Real Estate Crash thread

[Skidog]

Dude, I'm sure that, if you've been listening to or watching media the past few weeks, you've heard about the oft told quote from the Fed last year, that 40% of Americans can't come up with 400 dollars cash in an emergency. Now, you may scoff and think, oh, that's the Deplorables, which it is, of course, but don't kid yourself that that scales up to the other half, minus the top 1%, who have built a nice house of cards out of their financial life, based on credit and probably dual salaries, that could disappear in the matter of months if spending isn't reeled in pronto. I mean, the entire, the entire fucking restaraunt industry didn't just vanish in '08, just to mention one business. Poof.
Now, I'm more surprised than anybody that mountain RE bounced back after 08. I thought I'd have the pick if the litter at closeout prices. Nope. Just the opposite. We'll see what happens now. Maybe, in white privilege land, mom and dad save the kids from harm, and the economy bounces back, and its back to the races to an even more unequeal society. Maybe not. But, there has to be a ton of mountain RE people who are in the edge of affordability, and will liquidate out of necessity, especially if they are jobless for a while. Deals may only last a few years, if at all, so, I'm watching.

Heard some famous chefwhat his what from top chef say he expects only 25% of restaurants to survive. He closed all his and laid off 300. The devestation to the industry is going to be unprecedented.

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[liv2ski]

^^^^Just one more reason never to do personal guarantees for a business.

[klauss]

popular restaurant in town lost a chef to covid and shut it all down.

https://www.instagram.com/p/B-Ka-nTBQh3/

what happens when grocery workers start dropping

[zion zig zag]

listings are way up in utardia north of slc, though buyers seem to be still on point and enjoying the increased inventory, for now

I look almost everyday, and I've definitely seen an increase in lower price homes that look like they've been rentals.

[Toadman]

popular restaurant in town lost a chef to covid and shut it all down.

https://www.instagram.com/p/B-Ka-nTBQh3/

what happens when grocery workers start dropping

Next unemployed person up.

[muted]

There will be a million headlines like this soon: "The Cheesecake Factory Tells Landlords Across the Country It Won’t Be Able to Pay Rent on April 1"

[Danno]

popular restaurant in town lost a chef to covid and shut it all down.

https://www.instagram.com/p/B-Ka-nTBQh3/

what happens when grocery workers start dropping

wrong thread (though of course they're all related now).

[klauss]

ha. I thought I was in the other thread

[sirbumpsalot]

popular restaurant in town lost a chef to covid and shut it all down.

https://www.instagram.com/p/B-Ka-nTBQh3/

what happens when grocery workers start dropping

Chef Floyd isn't the chef, owner, or investor at Pok Pok.

[klauss]

thanks for the clarification. I misinterpreted the post by PokPok

[Danno]

Chef Floyd isn't the chef, owner, or investor at Pok Pok.

yeah, I just saw that too. He was in NYC, but his death caused Pok Pok to close up shop.

[AdironRider]

Realistically though, I don't know many servers that own real estate outside of affordable housing.

I think the loss of the restaurant industry "safety net" though is going to be interesting if this recession sticks around. In 08 I got punted there myself but I was able to find work serving tables. I don't know what a lot of people are going to do now that the entire industry is basically being run by a couple cooks and a FOH manager running a drive thru.

[liv2ski]

https://www.salon.com/2020/03/25/ren...avirus-housing


Nicole Karlis
March 25, 2020 1:00PM (UTC)

As states "shelter in place" to flatten the curve of the novel coronavirus spreading, there is uncertainty around what the aftermath will look like economically, especially when it comes to the housing market. But as anxious citizens practicing social distancing search the internet for silver linings, one popular post has been circulating on Twitter suggesting that the rental market is currently "exploding" because more short-term rental properties are for sale as their owners aren't able offer them to travelers.

However, housing experts who spoke to Salon aren't so hasty to declare any such optimistic findings yet, but they are already seeing some interesting patterns that could indicate how this will all play out.

"What's going on broadly in the housing market is that a lot of people are taking a 'wait and see' approach," Zillow economist Jeff Tucker told Salon. "So that would be sellers holding off, and they're worried. They say 'Oh, I won't be able to have an open house; My agent won't even be able to meet people in person, to show them around the house,' especially in states or cities where there's been a stay-at-home order. As we've heard that already in California, those orders are really causing the purchase side of the real estate market to grind to a halt."

[shroom]

coworker is due to pick up keys to her new place, but per her description, cannot contractually complete the walk through required. funny if true, but that’s rough.

[babybear]

2 homes in my neighborhood have sold in the past 2 weeks for a million +. which flabbergasted me (not bc of the price but bc of the timing)
why not wait a couple weeks and get it a hundred thousand cheaper?
Our mkt won’t crash as much as others but that just seems lazy

[rideit]

“I want that squirrel, daddy, and I want him NOW!”

[Shredhead]

Contracts went hard, weeks ago.

[babybear]

Contracts went hard, weeks ago.

I don’t think so. I know these neighbors so have followed the progress and it’s pretty damn easy to get out with contingencies.
why wouldn’t you risk losing a couple grand in earnest money to save tens of thousands?
but as rideit mentions- people want what they want. and happy for my neighbors that got top dollhair

[liv2ski]

In CA RE is not an essential service, so the market is dead with no showings. Sure you can look at it on-line, but your going to make an offer sight unseen until you own it?

[Benny Profane]

2 homes in my neighborhood have sold in the past 2 weeks for a million +. which flabbergasted me (not bc of the price but bc of the timing)
why not wait a couple weeks and get it a hundred thousand cheaper?
Our mkt won’t crash as much as others but that just seems lazy

Momentum.

[Name Redacted]

Bunny is gonna have to get a job working 30+ hrs a week in Summit before he will qualify for anything in his price range.

[fastfred]

Bunny is gonna have to get a job working 30+ hrs a week in Summit before he will qualify for anything in his price range.

At least he will qualify for affordable housing w those 30 hrs then he can be a real local talking about winning

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[fastfred]

In CA RE is not an essential service, so the market is dead with no showings. Sure you can look at it on-line, but your going to make an offer sight unseen until you own it?

Had some clients by a house a couple months ago site unseen just photos on the internet showed up a couple months after closing to actually see it they were alittle disappointed so they dropped 200k to make it better

[Benny Profane]

Bunny is gonna have to get a job working 30+ hrs a week in Summit before he will qualify for anything in his price range.

Fuck working. I'm talking about cash. Free and clear.

Remember 1991.

[Name Redacted]

Fuck working. I'm talking about cash. Free and clear.

Remember 1991.

Sorry pal, all the affordable housing now is deed restricted. Maybe in 20 years