Real Estate Crash thread

**Benny Profane** · 03-25-2020, 09:49 PM

Originally Posted by Name Redacted

Sorry pal, all the affordable housing now is deed restricted. Maybe in 20 years

Man, you don't get it. If there's a depression, everything up there will be affordable.

**Name Redacted** · 03-25-2020, 09:56 PM

Originally Posted by Benny Profane

Man, you don't get it. If there's a depression, everything up there will be affordable.

No, I get it, I was around for the last one. I bought during it. But this is not a complex financial crisis caused directly by a housing bubble. At least not yet.

Shit, Bunny, maybe you'll be my neighbor. Come on out. Just pick up your dog shit.

**Benny Profane** · 03-25-2020, 10:08 PM

I'm not talking 2008. I'm talking 1929. Or, at least, 1990.

**PowderHorse** · 03-25-2020, 10:09 PM

I have (4) 36 acre parcels listed up in Nederland, meeting a new buyer tomorrow and another serious inquiry yesterday. Remote but accessible land could be wildly popular when everyone is allowed to leave the cities. One still employed buyer looking for a house but nothing available. Other Boulder buyers on hold for various reasons.

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**liv2ski** · 03-26-2020, 08:41 AM

I hear ya bro. My hope is there are anti virals that will roll out in the next few months, that will make the symptoms a lot less intense for those who get sickest now. With that, people will have to get back to work while the old stay away from everyone. If this goes on for 3 months, the economy and so many people are fucked.

**goldenboy** · 03-26-2020, 08:42 AM

Originally Posted by babybear

why wouldn’t you risk losing a couple grand in earnest money to save tens of thousands?

Earnest money tends to be a lot more than a couple grand around here. I'm representing a seller and the buyer couldn't close at the last minute. Earnest money was 14K for a condo in the upper 300's.

**Benny Profane** · 03-26-2020, 09:17 AM

Just had to x post this thing from the stock market thread. Stunning. And, just think, the stock market is up almost a thousand points on the news!

Originally Posted by Mazderati

From 282,000 jobless two weeks ago to 3,280,000 jobless today. The peak claim in 2009 was 665,000.

**Kinnikinnick** · 03-26-2020, 09:21 AM

“Boulder real estate never goes down”

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**Shredhead** · 03-26-2020, 09:29 AM

Originally Posted by goldenboy

Earnest money tends to be a lot more than a couple grand around here. I'm representing a seller and the buyer couldn't close at the last minute. Earnest money was 14K for a condo in the upper 300's.

Yep. Offers with less than 5% don't even get a response here. Plus backing out of a contract, will totally alienate the seller.
It's not like they'll turn around in a month and accept a lower offer from the same asshole, that just backed out of the previous contract.

**smmokan** · 03-26-2020, 09:42 AM

Originally Posted by goldenboy

Earnest money tends to be a lot more than a couple grand around here. I'm representing a seller and the buyer couldn't close at the last minute. Earnest money was 14K for a condo in the upper 300's.

It’s very location dependent. We bought a house in NC earlier this year for $325k and only had $3000 in escrow.

**zion zig zag** · 03-26-2020, 09:56 AM

My recent earnest money was 3%.

**Toadman** · 03-26-2020, 09:58 AM

Originally Posted by liv2ski

In CA RE is not an essential service, so the market is dead with no showings. Sure you can look at it on-line, but your going to make an offer sight unseen until you own it?

We had an all cash offer on our place from a couple in Singapore. RE agent did two showings all face time videos.

**goldenboy** · 03-26-2020, 10:18 AM

Originally Posted by smmokan

It’s very location dependent. We bought a house in NC earlier this year for $325k and only had $3000 in escrow.

Totally. I'm on some Facebook groups and there are places where $500 is the norm, no matter what price.

**Skistack** · 03-26-2020, 10:35 AM

Originally Posted by smmokan

It’s very location dependent. We bought a house in NC earlier this year for $325k and only had $3000 in escrow.

Setting up a Pisgah operations base?

**smmokan** · 03-26-2020, 10:44 AM

Originally Posted by Skistack

Setting up a Pisgah operations base?

Heh, just an investment property out there for now. Might turn into something different down the road though...

**CascadeLuke** · 03-26-2020, 10:45 AM

If you present an offer lower than 15k / 20k EM around my area you should expected the seller to counter and raise you there. Or more importantly to avoid, pass you over in a multiple offer situation.

**liv2ski** · 03-26-2020, 10:51 AM

Some helpful news today: FNMA & FHLMC announced they will accept a drive by appraisal if the appraiser refuses to enter a property and the escrow/title company I use announced their notaries will go to the clients home and call the client to get the loan docs off the front porch to sign. They will remain on the phone to answer questions until the signed docs are put back on the porch. The clients will then show the notary their drivers license through a window and it is done.

Fucking amazing times, but mortgage business chugs along.

**CascadeLuke** · 03-26-2020, 10:54 AM

Originally Posted by the artist formerly known as brostoyevski

Bidding wars amidst lockdowns, this is impressive!

This gal was in my office put a 1.1M listing up with 24 hrs until lock down / and when the RE showings to be hauled. 3 offers over list in a day.

**Toadman** · 03-26-2020, 10:56 AM

The business of business must not stop!

More anecdotal RE stuff; house up the street that has been on and off the market the past year, FSBO listing just dropped their price by $25k. I don't think that's going to do anything given the current environment.

**klauss** · 03-26-2020, 10:58 AM

people who are buying in first half of 20/20 will regret it

**liv2ski** · 03-26-2020, 11:00 AM

Originally Posted by klauss

people who are buying in first half of 20/20 will regret it

When, got a date in mind? I tossed my Magic 8 ball years ago so need some help.

**CascadeLuke** · 03-26-2020, 11:04 AM

Economy is humming. Didn’t you see the spike in stocks. Autographs to finish the week..

**Danno** · 03-26-2020, 11:29 AM

Originally Posted by Kinnikinnick

“Boulder real estate never goes down”

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heh.

Never was true, isn't true now.

But the low end is fairly insulated unless shit really goes down the tubes.

**Ted Striker** · 03-26-2020, 11:33 AM

Originally Posted by liv2ski

In CA RE is not an essential service, so the market is dead with no showings. Sure you can look at it on-line, but your going to make an offer sight unseen until you own it?

Sight unseen all cash offers haven't even been unusual in this market for at least 3 years. It's easy in this state to walk within the first 5 days without losing a penny.