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Thread: Real Estate Crash thread
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07-01-2021, 12:12 PM #15526
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07-01-2021, 12:14 PM #15527
Benny and Fred are both at completely opposite ends of the perspective spectrum. The truth lies somewhere in the middle.
Everyone that can work remotely permanently is going to Fastfreds hood Breck and places like it, and leaving places like Benny's Westchester bullshit.Live Free or Die
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07-01-2021, 12:15 PM #15528Registered User
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Darn good thing I wasn't drinking anything i would have spit on my LT
Lee Lau - xxx-er is the laziest Asian canuck I know
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07-01-2021, 12:16 PM #15529
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07-01-2021, 12:16 PM #15530
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07-01-2021, 12:19 PM #15531
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07-01-2021, 12:19 PM #15532
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07-01-2021, 12:21 PM #15533
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07-01-2021, 12:21 PM #15534
Pretty sweet, for sure. They'll have to drop 30-40k a year for each kid for private school, because the fuck they send their kids to a place that teaches people that Jesus rode on a dinosaur. Then they spent months in hellish heat surrounded by armed Yahoos on the edge at all times, ready to pop at any time. The level of intelligent conversation must be mind boggling. And don't forget the third world electricity!
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07-01-2021, 12:29 PM #15535
Clarifying: The ~9%-12% rate I quoted is the CA state income tax rate at higher levels of income. If someone is paying $50K CA state income tax then they’re making really good $. Good for them!
Adding: CA property taxes are more modest in comparison to the income taxes or what people are quoting for TX prop taxes. For example, it’s about $12K/year on a $900K property if one just purchased it.
Aside: Interestingly, I read an article in the WSJ the other day that proclaimed that Republicans should support repeal of the limitation on the SALT deduction at $10K because such a repeal would help wealthy people.
In turn, if those wealthy people could deduct more of their SALT, then they’d invest the $ in the market/economy. I’d be down with higher deductions and investing the tax savings. Who will cooperate?
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07-01-2021, 12:38 PM #15536Registered User
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07-01-2021, 12:43 PM #15537
The inflated local property taxes in Texas go a long way to funding local school districts. Lower income locations are seriously underfunded, but high income towns have incredible amounts of money going to local schools. So if you are paying $20k+ per year in property taxes to live in Westlake (Austin) or Highland Park or Southlake (Dallas), your kids are getting more money per pupil in school funding that just about any other public school in the country. These schools have some of the highest standardized test scores in the nation and some very impressive placement rates into elite colleges. No need for private schools if you can afford to buy in those locations.
By no means am I defending Texas as a desirable place for anyone on this board to live- we'd all go crazy with lack of things to do outside, the heat, etc.
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07-01-2021, 12:45 PM #15538Registered User
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If the economy was short of cash upping the limit on SALT deductions, the old trickle down theory (which never worked)might be in play, but still would have zero effect on the economy other than perhaps spur inflation and increase housing prices.
Yeah the TA2017 screwed all the republicans as well as dems in the coastal states so I'm LOL, now. It was painful to lose those deductions as well as substantial portion of the value of my home at the time though.
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07-01-2021, 12:52 PM #15539nice night for an evening
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07-01-2021, 12:53 PM #15540
Admittedly, the $40k+ in state income tax in CA is a more extreme example,
That said, $1MM houses in desirable school districts in Texas have $15k-$20k per year in property taxes, so property taxes in TX are pretty comparable to CA for anyone who isn't grandfathered into low property taxes in CA.
It doesn't take an astronomical level of income to come out ahead in that scenario because of the $0 income tax in Texas- there are plenty of "average" tech couples who'd come out ahead moving to Texas and buying a cheaper, better house than they'd be able to buy in CA/NY. The more income someone has, the further ahead they'd come out.
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07-01-2021, 12:56 PM #15541
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07-01-2021, 01:10 PM #15542
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07-01-2021, 01:14 PM #15543
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07-01-2021, 01:17 PM #15544
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07-01-2021, 01:40 PM #15545
Do they make the same salary in Texas? Do they have the same ability to climb the corporate ladder and jump ship to other companies?
I don't doubt tech workers are moving to Texas, just as all Americans have been flocking to the sunbelt, including CA, for decades. What irks me is when people spin this as proof that Texas's right wing politics are responsible for this when liberal places like CA and WA are booming just as much as TX, if not more (not saying Kevo argues this, but you see it all the time in lame stream media). As an aside, Texas cities are getting more liberal, and more diverse, by the day and soon will resemble a CA city, both politically and demographically.
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07-01-2021, 01:57 PM #15546
So lumber prices have finally entered low Earth orbit again. When do lumber prices end up coming back to reality at the lumber yards and home improvement centers here on Earth?
https://www.cnbc.com/2021/06/30/lumb...on-record.html
The great lumber bubble of 2021 has popped.
After a jaw-dropping rally this spring, lumber prices have come back down to earth as supply increased, speculative trading action cooled and homebuilding demand eased. Lumber futures tanked more than 40% in June alone, suffering their worst month on record dating back to 1978. The building commodity is down more than 18% in 2021, headed for the first negative first half since 2015.
At their peak on May 7, lumber prices hit an all-time high of $1,670.50 per thousand board feet on a closing basis, which was more than six times higher than their pandemic low in April 2020."We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch
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07-01-2021, 02:00 PM #15547
Don't believe everything you read, unless you read it here first.
However, former boss left Central Oregon for the DFW area two months ago, and crushed it on the house sale here. Sounds like you can get way more house, way more land, for way less in Texas. So it may be true that everything IS bigger in Texas."We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch
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07-01-2021, 02:01 PM #15548one of those sickos
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07-01-2021, 02:08 PM #15549Registered User
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In areas with many outlets for lumber the price is already dropping. Getting stuck w high priced inventory in a declining market is never good. In areas where there is less competition they will try to maintain the high prices as long as possible until the sales volume drops to a point where it doesn't support the overhead expenses.
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07-01-2021, 02:15 PM #15550Registered Useless
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I grew up in that shithole of a state. My parents sold their house in a well-funded school district and moved across town. The exact same 3/2 ranch house was HALF as expensive and they pay $15k / year less in property tax. The public highschool I went to sent 2% of the graduating class to ivies and probably the top 25-35% to competitive schools. Fortunately, as moment says, skiing ruined my life bahahaha
They're right that most non-texans ARE pussies though
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