Real Estate Crash thread

[RootSkier]

But folks paying cash, can sit and wait to see how material pricing goes.

Around here, those folks would go to the back of the line and have to wait 18 months++ to get a crew back on the site.

[Benny Profane]

Yes but come on, lets be serious. 2nd homes in a resort area are a luxury not for the "middle class" and have never really been the norm.

I think you'd get a lot of argument in Vermont and Summit County on that one.

[Benny Profane]

Benny, you would love the boating world.

Ha, and, funny thing. Almost every boat I've been on, the owner has spent a lot of time coveting other boats.

[TAFKALVS]

N. Idaho update:

Seeing a ton of $50,000 - $150,000 price drops this week on houses that were $400,000 a couple year ago. They are still inflated at $750,000 - but at least there is a small amount of sanity returning and people aren't paying $1mil for a 3/2 boomer mcmansion with faux brick and marginal construction (remember, no permits or building inspections up here... don't tell glademaster) on 2 acres 20 minutes from town. Also seeing days on market start to increase on those same houses.

The <$400,000 market still doesn't exist however. Glad I bought our place when we did, although slightly regret we bought a "cheap" ($150k) place in town when we could have easily afforded something a little nicer. I suppose it's all relative however, since my house likely has double or tripled in "value" as well.

[fastfred]

lumber is not dropping at the lumber yard yet
heard a story about some clown who bought all the lumber for his house he is building and is storing on site waiting for the excavation and foundation to start

people think way too much in life

do I feel bad having an empty bedroom and another one turned into an office in a ski town? no

october 2021 the flu comes back the stock market tanks millions loose there jobs because no one wants to work total anarchy wait to buy in nov 2021 that's my prediction

[Timberridge]

lumber is not dropping at the lumber yard yet

Gotta try to make up for all the $ they didn't make last year. This shit will just take a bit of time to work thru the system.

Last time gasoline prices spiked I had a supplier tell me he needed to raise prices because of the high gas prices. I get it. Fine. But I told him when prices go back down I want a reset. He agrees. So when it was time for the reset, I called him up. He told me no reset. I kicked him to the curb. 8 months ago he comes begging for business. Guy had balls.

[sirbumpsalot]

I think you'd get a lot of argument in Vermont and Summit County on that one.

Dream...meet reality...

[Timberridge]

VT is hot right now. S. VT at least...until the place goes Funny Farm on all the new suburbanites who moved up there.

[Benny Profane]

Dream...meet reality...

So you think all of those condos in both places were not built with Boomer middle class money? Some people bought boats, some people bought beach homes, some people bought ski condos.

[Benny Profane]

VT is hot right now. S. VT at least...until the place goes Funny Farm on all the new suburbanites who moved up there.

The boss is already calling them back.

[mud]

(remember, no permits or building inspections up here...
.

How the fuck is that legal?
I've heard of county commissioners being paid off by developers but that is ass backwards.
How stupid are people to buy a home where there are no permits or inspections?

[Benny Profane]

Its Idaho.

[MontuckyFried]

Anybody else noticing prices on base materials being sane? I just bought 10 yards of beautiful crushed granite and it was the same price I saw 2 years ago. Either I got hooked up or maybe supply's catching back up. Did that segment never get jacked up to begin with? I dunno, but I'm stoked.

[RootSkier]

How the fuck is that legal?
I've heard of county commissioners being paid off by developers but that is ass backwards.
How stupid are people to buy a home where there are no permits or inspections?

Last house I built before bailing on the industry was in a pretty large MT county that has absolutely no building permits or inspections of any kind, except septic and electrical. There are LOT of shoddy houses, including many very expensive custom homes without any sort of housewrap, which necessarily means the window/door flashing is sub-standard.

The funniest part is that about a year ago, the county commissioners were discussing a plan to institute septic inspections before a property could be sold, where they would check to make sure the number of actual bedrooms met the standard for the septic system. The clutch issue was that it only had to be compliant last time the work was done, so it would only catch people who added bedrooms without upgrading septic specs to what was required at the time. Guess what happened? The realtors[tm] flipped the fuck out and went on the warpath, and the commissioners dropped it. Now the realtors[tm] are free to list and sell houses with 6 bedrooms that only have septic/drainfield capacity for for 3 bedrooms.

[TAFKALVS]

How the fuck is that legal?
I've heard of county commissioners being paid off by developers but that is ass backwards.
How stupid are people to buy a home where there are no permits or inspections?

muh freedom

I dunno, lots of houses still standing built in the 1900s, mine included. You just make sure you do your due diligence and have a really good inspector when buying. Also, builders get a good reputation or a bad reputation pretty quick. But I probably wouldn't buy a house outside city limits built in a "planned unit development".

To note:
this is only in the unincorporated county.
you still have to have an electrical inspection.
there is a basic code *you're supposed to follow*. HOAs end up enforcing alot of what a county building department normally would.
you have to file a "site plan" with the county showing your well and septic location, and get a health department permit for the septic.

City limits is no different than anywhere else. But in the county there is some ramshackle and weird shit that has been built. More so 20 - 30 years ago when it was super wild west up here (back in the Ruby Ridge days.)

Its Idaho.

muh freedoms

[Buster Highmen]

muh freedoms

and here I thought it was 'mah freedumbs'.

[TAFKALVS]

and here I thought it was 'mah freedumbs'.

that's more the SE redneck dialect

[AdironRider]

I have lived in a ski town for too long, because I saw a 2 bedroom rental for 2500 from Benny's post and thought that sounded cheap.

[XXX-er]

And which one has the most productive workers? Hint: not Canada. Immigrants get shit done.

well there are no immigrants planting trees in narthern Canada from what I see so i don't know what shit they are getting done or where ?

its too cold to grow lettuce so I duno if you can compare lettuce to pine trees,

but tree planters get paid by the tree, it takes a few years to get good enough at pounding trees to make the big money so the guys who can plant 700$ a day are not ever buddy, they do it for money and lifestyle,

the cook told me > 1/3rd of them are vegetarian, planters consume huge amounts of food/water and are a lot of work to keep fed

[Hopeless Sinner]

well there are no immigrants planting trees in narthern Canada from what I see so i don't know what shit they are getting done or where ?

its too cold to grow lettuce so I duno if you can compare lettuce to pine trees,

but tree planters get paid by the tree, it takes a few years to get good enough at pounding trees to make the big money so the guys who can plant 700$ a day are not ever buddy, they do it for money and lifestyle,

the cook told me > 1/3rd of them are vegetarian, planters consume huge amounts of food/water and are a lot of work to keep fed

In the farmlands and produce packing sheds of Quebec and Ontario many non-Canadians in are employed. I'm not sure if they're illegals or not.

[RoooR]

well there are no immigrants planting trees in narthern Canada from what I see so i don't know what shit they are getting done or where ?

Made my point for me. Canada has few immigrants and has low GDP per capita and low worker productivity. US has lots of immigrants, high GDP per capita, high worker productivity. It's America where they're getting shit done. Best and most creative workers in my vertical at work are all immigrants. Most entrepreneurial people I know are all immigrants. People I know that spend all their time bitching about their lot in life? 4th or 5th generation,

[XXX-er]

I think you are assuming/ making up alot with that statement and immigrant seems pretty broad in your book, how many generations back?

really the only non-immigrants I know for sure are non- first nations

[californiagrown]

really the only non-immigrants I know for sure are non- first nations

Immigrated across the Bering landbridge from Asia. OG immigrants.

And the first-nations who claim areas as their nation probably stole it from another people, who stole it from another.... Humans been waring and stealing and pillaging for millenia.

[liv2ski]

Immigrated across the Bering landbridge from Asia. OG immigrants.

And the first-nations who claim areas as their nation probably stole it from another people, who stole it from another.... Humans been waring and stealing and pillaging for millenia.

But the people with the oldest verifiable claim to territory do win. There needs to be appropriate compensation for lands stolen and treaties broken.

[XXX-er]

yeah by the time they got all the way west to BC the Brits refused to pay the FN as per the Royal proclamation of 1763 and so almost all lands in BC are unceded, a bit of a problem nowdays for industry trying to rape the land

in any case almost all tree planters in narthern BC don't look very immigrant

whatever that is