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Thread: Real Estate Crash thread
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07-26-2021, 11:02 AM #16651
Was out and about this weekend and decided to pop in to see a few open houses. Both over a million. One was listed for just under $1.4 million, (4 bed, 3.5 bath, 3k sq. ft.) and they had dropped the price by $75k after just one week. Maybe they got no offers that first week and the agent said, let's drop the price and see if we get any takers?
Agent said the sweet spot was $1 million to $1.3 million for Bend. She said things have definitely slowed down, and folks are dropping prices and they are not seeing offers the same day a property is listed. I'm guessing all the wealthy cash buyers have pulled the trigger and now it might be a good time for the bottom feeders to start looking for "bargains"."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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07-26-2021, 11:04 AM #16652
It's also that listings based on comps always escalate to the point of overshoot.
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07-26-2021, 11:09 AM #16653
My Dad's GF bought a house in Bend 4-ish years ago. 3/2 ~2.5k sf, walking distance to downtown IIRC. These days it must be worth double what she paid.
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07-26-2021, 11:15 AM #16654Registered User
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07-26-2021, 03:32 PM #16655
Maybe not double, but at least 50% increase. Seeing lots of Zillow closings where the houses are going for close to or slightly over 50% for houses that were bought 3-4 years ago. Makes me wonder if people are selling up into some of the new construction around here.
House behind our lot went on the market this week for 50% more than they paid back in 2018. Will be interesting to see how soon it sells and closing price. It's got really good views of Hood, Jefferson and Washington."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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07-26-2021, 07:22 PM #16656I drink it up
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07-27-2021, 08:27 AM #16657
Nothing new to report.
https://finance.yahoo.com/news/case-...130004294.html
Standard & Poor’s said Tuesday that its S&P CoreLogic Case-Shiller national home price index posted a 16.6% annual gain in May, up from 14.8% in April — marking the highest reading in more than 30 years of data. It is also the 12th straight month of accelerating prices. The 20-City Composite posted a 17% annual gain, up from 15% a month earlier. The 20-City results surpassed analysts’ expectations of a 16.3% annual gain, according to Bloomberg consensus estimates.
Once again Phoenix led the 20-City Composite, recording a 25.9% annual gain. The city has led the composite for two years now. San Diego and Seattle followed by posting 24.7% and 23.4% gains respectively."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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07-27-2021, 08:30 AM #16658
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07-27-2021, 08:32 AM #16659
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07-27-2021, 08:52 AM #16660I drink it up
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07-27-2021, 09:06 AM #16661"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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07-27-2021, 09:11 AM #16662
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07-27-2021, 11:02 AM #16663
Interesting chart
And I bet Benny will jump and down pointing out how superior East and the Midwest are in that they don't use as much water as the West. But Benny doesn't understand the climate of the PNW. From San Francisco up along the coast to the Olympic Peninsula in Washington, West of the Cascade Crest (where all the population centers are), is amongst the wettest area of the lower 48 (most annual rainfall). The wettest place in lower 48 is the West and Southwest side of the Olympic Peninsula. But from July to October, this same area is amongst the driest regions of the US. We don't get monsoonal showers West of the Cascades and it basically doesn't rain here in the Summer (so we use a lot of water keeping our yards green). Native plant landscaping in the PNW is much more water efficient because native plants here are extremely drought tolerant. So I am not surprised that Washington and Oregon rank high on most water use per capital compared to Midwest and East (where Summer rain is common).
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07-27-2021, 11:03 AM #16664
The upper Midwest is tops in home energy use per capita, an inverse.
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07-27-2021, 11:03 AM #16665
I don't know about AZ, but much of So CAL will need to build desalinization plants going forward and you better have solar panels on the house to run the AC when the grid blacksout from to much use. That is the reality coming to CA in the next 10 years, maybe less.
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07-27-2021, 11:29 AM #16666
I wonder how much use it or lose it water laws factor into the water use in western states.
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07-27-2021, 11:36 AM #16667
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07-27-2021, 11:39 AM #16668Registered User
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07-27-2021, 11:40 AM #16669Registered User
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07-27-2021, 11:47 AM #16670
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07-27-2021, 12:18 PM #16671
It's not a matter of water use, per se. It just rains here. All year (well, in the winter we get a snowpack, except Vermont, where it rains). We don't concern ourselves with rationing water, because it falls out of the sky regularly. It doesn't fucking rain in Arizona, and it's hot as fuck. Capisce?
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07-27-2021, 12:22 PM #16672
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07-27-2021, 12:23 PM #16673
So that you can continue building more!
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07-27-2021, 12:30 PM #16674
In large part this is being driven by migration from eastern and midwestern states (https://en.wikipedia.org/wiki/List_o..._net_migration). Even Utah's total fertility rate has dropped below 2 in recent years. Stop moving here, assholes!
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07-27-2021, 12:43 PM #16675
HA! Are you daft? You DO realize that residential water use in the West is but a mere drop in the bucket (pun intended) compared to agricultural use where for SOME insane reason, everybody seems to be ok with growing everything in the freaking desert. SEE: California almonds. The amount of farming going on in places where it shouldn't even really exist, let alone at that scale, is absurd.
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