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  1. #11751
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    Quote Originally Posted by AdironRider View Post
    Why, because you can't just call a landlord and have them fix it? That sounds great in principle but the reality is much less than advertised.

    Remember, the landlord doesn't give a shit, will buy the shittiest replacement/fix possible, and then jack the rent 100 bucks or more a month every year. And no, your govt rent to own place is not going to fix those problems either.
    You'd be surprised at the amount of landlords that will coddle the good tenant with rare rent increases and quick repairs. All they have to live through is a nightmare renter or two, and, ouila, not so mean.

    The world is perfect. Appreciate the details.

  2. #11752
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    Quote Originally Posted by skaredshtles View Post
    Naw, man... all that money they're saving on property taxes will trickle down, don't ya know??

    That's what state income and sales taxes are for.
    "We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch

  3. #11753
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    Quote Originally Posted by AdironRider View Post
    You guys are high if you think every house is selling above asking everywhere, with all cash.

    Bunny is going to show up any minute now....
    Well, it's not all cash.

    https://www.cnbc.com/2020/12/11/buyi...%20realtor.com.

    All-cash sales now make up about 36% of the market, according to realtor.com. That is only a very slight rise overall from last year. Yet cash sales are climbing more dramatically in the Northeast and West, up 3 and 2 percentage points, respectively. It is happening despite the fact that mortgage rates have set record lows 14 times so far this year.

    The highest share of all-cash sales is in Nassau County, New York, on Long Island, according to Redfin. Nearly half of sales there are all-cash. Then the next six top markets are all in Florida, including large cities like Miami, Tampa, Fort Lauderdale and West Palm Beach. Atlanta and Tucson, Arizona, are also having a higher share of cash buyers.

    The middle-price tiers stayed about the same, and cash sales actually dropped in the $750,000-to-$1 million range. Then at the very top of the market ($1 million-plus) another jump in cash, with that share rising to 47% of all sales
    "We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch

  4. #11754
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    Quote Originally Posted by AdironRider View Post
    You guys are high if you think every house is selling above asking everywhere, with all cash.

    Bunny is going to show up any minute now....
    Ooh ooh, here here. Raises hand.

    With my 20-20 hindsight, I'd be better off renting for the now seven years I have "owned" in upscale Ct., financially speaking. There really hasn't been any appreciation. Of course, psychologically it's been pretty good, because nobody is kicking me out, so, that's nice, but, if I put the substantial down payment and taxes I have paid into a mix of the NASDAQ and S&P, I'd be doing better.
    It was like that in the midwest for years and probably still is, and Denver was this boring even during the bubble. Like I said, I just don't get Bozeman and Boise, but I've seen too much nuttiness to say that they'll pop like any other mania. Some things do grow to the sky.

    The world is perfect. Appreciate the details.

  5. #11755
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    Quote Originally Posted by glademaster View Post
    Yeah, and yes. Money saved, I know what I can get a loan for, my credit score is strong, and I have some assistance from my folks (and preemptive fuck you to anyone that wants to judge me for it, plenty of Boomer mags talk openly about helping their children buy homes and don't catch flak for it).
    Who is giving anyone shit for parents helping a kid financially? My parents helped me, not the way they wanted, they both passed away and I used inheritance to buy. I am absolutely planning on helping my kids when the time comes. Fuck man, that's part of what life and being a parent is all about...if possible.

  6. #11756
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    Quote Originally Posted by glademaster View Post
    13 years of reading that his posts, and you're just figuring out that's his raison d'etre?
    You really are a whiny little cunt GM. Not sure what I do/did to trigger you, but if that is what you think, just put me on ignore. I don't want to ruffle your feathers. While I am thinking about it ignore will work for you too

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    Quote Originally Posted by leroy jenkins View Post
    I think you'd have an easier time understanding people if you remembered that 80% of them are fucking morons.
    That is why I like dogs, more than most people.

  7. #11757
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    Quote Originally Posted by Mazderati View Post
    I'd like to know more about that data but my point is decreasing mortgage rates are but one part of the picture and by no means do they make real estate 'affordable' which I would think you agree. A 200k mortgage at 3% is still double that of a 100k mortgage at 6% assuming 20% down and 30 years in both cases. That is with double the down payment for the 200k mortgage and taxes that are almost surely higher.
    This post got me thinking so I started down a spreadsheet rabbit hole...

    Actually, a 200k mortgage at 3% is approximately 50-60% more than a 100k mortgage at 6% over 30 years. Assumptions being:

    250k purchase vs 125k purchase
    20% down payment
    30 year fixed mortgage
    Tax rate percentage the same for both properties (1% of purchase price for this simple model)
    Assessed ratio 2:1 (ie, taxes double on more expensive house)

    You wind up with monthly mortgage payments of $843 vs $600 and tax payments of ~ $400 vs $200.

    You wind up with 30 year costs of ~ $425k vs $275k (down payment + mortgage + taxes).
    Because rich has nothing to do with money.

  8. #11758
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    ^ Good catch. I was plugging numbers into a mortgage calculator comparing monthly payments and must have included taxes and insurance for the 200k example. At 1.5 or 1.6 times, I think the point stands that lower mortgage rates are only one part of the puzzle, especially when property values are mooning.

    Edit: This is not how I was looking at it originally (with taxes) but 1243/600 ~ 2 so in that way the difference is double.

  9. #11759
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    Quote Originally Posted by AdironRider View Post

    I know dentists and TGR and all, but young people buying in ski towns are not a super large demographic all in all.
    PM glademaster?

    Quote Originally Posted by AdironRider View Post
    You guys are high.
    Currently? Yep.

    Quote Originally Posted by glademaster View Post

    And that's a big part of my motivation to buy a place while I'm single. Well, that and the fact that my parents wouldn't be willing to give me anywhere near as much down payment assistance if it was for a house I was sharing with a partner.
    What about if you were sharing with a girlfriend? No judgement but your parents sound like homophobes.

  10. #11760
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    Quote Originally Posted by Danno View Post
    this is worth highlighting
    PPS for the future.

  11. #11761
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    Quote Originally Posted by Conundrum View Post

    What about if you were sharing with a girlfriend? No judgement but your parents sound like homophobes.
    Lulz. Good one. What is this, third grade in 1995?

    Also, I don't think looking at properties 30-60 miles away from a ski town constitutes "in a ski town," but it sounds like you're better at geography than me. My bitching is largely related to lack in inventory rather than pricing. I know how far away I need to be to find places in my price range, but the lack of things on the market has me frustrated. You don't like it, keep scrolling.

  12. #11762
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    Glade, buy a house man, find a shit box in a good location, fix/update over time. The RFV isn't going down in value, if you see yourself living there for at least the next 5 years then buy. Rent the spare rooms to buddies, use the rent to cover a good hunk of the mortgage. Ready, set, go!

  13. #11763
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    Iíve been keeping an eye on the Vancouver market lately as we are lightly considering moving near there someday. I thought this info was interesting. As per usual, there isnít just one reason, but many, for the skyrocketing prices. Iíd say most of these factors would apply in a good number of markets that are booming.
    Article is mainly explaining that Chinese buyers arenít the only reason for the boom.

    https://www.straight.com/news/what-c...ONEdDV9SIzEiUY


  14. #11764
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    Quote Originally Posted by AdironRider View Post
    I think the appraisal thing is a fair point, notably in super hot markets like pretty much every ski town, but most of suburbia is not getting all cash offers for your 3 bed 2 bath 20 minutes like outside of say, Indianapolis.

    I know dentists and TGR and all, but young people buying in ski towns are not a super large demographic all in all.
    do the twin cities count as suburban heartland shitholery?

    Rachel Scarrella had no doubt the new windows and furnace and first-time buyer-friendly price would make the 1970s home she recently put up for sale in Oakdale a hot commodity. She never guessed it would fetch 170 showings and 56 offers."It was a madhouse," said the North Oaks-based real estate agent.
    No surprise, she said, that most of the buyers were willing to pay tens of thousands of dollars more than the $225,000 list price. What was unusual: At least half of those nearly 60 bidders were so desperate to be the winning offer that they sweetened their pitch by waiving their right to have the house professionally inspected for defects before closing
    https://www.startribune.com/in-risky...ket/600033926/


    given the Vancouver “crack shack or mansion” game was stopped in 2010, any analysis of Vancouver real estate that doesn’t do the 00s run up misses out.

  15. #11765
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    Quote Originally Posted by glademaster View Post
    My bitching is largely related to lack in inventory rather than pricing. I know how far away I need to be to find places in my price range, but the lack of things on the market has me frustrated.
    Yeah, lack of inventory, lack of anything at all, is a big problem right now in a lot of places. Even if you know what the market supposedly will bear and are prepared to pay it, there's just nothing out there.
    "fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
    "She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
    "I'd eat a bag of Dicks and wash it down with a Coke any day." - iceman

  16. #11766
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    Quote Originally Posted by Danno View Post
    Yeah, lack of inventory, lack of anything at all, is a big problem right now in a lot of places. Even if you know what the market supposedly will bear and are prepared to pay it, there's just nothing out there.
    I feel like inventory will start to open up eventually as the pandemic starts to ease up. Thereís gonna be a lot of folks who moved to the mountains from the city who will have realized that it isnít utopia and they miss the conveniences and social life of the city. Thereís also a lot of people who might have been willing to sell in the last year, but hunkered down because they didnít want to move during the pandemic. Lots of factors have kind of locked up inventory and as the pandemic eases, the churn will return. Thatís my theory anyway. Just be patient.

  17. #11767
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    Hoping for a nasty fire season to drive away a the newcomers.

  18. #11768
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    Quote Originally Posted by RootSkier View Post
    Hoping for a nasty fire season to drive away a the newcomers.
    I'm hoping they stay. But then I have friends that own local retail and food establishments that could certainly use the boost in customers. Other friends that are heavily involved in local non-profits and are hoping for a surge in donations (we want more trails built right? that costs money.) You know, the long term economic growth of the community.

  19. #11769
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    May 2008
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    On a genuine ol' fashioned authentic steam powered aereoplane
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    One of the biggest issues with this crazy low inventory is that buyers can't shake the "we will just keep looking until the perfect place shows up". Perfect only exists if you want to pay a ton for a lot then wait 2-3 years for a builder to get you into the schedule to build the perfect house.

    Otherwise, the play is just to get in the game. You can basically buy anything now.....do no work on it at all.....and flip it in a year for huge profit if you want.

    I have had clients pass on absolute slam dunks. Stuff they could have made 200K on in 18 months......and had a sick place to ski out of in the meantime.

  20. #11770
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    My wife works at the nonprofit that has been responsible for making land available to build the only new trails this town has seen in recent times and I still don't think unbridled economic growth is good, especially where it is pricing virtually every local worker out of the housing market.

  21. #11771
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    I'm going to agree with Root on both counts.

  22. #11772
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    Quote Originally Posted by RootSkier View Post
    Hoping for a nasty fire season to drive away a the newcomers.
    I doubt it will work. We had the worst fire season in my 20 years living here, where you often couldn't go outside because the smoke burned your eyes and lungs, and it doesn't seem like it drove anyone away.
    "fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
    "She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
    "I'd eat a bag of Dicks and wash it down with a Coke any day." - iceman

  23. #11773
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    Dec 2003
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    Quote Originally Posted by liv2ski View Post
    If you say so, but politicians can be trusted to get the money from somewhere, so I am not to worried about it. Also, CA has some of the highest taxes in the country, so a break here and there is refreshing.
    Why do you think income tax is so high? Because they can't use property. Also it means taxes flow through state vs local control as generally town/small city govs can't assess their own income taxes. By actively fucking over that funding source for property lock in, it makes municipalities go beg from the state.

  24. #11774
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    Quote Originally Posted by RootSkier View Post
    My wife works at the nonprofit that has been responsible for making land available to build the only new trails this town has seen in recent times and I still don't think unbridled economic growth is good, especially where it is pricing virtually every local worker out of the housing market.
    Maybe those local workers should just get their real estate licenses.

  25. #11775
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    Mar 2008
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    Quote Originally Posted by Name Redacted View Post
    I’ve been keeping an eye on the Vancouver market lately as we are lightly considering moving near there someday. I thought this info was interesting. As per usual, there isn’t just one reason, but many, for the skyrocketing prices. I’d say most of these factors would apply in a good number of markets that are booming.
    Article is mainly explaining that Chinese buyers aren’t the only reason for the boom.

    https://www.straight.com/news/what-c...ONEdDV9SIzEiUY

    Things not on that chart:

    Vancouver is the warmest big city in Canada that isn't on an island (because it never gets cold). A lot of the growth over the years has been from Canadians moving west (and south). This alone will always drive demand. Add that the geography is arguably better than any of Canada's other major cities.

    For decades BC's economy was based on resource extraction. When that slowed, Vancouver and Whistler marketed themselves to the world as both tourist destinations, and places for jet-setters' second or third homes. I think that started in the 80s when they held a world's fair that resulted in a huge immigration boom (mostly from India), then through decades of being Hollywood North, and most recently the Olympics. Really, the road improvement/relocation of the sea to sky was more about real estate development than anything else. It turned Squampton into New Squampshire.

    The money machine there has encouraged growth for decades. They even elected a real estate developer to be the mayor - who went on to become the Premier of the province. That's not to say that Chinese money laundering with the full complicity of the local and provincial governments wasn't an issue because it obviously was (still is?), but unaffordability has been a feature, not a bug, for decades.

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