Real Estate Crash thread

[Ted Striker]

But a way to get around it is to make your qualifications exceptionally high so if the landlord is ever sued by an applicant who is turned down, landlord can point to the failure to meet their high qualifications. And when the landlord breaks their own rule and rents to the person they want (who doesn't meet the qualifications) they are not going to be sued about it.

And a way to exclude college students from a house that's only about a half mile off campus.

[sirbumpsalot]

Almost none of the people who grew up in places like Bozeman, Bend, Bellingham, Jackson, Aspen are actually from there. It's just a bunch of people who moved there 10-20 years ago complaining about people who moved there 5-0 years ago.

The conversations I had with people on the chairlift in Bachelor last year were hilarious. My grandparents are buried in Bend, my grandmother lived there (may have been first female to summit Mt. Washington). I have been going there my whole life and have lived there for a summer. But I claim no ownership of the place. Yet everyone I rode with would constantly lament about newcomers and the Ikon pass. When I did some digging, all of them recently move to town from California.

Seems everyone I rode with on the bachelor lift that was 50+ years old didn't lament about the Bend newcomers...they seemed like they were the newcomers themselves...but nearly all of them were retirees or second home owners from Seattle.

I think they are coming from all directions!

[fastfred]

I have to find new tenants for my place in Nederland. Feeling a bit conflicted on what is being paid up there considering rent pricing just a year ago. Lack of inventory is probably the biggest factor in that town but it's crazy rents have gone up 25%-40% in such a short time.

So you can gouge someone and get the highest possible rent or you can set the rent at a reasonable level that covers your expenses puts some money away for repairs and gives you 200 a month in income you get to make the choice there are a million asswipes in the world today where everything and everything has a dollar sign attached to it choose who you are everyone is getting theirs you should too

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[Ted Striker]

Almost none of the people who grew up in places like Bozeman, Bend, Bellingham, Jackson, Aspen are actually from there. It's just a bunch of people who moved there 10-20 years ago complaining about people who moved there 5-0 years ago.

The conversations I had with people on the chairlift in Bachelor last year were hilarious. My great grandparents are buried in Bend, my grandmother lived there (may have been first female to summit Mt. Washington). I have been going there my whole life and have lived there for a summer. But I claim no ownership of the place. Yet everyone I rode with would constantly lament about newcomers and the Ikon pass (I have Ikon). When I did some digging, all of them recently moved to town from California.

So True. My grandparents moved to Bellingham in the 70s, but were always "from Wisconsin". Their neighbor across the street was "from Alaska" even though I don't ever remember a time when they didn't live there.

[JaytaeMoney]

Almost none of the people who grew up in places like Bozeman, Bend, Bellingham, Jackson, Aspen are actually from there.

So if I grew up in Aspen I'm not actually from here? Where am I from, then?

[Core Shot]

A very young James McMurtry

But yeah, im not from here. I just live here.
Should have been here bout fifteen years ago.

[dan_pdx]

Closed at 700k and the predatory douchebag buyer is renting it out at $3500/mo

Huh, even at that price, I guess there's no guarantee it's cash flow positive. Probably just a bet on future appreciation, right?

Whatever, they're welcome to it, the highest point in the ceilings in the upstairs rooms was only about 6' 6". I did like that garage though.

[schuss]

Before the latest wave to bend I almost moved there as I had never encountered such a friendly group of locals before who were happy to share details of places to visit in the area. This was back in early 2012 though.

[Benny Profane]

Huh, even at that price, I guess there's no guarantee it's cash flow positive. Probably just a bet on future appreciation, right?

Whatever, they're welcome to it, the highest point in the ceilings in the upstairs rooms was only about 6' 6". I did like that garage though.

Sweet kitchen.

[kathleenturneroverdrive]

LOL....there are 3 of them in that neighborhood for $1.7M+ some sold for $800,000 3-4 yrs ago. Some high end finishes in this newer swanky neighborhood across the main road for less $$ :

https://www.zillow.com/homedetails/1...25621646_zpid/

It's a pretty bold choice to put insanely high-end finishes into a bland condo with no yard or privacy from the 10 identical condos surrounding it, a bunch of neighboring homes that haven't been updated/beat-to-shit college rentals. At least the house on Willson has character/history and looks well taken care of. Not sure it's worth $2.3, but those super nice older homes on Willson never go cheap.

[sirbumpsalot]

It's a pretty bold choice to put insanely high-end finishes into a bland condo with no yard or privacy from the 10 identical condos surrounding it, a bunch of neighboring homes that haven't been updated/beat-to-shit college rentals. At least the house on Willson has character/history and looks well taken care of. Not sure it's worth $2.3, but those super nice older homes on Willson never go cheap.

Those are condos? Damn...thought it was just a small house! Bozeman is the new Aspen and complete with all the big box stores and fast food joints!

[Ted Striker]

Huh, even at that price, I guess there's no guarantee it's cash flow positive. Probably just a bet on future appreciation, right?

Yeah, could be. Or it might be a placeholder - as in they want to move/retire to B'ham in a year or three.

https://www.redfin.com/WA/Bellingham.../home/15820681

$700k for a so-so house next to the railroad tracks with a view of the port of Bellingham. I'm ready for the RE bubble to pop any time now.

Looks like they couldn't drum up any interest in that one, but it emboldened their across the street neighbors to try for 650 (without the view) https://www.zillow.com/homedetails/2...23618050_zpid/

Also FYI, Eldridge sucks for drunks side-swiping your car(s)

[skiballs]

So you can gouge someone and get the highest possible rent or you can set the rent at a reasonable level that covers your expenses puts some money away for repairs and gives you 200 a month in income you get to make the choice there are a million asswipes in the world today where everything and everything has a dollar sign attached to it choose who you are everyone is getting theirs you should too

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[alpinevibes]

Those are condos? Damn...thought it was just a small house! Bozeman is the new Aspen and complete with all the big box stores and fast food joints!

Doesn’t Jackson already fit that criteria?

[rideit]

Well, at least we only have ‘little box’ stores.
And what, two fast food joints?
Every other one has gone bankrupt.

[AdironRider]

Well, at least we only have ‘little box’ stores.
And what, two fast food joints?
Every other one has gone bankrupt.

McD’s and Wendy’s have had a drive thru line out to Broadway basically all day everyday since May.

And while it may be gone, the Taco Bell Couloir will live in infamy!

[kathleenturneroverdrive]

It’s gone??? I spent a few years living right under it.

Edit - duh - you mean Taco Bell is gone not the couloir.

[Core Shot]

Have you seen how much ghettobrook condos are going for?

Should have bought one decades ago. Oh well.

[Vt-Freeheel]

Looks like they couldn't drum up any interest in that one, but it emboldened their across the street neighbors to try for 650 (without the view) https://www.zillow.com/homedetails/2...23618050_zpid/

Also FYI, Eldridge sucks for drunks side-swiping your car(s)

Sweet space, even has a convenient hanging rod right outside of the bath.

[panchosdad]

A very young James McMurtry

But yeah, im not from here. I just live here.
Should have been here bout fifteen years ago.

They say I should have been here
Back about ten years
Before it got ruined by folks like me

[Benny Profane]

The ultimate ski town song.

[dan_pdx]

Welp, got beat out on a house in Bellingham by an all-cash buyer who apparently brought their contractor with them when they viewed the house. They sound like assholes. Gonna chill out for awhile and start looking again later in the fall.

Interesting thing about the all-cash buyer - we had an escalation clause with a higher cap than theirs - about 4% higher. But we were only bumping by $2k increments over the next offer, and the listing agent decided cash was a better deal. Sounds like our agent nudged the listing agent to make us a counter offer - we would have been happy to bump up by $10-$15k over the cash buyers - but the listing agent declined. I think the listing agent didn't act in her clients' best interests, but then, I'm biased. ¯\_(ツ)_/¯

We'll get 'em next time, at least I have more time to clean out our basement here in Portland.

[kathleenturneroverdrive]

Have you seen how much ghettobrook condos are going for?

Should have bought one decades ago. Oh well.

Woah - 750k for a 2bd?!?! That's insane.

[Foggy_Goggles]

I think the listing agent didn't act in her clients' best interests

You really don't know that without knowing the clients. These escalation clauses don't really represent sellers real well it today's market. But that's residential real estate for you. Everyone is angling everyone pretending to be an expert in a not so professional manner. Out in the real world "best and final" comes real quick. If the sellers wanted an auction, they'd have one.

[Ted Striker]

Welp, got beat out on a house in Bellingham by an all-cash buyer who apparently brought their contractor with them when they viewed the house. They sound like assholes.

They're all assholes. Was it this place?