Real Estate Crash thread

[Benny Profane]

Have you considered a quick trip to Breck?

Might be a house coming up for sale I hear.

I hate Breck. But, I'm saving Colorado for April. Just got back from Mammoth/Palisades Tahoe.

[ötzi]

Storm could easily still miss, Benny. Couple hundred miles on the track and it's a different ballgame. They've been calling this storm since like Sunday, that usually guarantees it will be nothing.

[Benny Profane]

Well, latest forecast looks bad. Sounds like I could even lose power, on top of it.

[pepperdawg]

Storm could easily still miss, Benny. Couple hundred miles on the track and it's a different ballgame. They've been calling this storm since like Sunday, that usually guarantees it will be nothing.

QFT^

[BmillsSkier]

Storm could easily still miss, Benny. Couple hundred miles on the track and it's a different ballgame. They've been calling this storm since like Sunday, that usually guarantees it will be nothing.

Have they named it yet? Or has that guy with his own weather youtube PSAs yelled about it yet? Cause if not, then you've got nothing to worry about.

[schuss]

Well, you know, if it's an elected position, time for the Gen Xers and Millennials to get out and campaign or stfu.

From what I've seen Gen X is just boomer-lite, especially as most of them have reaped crazy Real Estate gains. Millenials - too busy working and raising kids.

[skaredshtles]

From what I've seen Gen X is just boomer-lite, especially as most of them have reaped crazy Real Estate gains. Millenials - too busy working and raising kids.

Oh, now you've gone and done it...

[Toadman]

Zip. Boston and Ct. Are going to get a foot. Fuck.

Mohawk Mtn for the win!

[Benny Profane]

Mohawk Mtn for the win!

You read my mind. Free skinning.

[Toadman]

You read my mind. Free skinning.

Sadly I lost my Mohawk Mtn pin when my wife went for a ride while wearing my pack at T-ride. One day I will get back there when hopefully it's not man made refrozen granulated powder....

[Benny Profane]

Well, not Sunday-Thursday, but, of course, they're talking rain Thursday. Of course.

[skiballs]

Summit county was advertising on the radio for people to join their county advisory board, or some shit like that, yikes.

I enjoyed the drive over Hoosier pass with all the contractors that live in Park county.
Almost stopped at the Park county saloon to see if any of Fred’s men were about.


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[ötzi]

Have they named it yet? Or has that guy with his own weather youtube PSAs yelled about it yet? Cause if not, then you've got nothing to worry about.

No name yet as far as I know but heeeere's Frankie!



Apparently it's just New York and surrounding areas so I guess I'm good.

[Foggy_Goggles]

I like how Kevo said that the local wages need to come up to the price of housing vs. attempting to subsidize the cost of housing. A couple more points of annecdata.

I was just looking at The Container Store's install price for some of my customers pantry closet systems. It's $1200 excluding a travel charge to the mountains. I'm gonna charge the general $65/hr. and he's gonna mark it up 20% with will problem be about $500. What do you think a Container Store installer makes?

I think there are 800ish STRs in unincorporated Grand County (where I live). My property taxes are $4K/yr. which I'm guessing is about average. Do the back of the envelop math on taxing STRs at the commercial rate and then think about using that as a funding mechanism for public employees.

I just went and looked at a job yesterday in a very desirable location (well and septic) that was something like a 1500 sq. ft. main house with both a detatched "office" and "guest house" both of which had plumbing and heating. This is legal. A friend of mine is building a 1200ish foot home which he is going to rent. He wanted to put an lock-off in with another kitchen but this is illegal.

STRs have outsized demand on water. My Water District is remodeling our usage due to this such that we will how have less taps available for sale and fixed costs will be spread over less users.

Have a nice day. I'm gonna turn of the tuned as undercharge for the closet system install.

[schuss]

Oh, now you've gone and done it...

Whatever, I have a lot of friends who bleat about stuff like housing, yet not a single one has gone to local meetings/boards to start pushing for solutions. Retirees will continue to run this country until others unseat them at the local level.

[fastfred]

Pretty much all the installers for closet systems and furniture assemblers from wayfair and restoration hardware container store and what not are from Aurora
All of them are good guys I'll ask them how much they make the next time I see them they are all young guys some are recent immigrants some are front range locals

unfortunately a week or two ago I was headed to a job located on the shittiest road around

two guys in their massive box truck were stuck blocking the road so far out of their element it was tragic
I talked with them and asked wheres the chains? have you called anyone? no chains no phone call they were trying to shovel
I felt bad for them told them to call their boss right now and get a tow truck it's not their fault they are in the situation they are in

No one gives a fuck about these guys low wages and sent on shitty missions into the mtns
my guess is they are making around 18 an hr
the customer didn't bother saying that they live on the most fucked road around and should have mentioned something to the salesperson, the sales person should have said something to the warehouse lead and these guys should have been prepared instead of blindly following a gps but no one cares about anyone else

came back around and talked to them, they called their boss it was getting dark and a tow truck was on its way

and short term rentals consume the shit out of water and heat
first thing people do is crank the t stat to 80 they don't care one bit
then it's 72 in the house and they call and complain that it's cold, dead serious, then some one has to bring over space heaters or they are told where they are located so not only is the boiler maxed out they have space heaters every where I don't make this up

my buddy used to explain that it is 10 below outside and it's 68 inside thats a 78 degree temp difference think about it

our county is going to start forced recycling can't wait have any of you seen the amount of trash left over from 8 people using a short term over a long weekend? It's insane

[Benny Profane]

Whatever, I have a lot of friends who bleat about stuff like housing, yet not a single one has gone to local meetings/boards to start pushing for solutions. Retirees will continue to run this country until others unseat them at the local level.

Or they die.

[Benny Profane]

short term rentals and the sprawl of mountain single family MacMansions that people only use for two weeks consume the shit out of water and heat

FIFY

[Name Redacted]

I think there are 800ish STRs in unincorporated Grand County (where I live). My property taxes are $4K/yr. which I'm guessing is about average. Do the back of the envelop math on taxing STRs at the commercial rate and then think about using that as a funding mechanism for public employees.

Let's say that you change your house over to a commercial property, your tax bill would be roughly $16K/yr. That would need to be roughly $100 per night increase in nightly rate if you account for other fees as well. (based on 50% occupancy).

[Benny Profane]

Sounds fair.

[Ted Striker]

From what I've seen Gen X is just boomer-lite, especially as most of them have reaped crazy Real Estate gains. Millenials - too busy working and raising kids.

File this under nobody is special. The generations tend to look the same in the rearview mirror.

[teleee]

Let's say that you change your house over to a commercial property, your tax bill would be roughly $16K/yr. That would need to be roughly $100 per night increase in nightly rate if you account for other fees as well. (based on 50% occupancy).

Totally sucks that I actually agree with Benny, I think that it is reasonable given the impact they have on the local community. Disclaimer I have a few rental properties as well. None STR at the moment...

[skaredshtles]

Let's say that you change your house over to a commercial property, your tax bill would be roughly $16K/yr. That would need to be roughly $100 per night increase in nightly rate if you account for other fees as well. (based on 50% occupancy).

What sort of behavior change, from a property-owner perspective, do you envision this having?

[Benny Profane]

More traditional long term rentals.

Shit, this is pretty easy. My big condo complex has strict rules against STRs and even sub one year leases. Same at thousands of others.

[Name Redacted]

Totally sucks that I actually agree with Benny, I think that it is reasonable given the impact they have on the local community. Disclaimer I have a few rental properties as well. None STR at the moment...

This'll effect Bunny more than any of us because he basically has to travel and rent rooms to ski or do anything fun. Funny to see him cheering it on.

Once again, I'm not saying that taxes on lodging don't get raised a reasonable amount, like many towns are doing. I am against taxing STRs as commercial properties.