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Thread: Real Estate Crash thread
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06-28-2020, 07:40 PM #9201
FOMO crowd. Seems to be a lot of that going on around here in Central Oregon. If the house is in a really good neighborhood, the house is gone in a week. Doesn't matter the price range. $1 million + home sell just as fast as a $500k + homes.
New home construction is bonkers here. A lot of pending signs on those for sale signs."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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06-28-2020, 07:47 PM #9202
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06-28-2020, 09:33 PM #9203Registered User
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Cheap money, pent-up demand, etc etc. Maybe some people just want a roof over their head, and don't need to make money on their homes right away like they have been able to the last decade. Who cares if the value goes down for 3 years if you are gonna live there for 20?
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06-29-2020, 05:02 AM #9204
3 years? My condo sold for about 30% more than it's worth now in 2004. And it hasn't been increasing in value at all in the six years I've owned it. So, therefore, there are some people in this complex, and others in this town, who are paying a mortgage every month for a home that may never be worth the value of that overpriced loan. I watched that happen once before in my life as some co workers were stuck in underwater homes in the NYC area in the late 80s/early 90s after an RE crash there. Most were "starter" homes. That lasted a decade. Not a good place to be.
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06-29-2020, 06:53 AM #9205
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06-29-2020, 06:55 AM #9206
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06-29-2020, 07:01 AM #9207Banned
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Markets where they slap cookie cutter houses on 1/8 of an acre lots and sell them for $1M deserve to get crushed. Who the fuck are these people who want to live so far our in suburbia that you need to drive to everything, but are okay with paying 7 figures for a place with 5-foot side yard setbacks? Forget hearing them, when the houses are that close together, you can smell when your neighbors are fucking.
Density is A-OK if it comes with the upsides typically associated with it, i.e. a walkable community, but the high density suburban/exurban development is a goddamn disgrace.
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06-29-2020, 07:21 AM #9208
Don't be an asshole.
Rents haven't really gone up that much around here in the last ten years. Certainly haven't "skyrocketed". Of course, all RE is local, so it may be different elsewhere, like Denver. But, even there, it would be a fool's game to jump out of the rental market into what is still a highly priced ownership pool at a time like this. At least you have the freedom and mobility to react in six months to a year to whatever both markets are pricing as a renter. Right now the stimulus, eviction and foreclosure moratoriums, and UE cash are placing a ton of people in mid air off a cliff like Wilee Coyote. That's not going to last long. I really cant see the economy going back to whatever "normal" we had just five months ago for a long time. Look what's happening right now with the "reopening". It isn't pretty, and we haven't even tried to reopen schools, which is a massive industry up to post grad. So many industries are severely damaged, with nothing but hope and optimism to bring them back, but the virus doesnt care about travel to Europe or professional sports or 40,000 kids packed together in state U.
So, anyway, you're going to commit a major portion of your savings (or, probably, your inheritance) to buy an asset in a market that has never been higher in many parts of the country at this time? Again, what's the rush? Well, one answer to that is that it's not really your decision. It's your wife's. Sorry for that pussy whipping. But, then again, maybe it's her parent's or grandparent's money funding it all. So, hey, you're cool, I guess. Just try to talk her into a man cave space.
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06-29-2020, 07:27 AM #9209Banned
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Redfin has my little homestead in Goshen NY up about $60K since last year, and they dont even have the updated renovations. Simply land price basically.
Guess you bought in the wrong place at the wrong time Bunny? If you aint seen any real gain in 10 years you made a mistake, despite what the markets done. Gotta be a smarter buyer next time. Take your own advice, which obviously you didnt follow the last purchase.
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06-29-2020, 07:28 AM #9210
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06-29-2020, 07:33 AM #9211Registered User
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06-29-2020, 07:41 AM #9212
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06-29-2020, 07:43 AM #9213Banned
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06-29-2020, 07:44 AM #9214Banned
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06-29-2020, 07:45 AM #9215
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06-29-2020, 08:18 AM #9216Registered User
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OR, some people choose where they want to live at a young age and work hard to make it a possibility. Surprisingly enough, many of those people don't end up in CT losing money on a depreciating asset of a home. Some of those people's homes have gain substantial value due to being located where many other like minded people also want to live.
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06-29-2020, 08:30 AM #9217
Or some people just get lucky when born into the right situation.
So, where exactly do you live?
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06-29-2020, 08:32 AM #9218Banned
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06-29-2020, 08:33 AM #9219Registered User
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dude, solid gen xer here, I always laugh at people counting their home value, who cares
you live in CT, high taxes, metro ny, you shoulda bought twenty years ago in summit county like I did, then you wouldn't be complaining and you could go hang out in your dillon valley one bedroom condo and be happy
and yeah, I decided to live somewhere really cool because I don't want to be some miserable clown living in some miserable metro area punching the clock and driving hrs to go have fun, trade offs, step out my door and I"m there
trade offs
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06-29-2020, 08:34 AM #9220
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06-29-2020, 08:35 AM #9221
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06-29-2020, 08:36 AM #9222
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06-29-2020, 08:40 AM #9223
Shoulda woulda. Seems your hindsight is 20/20, like mine. Fuck Summit County, If I could jump in the way back machine, I'd move to Aspen as soon as I could, save every dime to start trading RE, maybe get in the biz by being an agent, and never look back. But, you know, who knew?
But, that's the past. I'm talking about now. But, ok, go ahead, go buy at these price levels during a world changing pandemic. Get back to us in a few years to tell us how that worked out.
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06-29-2020, 08:50 AM #9224
Benny, it's not too late to get started on the next Aspen. Have you considered Londonderry?
"timberridge is terminally vapid" -- a fortune cookie in Yueyang
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06-29-2020, 08:52 AM #9225
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