Real Estate Crash thread

[neufox47]

https://www.washingtonpost.com/reale...842_story.html

What could go wrong?

[shroom]

yikes

[ghosthop]

long term as the labor force continues to get squeezed farther out of skitowns it'll be interesting to see how business - be it the hill, the bar or the restaurant restructures itself to provide people what they want. Or if it can at all, and when it doesn't what people do then. When people who just moved to Tahoe to work remotely complain about the ski area not having enough lifties, the service kinda sucking at the restaurant, and something else not working they are just bitching about the change they facilitated.

have you been to Big Sky recently? They house the majority of their workforce in a hotel in Bzn who then ride a bus 1.5 hr each way to get to work. I nearly fell off the lift when some kid told me that not only was he putting up with that nonsense, he did it all for 10.50 /hr flipping rentals so he can get his free pass. I'm not sure what the threshold is but I could never justify something like that.

as for the rest of it, has there ever been a period of gentrification in history similar to the one we are currently experiencing? What kills me more than some rich fuck displacing the kids they expect to facilitate their lifestyle is that those same fucks are so utterly devoid of taste that any carpetbagger with a bit of cash can open a successful business that in actuality is the essence of mediocrity. I haven't been in Bzn long enough to claim the culture of the town as something of my own but I feel for the lifers as it seems many of the new businesses that have opened in the last few years are totally content with mailing it in before they cash out.

I watched something similar about 10 years ago happen in the Station North art's district in Baltimore, what once was full of artists and those creating because it was undesirable enough that they could squat in studios and get away with underground events steadily began to draw attention to itself. Things went so far as to receive a revitalizing grant from the City. The last time I was back I couldn't understand the appeal anymore, anyone who had made the area worthwhile either couldn't afford to live there or had been kicked out by those looking to renovate cheap properties for the steady influx of yuppies.

Without fuck-you money, juggling amenities, culture, and affordability becomes an interesting exercise. As long as the nouveau riche continue to fetishize their perception of working-class culture I imagine the list of desirable places will continue to shrink.

[muted]

have you been to Big Sky recently? They house the majority of their workforce in a hotel in Bzn who then ride a bus 1.5 hr each way to get to work. I nearly fell off the lift when some kid told me that not only was he putting up with that nonsense, he did it all for 10.50 /hr flipping rentals so he can get his free pass. I'm not sure what the threshold is but I could never justify something like that.

as for the rest of it, has there ever been a period of gentrification in history similar to the one we are currently experiencing? What kills me more than some rich fuck displacing the kids they expect to facilitate their lifestyle is that those same fucks are so utterly devoid of taste that any carpetbagger with a bit of cash can open a successful business that in actuality is the essence of mediocrity. I haven't been in Bzn long enough to claim the culture of the town as something of my own but I feel for the lifers as it seems many of the new businesses that have opened in the last few years are totally content with mailing it in before they cash out.

I watched something similar about 10 years ago happen in the Station North art's district in Baltimore, what once was full of artists and those creating because it was undesirable enough that they could squat in studios and get away with underground events steadily began to draw attention to itself. Things went so far as to receive a revitalizing grant from the City. The last time I was back I couldn't understand the appeal anymore, anyone who had made the area worthwhile either couldn't afford to live there or had been kicked out by those looking to renovate cheap properties for the steady influx of yuppies.

Without fuck-you money, juggling amenities, culture, and affordability becomes an interesting exercise. As long as the nouveau riche continue to fetishize their perception of working-class culture I imagine the list of desirable places will continue to shrink.

Dude, main street in Bozeman started to get gentrified in the mid to late nineties. The end of it was many years later when the Zebra was replaced by some mail-it-in crappy Irish Bar. There used to be places that did motor repair right downtown on Main before the art galleries took over and the boutiques. 19th dead-ended at Durston till 1996?, everything north of that to the interstate is brand spanking new.

And the real estate prices were insane before the recession. It wasn't all bad, some good restaurants came in and better bands started to come to town, but I can't visualize Bozeman is NOW getting ruined. I'm sure you are right though it's still changing and not for the better. Anyways it's still better than most places.

I was told Bozeman was a sleepy town until about 1992.

[Skidog]

https://www.washingtonpost.com/reale...842_story.html

What could go wrong?

Didn't we all see this coming? Bailout banks...don't punish them in any way. Few years go by, they play "nice". Then when it all seems calm, right back to the same old deceptive practices.

Sent from my XT1650 using TGR Forums mobile app

[liv2ski]

Didn't we all see this coming? Bailout banks...don't punish them in any way. Few years go by, they play "nice". Then when it all seems calm, right back to the same old deceptive practices.

Sent from my XT1650 using TGR Forums mobile app

For the most part loans originated these days fall into what is called a (QM) qualified mortgage. That said, I am starting to see more creative (non QM) offerrings. These are geared towards more of the self employed crowd or people with substantial cash assets. The rates are way higher than a QM loan and the ltvs are low, so the investors funding these programs are doing good for now. If the market tanks that may change quickly and start off a bunch of foreclosures again.
Bring it.

[Toadman]

Interesting article about vacation home rental biz in Tahoe.

https://www.sfgate.com/business/arti...p?t=26e9a7381f

The knock on the front door of the South Lake Tahoe vacation rental was a surprise.

It was the first family getaway together for Dr. Gus Pries and his extended family. With six adults, four children ranging from 3 months to 5 years old, suitcases, snow gear and groceries, the San Jose residents took three cars for their Presidents Day weekend trip.

When they arrived, they parked all the cars on the rental property while they unloaded and used the bathroom. Then came the knock.

A police officer said they were receiving a $1,000 ticket for having one too many cars on site, and the property’s owner would be fined an additional $1,000. The family members’ explanation that it was just temporary and they planned to move the third car fell on deaf ears, Pries said.

[Skidog]

Interesting article about vacation home rental biz in Tahoe.

https://www.sfgate.com/business/arti...p?t=26e9a7381f

The knock on the front door of the South Lake Tahoe vacation rental was a surprise.

It was the first family getaway together for Dr. Gus Pries and his extended family. With six adults, four children ranging from 3 months to 5 years old, suitcases, snow gear and groceries, the San Jose residents took three cars for their Presidents Day weekend trip.

When they arrived, they parked all the cars on the rental property while they unloaded and used the bathroom. Then came the knock.

A police officer said they were receiving a $1,000 ticket for having one too many cars on site, and the property’s owner would be fined an additional $1,000. The family members’ explanation that it was just temporary and they planned to move the third car fell on deaf ears, Pries said.

Easy revenue stream as vacationers are unlikely to come back and fight a ticket. Also possibly turns others away from renting their property for fear of "fines".

Sent from my XT1650 using TGR Forums mobile app

[fastfred]

sounds pretty normal for breck, but people are not getting thousand dollar tickets
most homes/condos etc have permits for x amount of cars, once you exceed the number of cars the hoa will have you towed and impounded
the option is to park your car in a lot a mile or two away for five bucks a nite

[AdironRider]

Luxury in Fields Corner: https://www.zillow.com/homedetails/2090975626_zpid/

Sent from my SM-N950U using Tapatalk

I missed this before. Holy shit, the times they are a changin.

[iceman]

I missed this before. Holy shit, the times they are a changin.

That place is about 4 blocks from where I lived when I was a little kid, on Levant Street. We used to play in Ronan Park. St. Peter's Parish. It was my grandfather's house, they lived on the first floor of the triple-decker, we lived upstairs. 1960 it was basically 100% Irish, by 1970 it was like 10% if that.

[Brock Landers]

I shit you not, I came across that spot last week perusing the local listings.

Fields corner is 0% Irish now

[Toadman]

I shit you not, I came across that spot last week perusing the local listings.

Fields corner is 0% Irish now

Heck, even Ireland is hardly Irish now...

[skiballs]

Where are the Irish these days? Colorado?

[neufox47]

My friend just bought a 2 b 2 b in east boston for $375. The top floor, 3b 2b, was listed at $375 and sold for $515. Crazy.

Interest rates just went up... wonder how rates of 5% or 6% will effect the market.


Sent from my iPhone using TGR Forums

[iceman]

Where are the Irish these days? Colorado?

We get around.

[Brock Landers]

Not around fields corner anymore

[Toadman]

My friend just bought a 2 b 2 b in east boston for $375. The top floor, 3b 2b, was listed at $375 and sold for $515. Crazy.

Interest rates just went up... wonder how rates of 5% or 6% will affect the market.

I doubt it will have a material effect on the housing market. But time will tell. And it depends on what market you're talking about. West Coast major cities are still in a tight supply/strong demand situation.

[VTeton]

Not around fields corner anymore

Neponset still has a lot of blue collar Irish. The Banshee, 12 bens, eirie pub, Peggy O'Neils and other bars still repping for the Irish but most are long gone. Lot move to Milton and Scituate.

Sent from my SM-N950U using Tapatalk

[Brock Landers]

Oh for sure

Weymouth - the Irish riviera

[Kinnikinnick]

Jesus H
Market is hotter than a volcano.

Two houses on my street sold without being listed (woe is me the broker). For $400+sf. Income properties in Boulder are popping at $500,600, and more /sf.

A bit frightening to ask if it can go on and on like this


Sent from my iPhone using TGR Forums

[Flyoverland Captive]

Some friends are moving to Spokane; they found 9 properties to look at. A day later, 4 were under contract, and 3 had offers. Insane.

[Kevo]

Jesus H
Market is hotter than a volcano.

Two houses on my street sold without being listed (woe is me the broker). For $400+sf. Income properties in Boulder are popping at $500,600, and more /sf.

A bit frightening to ask if it can go on and on like this


Sent from my iPhone using TGR Forums

The prices in Boulder are going to push the Googlers out of town. No one that works in Boulder will be able to afford to live there.

[SKIP IN7RO]

A bit frightening to ask if it can go on and on like this

You are in a unique market in Boulder. I lived there for a year back in 1999 in the north bldr park neighborhood. Some of those little homes must be ridiculous $ for their size. Are people over-extending themselves, or is this wealthy newcomers?

[SKIP IN7RO]

Maybe Stephen King's The Stand is actually nonfiction.