Real Estate Crash thread

[rideit]

. I don't think America can thrive and be competitive with the rest of the world if we are all sitting in our underwear on our couch in Jackson.

I feel attacked.

[Supermoon]

What about redoing codes to make it not so prohibitive?

Seem like a lot more just general logistics than code making it difficult. Like going from one bathroom/kitchen per floor to four or five, different power and lighting, etc.

Sure you could maybe skimp on fire codes or something, but do you really want to burn a place to the ground to save 2% in the costs? (Ok developers would definitely do that…)

[Toadman]

The only way converting office bldg to condo/apt bldg pencils out is if you get state/federal funds to subsidize it. And of course the tax bill goes to those that actually pay taxes. If the goal is just to provide more affordable housing, converting office towers to apts. is not the answer.

[AdironRider]

Well on the bright side there sure are a lot of used converted sprinter vans and the like hitting the market. Three with for sale signs in my neighborhood, plus two of them for sale across from the post office. Makes me smile.

Lots of HELOCs with resetting rates are ruining the can life dream.

[mud]

Somehow Canada is managing to turn vacant office towers into residential. Then again they’ve been able to figure out universal health care and gun regulations.

https://www.cbc.ca/news/canada/calga...tial-1.6816052

But then you would have to live in Calgary.

[yeahman]

Office towers might not be easily converted to residential, but I would think large downtown hotels that formerly catered to business travelers would be a much easier conversion.

[skaredshtles]

Lots of HELOCs with resetting rates are ruining the can life dream.

Can't say I know what the "can life" is... but color me intrigued.

[summit]

Office towers might not be easily converted to residential, but I would think large downtown hotels that formerly catered to business travelers would be a much easier conversion.

Multiple hotels in ski country are being converted into housing... which is both weird when you could restrict STRs instead, but also this is what the market seems to want.

[rideit]

Can't say I know what the "can life" is... but color me intrigued.

“Kush”

[Supermoon]

Multiple hotels in ski country are being converted into housing... which is both weird when you could restrict STRs instead, but also this is what the market seems to want.

AirBnB turning into an absolute dumpster fire for renters is going to fuck with ski town STRs hard. I refuse to use them anymore because of how bad it's gotten.

[summit]

AirBnB turning into an absolute dumpster fire for renters is going to fuck with ski town STRs hard. I refuse to use them anymore because of how bad it's gotten.

How so? I use them like once a year and not in ski towns

[mud]

Office towers might not be easily converted to residential, but I would think large downtown hotels that formerly catered to business travelers would be a much easier conversion.

They have been doing that for awhile. I like what they did with the old hotel by Mile High.

[Supermoon]

How so? I use them like once a year and not in ski towns

The ridiculous cleaning fees and checkout procedures, inflated prices, cancellations close to your trip dates without any help rebooking, and bunch of other small annoyances. For me it's almost always easier and cheaper to get a hotel unless it's a big group.

[yeahman]

Multiple hotels in ski country are being converted into housing... which is both weird when you could restrict STRs instead, but also this is what the market seems to want.

They have been doing that for awhile. I like what they did with the old hotel by Mile High.

Yeah, so it seems strange to me that these large hotels in San Fran are defaulting on their debt instead of converting to residential.

[mud]

I can't imagine what the ROI on converting a place in SF would be, I bet it would be decades, if ever before they saw a profit.

[fastfred]

Well on the bright side there sure are a lot of used converted sprinter vans and the like hitting the market. Three with for sale signs in my neighborhood, plus two of them for sale across from the post office. Makes me smile.

LOL

I would guess that 50% of the van buyers have some fantasy in their head about how awesome van life is then they try it out with that 200k investment and realize it's not for them
just like rvs and travel trailers they just sit around mostly unused
specially when you have kids of course Dad is all like "me and my rad family gonna camp" but the kids want to play sports and mom doesn't want to drop a duce a few feet from where she lays her head

Lots of HELOCs with resetting rates are ruining the can life dream.

heloc like wtf
house is a piggy bank
yeah I see that causing some issues
specially if property values take a 20% haircut in the next 12 months

[Danno]

I think the realtor jumped the gun in posting this listing.



A few minutes later it had been replaced with real photos.

[simple]

Well on the bright side there sure are a lot of used converted sprinter vans and the like hitting the market. Three with for sale signs in my neighborhood, plus two of them for sale across from the post office. Makes me smile.

Those variable interest rates hitting folks hard huh? 20 year RV loans? Or are these people cashing out on home builds?

[Foggy_Goggles]

Those variable interest rates hitting folks hard huh? 20 year RV loans? Or are these people cashing out on home builds?

Maybe they paid for a van with a HELOC? Maybe they planned on owning it for a short time? Maybe Lumburg called them back to the office? Maybe their Crypto got crushed? Maybe their STR(s) isn't doing so good.

Even smart people do dumb shit with money. Keeping up with the Jones' has gone next level with the socials. You really don't know who's really got the cheddar and who's just holding on.

[rideit]

My parents tried to teach me early on to NEVER purchase anything you don’t absolutely need on credit if you can help it.
My CPA wife did teach me that there are some exceptions, but those lessons were later in life.
(Mortgages, arbitrage, 0 percent financing, etc).
I generally feel sorry for the people you see with all of the toys that you know they owe on, but some folks can’t see a more prosperous future, (or crushing depreciation) so they are living for the experiential now, consequences be damned.

[mud]

Lots of money to be made in the lending business.

[fastfred]

^^ interesting graphs
and there is no bubble to be popped? somebody is smoking dope
I'm going to smoke a bowl and go for a ride been just a bit high strung this week

maybe I need to sell now before it really pops I really could use a million in equity to pay off my credit cards

[mud]

Fun Fact: Your credit card debt dies with you.

Double secret Fun Fact: Medical collections don't count against you when buying a home.

[rideit]

Surely there must be safeguards against people with terminal illnesses racking up big debts buying things for surviving family/friends, or suicide?

[Supermoon]

Surely there must be safeguards against people with terminal illnesses racking up big debts buying things for surviving family/friends, or suicide?

Seems like death is a big enough punishment for those crimes