Real Estate Crash thread

[Yukonrider]

That place isn't too bad looking needs a new roof, but most of the other stuff LOOKS cosmetic. Floors, paint, a few small drywall repairs.

Oh, and get it meth tested first...

[Whiteroom_Guardian]

Was just on a zoom call with a broker from Bellevue. An agent in her office had a listing last week with 33 offers that went for 800k over asking. The insanity continues.

[fatnslow]

That place isn't too bad looking needs a new roof, but most of the other stuff LOOKS cosmetic. Floors, paint, a few small drywall repairs.

Oh, and get it meth tested first...

Don't forget about the sweet palm tree and it looks to border a greenway/park. The meth is actually an added bonus as in the "instant equity" described in the listing. It isn't everyday you can buy a house with a turn key business for $550k these days.

[Benny Profane]

A 6 acre lot and they are bragging about being able to house 120 people? What a joke. Build a fucking apartment block. Density is the answer to our housing (and to some extent, environmental) woes.

A "big extent" for environmental woes. Nothing contributes more to our energy and waste water problems than America's massive suburban and vacation home sprawl.

[Toadman]

Parents just made an offer on a 1980's split level 3k sq. foot house with .5 acre lot in Lakewood, CO. Asking was $750k. It had 34 offers, but there's is all cash and gave the widow owner a quick closing assuming nothing major found on the home inspection. I don't know what their final offer price was but believe it was at least $50k over asking. Most likely their RE agent made that recommendation based on what's going on in that area.

[skaredshtles]

Parents just made an offer on a 1980's split level 3k sq. foot house with .5 acre lot in Lakewood, CO.

Why are they looking at such a large house? Presumably it's just the two of them?

[Name Redacted]

Parents just made an offer on a 1980's split level 3k sq. foot house with .5 acre lot in Lakewood, CO. Asking was $750k. It had 34 offers, but there's is all cash and gave the widow owner a quick closing assuming nothing major found on the home inspection. I don't know what their final offer price was but believe it was at least $50k over asking. Most likely their RE agent made that recommendation based on what's going on in that area.

Sounds about right. We are 50/50 buyers and have still been skunked on a few offers in Eagle County. Crazy competitive out there right now. Not as fun as being a seller I'll tell ya that!

[mcphee]

800k for an 80s style split level. Fuck. Me. Running.


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[skaredshtles]

800k for an 80s style split level. Fuck. Me. Running.

If I'd venture a guess... I'd say they're looking in some of the older 'hoods on the flanks of Green Mountain.

[Toadman]

Why are they looking at such a large house? Presumably it's just the two of them?

I guess they are hoping to have visitors. I mean there are a bunch of us, plus grandkids getting bigger, but no need IMO to go that big. I guess it checked off all the boxes though, so they pulled the trigger.

[skaredshtles]

I guess they are hoping to have visitors. I mean there are a bunch of us, plus grandkids getting bigger, but no need IMO to go that big. I guess it checked off all the boxes though, so they pulled the trigger.

My wife and I are scheming for the 1K sq foot pad when we finally get rid of the last kid.

I always used to think that people downsized once the kids moved out...

[Toadman]

If I'd venture a guess... I'd say they're looking in some of the older 'hoods on the flanks of Green Mountain.

No idea where that is? Not familiar with the town. They are North of some park called West Gate or Bear Creek or something like that. Apparently their RE agent indicated there was a bid $25k higher than theirs but the 84 YO widower wanted my parents to have the house. Plus their offer was the highest cash offer. So cash truly is king. Turns out there was closer to 60 offers on the house. I mean I have seen some pictures of the house and I have no idea how nice the neighborhood is but it's a crazy market apparently in that zip code. At least now I will have a base of operations for hitting the CO ski scene next season.

[Toadman]

My wife and I are scheming for the 1K sq foot pad when we finally get rid of the last kid.

I always used to think that people downsized once the kids moved out...

You would think that. But we have run into several grandparents, and they have all gone big with the retirement homes. At least here in Bend. My in-laws did about the same thing, went from a big house to a big house, just so they had lots of room for the kids and grandkids to visit.

[skaredshtles]

West Gate or Bear Creek or something like that.

Yep - that sounds like something in the Green Mountain area...

[Mazderati]

You would think that. But we have run into several grandparents, and they have all gone big with the retirement homes. At least here in Bend. My in-laws did about the same thing, went from a big house to a big house, just so they had lots of room for the kids and grandkids to visit.

They want the holiday business.

[Benny Profane]

You would think that. But we have run into several grandparents, and they have all gone big with the retirement homes. At least here in Bend. My in-laws did about the same thing, went from a big house to a big house, just so they had lots of room for the kids and grandkids to visit.

It's the final flameout of the Boomers. An even bigger house in retirement, because, well, they can, mainly because they've increased their net worth so much with the primary home.
Visited a college friend in the Eastern Shore in Maryland. Big development with minimum 3000 SQ feet homes in former farmland maybe ten to twenty feet above sea level. I bit my tongue when the wife talked about climate change and this and that, sitting in this house that is a part of the destruction of that unique ecosystem.

[liv2ski]

My wife and I are scheming for the 1K sq foot pad when we finally get rid of the last kid.

I always used to think that people downsized once the kids moved out...

Our home is a spacious 1,550 sq ft which in this town is a cracker box but perfect for the 2 of us. I really would not want to go smaller and if you want company down the road at least 2,000 sq ft would be better in my opinion but YRMV.

[skaredshtles]

Our home is a spacious 1,550 sq ft which in this town is a cracker box but perfect for the 2 of us. I really would not want to go smaller and if you want company down the road at least 2,000 sq ft would be better in my opinion but YRMV.

We've currently got 2K. It's comically large, IMO. Maybe that's the cathedral ceilings, though?

[BCMtnHound]

We have 1000 sqft upstairs finished, and 1000 in the basement 2/3rds unfinished. Almost half of the basement is dedicated for gear space and workroom, and freezer/food storage. For the three of us we could easily manage with 1500 sqft of well designed interior space.

Most of the homes we see in our price range here have too much wasted interior space. It's the outside space I miss. Not enough room for the trailer, watercraft and sled(s), not to mention the garden. And I wistfully remember the time I used to be able to take a piss off the porch and not worry about offending the neighbours cause they were acres away. I'll get that back one day, one way or another.

[Benny Profane]

You Can Still Own a Caravaggio, but It Comes With a House (and a Hefty Price) https://nyti.ms/33Mwvw2

ROME — It was heralded as the real estate deal of the century.

Up for sale was a 16th-century, 30,000-square-foot villa in downtown Rome complete with a landscaped garden and a masterpiece painted on its ceiling — by Caravaggio.

But when the Villa Aurora went up for auction on Tuesday, the hefty price tag — 471 million euros, or $533 million — kept prospective buyers away. There were no offers at the minimum bidding price, according to the notary overseeing the sale.

Aside from Caravaggio’s fresco — “Jupiter, Neptune and Pluto,” which he painted for the villa’s first owner, Cardinal Francesco Maria Del Monte, in 1597 — the villa has ceiling frescoes by other Baroque masters, including Giovanni Francesco Barbieri, better known as Guercino. His fresco in the main hall of the Roman goddess of dawn, “Aurora,” gave the villa its name.

The villa has been the property of the Boncompagni Ludovisi family for 400 years. But an inheritance dispute between the widow of Prince Nicolò Boncompagni Ludovisi, who died in 2018 at age 77, and his three sons from his first marriage prompted a judicial order to sell it.

Any buyers would need very deep pockets because the villa requires at least €10 million for restoration work, said Alessandro Zuccari, a professor at the University of Rome who was tasked by the Rome court overseeing the inheritance dispute to establish the villa’s monetary value. “I told the magistrate it was priceless, from a cultural point of view; she told me I had to come up with a number,” he said.

Most of the villa’s value rests in the Caravaggio fresco — valued at €310 million. Professor Zuccari said the overall price was justified because of the villa’s “immense cultural value.”

“What building in the world has a wall painting by Caravaggio near a wall painting by Guercino?” he asked. The villa also includes works by other well-known 17th-century artists and antique Roman statuary.

[gravitylover]

800k for an 80s style split level. Fuck. Me. Running.

My dads house is about 2k ft, 3 bd, 3 ba Colonial built in 1970. He's South Shore of LI and the house was redone after a fire in 1988. It could easily sell for 800 now. He paid $40k...

[mcphee]

My dads house is about 2k ft, 3 bd, 3 ba Colonial built in 1970. He's South Shore of LI and the house was redone after a fire in 1988. It could easily sell for 800 now. He paid $40k...

My beef is with split levels.


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[fastfred]

800 k for a split level ranch in lakewood
yeah lakewood is in the mountains right? all of colorado is in the mountains right?
never imagined people would be so desperate to pay that much to live in suburban sprawl I guess you pay extra to be next to green mountain or bear creek cause that is like living in the mountains

[Summit]

Interest rates going to jump up shortly?

[mud]

They already have by .250 to .500% depending on credit.