Real Estate Crash thread

[abraham]

Gag me.

That costs extra.

[dan_pdx]

There's a lot of new development going on in the NW area of Bend. Lots listed for over $500k 1/4 to 1/3 lot size with nice views of the school across the street.

https://discoverywestbend.com/custom-homes/

Some of the town homes are going for over $1k/sq ft. But someone is buying them.

https://www.zillow.com/homedetails/3...58484265_zpid/

In Bend now, so local RE is kind of top of mind. That last townhouse was listed in March 2023, so maybe they finally reached the limit of what people are willing to pay

[neufox47]

Maybe we all need to pay more taxes so I don’t have potholes and permits are approved quicker. You’ve made comments on taxes and gov here before right?

According to the neoconservative anarchists it’s never due to a lack of government funding. They ALWAYS have enough money to do anything they want to. They just are corrupt, incompetent, lazy or a combination thereof.

[Toadman]

In Bend now, so local RE is kind of top of mind. That last townhouse was listed in March 2023, so maybe they finally reached the limit of what people are willing to pay

Did the COBA Tour of Homes thing last weekend. Houses are nicely built with decent finishes. Only one house that was under a million and that one was just over 1k sq feet. Everything being built is in the low $1 million - $1.5 million range. Crazy. Especially with 7% interest rates. I have no idea what percent are all cash or financed though.

[Whiteroom_Guardian]

Bozeman is around 40% cash/1031 sales right now. Big Sky has gotta be much higher.

[Name Redacted]

That lot would be listed for more than that in Crested Butte. There are 3 .14 acre lots in town right now at $1.9-2M. But around here there is a huge premium to be paid for something in town versus something anywhere else. And you can't buy a house and scrape it either. You can get a half acre for $500k near the ski area, or under $200K 8 miles away in CB South.

I was surprised by how many large homes were still being built around CB this summer. CB south development is starting to look pretty cool. That Zuni brewery will be cool. Wish I could have pulled my shit together to get something similar going.

[goldenboy]

I was surprised by how many large homes were still being built around CB this summer. CB south development is starting to look pretty cool. That Zuni brewery will be cool. Wish I could have pulled my shit together to get something similar going.

Yeah, CB South has been changing so much with the addition of places like Zuni. I have a commercial lot listed, and it could be commercial residential

A lot of the big homes "in CB" are technically outside of it in the Aperture development. It's the most glaring example of the stupid town council shooting themselves in the foot when it comes to affordable housing, or even ADU rentals.

Drive up Prospect if you really want to see some big homes being built, it feels like everything is being built at the same time up there. Given how backed up the GC's were, I'm sure a lot of the homes were planned and contracts signed a couple of years ago.

[Whiteroom_Guardian]

I'd assume the same here. There is a lot of big ass residential being built around here that was contracted 2+ years ago when everyone had free money. Even many cash rich clients are just sitting on their hands right now. Not buying lots, not building, etc, but to the average observer "it's booming right now!"

[Bunion 2020]

^^^ Or like several clients who have stopped construction altogether in an effort to "re-assess" their projects.

OTOH I am painting my garage so I am moving forward.

[AdironRider]

Do I personally pay once in a while to have the potholes in the public alley behind my house graded vs waiting for the city three year rotation? Sure. Is that scummy to the people that live with potholes for three years in different alleys?

Maybe we all need to pay more taxes so I don’t have potholes and permits are approved quicker. You’ve made comments on taxes and gov here before right?

Come on man, that isn't even remotely a comparison. For one, you fixing potholes benefits everyone, not just you. Whereas a developer paying to jump the line benefits only him. Furthermore, a developer paying to jump the line actually increases cost to the people who can't afford to pay that outside contractor, in both money and time.

You may be surprised on where I stand with the tax issue by the way.

[Conundrum]

You might be surprised that I don’t really care where you stand on the tax issue. It’s your opinion and you’re entitled to it.

[AdironRider]

Hey you brought it up.

[Conundrum]

Do you understand how what Californiagrown is talking about works? If a developer pays a private party to conduct a review, it means that the government employee doesn’t have to do all the work. Yes, it means the project owner gets a permit faster. It also means government hours are not used to conduct the complete review meaning that those resources are available to those not paying for private review have more resources available from the permitting agency so as a whole, the model can speed up all permits.

[AdironRider]

You and I both know that is not how that will play out, but sure, let Californiagrown butter his bread.

[Conundrum]

I don’t.

[goldenboy]

I don't understand how a govt employee would give up their power to californiagrown. Don't they live to wield that power?

[m2711c]

its all about the power… that’s why i operate locks dams and movable bridges for the damned government. the fucking power is fucking awesome.






fucking fact.

[byates1]

https://fortune.com/2024/07/17/sam-a...oding-lawsuit/

Lol.

[skaredshtles]

https://fortune.com/2024/07/17/sam-a...oding-lawsuit/

Lol.

"Buy a house," they said.

[dan_pdx]

https://fortune.com/2024/07/17/sam-a...oding-lawsuit/

Lol.

"Issues have reportedly included raw sewage pouring into hard-to-access areas of the property, with materials bags shoved into pipes “apparently by a disgruntled, unpaid subcontractor.”"

Karma at work!

[Core Shot]

https://www.realtor.com/news/trends/...-megamansions/

[Toadman]

Kind of crazy that some people waiting to see who's going to be POTUS before looking to buy a house.

“I’m working with several buyers who are waiting for the election before they make a move,” said Matthew Purdy, a Redfin Premier agent in northern Colorado. “Some of them say they’ll only buy a home if their candidate wins. Others are waiting because they feel the economy and housing market are shaky, and hope it will improve after the election. I am working with a few foreign buyers who are wary about investing any more money in U.S. real estate before they see who takes office.”

[Name Redacted]

We are going to be in the market for a second home near my wife's office an hour away. I'm not so much waiting for my favorite candidate to win, but the election outcome and more importantly interest rates and the overall real estate market in the area will be factors in how much house we can buy. Could buy now and refi when rates go down but that just seems like a waste of money unless we find the perfect home.

[LeeLau]

Kind of crazy that some people waiting to see who's going to be POTUS before looking to buy a house.

Am working with clients who are delaying closing on some tech and financing deals pending election. Mind you there's federal funds support in the mix.

Also acknowledged these are business capital deployment deals as opposed to RE deals

[goldenboy]

It's strange but it's a thing every 4 years. Far more happens on a local level.