Real Estate Crash thread

[4matic]

In the hills, in CA, I'd be surprised if it wasn't high risk but again, not an expert

It would be beyond apocalypse if my house burned in a wildfire. There is open space nearby but little chance it can spread. Where I am it's spare old oaks. No pines, and no dense forest.

[4matic]

California decided it wasn’t enough that people in $2m homes get to pay $3k in real estate taxes if they lived there a long time. Now they get to sell that $2m house they bought for $100k, and move their tax base to a new house. They would end up paying capital gains to CA for part of the gain. In the above example, maybe over $100k of taxes.

I may have some tax liability. Not much. I did a lot of improvements on my former home.

[Meadow Skipper]

Texans can't ski

That doesn’t stop them.

[ColMan]

Switching subjects, I'm always amazed at some of the old transactions I look up pre-'08 crash. Guy buys a West Wall condo at the base of CB for $1.455M in 8/2006. Sells it for $2.15 in 10/2006. New construction, fully furnished, so it's not like he did anything to it. As crazy as things are right now, they're nowhere near that crazy.

I was in CB this past weekend staying with friends who live in town for the chainless (which still went - sort of) and I was blown away but the prices for homes in town these days. The price/sf makes Jackson (even Wilson) look cheap.

[4matic]

Switching subjects, I'm always amazed at some of the old transactions I look up pre-'08 crash. Guy buys a West Wall condo at the base of CB for $1.455M in 8/2006. Sells it for $2.15 in 10/2006. New construction, fully furnished, so it's not like he did anything to it. As crazy as things are right now, they're nowhere near that crazy.

Could have been straw buyers. Buyer puts some dupe in the house on liar koan and the dupe never make any payments. The dupe walks away from a no recourse loan and seller makes $500k. That was going on in my hood. Some old man lived in a house on the street and a black limo would show up occasionally.

[skiballs]

Hookers & Blow.

That counts as two places, right ?




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Not if you do your lines off the hookers ass.


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[Harry]

^^ good point.

Closing is today. All electronic these days. Waiting for money to show up in my account.


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[liv2ski]

Nice, congrats Harry. You should visit 4matics hood. Not as cheap as MI, but I have to think a lot nicer in many ways. I would like to ski with you at KW especially if you can score me a buddy pass

[Foggy_Goggles]

If you are coming to Grand County this weekend, bring your own food and a full tank of gas. The shelves at City Market were pretty bare last night and the pumps have run dry a couple times this week. No housing means the grocery is short staffed and has reduced hours. No truckers means food and gas doesn't make it from Denver.

I kind of feel like our community is breaking a part on a daily basis. No fingers pointed, but it is not sustainable. What happens when Kroger says fuck it and closes the doors? What happens when the local building departments (and State Electrical) don't have the staff to perform the inspections?

https://www.skyhinews.com/news/a-fra...ousing-crisis/

If this is real it is insane

More than 30% of newcomers and 50% of part-time residents make more than $300,000 in annual gross household income as compared to just over 10% of Grand County residents.

I haven't read this yet up I will https://sci-prod-public-pdfs.s3-us-w...56XUFoMsqE.pdf

[fastfred]

the housing crisis is made up there is none same shit different year
the only reason its a crisis is cause the people who have been raping these towns for decades paying shit wages and over charging for shitty food cant find workers to bend over for tourons sling pizzas and clean rooms

plenty of 20 somethings are here and working, they just don't want to work in the service industry they rather smoke weed and mow lawns or do anything that doesn't involve ass licking tourists

that report is flawed and total garbage waste of tax payer money

[Toadman]

^^ good point.

Closing is today. All electronic these days. Waiting for money to show up in my account.


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Hopefully the wire transfer doesn't end up in an Estonian or Russian bank account.

[Toadman]

If you are coming to Grand County this weekend, bring your own food and a full tank of gas. The shelves at City Market were pretty bare last night and the pumps have run dry a couple times this week. No housing means the grocery is short staffed and has reduced hours. No truckers means food and gas doesn't make it from Denver.

I kind of feel like our community is breaking a part on a daily basis. No fingers pointed, but it is not sustainable. What happens when Kroger says fuck it and closes the doors? What happens when the local building departments (and State Electrical) don't have the staff to perform the inspections?

https://www.skyhinews.com/news/a-fra...ousing-crisis/

If this is real it is insane

I haven't read this yet up I will https://sci-prod-public-pdfs.s3-us-w...56XUFoMsqE.pdf

Every mtn. town has some low income housing project. It amounts to a drop in the proverbial bucket.

I certainly think that $300k HH income figure is real.

People will have to contact the Raney's and learn the subsistence lifestyle, or move back to the big cities.

[fastfred]

Every mtn. town has some low income housing project. It amounts to a drop in the proverbial bucket.

I certainly think that $300k HH income figure is real.

People will have to contact the Raney's and learn the subsistence lifestyle, or move back to the big cities.

I laughed
subsistence lifestyle while a 300k machine is rented at 6k a month to build that lifestyle only on tv does it look so easy

the problem is all the local poltiicans and bueracrates and feel good doo gooders think we can build our way out of the problem sure sounds like a solid plan
were onto renting hotel rooms for 750 a month throw out all buildling codes and zoning 2-3 people per room at least

[summit]

the housing crisis is made up there is none same shit different year
the only reason its a crisis is cause the people who have been raping these towns for decades paying shit wages and over charging for shitty food cant find workers to bend over for tourons

This is the ultimate cause,,, almost.

It is through control of no-other-choice employee housing and job attached critical benefits that larger companies, especially ski resorts, are able to artificially suppress wages for the entire community by attracting folks at those lower wages and making it very hard for them to quit or change jobs without suffering crisis. "Oh, you don't like working food and bev at the ski base area for $15/hr? Go ahead, quit... see if you can find a place to live, much less one that costs what our employee dorm room costs! Oh by the way your employee pass is going to be turned off immediately and you cannot purchase a ski pass now because it is January... and if you still are thinking about quitting, then wait till I tell you the price of COBRA! Now, get back to bussing trays!"

Meanwhile the non-mega employers are like "yea we offer you just a little more $ than the ski resort, but not enough to find housing. Your merchant ski pass is job attached on a payment plan. Find your own place to live. Our health plan is shit but better than the marketplace. "

Job attached employee housing is the debbil dressed up as a savior.

Workforce housing is slightly less bad, but it is not a fair solution to anyone but the lottery winner, particularly when the cost is borne by everyone (including the local workforce via taxes) instead shifting the burden on who creates the need (wealthy tourists and second home owners) and who sees the benefits (local employers who get to keep wages low).

The only solution increased wages. I would never normally advocate bumping minimum wage, but when wages are artificially suppressed by "company town" style housing/benefits or corporate welfare style workforce housing, then maybe it is warranted. Alternatively, more targeted taxes for workforce housing putting the burden on tourist lodging, the tourist industry, and second homeowners (who are not LTR property) would shift cost appropriately instead of sales tax and property taxes that hit locals and those who rent to locals harder than they hit the tourist industry and second homeowners. Incentivize local LTRs with those taxes and you'll see immediate results instead of pissing on a forest fire by trying to build a few more WFH units that won't be done for a year or three! For the long term, requiring truly sufficient workforce housing for new development projects would help.

[simple]

Can you imagine how much corporate lobbying is going on right now to make sure the minimum wage doesn't increase and the poverty wage +tips structure doesn't get destroyed? Think of all the sleezy people in D.C. playing golf, two drink lunches, gifts to charity, and backslaps going down right now.

[skaredshtles]

<snip>

If this is real it is insane

I haven't read this yet up I will https://sci-prod-public-pdfs.s3-us-w...56XUFoMsqE.pdf

Sounds like locals need to pull themselves up by their bootstraps and get more money.

[El Chupacabra]

Well, that explains Tom Sellick selling reverse mortgages all day on my TV.

I get this sad image in my head of Benny sitting in a single chair a few feet away from a TV screen, alone in a condo in CT, watching daytime TV and yelling at Tom Selleck ads.

Bless his heart.

[Timberridge]

I'm wondering if higher wages would encourage more suburbanites with a dream and a rusty Subaru to move to mountain towns further depleting the stock of affordable housing?

"Call someplace paradise, and kiss it goodbye"--Don Henley

[Ted Striker]

Summit dropping in and nailing it.

[powdrhound]

I get this sad image in my head of Benny sitting in a single chair a few feet away from a TV screen, alone in a condo in CT, watching daytime TV and yelling at Tom Selleck ads.

Bless his heart.

I will now read his posts with this picture in mind.

[altasnob]

You guys really think Summit County, CO can somehow solve its affordable housing and employee issues when progressive cities like Berkley, Portland, and Seattle can't? I at least have some hope for urban environments coming up with solutions, but have no faith in these wealthy mountain towns. I personally don't want to live in a place with extreme inequality and that's why I live in a city and not some mountain town. I have a friend who grew up in Telluride in the 80s who would always talk about how cool and hippy it was. I went there for the first time in the late 90s and thought, this place blows. Just a bunch rich pricks flying in to their colossal second homes, chewing up the aspen forests. I can't imagine what it's like now.

[Ted Striker]

Put simply, this country can't solve its affordable housing and employee issues.

[simple]

With how Corporate cunts are buying up available affordable real estate like apartment buildings and trailer parks you aren't gonna see anything but the rich getting richer and poor paying everything they have to just survive

[Kevo]

Lol at the idea of there being anything less than extreme inequality in the greater Puget sound area

[old_newguy]

It’s almost like this thing called income inequality has increased to the point that people are starting to realize shoveling more money to rich people might not solve any of the issues. Wages at the bottom have to go up.

God forbid they consider raising the minimum wage or what they are paying staff in a mountain town.

I’m with Alta. I’m more interested in making sure the average family in this country can afford a place to live (rent or own) and addressing the 1:5 kids who are food insecure.

As to the people being forced out of mountain towns? Guess what, your “community” has pretty clearly decided you don’t matter. It’s more important that they get to exploit low wages in exchange for lifestyle or whatever.