Real Estate Crash thread

[rideit]

The towers in China are incredible though. We took a couple little roadtrips out of Beijing when we were there and they go on and on and on. Row after row of almost-identical apartment blocks, ~20 stories tall, to the horizon. It must be what an ant feels like to live there, I can't see how you could possibly feel like an individual. A filing system for humans, huge file cabinets of people. Wait, what were we talking about?

Whenever I see photos of those, it makes me curious where all of the sewage goes. Or pictures of any major metropolis, really.

[Benny Profane]

Whenever I see photos of those, it makes me curious where all of the sewage goes. Or pictures of any major metropolis, really.

Well, there's not much sewage now, because most are unoccupied. I guess, like most of the development in China, they'll figure it out when they have to. It's a horribly polluted country because of all this growth with no real thought given to waste. The fresh water supply, not very plentiful in the first place, has been poisoned in many places. I worked with someone who was an engineer traveling over there a few times a year, and he told me that, the facilities are all new and amazing, but, walk out back for a smoke, and you see the pipes emptying anything and everything into the river or stream.

NYC has a massive waste treatment plant on the Hudson, and, it works.

[skiballs]

You pay dearly for convenience and happiness
it's difficult to put a price on these things, it's easy to quantify real estate but timing is everything
this thread made me think the other night that you can goto some places in the country and buy a beater house for 50k or less
I have friends in less desirable places whose mortgage is less than some peoples car payment
then you say stupid things like sure you can go ski in japan and the alps this year
I'll take the kids to my grandmothers house in scottsdale while you go have fun
everything in life has a price what are you willing to pay

Happiness is perception, perception is reality, money can't buy you love.
Puff puff, daddy-O.

[Tips^Up]

Iowa keeps being mentioned as the shithole comparison. While much of it is...a few pages back, Danno specifically said Dubuque, IA - my hometown. I was just back last week. Couldn't believe the new subdivision construction everywhere. What all used to be farmland - mostly corn, some soybeans - all subdivision developments now.

My Dad and brother are appraisers in Dubuque. They were talking about all the $1M+ appraisals there have been lately. Mostly custom construction for successful owners (this guy owns all the Wendy's in 50 mi radius, this guy's the excavator, this guy runs the regional trucking/logistics company, this is the local neurosurgeon, etc.). The resale on many of them cannot match the construction costs, but there are still many sales over $1M.

Granted, you can still buy a house for less than $40k in town, CO skiing > Sundown and the weather generally sucks, but Dubuque ain't a bad place.

[Tips^Up]

I should add, $1M gets seriously impressive homes in Dubuque compared to Vail...but location location location..

[skaredshtles]

<snip> but Dubuque ain't a bad place.

It's a nice place to visit... but I sure wouldn't want to live there.

[Benny Profane]

Important thing to do is survey top students in good schools as to where they want to move and start their lives. Iowa is way down the list.

[Dantheman]

Whenever I see photos of those, it makes me curious where all of the sewage goes. Or pictures of any major metropolis, really.

In China, or most any other non-1st world locale, directly to the ocean or nearest river. At best there might be some rudimentary primary treatment lagoons.

In 1st world countries this is how it works: https://en.wikipedia.org/wiki/Sewage_treatment

More entertaining version

[Danno]

Iowa keeps being mentioned as the shithole comparison. While much of it is...a few pages back, Danno specifically said Dubuque, IA - my hometown. I was just back last week. Couldn't believe the new subdivision construction everywhere. What all used to be farmland - mostly corn, some soybeans - all subdivision developments now.

My Dad and brother are appraisers in Dubuque. They were talking about all the $1M+ appraisals there have been lately. Mostly custom construction for successful owners (this guy owns all the Wendy's in 50 mi radius, this guy's the excavator, this guy runs the regional trucking/logistics company, this is the local neurosurgeon, etc.). The resale on many of them cannot match the construction costs, but there are still many sales over $1M.

Granted, you can still buy a house for less than $40k in town, CO skiing > Sundown and the weather generally sucks, but Dubuque ain't a bad place.

I can't believe it took this long to get a post like this. I knew it had to be coming when I kept mentioning Iowa (Dubuque was just the first Iowa town that popped into my head).

[Tips^Up]

It's a nice place to visit... but I sure wouldn't want to live there.

Given the choice, I choose the Colorado mountains. But there are worse places to be for sure.

Benny doesn't believe anyone can earn a respectable living and lead a happy successful life without being funneled through the East Coast private school system. I've met some of those people - they're a real happy bunch, glad they're so successful.

[skaredshtles]

<snip> But there are worse places to be for sure.

True.

<snip> I've met some of those people - they're a real happy bunch, glad they're so successful.

[MiddleOfNight]

More entertaining version

wow that was .. wow.

i love the giggles, when they open the pressure relief 'methane fart' valve.

[spanky]

NYC has a massive waste treatment plant on the Hudson, and, it works.

Except when it rains!

[Benny Profane]

Except when it rains!

No, I think they fixed that back in the days the EPA had teeth, and the feds sued the city to fix it. Maybe if it really really really rains, but, even Sandy didn't do that.

[Benny Profane]

Fareed Zakaria just did a nice hour about the inequality in schools I was talking about. The numbers are bad.

http://cnnpressroom.blogs.cnn.com/20...om-the-inside/

[spanky]

No, I think they fixed that back in the days the EPA had teeth, and the feds sued the city to fix it. Maybe if it really really really rains, but, even Sandy didn't do that.

I think not...

https://www.riverkeeper.org/blogs/do...ow-stormwater/

[iceman]

Separating storm drains from sewer drains in older cities is a monumental undertaking. THey were designed and built that way on purpose, and then cities got built on top of them. Changing them now is hard to do.

The DC Clean Rivers Project is budgeted for over $3bn, won't 100% solve the issue, and has been going on for 5 years and isn't expected to be completed until 2025. And that's DC, it's a fraction of New York.

New York has made a ton of progress on overdlow reductions but the overflow releases are still huge despite that. I can't imagine how much it's all going to cost by the time they're done.

[Benny Profane]

I think not...

https://www.riverkeeper.org/blogs/do...ow-stormwater/

That's gross.

[markb]

I can't imagine how much it's all going to cost by the time they're done.

Most recent public estimates are over $30 billion to fully address NYC CSOs, but the compromise plan within affordability constraints is around $10-15 billion.

[spanky]

I know the middle class discussion has quieted down, but...

$350,000 a Year, and Just Getting By

[spanky]

Most recent public estimates are over $30 billion to fully address NYC CSOs, but the compromise plan within affordability constraints is around $10-15 billion.

And that's just the NY side. NJ does it too (arguably to a lesser extent/volume). It would be political suicide for anyone to suggest spending the needed money to separate the storm/sewerage systems.

[Benny Profane]

Well, at least it rains here. Just don't drink from the Hudson.

NYC has excellent water. Lots of it. Don't allow no jet skis playing on it, too.

[spanky]

Well, at least it rains here. Just don't drink from the Hudson.

NYC has excellent water. Lots of it. Don't allow no jet skis playing on it, too.

I hate to be the bearer of bad news, that supply might get strained if it starts going to Nassau...


Amid Cancer Concerns, Long Island Considers Getting Water From NYC

[Benny Profane]

Let them suck on seawater.

[liv2ski]

Looking at the local fish wrap for the first time in months, it looks like the big homes have went from $1,000 a square foot to closer to $800. That is a pretty solid hit and they still sit on the market forever.