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Thread: Real Estate Crash thread
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03-25-2021, 09:36 AM #11951
Isn't that largely the mindset behind homestead exemptions?
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03-25-2021, 09:45 AM #11952
Why would they? Modern CI/CD platforms and tech is better in every way except maybe general memory overhead? But oh no, I pay AWS 20 extra bucks a month per billion transactions. Oh darn.
Also @skidog - infra as code is where everyone is going. Why maintain iron when I can just spin up a cluster from AWS/Azure/GCP with a couple lines of code? Also, I'm no longer on the hook for maintenance patching or any other number of things. Anyone curious as to where infra is going - just look at netflix.
https://netflixtechblog.com/
WFH is not going away, as the world class engineers recognize that they CAN live wherever they want and have the same suite of job opportunities. Why go into the office when you don't have to? Tech and white-collar are only going to be limited by internet bandwidth, especially given the massive savings in facilities costs and logistics that will come with it. For example: Ford just announced that 30k employees can WFH indefinitely - https://www.sfgate.com/business/arti...e-16032170.php
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03-25-2021, 09:50 AM #11953Banned
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And if you think the rural/remote real estate market is bonkers now, just wait until there are more satellite based ISP's who can deliver stable, high speed, high bandwidth internet service to those places.
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03-25-2021, 10:00 AM #11954
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03-25-2021, 10:05 AM #11955Registered User
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I agree, but I would modify it to only target unoccupied properties. It's fine if they want to make it a rental, it's horrible for cities to have a big chunk of residences sitting empty. I believe Vancouver BC has a tax like this in place now.
And 54-46, I'm the first (well, one of the first) to cry institutional racism, but it seems true that Chinese buyers are buying a lot of residential properties. Anecdotally, a house in my neighborhood sold for close to $1m to a Chinese family that appears to use it as a vacation home - it's empty most of the year. It's bad for neighborhoods for them to sit empty and disruptive to markets when they're being purchased not as residences but as stores of value; I would feel that regardless of where the buyers come from, or their ethnicity.
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03-25-2021, 10:16 AM #11956
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03-25-2021, 10:33 AM #11957
In plenty of other states it does. Idaho takes 100k off the assessed value of your house. That is just one example. Maine is another.
Others include VT which will tax property at different rates based on your homestead declaration.
The point is, lots of states do this already, so it seems local to MT for your concerns.Live Free or Die
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03-25-2021, 10:39 AM #11958
Same here in CO. Add a fucking surcharge to non owner occupied residences.
Reduces non owner occupied residences = more available for locals. Use the extra revenue stream as capital for workforce housing.
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03-25-2021, 10:46 AM #11959
Yes. The issues most frequently mentioned in this thread are non-local/non-occupier buyers driving up prices and making it hard for locals to afford to buy or rent.
The focus of the issue should be specific to each locality (it’s real estate = location location location). Need data for a specific locality.
Whether the non-occupying buyer is purple or from another country shouldn’t matter.
Is there data for a specific locality relative to the “suspicion” that Chinese are driving up prices in that location?
If someone points a finger at a race or nationality as a cause for something negative to locals, should it be based on something more than an anecdote?
People choose which story to tell.
Words put together:
Asian
China
Suspect
No meaning? Why choose those words? Intent or merely careless word choices?
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03-25-2021, 11:00 AM #11960
Geez dude. How much more do you want? I've already linked other articles but here's one more for you:
Seattle becomes No. 1 U.S. market for Chinese homebuyers
https://www.seattletimes.com/busines...se-homebuyers/
Nobody here's being racist or even xenophobic, man. It's just one of the HUDGE factors that is driving up these insane RE prices. Not the only thing, of course. Just one of several things.
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03-25-2021, 11:03 AM #11961
Hell, in Western CO, UT, AZ, and probably other places, investors are now buying up properties with water rights, selling the rights to developers, and then dumping the properties that now have no water. How fuct is that?
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03-25-2021, 11:04 AM #11962
From what I can tell you’re describing an owner-occupant tax exemption. At least that’s how it is termed here in MA. They’re determined city to city and town to town in on a yearly basis based on a % of the average assessed values.
The Massachusetts Homestead Act is a law in Massachusetts by which a homeowner is protected by what is called an estate of homestead. This estate of the homestead which is created by G.L.c.188 provides limited protection of the value of a debtor/homeowner's home up to the amount of $500,000 against only unsecured creditor claims. (Quoted from a re law blog)
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03-25-2021, 11:10 AM #11963
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03-25-2021, 11:17 AM #11964Registered User
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Maine takes $20k off. It's better than nothing, but come the next assessment cycle, it's not going to go very far.
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03-25-2021, 11:29 AM #11965
In Idaho they are called homestead exemptions, but yes, owner occupied residences pay less in all the places I'm talking about. The bankruptcy stuff is usually a separate statute.
Yeah, Maine's is peanuts, but it exists.
My inlaws neighbor in Standish just sold for 1.1 million and they are pissed. Maine assessors seem to be very on top of their game. One time he put down literally 3 stones in their backyard to help with a damp spot in the spring and the assessor came round called it a patio, and added 2k to the assessed value of their place.Live Free or Die
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03-25-2021, 11:33 AM #11966
Not really. This topic sort of came up in the Vail thread in Ski/board. Vermont is a good example. When it comes down to it, these WFH types are still nomads with little stake in local communities. Raise my taxes for badly needed services and infrastructure because a thousand people like me are suddenly here? Fuck ya, I'm off to the next paradise, because I can work anywhere I get good wi-fi.
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03-25-2021, 12:09 PM #11967
Same here in CO. Add a fucking surcharge to non owner occupied residences.
Reduces non owner occupied residences = more available for locals. Use the extra revenue stream as capital for workforce housing.
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03-25-2021, 12:13 PM #11968
I guess I should point out that these tax exemptions or surcharges pretty much don't do shit in terms of preventing second homes from being sold to people, but they do help the local person who buys at least a bit.
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03-25-2021, 12:41 PM #11969Registered User
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Starlink customer here. It's awesome. And for people in range to 5g towers there is also T-Mobile home internet which is $50 a month with no data cap. Previously I was getting 3/1 on DSL. I do feel bad for the WISPs though, who will likely be the main looser from Starlink.
Based on what? Our local trails and advocacy organizations are filled with WFHers. They show up on build days, help with back-county maintenance and donate money. I've been WFH for 10 years now and consider my stake in the community to be pretty high. WFHs moving to your town is like a reverse Wallmart. Instead of capital leaving it's coming in.
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03-25-2021, 01:00 PM #11970
Going back to this... yeah, the quality of properties in the under 700 price bracket is pretty bad in this town. But the overall cost of living probably isn't as high as Portland if you have any real income.
The Bellingham market is 100% driven by people moving here from places like Portland (and other "real' cities). There's comparatively less crime. No state income tax. The skiable terrain in the Mt Baker Wilderness eclipses Mt Hood's in both quality and quantity. There's good riding within a 20 min ride from anywhere in town. The ocean. Proximity to BC. And almost as many small breweries per capita as Portland.
The bad is that there aren't many high paying jobs, the food scene is almost nonexistent, and major league sports, music, theater, comedy, etc as well as a major airport is a +/- two hour drive away.
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03-25-2021, 01:12 PM #11971Registered User
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03-25-2021, 01:15 PM #11972Registered User
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Bellingham is Bend, but 10yrs back on the curve of discovery
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03-25-2021, 01:17 PM #11973
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03-25-2021, 01:20 PM #11974
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03-25-2021, 02:14 PM #11975
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