Real Estate Crash thread

[AdironRider]

And a Taco Bell, but that eventually died but the Taco Bell Couloir still lives on!

[Kevo]

Adding a datapoint to the WFH conversation- my girlfriend officially accepted a perma remote senior government consulting offer from a major, well known consulting firm.

The team she's joining was based in DC prior to pandemic, but now has employees based in UT, CO, ID and elsewhere.

[Name Redacted]

Another neighborhood listing. I remember this house being on the market for $800k two years ago. Wife and I were like WTF? No way, but it sold. Well today it is back on the market 2.2 years later to avoid CGs with a new roof and hw floors. $1.3m. Not a bad return if they get it. Kudos. Guess I’ll have to spend another weekend in the driveway blasting Slayer, throwing beer cans and wrenching on my shitty motors.

[Mazderati]

Guess I’ll have to spend another weekend in the driveway blasting Slayer, throwing beer cans and wrenching on my shitty motors.

Maybe a weight bench and barbell with cinder blocks in the front yard, too.

[Name Redacted]

Maybe a weight bench and barbell with cinder blocks in the front yard, too.

Ooh. Good one. I have some old tires hanging around too. Maybe a yard sale?

[Mazderati]

Don't be shy with those inflatable christmas decorations.

[Name Redacted]

Don't be shy with those inflatable christmas decorations.

You think Walmart carries pink flamingos? Might be too late for Amazon.

[Mazderati]

You think Walmart carries pink flamingos? Might be too late for Amazon.

Even if they don't, the hard plastic kiddie pools are surely in stock this time of year.

[Supermoon]

You think Walmart carries pink flamingos? Might be too late for Amazon.

Pink flamingoes are hip again so might backfire

[AK47bp]

Ooh. Good one. I have some old tires hanging around too. Maybe a yard sale?

Put up a Trump sign AND a Bernie sign in the yard.

Make a pentagram in the lawn with weed killer.

Blast Bjork

So many options.


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[dunfree]

A yard sale of inflatable anime love dolls.

[Conundrum]

I'm partial to old open fridges with some of the cellophane meat packages that DD buys still in there.

[Name Redacted]

I'm partial to old open fridges with some of the cellophane meat packages that DD buys still in there.

I grew up in the south. We could paint some tires and use em as planters, and maybe a toilet with some flowers. This could become a year round thing. Bring down the neighborhood resale value to keep our taxes in check. Next tax appraisal is gonna be ugly if we don’t do something quick!

[Core Shot]

The house across the cul de sac listed for $1.3
Pre covid it’s worth 700 at most.

Under contract already. An investor. Wtf. Small three bed ranch. Nice but not that nice.

[AdironRider]

Zillow now says my house has tripled in value since I bought it at the end of 2015.

Lot down the street was on the MLS for less than 24 hours at 200k and sold straight cash homie. At 400 per square plus the sitework and utilities my house would cost a minimum of 850k to reproduce on that lot. Guess the math shakes out but damn.

[Skistack]

The house across the cul de sac listed for $1.3
Pre covid it’s worth 700 at most.

Under contract already. An investor. Wtf. Small three bed ranch. Nice but not that nice.

So we’re at the point of the bubble where the dumb money is pouring in?


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[skaredshtles]

[MontuckyFried]

Just got my latest appraisal from the county. And unfortunately for my sake, they're actually not wrong this time.
I'm sorry, but when real estate prices are getting stupid even here, this can NOT last. Seriously. I just looked up the median income in my area. It's $26,586/yr. Median home prices have shot up to around 1/4MM. Was thinking about maybe pushing even closer to the border for work and cheaper cost of living, but prices getting dumb there too. Looked up one of my prospective towns. Median income $19K. Average home sale price: Also ~$250K. Sorry, guys, but this math does NOT check out. Especially for here. Sunnuvabitch.

What the hell is going on? It's nationwide apparently and it feels like there's few places to escape to. This is even worse than the lead up to '08 because at least back then, many desirable markets were still pretty affordable, so some places were more insulated from the crash. I sold my home in '07 for around $110K. Nice place too. No more!

[skaredshtles]

<snip> It's nationwide apparently and it feels like there's few places to escape to.

Plenty of shitholes still left to escape to in the Midwest.

[Skidog]

Maybe a weight bench and barbell with cinder blocks in the front yard, too.

Couch (inside kind) out on front porch/lawn ought to bring down values a bit.

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[concretejungle]

Plenty of shitholes still left to escape to in the Midwest.

Quit shitting on Denver.

[skaredshtles]

Quit shitting on Denver.

[skaredshtles]

Could I interest you, Montucky, in an 1100 square foot 3bed/1bath cabin in the "mountains" of colorful Colorado? Only $175K. It's a steal.

[Danno]

Just got my latest appraisal from the county. And unfortunately for my sake, they're actually not wrong this time.
I'm sorry, but when real estate prices are getting stupid even here, this can NOT last. Seriously. I just looked up the median income in my area. It's $26,586/yr. Median home prices have shot up to around 1/4MM. Was thinking about maybe pushing even closer to the border for work and cheaper cost of living, but prices getting dumb there too. Looked up one of my prospective towns. Median income $19K. Average home sale price: Also ~$250K. Sorry, guys, but this math does NOT check out. Especially for here. Sunnuvabitch.

What the hell is going on? It's nationwide apparently and it feels like there's few places to escape to. This is even worse than the lead up to '08 because at least back then, many desirable markets were still pretty affordable, so some places were more insulated from the crash. I sold my home in '07 for around $110K. Nice place too. No more!

I don't know where the crash comes from, the data is nothing like 2008.

Let's take a made up scenario as to why there doesn't have to be a crash:
2008: 20 people buy houses in a neighborhood. 15 of them do not have the money to afford the house, they have no money down and they can barely pay the mortgage, but get a stated income loan and figure that they can refinance soon and pull equity out because home prices always rise. When the market and economy dips, they get laid off, and they have no equity and have a mortgage they can't pay. Foreclosure for 15 of 20 houses.

2021: 20 houses are sold in a neighborhood. 15 of them are cash buyers (who may even own multiple homes). When the market dips, they may not have a job to get laid off from, and in any event they paid cash for the house so while their "investment" may have dipped in value, they have no mortgage to worry about. No foreclosures and no major tanking of home values because there is no economic collapse.

In many ways it feels like we are reaping the effects of sowing decades of policies that lead to economic inequality. There's enough money out there in enough hands that "average" folks are getting priced out of everything. I hope I am wrong but it doesn't feel like I am.

[Danno]

Could I interest you, Montucky, in an 1100 square foot 3bed/1bath cabin in the "mountains" of colorful Colorado? Only $175K. It's a steal.

Limon?