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Thread: Real Estate Crash thread
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03-07-2020, 06:04 PM #8126Registered User
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03-07-2020, 06:18 PM #8127
Just accepted an offer on our house, all cash, asking price. Had a 2nd offer on same day for asking price and all cash as well. Went with the buyer who is a current NFL QB with a super bowl ring. #noyoucan'ttouchme.
Market seems to still be very strong in Bend. House was on the market for 8 days. Tons of showings and interest. Yeah, I live in a nice 'hood...
On to the next adventure."We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch
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03-07-2020, 08:01 PM #8128Registered User
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honestly, having two guest bathrooms in a small house like that has more to do with allowing your more eccentric party guests to rail coke and fuck each other without bothering the more conservative guests. one becomes a shitter and the other just serves as a private space; by eliminating conflict, this allows for people to turn a blind eye to an extended bathroom visit.
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03-07-2020, 09:04 PM #8129
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03-07-2020, 09:07 PM #8130
^^^ Staying in Bend. Will end up spending a bit more for the bigger garage and the nicer view.
"We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch
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03-07-2020, 09:09 PM #8131Registered User
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03-07-2020, 09:16 PM #8132
Yeah, my first reaction too. Fuck pit.
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03-18-2020, 05:13 PM #8133
Soooo, real estate guys. What's happening and what's gonna happen with this market in these times? I'm clueless, don't own any property; simply interested in analysis, thoughts, opinions.
Master of mediocrity.
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03-18-2020, 05:16 PM #8134
Too early to tell.
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03-18-2020, 05:19 PM #8135
Still closing. Earnest money put down a few weeks ago. Dude signed a nice 7 figure salary for this season, if there's a season. Kind of weird knowing what your buyer makes...Should have listed the house for more. Oh well. As a friend said, "best not to go there."
"We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch
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03-18-2020, 05:21 PM #8136Registered User
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Learn the laws like this guy
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03-18-2020, 05:42 PM #8137
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03-18-2020, 05:54 PM #8138
I don't know. Sure, a lot of missed mortgage payments, but RE isn't all bubbled up with wild credit speculation ten layers deep in the financial system. Hot markets will suddenly suck, like, ahem, Denver, but I'll bet Trump and the Republicans will protect "homeowners" in an election year. It's not the greatest market, anyway, at the moment, and, as always, you gotta live somewhere.
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03-18-2020, 05:58 PM #8139
Yeah, Colorado is about to lose a 200k+ oil and gas jobs of top of the hundreds of thousands of restaurant, hospitality and tourism jobs we just lost.
That's a lot of houses that are going to go into foreclosure and a lot of rentals that aren't going to collect rent, leading to rental foreclosures.
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03-18-2020, 05:59 PM #8140
From Redfin...
https://www.redfin.com/blog/coronavi...uirySource=367
On Thursday, the housing market took a turn for the worse. A week ago, we reported that nationwide homebuyer demand had weakened meaningfully, but from high levels. We measure homebuying demand by looking at the annual growth rate in people going on their first home tours with a Redfin agent.
Growth in Home Buying Demand: Thirty to Zero in Two Weeks
This week, home-buying demand took a big hit, with year-over-year growth dropping from nearly 27% in January and February to 1% growth over the past seven days. There has in fact been a 1% contraction in demand over the past three days. This decline is unsurprising, now that governments in San Francisco and Philadelphia are telling residents to stay home. Traffic growth to Redfin’s website has also slowed from around 20% through the first two months of 2020 to high single digits over the past week.
Many Open Houses Canceled; Some Like a Disney Ride
Redfin has canceled open houses nationwide for public safety. One Redfin agent in Hoboken, New Jersey, Noah Goldberg, visited another broker’s open house that was letting small groups into the property, one group at a time. “There were six groups lined up on the sidewalk like a ride at Disney, and this was after the curfew announcement.” As of Tuesday, Noah said, demand was down: “Two weekends ago, coronavirus was something that was happening somewhere else. Now I have about half the activity I once did.”"We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch
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03-18-2020, 05:59 PM #8141Registered User
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Luxury market will be slaughtered. Foreclosures will skyrocket across the board, so a lot depends on how banks manage REO strategy. And how politicians manage banks managing REOs.
speaking of https://financialservices.house.gov/...-_03.18.20.pdf
8. Ban All Evictions, Foreclosures, and Repossessions--Including Manufactured Homes, RVs,and Cars Nationwide. Because businesses are closing and many people do not have access tounemployment insurance or paid sick leave, an eviction and foreclosure ban is needed to ensurethat people can safely quarantine in their homes, if necessary. Vehicles should not be repossessedduring the pandemic as Americans will need their transportation in order to obtain food or medicalcare. A foreclosure moratorium should include a ban on initiating judicial or non-judicialforeclosures, moving for order of sale, continuing any foreclosure process, or executingforeclosure sales and post-foreclosure evictions. Los Angeles County is among severaljurisdictions that have already instituted a ban on evictions.
9. Suspend Rental and Utility Payments for Assisted Renters and Provide Rental and UtilityPayment Assistance for Non-Assisted Renters. The Federal government should immediatelysuspend rental and utility payments for Federal public and assisted housing residents to ensurethey have the financial resources necessary to address the expected economic hardships of thecrisis. The Federal government should provide sufficient funding for housing providers to accountfor this loss of revenue as well as increased administrative costs associated with mitigatingCOVID-19 risks in assisted housing developments. Similarly, the Federal government shouldprovide $100 billion to help non-assisted renters who meet certain economic conditions cover theirrent and utility payments.
10. Require Forbearance for Mortgages on Rental Properties. To the extent that owners of rentalproperties continue to have trouble servicing their debt during the suspension of rental andpayment and evictions even with the rental assistance fund, they should get forbearance on theirmortgages as necessary. The National Community Stabilization Fund, National MultifamilyHousing Council, and National Apartment Association support this proposal.
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03-18-2020, 06:03 PM #8142
Well, maybe that condo in Co. will be mine soon. I gave up on that some time ago, but, strange times.
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03-18-2020, 06:09 PM #8143
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03-18-2020, 06:13 PM #8144
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03-18-2020, 06:27 PM #8145
Hey, I'll have a condo in Colorado. And you won't.
Because you're some cube drone from New Jersey with an ugly wife and ugly kid, and soon you'll lose your miserable job and ugly wife and overpriced house and go live under a bridge. And rot. Haha
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03-18-2020, 08:06 PM #8146Registered User
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I think retail and office RE will take huge hits. People need a place to live, warehouse and factory space should do ok.
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03-18-2020, 08:18 PM #8147
This thing will ripple through multiple socioeconomic strata but I would guess the people squeezed hardest are not the people in a position to buy anyway. And there is still pent up demand. Or not.
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03-18-2020, 08:24 PM #8148
I think people squeezed the least are retirees not dependent upon employment and business income to live well. And weren't all in on equities. Hell, some would welcome a drop in their property tax assessment if prices go down.
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03-18-2020, 08:42 PM #8149
Just heard the higher end ‘clubs’ here (Shooting Star, etc) got a bunch of membership cancellations today,
Forum Cross Pollinator, gratuitously strident
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03-18-2020, 09:28 PM #8150
We're at the starting point of a major recession. We lose a ton of jobs. A ton of people stop making money. Those people stop paying their rent or mortgage. Demand plummets, home prices plummet. It'll take 3-12 months, because real estate is a trailing illiquid market, but hold on to your beanies. I'd put my soon-to-be non-existent equity up to bet that prices are lower in 1 year than they are today. 5-25% drop? More?
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