Real Estate Crash thread

[I Skied Bandini Mountain]

It doesn't matter the outcome for us, the fact that we have reached a point in this country where a second trump presidency is a possibility has pushed us to make a GTFO plan. We'll have a bail out somewhere in the states, but we're out of here.

[fomofo]

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.

Under $200k, eh? Can you park an RV or mobile home on that lot? Hookups?

[goldenboy]

Under $200k, eh? Can you park an RV or mobile home on that lot? Hookups?

Negative, modular or stick built only, though you can build a duplex or MIL apartment. Water, sewer, electric, and natural gas are all there. To be clear, the dirt sounds relatively cheap, but you're still probably $900K all in for a small simple home with building costs around here.

[byates1]

It doesn't matter the outcome for us, the fact that we have reached a point in this country where a second trump presidency is a possibility has pushed us to make a GTFO plan. We'll have a bail out somewhere in the states, but we're out of here.

You should move to Bozeman. All the Californian love it for it John Dutton lifestyle. Plus you're in real AF Montana in fake AF Bozeman. It's the perfect place.

[I Skied Bandini Mountain]

the hard on you got for bozeman just gets more weird every day.

[Norseman]

yates's boner is fake, probably, mostly

but bandini is a real californian living in bozo, iirc

[I Skied Bandini Mountain]

Sure am, and I won't apologize. Moved my family here when we didn't have two nickels to rub together, so you can't blame me for cashing equity and jacking property values up. What we did do when we got here was worked our fucking asses off and made some huge sacrifices to get out of a hole, and our hard work paid off but with some scars and emotional trauma to mark our way. What we didn't do was was constantly whine and cry about some self created and imagined grievances that better belong on some facebook page dedicated to losers who'd rather lay on the couch and piss away their paychecks moaning about how some fictitious way Bozeman "used" to be.

And this Californian has spent more time on ranches and farms than most natives here. Probably have more guns than them, too. And shot more critters. I'm also plenty sick of white guys claiming some ownership to this land like it wasn't stolen by their transplant relatives to begin with.

[Foggy_Goggles]

...and that's why the Mountain West needs you to stick around. Less whiny bitches and more hard working folk of all colors, shapes and sizes.

The fictional friction is a joke. The cross section of humans on my job right now is great. And everyone is getting along.

Sent from my Turbo 850 Flatbrimed Highhorse

[byates1]

yates's boner is fake, probably, mostly

but bandini is a real californian living in bozo, iirc

Yeah that's the joke within the joke. Bozo is great I'm just fucking w you. I don't know why you'd feel so paranoid as to want to "bail out" of Montana. Where are you going a socialist paradise like dprk?

[Rideski]

Cassidy Ritter
By Cassidy Ritter – Reporter, Denver Business Journal
Jul 29, 2024

Listen to this article6 min

A last-minute bidder has emerged expressing interest in buying Colorado’s real estate multiple listing service, REcolorado, a site where thousands of brokers list homes for sale on the market.

Now, at least two companies are known to have an interest in purchasing the service.

REcolorado is owned and controlled by the Denver Metro Association of Realtors (DMAR) and the South Metro Denver REALTOR Association (SMDRA).

In late June, DMAR and SMDRA announced they signed a letter of intent to sell REcolorado to MAZL LLC, a private company formed for the acquisition. MAZL is led by J. Burks, who has been in the real estate industry for more than 40 years, according to a joint statement from DMAR and SMDRA.

“With this change in ownership, our commitment to providing a broker-centric platform remains steadfast,” Burks, managing member of MAZL, said in a statement. “We assure the subscribers that REcolorado will continue to operate as a multiple listing service. ... We are dedicated to ensuring that the MLS remains a trusted, broker-focused, true partner that subscribers can rely on.”

Additional details about Burks, MAZL and the terms of the letter of intent have not been made public.

A second company — MRI Software, a global real estate software provider — submitted an indication of interest to purchase REcolorado on July 25.

“We decided to take this action after learning of the potential sale of REcolorado, when it was reported publicly,” MRI said in a statement. “... The goal of the proposed acquisition is to secure REcolorado’s future while supporting and improving its MLS and contract platforms.”

MRI said it has worked with REColorado for many years. The global company also acquired Denver-based eGent, a contract software for real agents, brokers, buyers, sellers and other industry professionals, in December.

Financial terms of MRI’s letter of intent to purchase REcolorado were not disclosed. MRI said its terms “will be very competitive.”

Whether the new potential bid has any effect on the sale to MAZL isn’t clear.

“We hope that the members will consider our Indication of Interest (IOI) when they make their decision. Again, we cannot disclose details of the IOI at this point, but we believe our longtime representation of the real estate industry in Colorado positions us to offer security and growth for its future,” MRI added.

DMAR and SMDRA didn’t respond to requests for comment by time of publication.

REcolorado is a residential real estate marketplace that allows real estate agents to manage listings, search for listings and communicate with clients. It is the 16th-largest MLS in the nation and serves more than 26,000 real estate professionals in Colorado, according to its website.

Consumers also have access to MLS listings through Nestfully. The MLS partnered with Nestfully in March 2023 allowing homebuyers, sellers and renters to search for homes and connect with agents.

The REcolorado sale process has made some brokers uneasy.

“At this point, this whole thing feels like a joke and like it could be sold to anyone, which means a company can take control of how information is shared and perpetuate their monopoly on contract software,” said Bret Weinstein, DMAR board member and employing broker and founder of Guide Real Estate. “In my opinion, this exposes the dark side of selling the MLS to private companies, turning the whole process into another mess. It’s not about finding the best fit or maintaining free, accessible, and reliable information for the public. Instead, it’s turning into a money grab, and DMAR/SMDRA credibility is getting shot in this. Nationally, this might very well become a trend, but there are some significant red flags from all this that should be noted.”

DMAR and SMDRA’s decision to sell REcolorado comes less than two months before the National Association of Realtors must remove offers of buyer-broker compensation from its multiple listing services and stipulate that agents must secure an agreement from homebuyers about broker compensation.

The change, expected to roll out by Aug. 17, is part of the NAR’s $418 million settlement agreement in a series of class-action lawsuits over buyer commissions. The settlement came after a jury verdict of $1.78 billion in November against HomeServices of America Inc. and other major brokers named in the suits, followed by other separate settlements with potential payouts totaling more than $943 million.

Who controls REcolorado now?
In late June, DMAR and SMDRA boards of directors and their appointed leadership teams removed all REcolorado board members from their positions due to a purported violation of confidentiality agreements.

“While disappointed, we have come to this decision based on the egregious violation of confidentiality and signed Non-Disclosure Agreement (NDA) carried out by a representative(s) of the REcolorado board of directors. Coupled with the response of the REcolorado board of directors over the past several days we have reached this decision which we believe is in the best interests of our collective membership, our long-term ownership and operational goals,” the respective association boards said in a joint statement on June 28.

That leaves REcolorado in the hands of Larry D. McGee, a former chairman of the REcolorado board. McGee is serving as the company’s interim CEO, according to REcolorado’s website.

A transitional board of directors includes Brenden Bailey, CEO of DMAR; Jessica Reinhardt, former president of DMAR; Melissa Maldonado, CEO of SMDRA; and Janet Marlow, former president of SMDRA.

[zion zig zag]

Sure am, and I won't apologize. Moved my family here when we didn't have two nickels to rub together, so you can't blame me for cashing equity and jacking property values up. What we did do when we got here was worked our fucking asses off and made some huge sacrifices to get out of a hole, and our hard work paid off but with some scars and emotional trauma to mark our way. What we didn't do was was constantly whine and cry about some self created and imagined grievances that better belong on some facebook page dedicated to losers who'd rather lay on the couch and piss away their paychecks moaning about how some fictitious way Bozeman "used" to be.

And this Californian has spent more time on ranches and farms than most natives here. Probably have more guns than them, too. And shot more critters. I'm also plenty sick of white guys claiming some ownership to this land like it wasn't stolen by their transplant relatives to begin with.

Solid. Hit me up if you want to start an expat community in Teotitlan del Valle, I’m kinda thinking we may end up there at some point for the same reasons as you.

[Norseman]

Yo man I didn't mean to rile ya too bad. I'm Californian, too, by technicality.

Been kinda wild to reenter the state after being away for 12 yrs. Mazola ain't quite as crazy as Bozo but real estate is still a damned hurdle. Fix'rupp'r is pretty much the only class we can ponder at this time which reaches up to ~500k. Been seeing a few price cuts over the early summer timeframe, 20k here n there.

[byates1]

I'm from NYS. Ultimate evil.

Over the years I've been here at the hot springs when ppl are doing the "where you from Bozeman is ruined" talk, I just say I'm a hedge fund guy from Manhattan and have been killing it w str's and jacking rents sky high paying illegals to do all the work. Goes over well let me tell you..

[Foggy_Goggles]

I have no idea what that MLS article is about. Is it Realtor on Realtor grift? They'll eat their own that's for sure.

Now I like Granby. But that because it just a regular mid grade town with low grade shit. I think the Granby Garage is the only place I'd go out to dinner. So not surprised that there is not a lot of interest in $1million condos between the highway and the train tracks with a beautiful vista of 7-11 and an auto mechanic https://www.royaloakco.com/granby-station

There mortgage is $30k a month and the first two buildings finished and mostly not sold. They are pulling the plug on the the next phase. Good luck. It seems like the higher rates are putting the squeeze on the no plan, no cost control, easy money crowd. Meanwhile a small sub in WP Ranch the .25 acre lots are going for $300k and people are buying.

[Kevo]

Denver metro currently has more homes for sale than any time since at least 2016


Same thing in Austin


There are currently 388 single family houses for sale in Teton County ID, up from 213 on June 30th. My street went from housing selling within 3 days of hitting the market earlier this summer to 5 houses currently sitting on the market.

[dan_pdx]

The percentage of houses for sale in Portland that get price cuts is on the rise. I also saw a short sale in a close in neighborhood in southeast Portland, it's been awhile since I've seen that

[Danno]

I think a couple of rate cuts and those data points will change.

[californiagrown]

I have an idea.

People like me who got a mortgage at <3% are locked into our homes, and i dont really ever plan to sell, i would just rent the house out because i could make significantly more in rent than my mortgage payment. There should be a tax advantage program for home owners to rent out their houses for equal or less than what their mortgage payment would have been. This way, renters can benefit from the crazy low interest rates that people like me locked in, and i would benefit from a tax standpoint and the equity building. There has gotta be a way to allow renters to benefit from those historically low interest rates so that people like me dont just permanently lock up housing inventory and keep rent sky high.

[Mofro261]

I have an idea.

People like me who got a mortgage at <3% are locked into our homes, and i dont really ever plan to sell, i would just rent the house out because i could make significantly more in rent than my mortgage payment. There should be a tax advantage program for home owners to rent out their houses for equal or less than what their mortgage payment would have been. This way, renters can benefit from the crazy low interest rates that people like me locked in, and i would benefit from a tax standpoint and the equity building. There has gotta be a way to allow renters to benefit from those historically low interest rates so that people like me dont just permanently lock up housing inventory and keep rent sky high.

Without being too harsh... where are you planning on living while you rent out your house to someone else for less than market and the gov't pays the diff for you to keep it that way?

[byates1]

.

Sent from my Pixel 8 Pro using Tapatalk

[yeahman]

Lots of price drops in Big Sky and stuff sitting on the market for months. It's noticeable to me as a perrenial looky loo.

[m2711c]

I have an idea.

People like me who got a mortgage at <3% are locked into our homes, and i dont really ever plan to sell, i would just rent the house out because i could make significantly more in rent than my mortgage payment. There should be a tax advantage program for home owners to rent out their houses for equal or less than what their mortgage payment would have been. This way, renters can benefit from the crazy low interest rates that people like me locked in, and i would benefit from a tax standpoint and the equity building. There has gotta be a way to allow renters to benefit from those historically low interest rates so that people like me dont just permanently lock up housing inventory and keep rent sky high.

have you mentioned this idea to your local senator or congressmen? if not, you may have to buy a plate at his next fundraising diner to catch his/her ear...

[Meadow Skipper]

Denver metro currently has more homes for sale than any time since at least 2016


Same thing in Austin


There are currently 388 single family houses for sale in Teton County ID, up from 213 on June 30th. My street went from housing selling within 3 days of hitting the market earlier this summer to 5 houses currently sitting on the market.

I’ve never seen that site before. Fascinating! I’m down the rabbit hole. Thx.

[liv2ski]

Lots of price drops in Big Sky and stuff sitting on the market for months. It's noticeable to me as a perrenial looky loo.

Yup, I have seen some BIG price drops up at Mammoth on the expensive properties.

[californiagrown]

Without being too harsh... where are you planning on living while you rent out your house to someone else for less than market and the gov't pays the diff for you to keep it that way?

I spend the next 5ish years saving up a new down payment and buy another house to move into, and I rent out house #1. The less than market rate rent would still cover the mortgage on house 1 completely because my interest rate is so low. I'm open to creative ideas for the benefit provided to the home owner- no cap gains if house is rented below market for +5 years, rental income is untaxed, etc.


Idea #2 is to have an active comments section on Zillow/redfin for each active listing. Thered be some hilarious comments I bet.