Real Estate Crash thread

[Whiteroom_Guardian]

In the process of selling a duplex that I bought in western NJ in 2016. Income producing in a funky artsy town etc. Selling it for very very slightly above what I paid 5 years ago. Talk about a kick in the balls. Just need to get out while I still can. "Hot market" too lol.

Yeah, file that one under the lessons learned file.

[Benny Profane]

Well, you didn't lose money.

What "funky, artsy town" in western NJ? I did not know that was a thing.

[FussyDutchman]

In the process of selling a duplex that I bought in western NJ in 2016. Income producing in a funky artsy town etc. Selling it for very very slightly above what I paid 5 years ago. Talk about a kick in the balls. Just need to get out while I still can. "Hot market" too lol.

Yeah, file that one under the lessons learned file.

Lambertville?

[Whiteroom_Guardian]

Lambertville?

Just up the road. Really small town. Too small clearly.

[FussyDutchman]

Just up the road. Really small town. Too small clearly.

I grew up in T'ville so it was an educated guess. At least it's been producing income for you and hopefully, with minimal maintenance. Good luck with the sale.

[Benny Profane]

How much was the property tax?

[Whiteroom_Guardian]

How much was the property tax?

"Only" $3500/year taxes. Sewer is $2200/year haha.

There are houses in the $1M range on 40 acres 10 minutes from the ski area that pay the same taxes here!

[neufox47]

We closed on both our transactions. Upgraded house, mountain bike trails out the door, and less land to care for. Paid $215k more for the new house than the old house but the old house appreciated $100k in 3 years. Our payment is almost exactly what it was on the old house when we originally bought it with a 4.25% interest rate, new rate is 2.375%. Would actually be a cheaper payment except we have way higher insurance costs. Basically lived in our last house for free when you factor in all costs. Not bad for only having it 3 years. We planned on the old house being our forever house but plans change. New house needs a new roof though so...

View from the old house

View from the new



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[bodywhomper]

We closed on both our transactions. Upgraded house, mountain bike trails out the door, and less land to care for. Paid $215k more for the new house than the old house but the old house appreciated $100k in 3 years. Our payment is almost exactly what it was on the old house when we originally bought it with a 4.25% interest rate, new rate is 2.375%. Would actually be a cheaper payment except we have way higher insurance costs. Basically lived in our last house for free when you factor in all costs. Not bad for only having it 3 years. We planned on the old house being our forever house but plans change. New house needs a new roof though so...

View from the old house

View from the new



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Wow! Congrats! You've had a busy winter!

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[FussyDutchman]

Nice R, great view and sounds like an upgrade all around! Perfect timing on the rates for sure, we close on a refi Friday, 2.125% is almost stealing.

[Foggy_Goggles]

Star Valley Ranch is well over an hour away from any source of income, and requires at least 350 a square to build currently. That doesn't include well, septic, the lot, or sitework.

Yep. That describes almost anywhere expect places with access to a cheap (mostly undocumented) labor pool. Everybody wants affordable housing, environmental sustainability, living wages and restoration of the middle class.

But they also want a custom home with solid surface counter tops and 750sq. ft. of living space per adult. Apparently now, boys and girls can't share bathrooms. A three car garage is small. And oh, while your at it, I'll take two of those houses.

Until public policy incentivizes higher densities and smaller homes, this is gonna be reality. We will see how the new rural transplants can deal with the isolation. I'm already seeing it in my neighborhood. People see you walking the dog and than come outside and want to talk to you. Sure, COVID has something to do with it, but it's a different scene. Suburbia in the mountains only exists in a few places and hopefully that doesn't change too quickly. I get a lot of "people sure are nice around here","Yep...sure are" keep walking.

[Toadman]

In case anyone wants to launder some cash - Here's a good opportunity.

https://www.yahoo.com/news/trumps-tr...165752058.html

Eric Trump on Wednesday morning tweeted out a real estate listing for a luxurious beachfront home in Florida with an asking price of $49 million, nearly $31 million more than an LLC controlled by Eric and Donald Trump Jr. paid for the property in 2018, when it was purchased from President Donald Trump's sister, Maryanne Trump Barry.

Located next door to Trump's Mar-a-Lago club in Palm Beach, the home is technically owned by 1125 South Ocean LLC, according to the Palm Beach Daily News.

Broker Lawrence Moens started advertising the property as an "exclusive" listing over the weekend, according to the Daily News.

[Benny Profane]

So, is that a comp price, or did they just get an awesome price a few years ago, because, you know...

[Toadman]

Based on the Trump MO; undervalue assets for tax purposes, overvalue for loan purposes.

[Benny Profane]

Well, not really that. But, I'll bet a ton of people offered them assets at really low prices the past few years to curry favor of some sort. And, of course, they bit.

[sirbumpsalot]

Based on the Trump MO; undervalue assets for tax purposes, overvalue for loan purposes.

Sounds like a sound strategy. I invite you to share yours....lol.

[mescalito]

Clementine. Great trails. Ride there often when getting out of snow in Reno. Did that house come with a BBQ?

[Toadman]

Sounds like a sound strategy. I invite you to share yours....lol.

My strategy is not to get audited by the IRS. But, it sure would be nice to only have a $750 fed tax bill this year.

[sirbumpsalot]

My strategy is not to get audited by the IRS. But, it sure would be nice to only have a $750 fed tax bill this year.

TDS

[Benny Profane]

Well, let's just take the wind out of the sails of any substantial Vermont appreciation.

https://www.compassvermont.com/news/...e5ee3521d.html

[Skidog]

Well, let's just take the wind out of the sails of any substantial Vermont appreciation.

https://www.compassvermont.com/news/...e5ee3521d.html

I run my rental through Killington Management company (its in Pinnacle). You call up the Grand and ask for my unit (or other units). Mines considered an A+ rental or some shit....we did a lot of stuff to improve it over the rest of the units.

[RootSkier]

Just called and they laughed when I asked about Skidog's pad.

[Skidog]

Just called and they laughed when I asked about Skidog's pad.

Lol. Unit A23.

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[Mazderati]

Just called and about A23 and they said yeah the guy with the small dick owns it.

[Skidog]

Just called and about A23 and they said yeah the guy with the small dick owns it.

That's the unit

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