Real Estate Crash thread

[The AD]

I have seen them for years as condos in B.C. (Victoria). The buyers obviously all participate in utilities, HOA and special assessment fees.

Yeah, you see quite a few in Whistler, too. Not sure why there would be anything shady about it and it makes more sense to me than having lots of vacation homes that sit empty for the majority of the year. Seems like some people want it both ways: no STRs and no homes sitting vacant and that's impossible to achieve.

[J. Barron DeJong]

Seems like some people want it both ways: no STRs and no homes sitting vacant and that's impossible to achieve.

I believe the dream is to have all housing for locals only, while not losing out on any of the benefits that visitors bring to a vacation town. (I say this only slightly facetiously, as a ski town local.)

[skaredshtles]

<snip> Four buildings needed new roofs for a total of about $180k. They voted no because they didn't want the assessment. Without deep details, a few other bills came up due to the lack of upkeep and those bills were a lot more than $180k.

[Conundrum]

Indeed.

[dunfree]

I believe the dream is to have all housing for locals only, while not losing out on any of the benefits that visitors bring to a vacation town. (I say this only slightly facetiously, as a ski town local.)

thats 100% what some towns want, if you define local as”person who’s check cashed”

[Name Redacted]

Mayor in one of our local towns states outright that he wishes he could figure out a way to go after second homeowners like they have the STRs.

[Mani_UT]

I’ve been a fan of shadowstats since the feds stopped counting inflation the way they used to.
Substitution is bullshit.

I’m not sure they are legit. But our government lies to us. So I trust independent sites more than the fed.

Ymmv. Or. Just look at your bills and expenses.

Here’s the beginning of the discrepancy

Attachment 420190

This is the dumbest chart I have ever seen. The "real" inflation would have been 10% on avg since 2005? Compounded that would be a x5 in 17 years (2005-2022).
Just about NOTHING went x5 in that period, let alone a basket of goods.

[schuss]

Mayor in one of our local towns states outright that he wishes he could figure out a way to go after second homeowners like they have the STRs.

In many spots they have a separate set of prop tax rates if it's not your primary residence.

[J. Barron DeJong]

This is the dumbest chart I have ever seen. The "real" inflation would have been 10% on avg since 2005? Compounded that would be a x5 in 17 years (2005-2022).
Just about NOTHING went x5 in that period, let alone a basket of goods.

Your memory must just be poor. I graduated college just about 17 years ago, and was making about $50k/yr. Living large: driving a brand new BMW M3 that only cost me $15k, renting a fantastic apartment for only $400/month. Taking my future wife out to a fancy dinner only cost $20! Amazing times!

[CarlMega]

17 years ago? Oh man, a long distance phone call was like .75/min. I'd hate to think of what that costs today! Don't get me started on vulcanization fees in the modern era! Have you priced Kinkos mimeographs lately?

[Toadman]

How the fuck do you sell fractional shares in a hoa?

It's not fractional ownership in an HOA, it's fractional ownership of a house that is in the HOA neighborhood. Last week a Redfin listing popped up in my inbox for a fractional ownership of 45 days. Cost was around $450k. Selling 8 shares. This house is not worth $3.6 million. It's a big house, but no way is it worth more than maybe $2 million. I will see if I can find the listing and post it.

[dunfree]

17 years ago? Oh man, a long distance phone call was like .75/min. I'd hate to think of what that costs today! Don't get me started on vulcanization fees in the modern era! Have you priced Kinkos mimeographs lately?

2005? long distance was free with cells. I think you mean 27 or 37 years

$15k m3 weren’t a thing

[Core Shot]

This is the dumbest chart I have ever seen. The "real" inflation would have been 10% on avg since 2005? Compounded that would be a x5 in 17 years (2005-2022).
Just about NOTHING went x5 in that period, let alone a basket of goods.

Yes. It’s legit unless you substitute

Your memory must just be poor. I graduated college just about 17 years ago, and was making about $50k/yr. Living large: driving a brand new BMW M3 that only cost me $15k, renting a fantastic apartment for only $400/month. Taking my future wife out to a fancy dinner only cost $20! Amazing times!

Yep.

It's not fractional ownership in an HOA, it's fractional ownership of a house that is in the HOA neighborhood. Last week a Redfin listing popped up in my inbox for a fractional ownership of 45 days. Cost was around $450k. Selling 8 shares. This house is not worth $3.6 million. It's a big house, but no way is it worth more than maybe $2 million. I will see if I can find the listing and post it.

My point was that with a HOA, how the fuck can you do fractional ownership. Unless it’s in the bylaws. HOA is supposed to keep shit legit.

[Hott Butt Mud]

My point was that with a HOA, how the fuck can you do fractional ownership. Unless it’s in the bylaws. HOA is supposed to keep shit legit.

I'd say HOA would have to prevent LLC's from owning the property which I'm sure most will not do since it is so common.

[Toadman]

My point was that with a HOA, how the fuck can you do fractional ownership. Unless it’s in the bylaws. HOA is supposed to keep shit legit.

Okay, gotcha. HOA is slow to the party. Amongst other things.

Here's the listing. My bad, house is bigger than I remembered. Probably could get about $2.6-$2.8 million for it pre mortgage rate hike. Might be tough now.

https://www.pacaso.com/listings/3345...2-f91f317c2ba3

Well, Pacaso actually paid over market - No wonder the owners sold to the highest corporate bidder. Weren't we just having this discussion...

https://www.redfin.com/OR/Bend/3345-.../home/77535326

[Core Shot]

Holy fuck. Pacasso got called an asshole.

I didn’t know that was possible. I mean yeah. There’s timeshares or fractional ownership in large buildings. But a random single family nice house going fractional?
That’s insane.

[phatty]

Okay, gotcha. HOA is slow to the party. Amongst other things.

Here's the listing. My bad, house is bigger than I remembered. Probably could get about $2.6-$2.8 million for it pre mortgage rate hike. Might be tough now.

https://www.pacaso.com/listings/3345...2-f91f317c2ba3

Well, Pacaso actually paid over market - No wonder the owners sold to the highest corporate bidder. Weren't we just having this discussion...

https://www.redfin.com/OR/Bend/3345-.../home/77535326

Interesting that the fractional price is the same as the price they paid. Assume there's owner's/management fees they are taking or there doesn't seem to be much benefit to them. For a lot of people, this type of arrangement makes sense. I know that I likely wouldn't use a vacation home much more than 7 weeks a year until I retire. This helps keep the cost more reasonable and you can still get access in nice locations. Not much different than families/friends have been doing forever. Just adding a Corp in the middle to keep things from getting personal.

[Mani_UT]

Yes. It’s legit unless you substitute
.

Huh no.
Pick up what you want. Truck? Not x5. House? Not time 5. Eggs? Meat? definitely not x5. I have a spread sheet with every purchase I have made (from a single coffee on) since 2008 (missing 3 years to 2005 granted) and no. Nothing went x5 let alone an average of everything.

A VW passat was 25/30k in 2005. Do you think it's 125/150k now? LOL.

[NakedShorts]

This is the dumbest chart I have ever seen. The "real" inflation would have been 10% on avg since 2005? Compounded that would be a x5 in 17 years (2005-2022).
Just about NOTHING went x5 in that period, let alone a basket of goods.

You suck at math. 10% inflation doubles every 7 years. So about 2.5xs not 10.

[Mani_UT]

You suck at math. 10% inflation doubles every 7 years. So about 2.5xs not 10.

1x1.1^17

Not too bright huh?

[CarlMega]

2005? long distance was free with cells. I think you mean 27 or 37 years

$15k m3 weren’t a thing

The thing I like about you is you really get me. JBDJ probably wasn't taking his girl out on the town for $20 either. I've never seen a 400/mo rent in my life.

[fastfred]

Yeah, you see quite a few in Whistler, too. Not sure why there would be anything shady about it and it makes more sense to me than having lots of vacation homes that sit empty for the majority of the year. Seems like some people want it both ways: no STRs and no homes sitting vacant and that's impossible to achieve.

ban this ban that next thing you know the place shuts down

I believe the dream is to have all housing for locals only, while not losing out on any of the benefits that visitors bring to a vacation town. (I say this only slightly facetiously, as a ski town local.)

a ski town of just core locals who get endless first tracks day after day with no lift lines and cheap passess and universal income where is this town?

Mayor in one of our local towns states outright that he wishes he could figure out a way to go after second homeowners like they have the STRs.

sounds about right people in summit can't get out of there own way
the statements causes and shit are endless

this article takes the cake I'd be embarrased to be featured in it
but that is summit county everyone is entitled to their dream and it all has to come true without any hardships or effort
I guess all those summers living in a tent were for nothing I shud have just demanded it

https://www.summitdaily.com/news/lac...of-the-county/

feels like a fucking friday

[Name Redacted]

Yeah, that article was pretty fucked.

[up an down]

https://www.marketwatch.com/story/in...?mod=home-page..... Article today from Market Watch

[CarlMega]

You suck at math. 10% inflation doubles every 7 years. So about 2.5xs not 10.

Uh huh. Somewhere there's a 3rd grade D math student in common core ready to dunk on you.