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Thread: Real Estate Crash thread
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06-06-2022, 05:02 PM #21726
I called my insurance company and increased my coverage by 20% after reading about all the people whose homes burned in the Boulder fire who found themselves drastically undercovered due to inflation, lack of labor, etc. The insurance company already adjusts a few percent a year for inflation, and also builds in a cushion for cost overruns, but as I suspected, when I ran the numbers with them and compared it to current local building costs per sq. ft., they were way behind. And I live in a fire-prone area.
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06-06-2022, 05:49 PM #21727Registered User
- Join Date
- Jan 2010
- Location
- your vacation
- Posts
- 4,738
never trust an insurance company
"also builds in a cushion for cost overruns" I hope you made that up and no one from an insurance company said that to you because its total bullshit I've delt with tons of insurance claims and their numbers are squeezed so tight its stupid trying to justify a cost over run or that their computer program is off by a few bucks per sq ft on a task is hopeless
only one claim I did was the adjuster and insurance company 100% on board with me
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06-06-2022, 06:03 PM #21728
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06-06-2022, 06:43 PM #21729
Totally agree you need to watch your ass with them. The policy has language that spells out the overrun policy, but I'm sure you're right that trying to get anything out of them is a PITA. This is why I upped my coverage beyond what they said I needed, and also did all correspondence by email so I had a record of everything. Fingers crossed I never need to use it. Insurance is the biggest fucking scam known to mankind, all you need to do is watch the endless stream of insurance commercials on TV to know they are fucking everybody over--otherwise they wouldn't have so much $$$$$$ to advertise. That said, I've also had insurance work in my favor more than once. In any case none of us has a choice but to play the game as best we can.
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06-06-2022, 09:29 PM #21730
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06-06-2022, 09:57 PM #21731one of those sickos
- Join Date
- Oct 2005
- Location
- Tahoe-ish
- Posts
- 3,151
I'm surprised it took this long for someone to post that photo. Awesome status symbol, DTM!
I'm def in the buy less house than you can afford camp. I bought a junk show and paid it off in 5 years, and I'll never borrow money again for anything. The security of always having a place to live no matter what other shit befalls me is a really great feeling. I just don't understand how so many people can live so hand to mouth.ride bikes, climb, ski, travel, cook, work to fund former, repeat.
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06-07-2022, 12:52 AM #21732
Paid off in 5 years is amazing. Well done.
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06-12-2022, 02:33 PM #21733
Toll Brothers Reno has 36 quick move in houses available and have extended the “sale event”. Two years ago they didn’t even offer the sale event in Reno.
https://www.tollbrothers.com/luxury-homes/Reno-NV
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06-13-2022, 08:36 AM #21734
Apparently there IS a lot of crying in RE.
https://www.yahoo.com/finance/news/c...191424173.html
The real estate website found that half of U.S. homebuyers cry at least once during the exhaustive process. Additionally, almost 90% of recent buyers surveyed said at least one aspect of buying a home proved stressful.
Zillow surveyed about 2,000 Americans who either bought or intended to buy a house in the past two years as housing costs became – and remains – at a premium.
What replaced the tears of joy that can come when purchasing a house? Zillow found that about 62% of potential homebuyers were stressed about being able to find a home within their budget; about 61% were stressed about not having enough houses to choose from; and 58% were stressed about finding a home in their desired neighborhood.
"I think we were surprised by the share of recent buyers who said they cried at least once, as there were some who cried at least five times while looking for a home," Zillow home trends expert Amanda Pendleton told USA TODAY."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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06-13-2022, 08:37 AM #21735
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06-13-2022, 09:29 AM #21736
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06-13-2022, 09:34 AM #21737
Was just announced in the paper here that the ‘cheaper’ private housing complex (not subsidized/affordable, etc) is likely going up to a possible $4400 for a two bedroom. A small two bedroom, at that.
Forum Cross Pollinator, gratuitously strident
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06-13-2022, 12:21 PM #21738
I didn't mean to imply that everyone with a fancy house is house-poor. I'm not even making a value judgement on people who choose to buy an unaffordable house. My point was that the seemingly irrational decision to buy an unaffordable house probably has some deep roots in evolutionary biology.
LOL, I'll never live that down.
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06-13-2022, 12:42 PM #21739
Inventory is rising and I'm starting to see some price reductions in my neighborhood.
Some mediocre house sold for $1.2mm a couple months ago. Another mediocre home that is similar just reduced their price below $900k.
Last summer every STR in Teton Valley was booked out for the month of August. I wonder if inflation and gas prices will keep people from vacationing this summer. If so I expect a lot of people to be cash flow negative on their AirBnB investments, which may lead to more inventory.
I'm seeing news stories of average 30 year rates above 6%. Can anyone in the industry (L2S?) confirm?
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06-13-2022, 01:24 PM #21740
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06-13-2022, 02:03 PM #21741
Mortgage News Daily says rates went up .28% today, to 6.13%
https://www.mortgagenewsdaily.com/mortgage-rates
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06-13-2022, 02:05 PM #21742
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06-13-2022, 02:08 PM #21743
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06-13-2022, 02:15 PM #21744
75%? Really? That sounds amazing as busy as things have been around here. They're saying down 5-6% here. Wouldn't be surprised if that creeps up if gas prices stay high and some front rangers choose to stay closer to home.
Inventory remains nearly nonexistent here, still seeing multiple offers in a lot of cases.
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06-13-2022, 02:15 PM #21745
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06-13-2022, 02:16 PM #21746
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06-13-2022, 02:18 PM #21747
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06-13-2022, 02:35 PM #21748
That's a pretty incredible stat. Damn.
There is currently only one halfway decent hotel in Teton county ID. The others are more like low end motels or various forms of "specialty" lodging. I believe this has increased demand for STRs.
The new Marriott in Driggs will add 107 rooms additional inventory to nightly rentals, with a 24 hour front desk and without cleaning fees and other hoops to jump through. I think it'll add some significant competition to AirBnBs.
It'll be interesting to see what happens as the tide goes out.
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06-13-2022, 03:11 PM #21749
Yes, rates are over 6. But see the bottom part of today's article for the qualifications:
https://www.mortgagenewsdaily.com/ma...rates-06132022
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06-13-2022, 03:17 PM #21750
5.0 coupon eh? Not quite yet, despite the fact that it makes logical sense.
Doesn't really matter as they all tanked today, but it will definitely matter if you're getting false positives on reprice risk in the coming days because liquidity is still in 4.0 and (just barely) 4.5s.
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