Real Estate Crash thread

[Foggy_Goggles]

No more sitting pretty and fucking people over anymore with ridiculous overage and labor costs. I guess you've forgotten about 2007-2009 already?

Nope. Haven't forgotten one bit. Think about it everyday. The not so subtle reality of what happened in Colorado mountain towns is the the shitty contractors just became cheap labor. The good guys kept on keeping on. We actually don't give a shit about material prices because the customer pays one way or the other.

We are so short on skilled labor that it will be a long time before we have a surplus of that. We had a heavy equipment mechanic on the job working on a couple pieces of equipment. He was $200/hr. plus drive time. What's a bike trip cost? What actually happened regarding the house you didn't built up in Eagle? People want to wish thinks cheaper. I'll be living it one way or the other.

[dunfree]

Only fools say demand destruction won’t reach me

[Dromond]

Reckon it might be worth going there to ask firsthand. Seems to be lots of excited Greek gesticulating going on:



(sorry for the thread drift, I'm actively talking myself into going there and checking it out)

Whoa I had no idea you could ski on Crete! A little googling reinforces this reality:

https://www.greece-is.com/snow-way-c...g-destination/

I want to hear more idle chatter about retiring in Europe near skiing in moderately affordable places. Since there is more ski areas and more dense housing near skiing, is the cost/benefit ratio now looking better than US/Canada ski town pricing insanity?

[smmokan]

What actually happened regarding the house you didn't built up in Eagle? People want to wish thinks cheaper. I'll be living it one way or the other.

That land has been sold a couple of times since we decided not to build up there... I'm assuming because of even higher construction costs in the Vail Valley. It was only a few years ago though.

All good on our end though, we're happy with the decision. It's nuts, if we would have built that house for ~$1MM, we'd have come away sitting pretty with the prices people are paying for homes up there. It's impossible to tell what's going to happen- but I just have a sinking feeling that the entire home/construction market is in for a reality check in the coming months and/or years.

[AdironRider]

Certainly the local economy cannot support $4k mortgage payments for anyone other than local doctors and remote workers.

Says the guy who works remote and paid vastly over what the local community can afford for his house in Driggs.

[liv2ski]

Aaaaah yes, the constant drivel from the TGR poop flingers. I wish these petty fuckin attacks would stop. I mean Kevo said "and remote workers" so what is your point?

[schuss]

Says the guy who works remote and paid vastly over what the local community can afford for his house in Driggs.

Remote work is here to stay for roles that are conducive to it, which is honestly 90% of white collar work. The reverse of that is that your local community can now get better jobs than the shitstack that was available to them, so the labor pool for food service and retail will suffer.

[Danno]

Says the guy who works remote and paid vastly over what the local community can afford for his house in Driggs.

what's your point other than to take a veiled shot at kevo for some perceived wrong? Is what he said not factual? Did he say "fuck those remote workers" where you might be pointing out hypocrisy? He pointed out that the increased mortgage rates are going to push houses out of reach of many unless prices come down, why does that give you some opening to attack him? You seem to love to attack people based on what you think you know about them (while not actually knowing them), lord knows you've done that about me even though you know nothing about me (other than I'm a lawyer living in Boulder, upon which you build all your assumptions), but you also whine when people go after you. Maybe there's a reason people go after you?

[AdironRider]

It is a ridiculous statement to feign concern about rising housing costs when that same person is the direct driver of those rising housing costs. That is the definition of hypocrisy.

And by the way, I lived in the same valley as Kevo and saw the direct effect of these rising costs on myself and dozens of friends who lost housing, or daycare, or just the ability to continue to afford living in all sorts of ways to guys like him. It sucked to live through so when those same remote workers try and act all concerned about it and the effects on people like me or the others they displaced, I don't really buy into it, at all.

[simple]

And then the used tires end up in a huge pile that is supposed to be ground up and recycled. That pile when it catches fire is a massive mess as we found out in Colorado.

I'm constantly amazed at how poorly reusing and recycling has been implemented in America. We've only had what 40 years or so to figure it out? Not enough profit it seems.

[RoooR]

It is a ridiculous statement to feign concern about rising housing costs when that same person is the direct driver of those rising housing costs. That is the definition of hypocrisy.

And by the way, I lived in the same valley as Kevo and saw the direct effect of these rising costs on myself and dozens of friends who lost housing, or daycare, or just the ability to continue to afford living in all sorts of ways to guys like him. It sucked to live through so when those same remote workers try and act all concerned about it and the effects on people like me or the others they displaced, I don't really buy into it, at all.

Has Kevo voiced objection to affordable housing construction? Is he a NIMBY that opposes apartment construction in his neighborhood? In your search for villians look at the existing homeowners that do everything they can to ensure no more housing ever gets built in their town / neighborhoods and the town councils that cave to their demands. People moving to new places is a thing that's been happening forever. People fighting tooth and nail to prevent new housing is a very new concept.

You could build a massive apartment building right next to my house. I don't care.

[skaredshtles]

<snip>
You could build a massive apartment building right next to my house. I don't care.

nOt iN My bAcK YaRd, YoU DoN'T!!

[Danno]

Did Kevo pay more than market price for his house? I hardly think laying blame on him for the TV's problems is fair, he's just a dude who bought a house. Moreover, he was dispassionately discussing the state of real estate prices, he didn't lay blame, he didn't even express concern for the little guy, he merely stated that in the current situation what would happen. I don't detect a hint of hypocrisy. Or must he preface every post with "Note: I am a remote worker who paid XXX for my house."?

[fastfred]

ok bitches came home to have lunch and get high and draw some pretty pictures

as always lots of finger pointing in ski/mtn/resort towns shit flinging you name it
now that I can say I've been around for decades its all funny as shit for me cause at the end of the day it don't matter whose who and what they do and where they came from
cause most people don't last that long around here
I mean I'm equal opportunity when it comes to making fun of people

the writing was on the wall when I got hear almost thirty years ago everyone knew what was coming and we are now here and everyone has a beef a reason or someone to blame for something
ski towns suck cock in the best of all ways don't matter who you are what you have or money they will chew you up spit you out and send you on your way

[Whiteroom_Guardian]

Yes it sounds nuts that people will continue to be able to pay $4k+ mortgages. They may not be lining up quite like they were in 2020 and 2021, but it's still astounding to me how many people in their late 20s up to mid 40s are seemingly just flush with cash. Cash that's doesn't really have anything to do with their jobs either.

[Conundrum]

I think adiron's rub came from earlier this year when kevo commented on taxes and policy to help local people afford housing in his new community. A discussion on moving somewhere and increasing real estate costs then trying to change it to fix the problems from everyone moving there ensued. No need to rehash-just a guess regarding the angst. I for one found it riveting.

[dunfree]

Maybe it’s also the notion that all of the remote workers and people coming with capital are from California? Not the dozens of other states that export rich people? Including, oh, Colorado?

[RoooR]

Yes it sounds nuts that people will continue to be able to pay $4k+ mortgages. They may not be lining up quite like they were in 2020 and 2021, but it's still astounding to me how many people in their late 20s up to mid 40s are seemingly just flush with cash. Cash that's doesn't really have anything to do with their jobs either.

Quite a few elder millennials are in dual income situations above $200k HH income. And not crazy tech jobs either.

[alpinevibes]

Yes it sounds nuts that people will continue to be able to pay $4k+ mortgages. They may not be lining up quite like they were in 2020 and 2021, but it's still astounding to me how many people in their late 20s up to mid 40s are seemingly just flush with cash. Cash that's doesn't really have anything to do with their jobs either.

Crypto, market gains and some unplanned inheritances?

"Total predicted number of excess deaths since 2/1/2020 across the United States: 1,125,080"

[AdironRider]

Quite a few elder millennials are in dual income situations above $200k HH income. And not crazy tech jobs either.

Guess it depends on your definition of quite a few. That level of household income puts them in the top 10% overall in the US.

[bennymac]

2022's Global Liveability Index: The top 10
1. Vienna, Austria
2. Copenhagen, Denmark
3. Zurich, Switzerland
4. Calgary, Canada
5. Vancouver, Canada
6. Geneva, Switzerland
7. Frankfurt, Germany
8. Toronto, Canada
9. Amsterdam, Netherlands
10. Osaka, Japan and Melbourne, Australia (tie)

[skaredshtles]

2022's Global Liveability Index: The top 10
1. Vienna, Austria
2. Copenhagen, Denmark
3. Zurich, Switzerland
4. Calgary, Canada
5. Vancouver, Canada
6. Geneva, Switzerland
7. Frankfurt, Germany
8. Toronto, Canada
9. Amsterdam, Netherlands
10. Osaka, Japan and Melbourne, Australia (tie)

What do all these countries have in common?

[dunfree]

What do all these countries have in common?

Except for Osaka Traditionally bad cuisine?

[Danno]

I think adiron's rub came from earlier this year when kevo commented on taxes and policy to help local people afford housing in his new community. A discussion on moving somewhere and increasing real estate costs then trying to change it to fix the problems from everyone moving there ensued. No need to rehash-just a guess regarding the angst. I for one found it riveting.

What is someone who can work remote and has the money to live most anywhere supposed to do? Live in shit holes because of they move somewhere they want to live, they'll be driving up the cost of housing? Or move somewhere they want to live, but then help with the problems that exist in their chosen community, even if they contributed in some small way to those problems?

If someone owns a house in one of those communities and is moving away -- maybe this is AdironRider's past situation -- are they supposed to sell for peanuts and not market value, because selling at market value hurts the community? If AR owned a house, I bet he sold it for what the market would bear when he moved.

[RoooR]

Guess it depends on your definition of quite a few. That level of household income puts them in the top 10% overall in the US.

12.4M HHs consisting of 31.5M people is quite a few by my definition.