Real Estate Crash thread

[sirbumpsalot]

Couldn’t see that coming. There are very few instances where, with all the data available, that a dolt would pull trigger on a brash flip such as that. Now that speculator is down 7-8% from his purchase price after factoring sale cost and excise tax. You go bro.
“But the market so hot right now!”

If I were one of the people who was originally bidding against this guy/gal and lost, I'd throw him a low ball offer for kicks. It was bought $112K over asking....lots of good wiggle room!

[skaredshtles]

It's a good one every time. I do wonder why they think Summit County is better than Asheville but that's just for my own knowledge.

Wait. Summit County in CO or UT?

[Toadman]

Missoula TV news last night. Median home prices in Missoula:
2001 - $138k
2011 - $205k
2020 - $350k
2021 - $420k (end of Q1)

Sounds like Missoula is the poor man's Bozeman.

Median Price of a Single Family Home in Bozeman
$707,250

[Kevo]

He was already there. SEC required it but it does make a statement

Agreed. It's not that they are moving everyone to Bozeman (they aren't), it's that a $70 billion dollar company with close to 3,000 employees, almost all of whom have incomes well into the six figures, will allow most of their employee to continue to be remote. On top of that, their CEO has personally chosen a mountain town as his primary residence. That sends a strong message to employees and competitors employees.

?

Details here- https://www.cnbc.com/2021/05/26/snow...n-montana.html

[skaredshtles]

Sounds like Missoula is the poor man's Bozeman.

Man... I predict a *massive* explosion of the market in Bozeman.

Now if only my kids could find a place to live for the fall term at MSU.

[altasnob]

I read that Snowflake news as offering little benefit to Montana. Sounds like two of their 3,000 employees live in Montana (CEO and CFO) and their "headquarters" is a PO box in the Bozeman post office (so maybe a few admin people there to scan the mail too). It would be nice to see more tech companies actually moving employees out of tech hot spots like Silicon Valley and Seattle. Spread the wealth throughout the US. But tech companies still need to be close to good schools, and other tech companies, as it helps with recruiting and poaching.

[fastfred]

I think we've finally gotten to the point where the next great, cheap, hidden gem of a mountain town in upstate NY.

without a doubt
there are some real gems up there tupper lake is a gem
being honest
the downfall is white trash dark grey biteing cold winters
dispare and poverty

[Kevo]

Man... I predict a *massive* explosion of the market in Bozeman.

Now if only my kids could find a place to live for the fall term at MSU.

^Just do what all the other out of state parents do and buy them a house. Houses in Bozeman are cheap- it's only $800k for a single family house. In a couple years when they graduate you can either quit claim it to them (or a revokable trust in which they are a beneficiary), keep it as a rental or 1039 into a property wherever they move to utilize their MSU education post graduation (Big Sky, Jackson, etc). Plus, you can have their roommates pay you rent to cover the mortgage while they are in college and you can write off second home or third home mortgage interest as a tax deduction and/or depreciate the property as a rental.

It's way cheaper to buy your kid an investment property than pay rent.

[Toadman]

Agreed. It's not that they are moving everyone to Bozeman (they aren't), it's that a $70 billion dollar company with close to 3,000 employees, almost all of whom have incomes well into the six figures, will allow most of their employee to continue to be remote. On top of that, their CEO has personally chosen a mountain town as his primary residence. That sends a strong message to employees and competitors employees.



Details here- https://www.cnbc.com/2021/05/26/snow...n-montana.html

We use Snowflake for some of our data analytics. Interesting read. No wonder Bozeman is blowing up in the RE market.

[Toadman]

^Just do what all the other out of state parents do and buy them a house. Houses in Bozeman are cheap- it's only $800k for a single family house. In a couple years when they graduate you can either quit claim it to them (or a revokable trust in which they are a beneficiary), keep it as a rental or 1039 into a property wherever they move to utilize their MSU education post graduation (Big Sky, Jackson, etc). Plus, you can have their roommates pay you rent to cover the mortgage while they are in college and you can write off second home or third home mortgage interest as a tax deduction and/or depreciate the property as a rental.

It's way cheaper to buy your kid an investment property than pay rent.

This is what my BIL did for his two college age kids. Bought them a fixer upper. They are currently gutting it and doing the basement to roof reno this summer. Also teaches the kids some trade skillz along the way. It's in a great location with a view on to a lake. Will easily sell or rent out when the kids graduate and move on to bigger and better things in life.

[skaredshtles]

^Just do what all the other out of state parents do and buy them a house. Houses in Bozeman are cheap- it's only $800k for a single family house. In a couple years when they graduate you can either quit claim it to them (or a revokable trust in which they are a beneficiary), keep it as a rental or 1039 into a property wherever they move to utilize their MSU education post graduation (Big Sky, Jackson, etc). Plus, you can have their roommates pay you rent to cover the mortgage while they are in college and you can write off second home or third home mortgage interest as a tax deduction and/or depreciate the property as a rental.

It's way cheaper to buy your kid an investment property than pay rent.

Yeah. FTS. They're on their own with this one. I ain't getting involved.

Shit - I don't even want to own my *own* house... much less get involved in another.

[Whiteroom_Guardian]

This message board is a microcosm of extremely jaded people.....myself included.

Will there be a day where I am like, "Man, I really don't like skiing face deep blower 20 minutes from my home." ??

I guess I am young enough, single enough, and possibly foolish enough that I will continue to bust my balls here and spend way too much in rent instead of going somewhere cheaper with not quite as good outdoor access/skiing/hunting/etc.

The only saving grace is my love of mountain biking.....maybe someday I will be ok with skiing one week a year, or mellow laps at a mom and pop hill somewhere. There are plenty of cheaper places with great mountain biking. I have a buddy who is now pro level MTB racing and doesn't even ski anymore.....IDK why he still lives in Bozeman honestly. Are there some amazing trails here, yes....but if MTB is your main passion this isn't really the place due to how short the season is.

[AdironRider]

I had a kid and about 75% of my pow time disappeared overnight. It is physically impossible to get my kid to daycare and catch first tram due to time constraints.

Ski towns are great when you are young and single, and are still pretty great when you are old, hurting, and a parent. However with the latter you don't get to take advantage of the goods nearly as much and your priorities / mindset can change.

[Benny Profane]

North Creek has been waiting for this moment for decades.

The residents of Tupper still have hope.

[Benny Profane]

^Just do what all the other out of state parents do and buy them a house. Houses in Bozeman are cheap- it's only $800k for a single family house. In a couple years when they graduate you can either quit claim it to them (or a revokable trust in which they are a beneficiary), keep it as a rental or 1039 into a property wherever they move to utilize their MSU education post graduation (Big Sky, Jackson, etc). Plus, you can have their roommates pay you rent to cover the mortgage while they are in college and you can write off second home or third home mortgage interest as a tax deduction and/or depreciate the property as a rental.

It's way cheaper to buy your kid an investment property than pay rent.

This happens in Manhattan all the time.

[Benny Profane]

I had a kid and about 75% of my pow time disappeared overnight. It is physically impossible to get my kid to daycare and catch first tram due to time constraints.

Ski towns are great when you are young and single, and are still pretty great when you are old, hurting, and a parent. However with the latter you don't get to take advantage of the goods nearly as much and your priorities / mindset can change.

This happens to young Manhattan residents all the time.

[Benny Profane]

What's wrong with Asheville, btw? That town is pretty cool, and it's not cheap anymore, either.

[Name Redacted]

What's wrong with Asheville, btw? That town is pretty cool, and it's not cheap anymore, either.

Have you lived there? Apparently, sometimes people don’t get the whole understanding of what it is like to live somewhere by just going there on vacation. I know, it’s weird right?

[Benny Profane]

You're never going to find the perfect place, dude. Doesn't exist.

[skaredshtles]

Let me guess... Asheville is the best part of North Carolina?

[Benny Profane]

Let me guess... Asheville is the best part of North Carolina?

OBX is pretty cool unless a storm is brewing, and I hear Chapel Hill ain't bad. If you don't care about socializing, anywhere close to the Smokies is cool. RE is super affordable, outside of Asheville. But, yeah, It's N.C.. Don't talk politics or be black.

[dan_pdx]

There are lots of perfect places: Portland 1998-2010, Bend around the same time span, Seattle in the 90s. Funny how that works, huh. 10 years from now we'll all be saying how XXX small town was perfect in in the 20s.

[Name Redacted]

You're never going to find the perfect place, dude. Doesn't exist.

Not trying anymore.

[skaredshtles]

OBX is pretty cool

Meh. I mean... if you like the beach, I guess it's probably OK? I found it just crowded and touristy... which is fine, I suppose.

[Benny Profane]

Meh. I mean... if you like the beach, I guess it's probably OK? I found it just crowded and touristy... which is fine, I suppose.

Go south of the Corolla Jersey shore shit.