Real Estate Crash thread

[dunfree]

Bbaaaaaaaahhhhhhhhhhh

[MakersTeleMark]

I switched it up at the end of the season and MiCol got me dialed in with the eye melting yellow FRS shell. The all-black was terrible for photos. The stache is here to stay I think. At this point I am pretty committed......although maybe I would get more dates without the cookie duster?


By the way I think my signature link may work now. Several people just tried it and couldn't get the site to load for some reason.

That is a seriously diverse team. Are you the token?

[Whiteroom_Guardian]

That is a seriously diverse team. Are you the token?

Token what? Slightly tan dude who was raised by the whitest people on Earth? Sure.

[glademaster]

Token guy from Jersey trying too hard to look like a cowboy, would have been my guess.

[MakersTeleMark]

^^^

[Conundrum]

Roll a cock duster and a tombstone in a lot western Montuckey towns and a few times out of ten you’ll dredge up a tourist gal with wild west dreams.

[Toadman]

No surprise here.

https://finance.yahoo.com/news/u-exi...140845797.html

WASHINGTON (Reuters) - U.S. home sales dropped to their lowest level in more than 9-1/2 years in May, strengthening expectations for a sharp contraction in housing market activity in the second quarter following disruptions caused by the COVID-19 pandemic.

The National Association of Realtors said on Monday existing home sales fell 9.7% to a seasonally adjusted annual rate of 3.91 million units last month, the lowest level since October 2010. Last month's sales reflected closings of contracts signed in March and April. Economists polled by Reuters had forecast existing home sales would fall 3% to a rate of 4.12 million units in May.

[Name Redacted]

No surprise here.

https://finance.yahoo.com/news/u-exi...140845797.html

WASHINGTON (Reuters) - U.S. home sales dropped to their lowest level in more than 9-1/2 years in May, strengthening expectations for a sharp contraction in housing market activity in the second quarter following disruptions caused by the COVID-19 pandemic.

The National Association of Realtors said on Monday existing home sales fell 9.7% to a seasonally adjusted annual rate of 3.91 million units last month, the lowest level since October 2010. Last month's sales reflected closings of contracts signed in March and April. Economists polled by Reuters had forecast existing home sales would fall 3% to a rate of 4.12 million units in May.

Not surprising considering many areas weren't even allowing showings in May.
In our little microcosm though, sales have been rising due to pent up demand, increasing inventories, and a lot of people who were on the cusp of retiring say fuck it, and just doing it and moving to the mountains.

[Mazderati]

A smaller number of sales is one half of the story. The other half is increasing prices over the same time period. There is no supply.

[Kevo]

My neighbor is selling his house for $795K and retiring to Florida. Bought in the end of 2014 for $449K.

He's been renting his basement for $1700 and renting out two spare bedrooms to local grad students for $1k each, so he is hoping the rental history justifies the price.

He's priced at $70k over the the record sale price in the neighborhood from last July. Hope he gets it, but it seems pretty crazy.

[liv2ski]

If he wants the highest price ever, then his house better be the nicest in the hood. The rent history means 0 on a SFR.

[Danno]

House on our block just sold for $955k. Holy fuck. It is the nicest on the block, one of the largest plus recent full remodel and new landscaping. Closest sale in price on our street was $732k a year ago.

$955,000 is absolutely insane.

[goldenboy]

House on our block just sold for $955k. Holy fuck. It is the nicest on the block, one of the largest plus recent full remodel and new landscaping. Closest sale in price on our street was $732k a year ago.

$955,000 is absolutely insane.

I thought everything in Boulder was $1M at this point?

[concretejungle]

I thought everything in Boulder was $1M at this point?

Double wides in Danno's hood are still affordable.

[Name Redacted]

Sounds like a rough neighborhood.

[Danno]

I thought everything in Boulder was $1M at this point?

won't be long now!

Double wides in Danno's hood are still affordable.

not even the single wides are affordable.

[Benny Profane]

[sirbumpsalot]

A coworker in the Denver area had to take the afternoon off suddenly. He listed his house this morning and they already have 5 showings for this afternoon. HOT MARKET!

[Ted Striker]

My (realtor) wife and I were just discussing the price jumps around here, and there is a perfect storm forming for desirable markets: low rates, low supply, lower density, lower possibility of riots = bidding wars with higher escalations. That turns into higher comps, and higher asking.

[liv2ski]

^^^Perhaps that is true in a more reasonably priced area. It seems slow where I live. I was talking to a guy at the dog park the other day and he said his house has been listed for two weeks with hardly a showing in the last week. I suggested a price reduction. He didn't like that.

[goldenboy]

It's insane-o world here in Crested Butte. Some $2M+ properties under contract in the last month (which is where our real high end starts), and even a vacant lot in town for almost 2.5.

[Kinnikinnick]

It's insane-o world here in Crested Butte. Some $2M+ properties under contract in the last month (which is where our real high end starts), and even a vacant lot in town for almost 2.5.

All for a chance to be locked out of your own property.




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[Toadman]

Consumer want. Consumer buy!

[Toadman]

Talking to two different mortgage brokers locally this past week. They have more biz than they can handle. Seems like people who have the cash to move are in fact moving.

https://finance.yahoo.com/news/new-h...tsrc=fin-notif

[liv2ski]

I am certain that is from refinances, it isn't overwhelming purchases.