Real Estate Crash thread

[::: :::]

Or New Mexico, and we get snow. It’s a thing here, and roof repair outfits do not lack business.
Attachment 424755

Picture of downtown Santa Fe, stolen.

Sorry showing up late here…what is the point here?
I’m not seeing single family structures in that photo

[Toadman]

This 250 acres has plenty of space for their regular mansion, that is abutted by the busiest highway in Wyoming.....

I didn't read the ad, but I bet dollars to donuts they mention a 'world class trout stream' in it.

Yep.

Teton views;over a mile of private Spring Creek fishing;

[Percy Rideout]

Its less amazing how many GCs half ass things? I had a contractor fundamentally alter the design of a large patio cover i had sketched out for them without telling me. I caught it after they had poured foundations for the different design and had them rip everything out and start over. Their reason was that they didnt think the design would work. I am a professional engineer, and it was an unpermitted structure so no one was checking anyways. Like most things, you usually get what you pay for, and even then there are plenty of shady characters willing to cut corners that dont show up till a year or two down the road.

You're a structural engineer and they didn't build according to your plan?

[Meadow Skipper]

Sorry showing up late here…what is the point here?
I’m not seeing single family structures in that photo

Oh, just a lazy (on my part) illustration. Pretty much all the homes in the Historic District, and most of the ones outside the HD are flat roofed. It was hard to find an illustrative image of the extent of flat roofed homes in Santa Fe.

Google “santa fe homes” and go to images if you’re interested.

[Ted Striker]

This 250 acres has plenty of space for their regular mansion, that is abutted by the busiest highway in Wyoming.....

I didn't read the ad, but I bet dollars to donuts they mention a 'world class trout stream' in it.

Yep.

Ha! Quelle surprise.

The wetlands comment was WRT subdividing per iceman's post.

[fastfred]

Its less amazing how many GCs half ass things? I had a contractor fundamentally alter the design of a large patio cover i had sketched out for them without telling me. I caught it after they had poured foundations for the different design and had them rip everything out and start over. Their reason was that they didnt think the design would work. I am a professional engineer, and it was an unpermitted structure so no one was checking anyways. Like most things, you usually get what you pay for, and even then there are plenty of shady characters willing to cut corners that dont show up till a year or two down the road.

when I say 40k for the project and someone else says 18k for the same exact project that's what you get
still pushing all time highs around here my buddy is installing a floor $55 sq ft labor and materials some people know how to win some people think they are smart don't ever pretend to be smart

[Ted Striker]

Wow. At least tell me it's some variety of bougie wood.

[fastfred]

Wow. At least tell me it's some variety of bougie wood.

yeah it's some endangered special rainforest wood I forget the name
there is plenty of money in the world

[muted reborn]

This 250 acres has plenty of space for their regular mansion, that is abutted by the busiest highway in Wyoming.....

I didn't read the ad, but I bet dollars to donuts they mention a 'world class trout stream' in it.

Housing is pretty fucking far from this highway on the 150 acres. And if that stream has good fishing - holy shit yeah it's world class because it's all yours and looks amazing. Maybe it sucks, I don't know.

Might be holding back house pics because it may be an underwhelming teardown to a billionare, but my memory really is bad maybe it was just small

[AdironRider]

Its the 'crappy', as in bad ranch land, end of the Mead ranch that abuts HWY 22 which is a parking lot 10 months a year now. Don't think there are any buildings other than something utility related.

Not sure if you were around for the sale and development of Puzzleface. Some online security billionaire bought it, created his own little wildlife sanctuary-esque type thing with new ponds and a shitload of earthwork and a massive 35 million dollar mansion on it, then decided he didn't like looking at thousands of cars driving by everyday in front of his Teton view. I think he actually lost money on the whole thing, but he did win a lawsuit against the county for some sort of square footage limitation, so he has that going for him, which is nice.

This lot is basically that part duex.

[jackstraw]

Oh, just a lazy (on my part) illustration. Pretty much all the homes in the Historic District, and most of the ones outside the HD are flat roofed. It was hard to find an illustrative image of the extent of flat roofed homes in Santa Fe.

Google “santa fe homes” and go to images if you’re interested.

Here's one in Taos. Cheap too

https://www.zillow.com/homedetails/8...1971499_zpid/?

[Toadman]

when I say 40k for the project and someone else says 18k for the same exact project that's what you get
still pushing all time highs around here my buddy is installing a floor $55 sq ft labor and materials some people know how to win some people think they are smart don't ever pretend to be smart

Damn, is that some type of exotic wood for $55/ft? We had ours done for $7.50/ft. Just engineered hardwood. Wide planks. We could have got some really nice European white oak, that was easy on the eyes to look at, and that was only $20/ft installed.

[Ted Striker]

yeah it's some endangered special rainforest wood I forget the name
there is plenty of money in the world

My wife says "that asshole better be donating to WWF, save the rainforest, blah blah blah..."

Something tells me he isn't.

[fastfred]

I think people fail to realize how much money the 1% really have cash money

I'll ask him what the wood is later today when we are burning one at the office after my 1pm meeting

I was slightly involved in the project but bailed early on my time frame and their time frame were not matching up
250k worth of audio visual equipment is going into the same house
and no one can really figure out who these people are lets just say they have never worked a day in their life they have a number of homes throughout the us and world

I've learned you don't ask to many questions just met a customer the other day never met him up until yesterday wire transfers the money to me we do the work nice guy someone you want to hang out with and do bong hits nice house totally set up as a modern day ski/party house a whole indoor living area that opens up to the outside with bi-fold doors hot tub bbq grill all indoors most amazing space I've ever been in and yes there was a bong in the living room retired guy big family lots of friends lots of toys

[muted reborn]

Its the 'crappy', as in bad ranch land, end of the Mead ranch that abuts HWY 22 which is a parking lot 10 months a year now. Don't think there are any buildings other than something utility related.

Not sure if you were around for the sale and development of Puzzleface. Some online security billionaire bought it, created his own little wildlife sanctuary-esque type thing with new ponds and a shitload of earthwork and a massive 35 million dollar mansion on it, then decided he didn't like looking at thousands of cars driving by everyday in front of his Teton view. I think he actually lost money on the whole thing, but he did win a lawsuit against the county for some sort of square footage limitation, so he has that going for him, which is nice.

This lot is basically that part duex.

I see, and that's crazy.

[californiagrown]

You're a structural engineer and they didn't build according to your plan?

No plans, per se. I had a sketch drawn on pad of paper. which i went through with them. the focal point being a glulam beam (which i clearly sized and dimensioned for them) spanning the entire length so the porch view was unobstructed. They straight up didnt buy the beam, and instead set 2 extra column foundations in that span length without telling me. Thats when i told them i was a PE, this was unpermitted anyways, and in a cordial way that i was the fucking client so do what i say.

[rideit]

Weren’t you a little concerned they would drop a dime on you for it being unpermitted?

[californiagrown]

Weren’t you a little concerned they would drop a dime on you for it being unpermitted?

Nah. Why would they? I wasnt a dick to them, and paid them a fuckton of money (this was last spring during peak construction costs). My neighbors are super chill too. Its an at-grade patio roof, not a balcony or raised deck- limited design flaws, limited danger comparatively. If it was a balcony/raised deck, i 100% would have gotten it permitted. Also, i know a number of inspectors in my town through work, so i likely would have been cut some slack.

[rideit]

I guess I mean if you had pissed them off, and they walked on you. Good for you getting it done!

[californiagrown]

I guess I mean if you had pissed them off, and they walked on you. Good for you getting it done!

Yeah, it would have been shitty. But, it would have been a like $1500 fine, and as long as their work was decent up to that point, someone else (or myself) could have finished it and gotten it permitted. i also would still have all materials, and half the contract amount (half upfront + material cost was the deal). This was an easy moneymaker for them, and i think im am a pretty good customer (is clear about what he wants upfront, pays full price on-time, is responsive to communication, provides pictures of the final renovated yard+ patio and stoked reviews afterwards for their marketing).

[::: :::]

Yeah, it would have been shitty. But, it would have been a like $1500 fine, and as long as their work was decent up to that point, someone else (or myself) could have finished it and gotten it permitted. i also would still have all materials, and half the contract amount (half upfront + material cost was the deal). This was an easy moneymaker for them, and i think im am a pretty good customer (is clear about what he wants upfront, pays full price on-time, is responsive to communication, provides pictures of the final renovated yard+ patio and stoked reviews afterwards for their marketing).

seems like backpapering a permittable design is a lot easier than backpermitting one that would never calc
prolly not a big deal

[fastfred]

more shit I read the more the end is near
not seeing a crash by any means but definitely a bunch of people left holding the bag

#1 article about idiots from california buying homes in jackson ms because they are a steal at $300k they buy the house and rent it probably at higher than avg market rates who is doing maintaining and over seeing the property? why did they think this was smart or logical?

#2 guy I know in denver someone tore down the shit box next door and is putting up a massive duplex next to him hes annoyed alittle so he starts poking around cause he's that kind of guy calls the company to chat with them wish Icould remember the name but we were drinking and talking he finds out the company out of california is building 80 homes/duplexes etc mostly infill in denver metro company was going to go public so he reads the sec filing they never made a profit in 20 or 21 chuck and a truck drinking a 12 pack while working made a healthy profit in those years now this company is holding it's dick trying to sell 2 million dollar city homes in a soft market and can't make a profit????

#3 a home flipper I know who just got into home flipping a few years ago as a hobby while spending their family money is sitting on numerious houses they over paid for in the front range area all these homes are in the 1-2 million dollar range

[liv2ski]

I read articles that say CA is due for a 20% correction. BFD as prices went up at least 80% in the 2 years of the pandemic, maybe more in Mammoth lakes.

[4matic]

Pre-ipo companies running at a loss is pretty common. Normal really.

[Kevo]

Welp, inventory is up a bit and 30 year mortgage interest rates are north of 6% but a house on my street went for sale two days ago for 50% more than 2020 pricing and it is already under contract.

Assuming it's going to have a mortgage, the payment on said house is more than 2x higher than similar houses were selling for two years ago, and about 45% higher than early this year.

I have no idea what's going on. ¯\_(ツ)_/¯