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Thread: Real Estate Crash thread
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04-09-2021, 07:16 PM #12826
The "scholar economics book writing professors" agree with you. Interest rates and inflation have a generally inverse relationship. If you give people cheap money, they buy stuff. When the supply of that stuff is limited, competition pushes the prices up.
In the case of the American RE market that competition is intensified by demographics. There are more people of first time home buying age now than there were ten or fifteen years ago, and as you know, build starts were decimated by the financial meltdown.
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04-09-2021, 07:39 PM #12827
Haha, just for fun, I looked the Zillow estimate for our house. They are showing a picture from 2012, before we bought it in '13. We completely gutted it, renovated it, roofed it, lanscaped it, you name it. They also show less than 1/2 of our square footage, ours is 2200, four bed, two complete kitchens, etc.
Our house is by far the nicest on the block. It was, honestly, the biggest piece of shit skid house in JH.
I find this estimate hilarious, because two doors down, on either side of us, piece of shit houses sold (before pandemic!) For over 1.2m.
Shit cracks me up! (Look at the rental estimate)
(We paid $329 in ‘13)
https://www.zillow.com/homes/95-Stor...94365532_zpid/
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04-09-2021, 09:23 PM #12828
When we left Baltimore in '79 or so, they were selling decrepit houses on the waterfont for a Dollar.
No lie, it was a 'gentrification' program long before that term came into existence.
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04-09-2021, 11:30 PM #12829
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04-10-2021, 01:30 AM #12830
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04-10-2021, 06:20 AM #12831Banned
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A problem with this idea is that it hinges on the people that left cities having to sell their properties to move back. Plenty of people who fled cities and gobbled up rural real estate didn't sell their places back in the city, and I don't think they're going to sell the place they bought in the mountains when it comes time to move back.
This is the final step toward creating a permanent caste system in this country, there are going to be property owners and then a whole hell of a lot of people who will never be able to even contemplate the idea of purchasing property.
It's high time we dust off the guillotine, if you ask me.
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04-10-2021, 07:24 AM #12832Registered User
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04-10-2021, 07:34 AM #12833
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04-10-2021, 07:35 AM #12834
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04-10-2021, 07:44 AM #12835
What do you think of this 4 bds • 4 ba • 3,732 sqft home I found on Zillow? https://www.zillow.com/homedetails/6...edium=referral
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04-10-2021, 08:00 AM #12836man of ice
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It's nice there, safest part of the city, on the water, cool industrial harbor views out towards Domino Sugar and Fells Point. The water taxi goes close by, the promenade is really nice and goes along the water all the way to Canton, like maybe 3 miles? Guessing but it's pretty long. All the yuppie stuff you could want around there, coffee shops, weed store, Whole Foods nearby, but it's low-key and spread out.
There's something going on with those docks, there wasn't a single boat there last year and none so far this year. Those places are nice but they're tall and narrow, lots of stairs. The Italian deli/takeout right there, Di Pasquale's, kicks ass. The Greek place next door to it, Tabrizi, is also really good. We rented an apartment almost next door when we sold our house last year because my wife's business is in Baltimore so I'm around there quite a bit. That part of the city definitely has energy and is coming up.
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04-10-2021, 09:05 AM #12837
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04-10-2021, 09:06 AM #12838
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04-10-2021, 09:35 AM #12839Registered User
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https://www.cbc.ca/news/business/osf...ules-1.5979558
shit is crazy up here as well so the banks are gona change the rulesLee Lau - xxx-er is the laziest Asian canuck I know
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04-10-2021, 10:09 AM #12840______
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I, as I’m sure others are as well, am on a few different forums. The general take continues to be that the market is crazy and irrational right now.
However there continue to be a few naysayers that point to millennials entering the first time home buyers market, institutional buyers, lack of inventory (new and old) and work from home as drivers that aren’t going away.
But almost no one is saying what a good time to buy, or this market is going to keep going up and up. I continue to see real estate agents interviewed who are actively discouraging people from getting into this market unless they can absorb the risk, can offer cash and have a long time horizon.
Does anyone know of anyone credible talking about how this is the new normal and you better get on the train now if you can?
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04-10-2021, 10:26 AM #12841
The local paper has all the dirt pimps saying Buy, Buy, but are they creditable, fuck no. If your buying today you better have at least a 10 year ownership horizon or you may sell a bit underwater. Take my comment as a green light to buy, as my forecasting skilz suck.
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04-10-2021, 11:04 AM #12842
Well, those are two separate things, whether this is the new normal and whether you better get on the train now if you can.
It all feels so unsustainable, but it also feels to me like the new normal. And yes, of course, my feelings are deep indicators of market analysis.
But even if I don't think a crash is coming, that doesn't mean that you better jump now before you lose your chance. There may be much better places to put your money."fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
"She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
"everybody's got their hooks into you, fuck em....forge on motherfuckers, drag all those bitches across the goal line with you." - (not so) ill-advised strategy
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04-10-2021, 11:07 AM #12843
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04-10-2021, 11:12 AM #12844
I don't understand the sustainability of everything. Stock market, real estate, rent, food, you name it, the prices are jumping big time everywhere I look. I sure hope there is a big correction, but again, what will cause it if Covid didn't do shit to slow down prices?
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04-10-2021, 11:15 AM #12845
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04-10-2021, 11:30 AM #12846"fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
"She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
"everybody's got their hooks into you, fuck em....forge on motherfuckers, drag all those bitches across the goal line with you." - (not so) ill-advised strategy
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04-10-2021, 11:38 AM #12847Registered User
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The last house i sold prices has marched steadily up of 15 yrs, i asked my (a very good one actulay) dirt pimp what she thot she said " we all at the office think the prices are crazy, you should sell " it sold very quick and a month later the bottom drops out of the market but that was dumb luck cuz really dirt pimps don't know whats gona happen either
they know they want to sell RE (big surprise) they like to see RE move but I've heard it said they don't really like crazy either cuz in multiple bid situ's only 1 agent is winning
The prices look so stupid some people are selling now to rent making the bet they can catch it on the downsideLee Lau - xxx-er is the laziest Asian canuck I know
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04-10-2021, 11:45 AM #12848
I thought rents in some of the big citys like San Francisco and NYC were cratering? It seems pretty clear if rents are falling, rental vacancies are up, but home purchases are soaring maybe there’s a connection? Like here
https://www.twincities.com/2021/02/0...ring-pandemic/
it’s hard wading through the industry of shit “citys are dieing cuz takes though, and that’s kinda the lazyass press.
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04-10-2021, 11:54 AM #12849______
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04-10-2021, 12:08 PM #12850"fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
"She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
"everybody's got their hooks into you, fuck em....forge on motherfuckers, drag all those bitches across the goal line with you." - (not so) ill-advised strategy
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