Real Estate Crash thread

[simple]

Fucking with people's emotions with a culture war is an easy distraction from the economic junk show that is unrestricted capitalism. Keep that brain power limited..

[summit]

Fucking with people's emotions with a culture war is an easy distraction from the economic junk show that is unrestricted capitalism. Keep that brain power limited..

We don't have unrestricted capitalism. We have SELECTIVELY restricted capitalism, which should be a good thing if the selective restrictions are in the general interest, but it seems they are too often in the special interest.

[simple]

Good point. Unless a completely new system is enacted the Pandora's Box is open and it isn't going to improve. No one I know believes a new system is the preferred idea.

[summit]

Good point. Unless a completely new system is enacted the Pandora's Box is open and it isn't going to improve. No one I know believes a new system is the preferred idea.

I don't see why the pendulum cannot swing in favor of publicly beneficial regulation and away from crony capitalism. Sure there is a lot of headwind mostly in the form of good-ole-boy revolving doors, lobbying and campaign contributions. But the system could conceivably change and that is, we agree, far preferable to radical change to a "new system."

[J. Barron DeJong]

I don't see why the pendulum cannot swing in favor of publicly beneficial regulation and away from crony capitalism. Sure there is a lot of headwind mostly in the form of good-ole-boy revolving doors, lobbying and campaign contributions. But the system could conceivably change and that is, we agree, far preferable to radical change to a "new system."

California arguably has the most messed up housing market in the country, but they’ve been on a legislative tear trying to correct that recently:



https://twitter.com/alfred_twu/statu...W3OXaF5f7dchZg

Change is possible, but it takes a ton of time/focus/effort. Theses sorts of YIMBY policies are gaining awareness elsewhere as well.

[fastfred]

for years putting an accessory apartment in your home was frowned upon and not allowed there were some loop holes to get through the permitting and building process but the end result was never a true accessory apartment now the fuck sticks realized what a mess was created by being super strict about single family zoning

every large hotel project in scummit county colorado was shut down over and over by the planners and the citizens starting in the 90's because they didn't want big ass hotels so the fuck sticks keep pimping breckenridge on tv and in magazines all over the country telling them to come on down and vacation with us but we don't have any hotels because no one would allow them to be built so short term rentals in condos and houses took their place

people just can't get out of their own way especially when it comes to guarding and trying to keep everyone else from getting a piece of the pie that you are so lucky to have gotten human nature

[rideit]

Lol

https://www.sfgate.com/realestate/ar...s-17510233.php

[yeahman]

I hope they were all WFH employees who moved to Montana. Now they can leave.

BTW, over the past two years, Montana had the largest increase of any state of households making more than $200,000.

Montana saw by far the largest percentage increase of wealthy households during the pandemic compared with all other states in the U.S., according to census data.

Bryce Ward, a Montana economist and consultant, used American Community Survey data and found that between 2019 and 2021, the number of Montana households earning $200,000 or more per year increased by nearly 12,000, or 63%.

There were 18,918 such households before the pandemic in the state. Now there are roughly 30,784.

“Data confirm what many Montanans have already noticed,” Ward wrote on Twitter. “Lots more ‘rich’ people live in Montana.”

The next closest states to see such drastic increases were Rhode Island and Vermont at 50% and Utah at 44%. Several states, like North Dakota, Illinois and California, saw a decrease of wealthy households. In the U.S. overall it was about 20%.

In fact, the surge in high-income households in Montana over that two-year period was the highest percentage increase for any state over any two-year period of the last decade. The previous record was Montana during 2011-2013 at 59% and Idaho between 2017-2019, also at 59%.

“There was inflation and wage growth kind of everywhere, but we got a lot more households earning over $200,000 than other places did,” Ward explained. “Given that wages generally weren’t rising here faster than nationally in that period, that suggests to me that some people that were earning a lot of money chose to move to Montana at disproportionally high rates during the pandemic. And that’s consistent with what a lot of people have observed with their own eyes.”

Essentially, Ward said, the data shows that Montana in the last decade has gone from one of the states with the smallest slices of wealthy households to middle of the pack.

“In 2011, Montana’s share of households earning over $200,000 was like 2%,” he explained. “Now we’re at 6.5%. In 2011, Montana was fifth from the bottom, and now we’re basically the median state. We’ve disproportionately grown households at the top income level relative to other states and the nation as a whole.”

Ward said that the rise in wealthy households is “the thread that runs through a lot of conversations” in Montana.

“It’s the old Montana versus the new Montana,” he said. “There was always money floating around, but over the course of the last decade and particularly the last two years it has really ratcheted up. Money is powerful within a market society. Things get shaped by those people, and people notice those changes. You see that with the whole Holland Lake discussion.”

Ward was referring to a huge public outcry over a plan by Holland Lake Lodge’s owner to partner with a ski resort company to invest a lot of money into upgrades.

Montana’s rise in high-income households also coincided with a drastic increase in housing prices. Between the last quarter of 2019 and the first quarter of 2022, the median home sales price in Montana rose 41%. In Missoula and Kalispell, that number was 51%.

[rideit]

I would like to see the stats here for new Billionaires to WY as compared to 2019. Anyone know how to find that data?

[dunfree]

I would like to see the stats here for new Billionaires to WY as compared to 2019. Anyone know how to find that data?

Wyoming has all the billionaires because it ain’t possible to make stats.

[rideit]

Good point.
“We are like the Caymans…with wind and Bison!”

[The Suit]

Wyoming has all the billionaires because it ain’t possible to make stats.

And they dislike income taxes.

[liv2ski]

And they dislike income taxes.

Yup who wants to live in TX if you can skip the state taxes in Wyoming?

[abraham]

This seems healthy. With absolutely no possible downsides.

“Never before have we seen these numbers,” said Jay Parsons, a vice president of RealPage, as conventiongoers wandered by. Apartment rents had recently shot up by as much as 14.5%, he said in a video touting the company’s services. Turning to his colleague, Parsons asked: What role had the software played?

“I think it’s driving it, quite honestly,” answered Andrew Bowen, another RealPage executive. “As a property manager, very few of us would be willing to actually raise rents double digits within a single month by doing it manually.”

The celebratory remarks were more than swagger. For years, RealPage has sold software that uses data analytics to suggest daily prices for open units. Property managers across the United States have gushed about how the company’s algorithm boosts profits.

“The beauty of YieldStar is that it pushes you to go places that you wouldn’t have gone if you weren’t using it,” said Kortney Balas, director of revenue management at JVM Realty, referring to RealPage’s software in a testimonial video on the company’s website.

https://www.propublica.org/article/y...-realpage-rent

[John_B]

Jay Parsons seems like a nice guy. Shame if something were to happen to him.

I wonder if those people ever have the ability to take a step back and realize they are giant pieces of shit.

[Toadman]

I would like to see the stats here for new Billionaires to WY as compared to 2019. Anyone know how to find that data?

I wouldn't be surprised if Putin's oligarch buddies have a few billion stashed away in WY.

[Flounder]

Any thoughts on this guys ideas? He’s putting together a coop housing company. Shares are $1,000 each and every shareholder has an equal vote. Max return of 6% with the goal to keep housing affordable. Worth a few shares to help the local housing market?

Shareholders in a co-op housing company earn profits just as in other investor-owned businesses, but those profits are limited by design. In the co-op model, maximizing the company's benefit to society takes priority over making as much money as possible. So, for example, instead of raising rents to make more money for shareholders, a housing co-op's goal is to provide fair, stable rents for tenants — an important objective, Cropp said, at a time when housing is in short supply and rents are climbing.

At the Vermont Real Estate Cooperative, member-owners can earn up to a 6 percent annual return on their investment, depending on profits. Renters receive a small refund when there is a profit after paying shareholder dividends. Members who are also tenants would get both

https://www.sevendaysvt.com/vermont/...t?oid=36672660

[liv2ski]

[Ted Striker]

^^^ because unlike 2008-10, nobody has to sell.

[liv2ski]

So there is little inventory. We know, it is just amusing unless you really would like to buy a place, then it fucking sucks.

[Supermoon]

The Fed is just crushing it right now

[4matic]

$200k mark down after one month. Great location too. SF price dropping fast

https://www.zillow.com/homedetails/5...ource=txtshare

[yeahman]

Two homes near me have listed for sale recently, 1.2 mil and 950k, and both got contingent offers within a week. I guess that means they're not going to the cash crowd, which is good IMO.

[4matic]

Contingent can mean a lot of things.

[XXX-er]

Yup who wants to live in TX if you can skip the state taxes in Wyoming?

On a segment of superspeeders Rob Ferreti was saying there are a lot of exotic cars registered in Wyoming, he never talked about the taxes but he said it was the best place to own a really expensive exotic