Real Estate Crash thread

[alpinevibes]

Thanks for the detailed explanation. Really surprised APCHA does not maintain a master waitlist of prequalified applicants for all their subsidized units.


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Yeah, in my opinion that’s how it should be, but APCHA doesn’t have full control of the privately managed units and this kind of shit continues. Demand for rentals is plenty high : many/most free market long-term rentals have disappeared in the last decade to STR (now restricted) or sold for massive profit.

I was just talking with a 40yr local coworker about how no one lives with roommates here anymore, unless they’re seasonal or J1’s. It’s both a product of entitlement but also a byproduct of a housing market that lacks opportunity for people to share a condo, let alone a house, as in decades previous.

In parallel: Aspen’s “last bastion of ski bums” is kicking out its final coterie next week. I’ve got a buddy leaving after a decade or more there. While it’s not a surprise, it’s a shitty piece of punctuation to the failing prospect of living here.

https://www.skimag.com/news/end-of-aspen-skiers-chalet/

[byates1]

Are there many working vanners in Aspen?

[Core Shot]

since 52 it was ""god save the queen" you dumb fuck, only had a king since 2022

but you are fortunate to have the Don trump

Wooosh

[Shredhead]

That’s too bad they’re kicking the boys out of the Skiers Chalet.
LOL can’t break ground until 2025 and even that is looking doubtful.
I bet they end up putting in their own employees, from the new Molly Gibson.

There are quite a few van lifers in the valley. But they keep it on the DL.

[alpinevibes]

That’s too bad they’re kicking the boys out of the Skiers Chalet.
LOL can’t break ground until 2025 and even that is looking doubtful.
I bet they end up putting in their own employees, from the new Molly Gibson.

There are quite a few van lifers in the valley. But they keep it on the DL.

Yes, that's what I heard. It will get a quick coat of paint inside and then Molly Gibson employees will come in.

Enforcement/harassment is pretty lax for Van/RV crew if they stick to the right areas. I just drove by Buttermilk and there must be a few dozen spread around the parking lot there.

[fastfred]

Yeah, in my opinion that’s how it should be, but APCHA doesn’t have full control of the privately managed units and this kind of shit continues. Demand for rentals is plenty high : many/most free market long-term rentals have disappeared in the last decade to STR (now restricted) or sold for massive profit.

I was just talking with a 40yr local coworker about how no one lives with roommates here anymore, unless they’re seasonal or J1’s. It’s both a product of entitlement but also a byproduct of a housing market that lacks opportunity for people to share a condo, let alone a house, as in decades previous.

In parallel: Aspen’s “last bastion of ski bums” is kicking out its final coterie next week. I’ve got a buddy leaving after a decade or more there. While it’s not a surprise, it’s a shitty piece of punctuation to the failing prospect of living here.

https://www.skimag.com/news/end-of-aspen-skiers-chalet/

thanks for the link
got all reminiscent on the past reading that
ski towns are dead no amount of affordable housing is going to save the world that once existed

ski towns were once full of the rejects and others who didn't fit in anywhere else
today its full of tech bros and upper middle class second home owners who desperately want to be something they are not

the days when guys like bob who got back from Vietnam jumped on his motorcycle and somehow ended up in the hobo camp down by frisco are gone
he lived in the woods for decades until one drunken night he stabbed some kid because he felt disrespected hell he put my punk 22 year old ass in place once at least he didn't have a knife that day

the other bob just moved down to denver his dad has a park named after him he went out living in a commercial unit after being one of the biggest coke dealers in summit county in the 80s he pissed it all away

the 90's were a great last hurrah and I'm glad I got to be part of it
before money greed and sky hi real estate took over
I've become part of that greed don't get me wrong

I do miss that kid that scored a few different cabins to live in the summer I spent in a tent the cheap shit hole rooms I rented and the good times
the disney cleaned up version that breck is now is just sad

[liv2ski]

Any decent town/city is dead no amount of affordable housing is going to save the world that once existed

Was chatting with next doors gardener this morning about real estate. He mentioned how thankful he is that he bought 22 years ago and I agreed with him that there is no way I could afford to buy our home anymore yet alone pay the $30k in annual taxes at the market value.
Prices have gotten so far out into left field in Southern CA you need a family income of $200k+ to have a shot at the Murican Dream. Affordable housing conversations are a joke.

[Stu Gotz]

Neighbor down the street just sold his house for $200k less than he bought it for 16 years ago. So there’s that. Northeast for the win!

[chicken feathers]

^What!

I thought you're supposed to try and sell it for 200k more than you bought it for in 2021.

[neckdeep]

No, you're supposed to put it on Airbnb. Hasn't he heard that he could make over $200K a year in passive income!!!

[Foggy_Goggles]

Neighbor down the street just sold his house for $200k less than he bought it for 16 years ago. So there’s that. Northeast for the win!

Fuck. I had no idea it was that bad. Are you in Westchester or Fairfield County? Care to have a stab at explaining it? WFH (no need to commute to the city), mega high taxes, it just sucks and no one wants to live there? Benny has ruined the place?

[yeahman]

16 years ago was pretty much the peak before the bubble burst.

[XXX-er]

https://www.cbc.ca/news/canada/briti...cted-1.6947614

An interesting read^^ this deal ^^ has a lot of interesting twists, turns, lessons to be learned about RE/ contracts/ due diligence, basicly the would be buyer in a collapsed deal can't get financing so they lose their deposit but they also ends up needing to pay the evicted tennant they had asked to be evicted

i think the RE agent was too close to the deal



The evicted tennant can now afford to move back to Alberta with the 27K cuz " its crazy out there " in Vangroovy

[goldenboy]

Neighbor down the street just sold his house for $200k less than he bought it for 16 years ago. So there’s that. Northeast for the win!

Please tell us there is $500K in deferred maintenance

[J. Barron DeJong]

Video: https://x.com/nipseyhoussle/status/1...sR_NcRK2VkCfkg

[californiagrown]

Video: https://x.com/nipseyhoussle/status/1...sR_NcRK2VkCfkg

Yeah, pervious generations had it easier with debt and real estate. But they also didnt have any of the health advancements of the past 30 years... and Health is Wealth! Or legal weed.

[RoooR]

Yeah, pervious generations had it easier with debt and real estate. But they also didnt have any of the health advancements of the past 30 years... and Health is Wealth! Or legal weed.

May have been easier to buy a house, but chances are the house was a lot smaller and the appliances in it were also terrible. More ways the past was terrible:
No widespread availability of fresh fruits and vegetables. Especially out of season.
Pollution in basically every single city in the country was pervasive and awful.
Crime was way higher. Way more serial killers as well.
Fewer people approved of interracial marriage in 1990 than approve of gay marriage today.
The bikes were fucking terrible.
The cars were slow death traps.
It was super hard to actually learn stuff without the internet.
Real median income was a good 30% lower than it is now: https://fred.stlouisfed.org/series/MEHOINUSA672N

The past was fucking terrible. Every single one of us should count our lucky stars to be alive in America in 2023. That alone makes us among the luckiest people that have ever existed in all of humanity.

[J. Barron DeJong]

May have been easier to buy a house, but chances are the house was a lot smaller and the appliances in it were also terrible. More ways the past was terrible:
No widespread availability of fresh fruits and vegetables. Especially out of season.
Pollution in basically every single city in the country was pervasive and awful.
Crime was way higher. Way more serial killers as well.
Fewer people approved of interracial marriage in 1990 than approve of gay marriage today.
The bikes were fucking terrible.
The cars were slow death traps.
It was super hard to actually learn stuff without the internet.
Real median income was a good 30% lower than it is now: https://fred.stlouisfed.org/series/MEHOINUSA672N

The past was fucking terrible. Every single one of us should count our lucky stars to be alive in America in 2023. That alone makes us among the luckiest people that have ever existed in all of humanity.

I agree with you that virtually everything is better today than in the past. But housing is incredibly unaffordable -right now-.

Saw a report (that I now can’t find) saying housing affordability is currently at an all time low when factoring price/income/interest rates. It’s not a good time to buy right now, but hopefully will get better going forward.

[RoooR]

I agree with you that virtually everything is better today than in the past. But housing is incredibly unaffordable -right now-.

Saw a report (that I now can’t find) saying housing affordability is currently at an all time low when factoring price/income/interest rates. It’s not a good time to buy right now, but hopefully will get better going forward.

30 years of policies designed to restrict supply. That Americans voted for. Maybe they'll change their minds. Maybe not.

[J. Barron DeJong]

30 years of policies designed to restrict supply. That Americans voted for. Maybe they'll change their minds. Maybe not.

Yep. Seems like it might actually be starting to change, but too soon to tell.

[RoooR]

Yep. Seems like it might actually be starting to change, but too soon to tell.

Agreed man. I mean I feel strongly about this, but not quite strong enough to start showing up to city council meetings.

[J. Barron DeJong]

Agreed man. I mean I feel strongly about this, but not quite strong enough to start showing up to city council meetings.

Well, part of the change is taking power away from those city council meetings, so hopefully you not attending isn’t affecting the outcome where you are.

ETA: Some city councils may be wising up to who actually attends those meetings as well.



https://x.com/mattyglesias/status/16...sR_NcRK2VkCfkg

[schuss]

Anyone that's served on a town or city council likely recognizes the disparity, it's just hard to fight the will of NIMBYS when no YIMBYS show up as most people just don't want their neighbors pissed at them.

[oldnew_guy]

The people most impacted by these policies don't have time on a Tuesday night to show up to a multi hour City Council meeting.

[AdironRider]

Or, they know that if they do show up, the people with all that free time to oppose that shit will spend time fucking with them also.

That is small town politics at its worst, and it is very common.