Real Estate Crash thread

[glademaster]

What effect is a pot dispensary opening within 150ft of a SFH going to have on property values?

The whole neighborhood is fighting it and the application was rejected but the guy appealed and it goes to the county commissioners to decide.

Would be nuts if approved as its right by the school bus stop, a certain traffic/parking disaster, and no other pot shop is within 300ft of privately owned residences in the county (state?). In case the commissioners were to approve, anyone know options to fight?

I can think of 4 pot shops in the RFV alone that are within 150 feet of private residences.

[altasnob]

What effect is a pot dispensary opening within 150ft of a SFH going to have on property values?

The whole neighborhood is fighting it and the application was rejected but the guy appealed and it goes to the county commissioners to decide.

Would be nuts if approved as its right by the school bus stop, a certain traffic/parking disaster, and no other pot shop is within 300ft of privately owned residences in the county (state?). In case the commissioners were to approve, anyone know options to fight?

What's CO's law on where MJ stores can be located? My opinion is if it meets the requirement under the CO law and local zoning codes, the commissioners, and the NIMBYs, have no right to say it can't go in. The time and place to argue about those rules was when the CO MJ law was passed. And if they don't like those laws, lobby to have them changed.

I live within a block of an MJ store and my house has increased in value (as a %) as much as about anywhere in the US in the last 5 years. MJ stores are just like bars and restaurants now. Some people are afraid of them but lots actually like being close.

[summit]

I can think of 4 pot shops in the RFV alone that are within 150 feet of private residences.

There are 4 in Aspen downtown and those are not, the one in Snowmass isn't, in Basalt there are 3 and maybe 1 of them is although it has direct entrance to CO82 and is separate from the neighborhood behind it. Looks like there is one or two in Carbondale and Glenwood that are on Main/82 near houses. (based on google mappage)

Huge problem here is this place has no parking and would be on the corner of a residential side road. It's an empty lot next to a restaurant but 50ft from the nearest house and the guy wants to build 6 parking spaces for his pot shop while eliminating all the parking currently used by employees of the restaurant. Huge issues with parking and traffic at the intersection already. I'm worried about that, values, and the smell. My biggest worry is that this will cause the installation of a traffic light which creates a ton of noise with braking trucks and people flooring it.

[altasnob]

Why was the lot zoned commercial if parking is such a problem? What commercial uses are the neighbors ok with? You can potentially make the developer/mj owner do some traffic mitigation things. But sounds like MJ owner will win this if he has a good land use attorney.

[schuss]

People always love the idea of progress and access until it's on their street.

[SKIP IN7RO]

PM your CO rep.

[glademaster]

Best Day Ever and Silverpeak are both within 150' of privately owned condos. Goodpeople in Basalt has units awfully close to it, as does High Q on Main Street in Carbondale. Green Joint in Glenwood is pretty darn close to single family homes too.

ETA: Soma and BCC in Crested Butte are also both really close to single family homes and apartments. Certainly less than 300 feet.

[Benny Profane]

I can think of 4 pot shops in the RFV alone that are within 150 feet of private residences.

That's my kind of walkable downtown.

[fastfred]

Benny for the win

I can tell you lots of shit about the pot shop but it's not an email or something or a high post

Find out the planner name contact that person

Itll go before the planning commission before the county commissioners if its zone commercial you'll have issues if its residential then good luck there will be a public hearing where you can and should voice your opinion it's a long process if you contact the planner they have the power to block it which us scary but weed has deep pockets

I have been on both sides purposely crushing some people's rights an dreams because it negatively defects me and calling lawyers and beating planners up for my customers to get there way

I hate to eat shit but I met w one of the communist county commissioners and was impressed beyond belief



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[Benny Profane]

Behind a paywall, but, cliff notes says, market slowing.

Is the Seller’s Market Over? https://nyti.ms/3lKI8ZW

"A new report by Redfin examining more than 350 metropolitan areas nationwide shows that in the four weeks ending Sept. 5, half of homes sold went for over the asking price — down from a July peak of 55 percent. Homes aren’t moving as quickly, either: 47 percent sold during this period went into contract within two weeks, down from the March apex of 56 percent.

Bidding wars are worth keeping your eye on too, according to Redfin. The report shows that multiple bids on a property were less common nationwide in August than they were in the previous month and a year ago. Among Redfin brokers who submitted offers, 59 percent faced competition in August — 2021’s slowest month for bidding wars — down from a peak of 74 percent in April and 60 percent in August 2020.

Where is the trend most visible? When looking at 48 large metros in which Redfin brokers submitted at least 20 offers in both July and August of this year, multiple bids were at their lowest levels in Oklahoma City — 36 percent in August, down from 60 percent in July and a similar 60 percent a year earlier. Sarasota, Fla., and Richmond, Va., followed, as seen in this week’s chart."

[Danno]

Behind a paywall, but, cliff notes says, market slowing.

Is the Seller’s Market Over? https://nyti.ms/3lKI8ZW

"A new report by Redfin examining more than 350 metropolitan areas nationwide shows that in the four weeks ending Sept. 5, half of homes sold went for over the asking price — down from a July peak of 55 percent. Homes aren’t moving as quickly, either: 47 percent sold during this period went into contract within two weeks, down from the March apex of 56 percent.

Bidding wars are worth keeping your eye on too, according to Redfin. The report shows that multiple bids on a property were less common nationwide in August than they were in the previous month and a year ago. Among Redfin brokers who submitted offers, 59 percent faced competition in August — 2021’s slowest month for bidding wars — down from a peak of 74 percent in April and 60 percent in August 2020.

Where is the trend most visible? When looking at 48 large metros in which Redfin brokers submitted at least 20 offers in both July and August of this year, multiple bids were at their lowest levels in Oklahoma City — 36 percent in August, down from 60 percent in July and a similar 60 percent a year earlier. Sarasota, Fla., and Richmond, Va., followed, as seen in this week’s chart."

I haven't read the article, but if half the homes still went for over asking, and 47% went under contract within 2 weeks, that is not a slow market. And we're at the time of year where there should be a slowing market.

[Benny Profane]

Slowing market. It's relative.

[Name Redacted]

I haven't read the article, but if half the homes still went for over asking, and 47% went under contract within 2 weeks, that is not a slow market. And we're at the time of year where there should be a slowing market.

Yep, there's gonna be plenty of article about doom and gloom this time of year because many markets naturally slow down every year around this time. Nobody wants to move in the middle of winter, or have their kids change schools mid school-year (or mid ski season in our case). July is usually the peak, because that's when high homes for sale numbers collide with high demand due to a number of factors like interest rates and loan approvals. You don't just buy that house in July at the drop of a hat, you probably started looking and working on the financing back in May. Now the pandemic might have thrown some of the normal fluctuations off because kids were out of school and the WFH phenomenon, but we can probably expect that to revert back to normal soon.

[Danno]

Slowing market. It's relative.

slowing from center of the sun hot to just volcanic eruption hot? That's not all that meaningful, especially at this time of year.

[Buster Highmen]

A house down our dirt road that's mostly swamp that sold for $700k in 2010, just went under contract for at least $1.475M.
It was on the market for less than a week.

[Benny Profane]

slowing from center of the sun hot to just volcanic eruption hot? That's not all that meaningful, especially at this time of year.

Sun hot was 2006. Not now. Sunburst.

[Danno]

Sun hot was 2006. Not now. Sunburst.

nope, not here. We were hot in 2006, this past year was way different, more supernova.

[Benny Profane]

Yep, there's gonna be plenty of article about doom and gloom this time of year because many markets naturally slow down every year around this time. Nobody wants to move in the middle of winter, or have their kids change schools mid school-year (or mid ski season in our case). July is usually the peak, because that's when high homes for sale numbers collide with high demand due to a number of factors like interest rates and loan approvals. You don't just buy that house in July at the drop of a hat, you probably started looking and working on the financing back in May. Now the pandemic might have thrown some of the normal fluctuations off because kids were out of school and the WFH phenomenon, but we can probably expect that to revert back to normal soon.

Well, the Colorado peeps who "own" are quite confident, it seems, and, rightfully so, I guess, but, I'm pretty sure you'll be seeing a pullback in a lot of other places that took part in this mania. In NYC in the late 80s/early 90s, many people were stuck with apartments and homes they bought in the outer boroughs and meh suburbs for years, underwater. Real estate doesn't always go up, but, I guess most haven't learned that.

[Benny Profane]

nope, not here. We were hot in 2006, this past year was way different, more supernova.

Denver did not take part in the housing bubble. Revisionist history but, you're Boulder right? Heh, living in the hippie clouds.

[sirbumpsalot]

Benny's Track Record:

[dunfree]

Benny's Track Record:

If you wanted a sick burn you should have bumped his op dingus.

[mud]

Denver did not take part in the housing bubble. Revisionist history but, you're Boulder right? Heh, living in the hippie clouds.

Pull your head out of your ass dude. After the donkeys won the Super Bowl Denver and it's suburbs have been on a non stop development binge. Aurora grew by a dozen fold, non existent towns like Erie and Firestone tossed up ticky tacky houses as fast as they could. The whole metro area saw a drop of around 3% between 2009 and 2010 after that it started going up. It's not the 1980's anymore, all the cool places to live have been discovered and have been gentrified and now that working remotely is accepted the smaller towns outside of commuting are next on the development hit list.

[mcphee]

Dont question the locals dude


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[liv2ski]

Until CO jacks up the overall taxes paid there by people, I do not see people going there slowing down. Granted, you can't surf there, but it has everything else I would want, so I get why people want to live there. I really do not see a 2007 type meltdown on home prices, as all the new financing was done primarily for solid Full Doc borrowers, not 7/11 clerks doing a Liar Loan like back in the day.

[Danno]

Denver did not take part in the housing bubble. Revisionist history but, you're Boulder right? Heh, living in the hippie clouds.

What do you mean by that? Did not see hudge increases in the 2006-2008 period? Or saw no crash in 2009? Neither is true, FWIW, it's all local, as in some places crashed and others didn't. Compare the experiences of a homeowner in Longmont and one in Boulder and get back to me. And if you mean we never had a bubble because of no crash, there are numerous posts in here from back then telling us it was coming, so it's revisionist history to look back and say "you guys weren't overpriced" as if it was known then.

As for "living in the hippie clouds", I have no idea what you mean by that, other than it is evidence that you don't have a clue about Boulder, it gave up the hippie thing before I even moved here, and I've been here for over 20 years.