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Thread: Real Estate Crash thread
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11-15-2021, 09:58 PM #18951
Real Estate Crash thread
Sold a house in Boulder last week for $1200+/SF. Market is still very strong here. Been telling myself “it can’t possibly go higher” for at least 8 years…
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11-15-2021, 11:48 PM #18952
All’s being done by a build / design team that does a lot of work in the area. It’s not my situation, rather a friends. I got all this from a phone call so not really trying to litigate the details but I did find it amazing the difficulties they are having. They are both super practical and box checkers / rule followers and picked what was supposed to be an “easy” build, lol. First world problems though.
From his perspective it was fuckups by the engineer and architect getting compounded into fuckups by the local govt.
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11-15-2021, 11:59 PM #18953Hucked to flat once
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11-16-2021, 07:11 AM #18954
Translated: it's a local firm that has dickholes for engineers/architects and get dragged over the coals by the local govt because of prior fuckups/interactions. I know we have a few engineers and architects that try to push their "philosophy" on shit and how it's their opinion we have no power to regulate certain things - that doesn't win you any friends when it's in the middle of an approval meeting and certainly invites scrutiny as you misapprehend what your job is.
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11-16-2021, 08:48 AM #18955Not sure how it is looking in CO so hopefully better for your area.
Re: Park County...what I hear is that they are in a transition for "no oversight whatsoever" to "We have rules, you are supposed to follow then but we don't really have the wherewithal to do that".
For about 3 decades, people have been camping on their land, unpermited wells and septics and so on. Sounds like they are trying to clean that up.
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11-16-2021, 12:45 PM #18956
Sweet pad toadman. When's the housewarming?
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11-16-2021, 01:02 PM #18957
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11-16-2021, 06:53 PM #18958
That's the million dollar question. As you can see from the pic, no siding, which should have been installed several weeks ago. House interior was supposed to have primer and paint go on a few weeks ago, but luckily the color palette decision is on Mrs. Toadman, and surprise, surprise, certain paint pigments are not so easy to come by. When contract was signed way back in Feb., the original move in date was this weekend...
At least the cabinets are all done and ready to go once the floor eventually gets installed. The hardwood floors are ready to go for several weeks now. Only thing that hasn't been an issue are the things that get done later in the build process. Thinks like lighting, electrical, cabinets, tile and countertops was very easy and straight forward. Everything else from the financing to the approval process was slower than normal, but no where as bad as what we have heard and seen from others going through the new home construction process. Every week since the building permits and HOA process was done has been one delay after another. Not to mention sub-contractors flaking out or retiring with the worst possible timing.
A build one block up from us was on perma-hold for about 12 weeks. Turns out the builder walked. Apparently some conflict between the builder and the future homeowner. No idea what the beef was. Maybe the builder had signed a fixed price contract? And walked when lumber went for $550 per 1K board feet to $1,500.
Next door lot is under construction and they are moving much slower than our build. So, it just means the building supply chain is jacked."We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch
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11-16-2021, 08:12 PM #18959Registered User
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That's a sweet looking build Toadman.
How long did the hardwood flooring need to "acclimate"?
Also as to your subs flaking comment. I think people are really seeing the value in a good and established GC in this building climate. Not saying subs aren't flaking but that's usually a subpar GC's excuse when they can't handle scheduling(which is particularly difficult right now) and/or don't have longstanding work relationships with multiple subs.
Good luck getting to the finish line. It can be beyond frustrating on both sides right now.
Sent from my SAMSUNG-SM-G930A using TGR Forums mobile app
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11-16-2021, 10:05 PM #18960Registered User
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11-17-2021, 12:35 AM #18961Registered User
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11-17-2021, 12:46 AM #18962
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11-17-2021, 06:59 AM #18963Registered User
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I have a friend who built an earth ship house in Park county. No way he would have gotten away with the shit he did in Summit. haha. I spent time out there helping him. Fun times.
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11-17-2021, 09:13 AM #18964Registered User
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11-17-2021, 09:14 AM #18965Registered User
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11-17-2021, 09:38 AM #18966
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11-17-2021, 10:51 AM #18967
Hardwood floors haven't been installed yet. It's gotten cold here, but we have a few space heaters keeping the temps in the low 60's. No gas furnace yet. Supposed to arrive this week. Was ordered back in June. We also don't have garage doors, that were ordered back in August just as steel prices decided they needed to go for a ride up. Maybe see those in January. Our exterior doors, also ordered about 14-16 weeks ago by a local Oregon company might show up sometime in December. Right now our GC just installed some used doors to close up and lock the house.
Our builder has been in business for about 20 plus years. Both he and his brother ran construction companies mostly as framers and finished carpentry. He has at least 4 subs for each job. They are all busy. All you have to do is go for a 30 minute driver around Bend, and you will see an insane amount of construction going on. The subs that aren't busy are the ones that have a rep for so-so quality work.
But on several occasions our GC has gone to other subs outside his preferred group to get things done. Ends up being more money in most cases. Sometimes the subs are delayed on other projects because of that good old change order thingy that buyers with money decide they want to change their minds on something. We have essentially avoided that scenario of making changes. Just two changes that were due to excavation on our sloped lot not needing to be dug as deep. Actually ended up saving money on concrete foundation, which meant relocating a storage unit below the office because the house is about 4' less in height from the foundation to the floor. Which turns out to be a good thing."We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch
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11-17-2021, 10:58 AM #18968
Thanks. Our architect is a local Bend resident who has been in Bend since 1971. Big time skier. He was personal friends with Bill Healy. He was the draftsman that did the first hand drawn sketch of the Pine Martin Lodge at Bachelor for the design team that was awarded the contract. He has the original framed drawing in his office. I want that drawing so bad!
This is the drawing that sold us on going with Vern Sexton;
"We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch
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11-17-2021, 11:05 AM #18969
Yeah, that's nice. Modern twist on classic.
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11-17-2021, 11:54 AM #18970
That house you were looking at with a FF5 was inexplicably dry when I drove by it. However, kids from all over the neighborhood were skimboarding in the west edge of Broadway Park. But mostly this map didn't turn out to be all that accurate (at this low a level).
Though zooming out yields an extremely accurate prediction.
The purple blob over Iowa St is where the abandoned cars and kayakers were, and the swath from Dewey Valley to the freeway was completely underwater. There were people standing on the "rainbow bridge" on Northwest Ave with their phones out because what's normally a road under there was a river all the way to the bay.
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11-17-2021, 12:20 PM #18971
Fack, house just sold in JH for 65 Million. Anonomous midwesterners with coin. 9,000 sq ft, you do the math!
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11-17-2021, 12:27 PM #18972Registered User
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11-17-2021, 12:28 PM #18973Registered User
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11-17-2021, 12:30 PM #18974
Real Estate Crash thread
that property is incredible though.
and 55 acres with teton and snake river views
https://camptetonjackson.com
I’d live in the treehouseskid luxury
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11-17-2021, 12:39 PM #18975User
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"2019 was Teton Valley’s best year for real estate since the Global Financial Crisis. Transactions grew to 586 sales (which out-paced the Jackson Hole market) and the complementing dollar volume swelled to $181M. In 2019 the median home price was $450,000.
Then came Covid, and the real estate surge that came with it. By the end of 2020, transactions had nearly doubled year-over-year to more than 1,100 sales. Dollar volume followed suit to $364M. How much more could the market grow?
During the first nine months of 2021, Teton Valley resoundingly answered that question. 2021 transactions through September showed nearly 900 sales with $450M in overall sales volume. Vacant land sales were up 70% over the first nine months of 2020 and represent 67.2% of all sales in 2021 so far. The median home price has grown to $750,000 (quite the difference from $450,000 in 2019).
If Teton Valley continues its break-neck pace for Q4, the year-end total is poised to reach $600M, or nearly triple the overall dollar volume from just two years ago."
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