Real Estate Crash thread

[Name Redacted]

I'm going through the same thing. 3 days running of working on my snowmobile and drinking beer is taking its toll. I should have borrowed my buddy's 70s fire wood truck and parked it out front for the week.

Keep fighting the good fight brother. We will bring property values down eventually.

[Benny Profane]

You have to hire some fat girls with ink to sit and chat out front while their little urchins run free half naked.

[Name Redacted]

You have to hire some fat girls with ink to sit and chat out front while their little urchins run free half naked.

We don’t have those here. We would probably have to fly them and their urchins in from CT.

[Kinnikinnick]

The Syracuse house value thing has been a joke of mine for 15 years. But I spent some time looking up neighborhood comps today, and I actually think that we are in for a pleasant surprise. Like double that estimate. There is no other property like it near us.
Kind of moot, as its not on the market...

Nope

You advertised it at that price, so you have to honor it.


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[fastfred]

Lol as president of an hoa lol getting high before an annual meeting makes shit more fun also heavily involved in another hoa it's a very interesting job think it's been 5 years now just signed off on taxes we collect about 450k a year in forced dues I'll give it up happily but some one competent needs to step in and the list is short like two people deep and they are smarter than me

[Core Shot]

Actually seems like a bargain. If you need to be by the Hudson

https://www.dailymail.co.uk/news/art...rket-1-3m.html

[Hopeless Sinner]

Actually seems like a bargain. If you need to be by the Hudson

https://www.dailymail.co.uk/news/art...rket-1-3m.html

My parents lived in that neighborhood for 50 years about 1/2 mile from the Castle. I sold the house in 2019 after my father's death. The first chance I had to leave I did at 17yo; it sucked way back then. There are many quality, huge homes in the area built in the early 1900's.

By the time you pay for upkeep, RE taxes, private school, and oil heat it's no longer a bargain. And you better get used to sirens which are a constant after dark. The craftsmanship and detail is probably off the charts, but there are very few men with the talent and experience to equal the original work.

[Supermoon]

My parents lived in that neighborhood for 50 years about 1/2 mile from the Castle. I sold the house in 2019 after my father's death. The first chance I had to leave I did at 17yo; it sucked way back then. There are many quality, huge homes in the area built in the early 1900's.

By the time you pay for upkeep, RE taxes, private school, and oil heat it's no longer a bargain. And you better get used to sirens which are a constant after dark. The craftsmanship and detail is probably off the charts, but there are very few men with the talent and experience to equal the original work.

Taxes are $20k/yr which doesn’t seem so bad. Natural gas heat too.

[Hopeless Sinner]

Taxes are $20k/yr which doesn’t seem so bad. Natural gas heat too.

20k in taxes buys very few services in Yonkers, it might take 3 days to get a plow down a side street in Park Hill after a major storm. My parents house was $1000 month for heat - Dec through March, also natural gas and it was 1/2 the size of the Castle.

[Benny Profane]

Actually seems like a bargain. If you need to live in Yonkers.

Fify

[Benny Profane]

20k in taxes buys very few services in Yonkers, it might take 3 days to get a plow down a side street in Park Hill after a major storm. My parents house was $1000 month for heat - Dec through March, also natural gas and it was 1/2 the size of the Castle.

I wouldn't send my kids to school there.

Yonkers also has an income tax. So, if you lived there, and worked in the city, you'd be paying tax to two cities, and the state. And a lot to an accountant to sort it out.

[liv2ski]

20k in taxes buys very few services in Yonkers. My parents house was $1000 month for heat - Dec through March, also natural gas and it was 1/2 the size of the Castle.

Thanks for that. I will never complain about my expenses after reading that.

[Hopeless Sinner]

I wouldn't send my kids to school there.

Yonkers also has an income tax. So, if you lived there, and worked in the city, you'd be paying tax to two cities, and the state. And a lot to an accountant to sort it out.

The current owner is prob a veteran that qualifies for reduced property tax.

[Hopeless Sinner]

I wouldn't send my kids to school there.

Yonkers also has an income tax. So, if you lived there, and worked in the city, you'd be paying tax to two cities, and the state. And a lot to an accountant to sort it out.

Forgot about the Yonkers city tax, I don't think you have to pay NYC though in addition. I know I didn't withhold NYC tax just Yonkers tax when I did payroll. Our business was in the Bronx.

[Verde]

...if you need to live in Yonkers

I grew up in Yonkers but we told folks we were from Bronxville

[neufox47]

Actually seems like a bargain. If you need to be by the Hudson

https://www.dailymail.co.uk/news/art...rket-1-3m.html

Do you want a 9 bedroom castle in NY or a 3 bedroom fixer upper in Boise?

[glademaster]

Do you want a 9 bedroom castle in NY or a 3 bedroom fixer upper in Boise?

Neither!

[liv2ski]

Prices are up sharply as housing inventory continues to plateau, leaving 40% fewer homes on the market compared to last year, according to a report prepared by Black Knight.

Instead of making up for the shortfall, new listings have slumped further in 2021. Year-over-year, new listing volumes were down 16% in January and 21% in February — amounting to a 125,000 deficit in inventory compared to the same time in 2020.

“Any hopes of 2021 bringing an influx of homes to the market and lessening pressure on prices appear to be dashed for now,” said Ben Graboske, Black Knight’s data and analytics president.

Buyers who were fortunate enough to snag an available single-family home – new listings are down 46% from a year ago – paid a premium. In February, the median single-family sales price rose nearly 16% from last year.

Home prices in most big cities also increased. In nearly three quarters of the 100 largest U.S. markets, annual home prices grew more than 10%. Overall, home prices grew 11.6% year-over-year in January, the most growth in a single year since 2005.

Boise, Idaho, and Spokane, Washington saw the greatest home-price appreciation, growing 26% and 20% year-over-year, respectively. In Chicago, meanwhile, home prices grew just 7%.

“Of course, upward pressure on home prices has also served to tighten affordability, and with rates on the rise, affordability concerns are coming into sharper relief,” said Graboske.

Housing affordability is at its lowest point since 2019 as a result of low inventory and high prices. The share of median income needed to make payments on an average-priced home with a 20% down payment is now 20%.

But in some high-priced markets, the affordability pressure is even more acute. In Los Angeles, the share of income required to pay a mortgage swelled to 44%. San Jose and San Francisco were not far behind, with a mortgage payment eating up 40% and 37% of the median income on average. In other cities, like Cleveland and Cincinnati, Ohio, a mortgage payment represents just 14% of the median income.

After eight straight months of declines, the national mortgage delinquency rate rose to 6.0% in February from 5.85% the prior month. The troubling figure may not indicate an increased financial strain on homeowners, however. The increase coincided with a short month that ended on a Sunday, leaving fewer days to make payments.

The daily mortgage payment rate, which is not affected by calendar month irregularities, rose to an eight-month high in February. The number of active forbearance plans dwindled to 2.57 million, the lowest level of paused payments since April 2020.

[Toadman]

I wouldn't send my kids to school there.

Yonkers also has an income tax. So, if you lived there, and worked in the city, you'd be paying tax to two cities, and the state. And a lot to an accountant to sort it out.

FIL taught in Yonkers for the better part of 20 years. Bitch of a commute from Whitestone to Yonkers too. No idea how he did it for that long. Must have been for the love of the kids. Because after you get stabbed by a student, why would you want to keep working there? The tax situation with federal, state and city income tax was just mind blowing to me. Not to mention the whole toll thing. I'm sure he was able to deduct the tolls? Will have to ask him when I see him at the end of the month. At least he got the too good to refuse early buy out.

[Benny Profane]

I grew up in Yonkers but we told folks we were from Bronxville

Ha, I lived in Yonkers for a few years, bought a co-op right on the Bronxville line, five minute walk to train, so, we said we lived in Bronxville. Paid Yonkers taxes, but, whatever. But, we weren't the only ones. You really have to check real estate listings and make sure what you're dealing with, because a lot of apartments for sale and rent claim Bronxville, when they really aren't.
Now, there's a town I'd send my kids to school in. The high school is almost always in the top five, nationwide.

[Benny Profane]

FIL taught in Yonkers for the better part of 20 years. Bitch of a commute from Whitestone to Yonkers too. No idea how he did it for that long. Must have been for the love of the kids. Because after you get stabbed by a student, why would you want to keep working there? The tax situation with federal, state and city income tax was just mind blowing to me. Not to mention the whole toll thing. I'm sure he was able to deduct the tolls? Will have to ask him when I see him at the end of the month. At least he got the too good to refuse early buy out.

I spent a short week downtown for jury duty. Hellhole.

I mean, I get high taxes for really good schools and parks and shit, but, for that? wtf?

[Toadman]

Prices are up sharply as housing inventory continues to plateau, leaving 40% fewer homes on the market compared to last year, according to a report prepared by Black Knight.

Instead of making up for the shortfall, new listings have slumped further in 2021. Year-over-year, new listing volumes were down 16% in January and 21% in February — amounting to a 125,000 deficit in inventory compared to the same time in 2020.

“Any hopes of 2021 bringing an influx of homes to the market and lessening pressure on prices appear to be dashed for now,” said Ben Graboske, Black Knight’s data and analytics president.

Buyers who were fortunate enough to snag an available single-family home – new listings are down 46% from a year ago – paid a premium. In February, the median single-family sales price rose nearly 16% from last year.

Home prices in most big cities also increased. In nearly three quarters of the 100 largest U.S. markets, annual home prices grew more than 10%. Overall, home prices grew 11.6% year-over-year in January, the most growth in a single year since 2005.

Boise, Idaho, and Spokane, Washington saw the greatest home-price appreciation, growing 26% and 20% year-over-year, respectively. In Chicago, meanwhile, home prices grew just 7%.

Don't own a home, but getting lots of spam mail in the mailbox to sell my home. Dirt pimps getting desperate for biz.

[glademaster]

In the US, there are more licensed realtors than there are active listings at the moment. Fact.

[Toadman]

Ha, I lived in Yonkers for a few years, bought a co-op right on the Bronxville line, five minute walk to train, so, we said we lived in Bronxville. Paid Yonkers taxes, but, whatever. But, we weren't the only ones. You really have to check real estate listings and make sure what you're dealing with, because a lot of apartments for sale and rent claim Bronxville, when they really aren't.
Now, there's a town I'd send my kids to school in. The high school is almost always in the top five, nationwide.

With a name like Bronxville, you would think it would be a dump. Former co-worker who's family managed to get into a house in the late 1800's lived there. But the property taxes were more than my mortgage. No wonder everyone has side gigs that are all cash based. Got to find away to keep a little for yourself after Uncle Sam, the state and the city take their cuts.

[AK47bp]

Got this letter in my door step 2 days ago.

Times is rough for buyers I guess.


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