the past, but I made good money on the 3 of mine across various parts of the USA. RE fees paid, closing costs paid, expenses for the moving, even money for breaking club memberships. I wasn't high up on the corporate food chain. Do they still do these anymore? I get the feeling they are not as common.

[ColMan]

And your career didn't require a move.

Nope. I would have found another job if so in order to avoid moving. As others have said, corporate relo's aren't all that common these days, even in the few years before COVID.

[GiBo]

I find this prop 13 debate fascinating. I see some merit in both sides, but mostly fall in the Liv2ski and Conundrum camp. It could be shored up some and should definitely be for primary residence only. The goal was to stop exactly what Conundrum is facing: he bought where he wanted to live his life out. A crazy RE boom is happening in his town. At some point the property tax revenue is going to be higher than the cost of services. Why should that be? There should be a cap. I think this is obvious.

And I see a lot of talk about property taxes paying for "infrastructure". In most municipalities, sewer, storm and water are funded by enterprise funds- you pay for it with your rates, not taxes. And many other services are pay as you go with instruments like landscape and lighting districts, CFD's (Mello-Roos in CA) etc... Most other bond obligations are voter approved.

So B is stuff that the voters approved. C is stuff you new before buying. It's that 'general tax levy' that I think needs to be controlled. 1% is fine when value increases are normal, but when a house triples in value in 10 years, that's not what I think the creators of that formula envisioned.

[Benny Profane]

You know some people pick where they want to live and then where they want to work right? WFH is screwing it up for a lot of people who have been choosing where to live for a long time but really working out for those who have wanted to but couldn't.

My job pretty much always chose where I lived, and loss of that job usually required a move to a new place. But, I rented most of my life.

[Ted Striker]

Re-Lo insurance still existed in 2019.

[Benny Profane]

Nope. I would have found another job if so in order to avoid moving. As others have said, corporate relo's aren't all that common these days, even in the few years before COVID.

I thought I would die in Saratoga Springs, I liked the place so much. Alas, my job flew off to India, so, back to city life.

[CarlMega]

My job pretty much always chose where I lived, and loss of that job usually required a move to a new place. But, I rented most of my life.

The environment I place myself in and the community where I live drives so much of my happiness I couldn't imagine having that steered by a faceless corporation who could give a fuck about my personal contentment. But, hey, I totally get that others drive more personal satisfaction from work.. but it ain't bad having F-you money to tell them to get bent if they want to relocate you.

[skaredshtles]

Nope. I would have found another job if so in order to avoid moving.

This. But I've never given a shit about my "career"...

[Danno]

Thirded

[liv2ski]

Fourth. Seemed like my parents moved every 3 years as a kid for work. I fucking hated it once I got to my teen years. I made sure I never had to move once we got married. I think that is an old days thing Benny, especially with so much WFH now.

[Benny Profane]

Holy crap.. This is when I realize I have had a very different life than many of you. Just, yeah, this place looks good, I'm staying here, no matter what. How luxurious. How fucking white privelege.

[liv2ski]

White privilege? More like my girl sayin that is it. That is where we will live if you make enough $$$. Who is going to argue with a smokin hawt redhead?

[skaredshtles]

Holy crap.. This is when I realize I have had a very different life than many of you. Just, yeah, this place looks good, I'm staying here, no matter what. How luxurious. How fucking white privelege.

<shrug>

I realized that the Midwest was not for me on a trip to CO to attend my cousin's wedding my senior year of HS. Finished uni 4 years later and promptly BOLTED. I was very fortunate to get into the IT game pretty "early" (early 90's) and it just happened that there were (and still are) GOBS of jobs in that field where I live.

I mean - if push actually came to shove and shit hit the fan real hard, I'd probably move for work. But shit would have to be pretty desperate.

That said, I gotta get outta here at some point, 'cause shit's gettin' way too crowded 'round these parts.

[Benny Profane]

I'm guessing that most of you, if not all, have not experienced ageism yet. That starts at 50. Good luck.

[skaredshtles]

I'm guessing that most of you, if not all, have not experienced ageism yet. That starts at 50. Good luck.

Fuck that - I'll retire if I gotta right now. I just turned 50.

[Benny Profane]

Shit happens. Keep the debts low.