Real Estate Crash thread

[Skidog]

Buddy in Missoula did a HELOC and paid $235,000 for his 22 y/o step-daughters destination wedding in Maui. Marriage lasted 6 months. He was a truck driver for WalMart.


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Thats just plain stupid. Period.

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[altasnob]

Maybe if we just had a more progressive estate tax we could avoid having to go around doing all this neutering.

The first $11.7 million is currently exempt from federal estate tax. So I guess according to our government, only those with more than $11.7 million are rich.

[Skidog]

Flippers are worse than the rich (not that they’re always different). Change my mind.

Not if they are taking crap properties, improving them, and reselling. The scenario listed above is a total dick move though. I agree.

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[Meadow Skipper]

Not if they are taking crap properties, improving them, and reselling. The scenario listed above is a total dick move though. I agree.

For (probably indefensible) reason, I don’t think of people that fix places up and sell them as ‘flippers.’ In my mind it applies to people that exploit markets shamelessly.

[Danno]

For (probably indefensible) reason, I don’t think of people that fix places up and sell them as ‘flippers.’ In my mind it applies to people that exploit markets shamelessly.

That said, it takes serious balls to do what those people did. To plunk down $800k and try to turn that into more immediately is a strange and ballsy move.

[54-46]

1.1 ac lot in San Francisco listed at $75,000. One catch: it’s underwater near where Candlestick Park used to be. https://www.newsbreak.com/news/22400...l-estate-world

[dan_pdx]

Here you go. This house in my hood was listed for 710k at the end of April. Everything had been done - including building a single car garage - but it's still only a 1,380 sq ft rambler, so that's pretty ridic. It got bid up to 822k in the first week, and the winners closed in three days, which usually means cash buyer.

Today, the new owner put it back on the market for 895k. Basically $600/sq ft.

https://www.zillow.com/homedetails/2...23624317_zpid/

Now _that_ is the content that keeps me coming back to this thread. Crazy shit. As someone contemplating a move to Bellingham, sounds like I should just live in a van.

[altasnob]

1.1 ac lot in San Francisco listed at $75,000. One catch: it’s underwater near where Candlestick Park used to be. https://www.newsbreak.com/news/22400...l-estate-world

That's just silly. I thought in CA the tidelands were all public land, similar to OR. In WA, you can own the beach all the way down to below the low tide marker (so you can own underwater property, but I believe it would always be connected to above water property).

[californiagrown]

1.1 ac lot in San Francisco listed at $75,000. One catch: it’s underwater near where Candlestick Park used to be. https://www.newsbreak.com/news/22400...l-estate-world

Sink some piles, throw a house on stilts, and hot damn you got yourself a waterfront house in SF for "cheap".

[AdironRider]

That seems like it could be pretty cool IMO.

[dunfree]

I would think it’s utterly undevelopable. Weird looking at the old block map books and seeing names like Andrew Molera
https://sfplanninggis.org/PIM/

pim 4924010 for the lot, there’s PDFs of old block maps. It was owned in the past, then some break, then sold? Just weird

[sirbumpsalot]

That said, it takes serious balls to do what those people did. To plunk down $800k and try to turn that into more immediately is a strange and ballsy move.

Especially when the commission to sell is going to eat up most of that "gain". Who knows...maybe he is a realtor creating his own work or bought it and is happy to live in it but feels "well I like the place but IF you are willing to give me what I am asking I will gladly sell"

[Toadman]

Sink some piles, throw a house on stilts, and hot damn you got yourself a waterfront house in SF for "cheap".

From the article, someone made that suggestion. Also, the dude bought it sight unseen 6 years ago for $5k. Offer him $6k, and go from there. But, some dude with a mega yacht, oh, I don't know, like Bezos our Zuck could just put a pier on the property for the yacht.

Maybe stick a floating house on it, if the codes allow for such a thing. Then you are set.

[AdironRider]

Especially when the commission to sell is going to eat up most of that "gain". Who knows...maybe he is a realtor creating his own work or bought it and is happy to live in it but feels "well I like the place but IF you are willing to give me what I am asking I will gladly sell"

5K seems like cheap marketing for a dirt pimp to get his name out there actually like this guy has done now.

I tend to think realtors are useless but I respect this man's hustle, and if you are going to have / be forced to use a realtor, you want one that hustles.

[Ted Striker]

Plus they're saving bank on moving expenses.

I saw a moving truck there the day after it closed. Turns out it was delivering the staging furniture etc. They reshot all of the pictures.

Especially when the commission to sell is going to eat up most of that "gain". Who knows...maybe he is a realtor creating his own work or bought it and is happy to live in it but feels "well I like the place but IF you are willing to give me what I am asking I will gladly sell"

In WA a realtor selling their own property must disclose that info in the listing. I suppose he could work for eXp in some other capacity and has some kind of handshake deal (it is after all, a pyramid scheme)

Or maybe the new owner really is that ballsy. If he gets his price he's putting 25 grand in his pocket for tying up 822k for less than a month.

They're holding three open houses this weekend. I think the plan is to sell it

[concretejungle]

1.1 ac lot in San Francisco listed at $75,000. One catch: it’s underwater near where Candlestick Park used to be. https://www.newsbreak.com/news/22400...l-estate-world

"And for the weather? Sunny and mild with some amazing views."

Bull fucking shit, unless it has a different weather pattern than the Stick, that is 1.1 miles away. Never so fucking cold in August than going to see a game with my dad. I was like "why the fuck are we bringing blankets?"

[54-46]

"And for the weather? Sunny and mild with some amazing views."

Bull fucking shit, unless it has a different weather pattern than the Stick, that is 1.1 miles away. Never so fucking cold in August than going to see a game with my dad. I was like "why the fuck are we bringing blankets?"

Yep! If a vendor dies and goes to Hell, he must try to sell Carnation Chocolate Malt Ice Cream at a Candlestick Night Game and watch Johnnie LeMaster at the plate for eternity.

[altasnob]

Mullet house. Cottage in front, modern in back:

https://www.zillow.com/homedetails/1...NaWldMvPKDJeck

[skaredshtles]

Mullet house. Cottage in front, modern in back:

https://www.zillow.com/homedetails/1...NaWldMvPKDJeck

Wait...

A 2500 sq ft pad in North Carolina going for 3/4 of a mil?

Shit really has gone sideways...

[old_newguy]

Looking at a place that has a pump to move sewage uphill to the mainline. Anything I should look for with these systems? Appears to have been updated since the house was built and has a wired in alarm. Is there routine maintenance or do you just let it run until the pump dies?

Also has a RAMJack installed foundation repair consisting of steel piles at intervals on the downhill side of the house and at least one helical tie back. Anyone ever work or deal with them? The repair is less than 5 years old. Was engineered, permitted and has a transferable warranty. Any clue if they engineer for earthquake loads?

[Meadow Skipper]

^ Seriously? You want shit to roll uphill? I could have totally used something like that back in my working days.

[Flyoverland Captive]

I had a pump to move sewage to a septic system uphill. Just be sure to keep the pump chamber clean; fat will build up, like globs of lard, and clog things up. Doesn’t damage the pump, but blocks the float switch just enough for things to stop working.

[neufox47]

Average CA pension for a teacher is almost 80k. Thats a 2 million value.

Average support govt person pension in CA, 68k, thats a 1.7 million value.

That is a couple hundred thousand people. Not exact statistical outliers.

Nevermind you made the example, and are now trying to use median numbers, which include plenty of people who don't make shit on their pensions because they only worked 5 years and barely vested. That wasn't the example you started with, but are now moving goal posts. But lets go ahead and use the federal median number of 38k. Guess what that is worth? Oh right a million fucking dollars.

Aren’t you an accountant? You can’t do a basic PV calculation? Your valuation method would get thrown out of court in 2 seconds. For a $38k pension to be worth $1m you’d have to assume a payout period of 40 years and an interest rate of 2%.

[Mustonen]

Looking at a place that has a pump to move sewage uphill to the mainline. Anything I should look for with these systems? Appears to have been updated since the house was built and has a wired in alarm. Is there routine maintenance or do you just let it run until the pump dies?

Lived in a place like that for a while. “Flushable” wipes and other random crap can clog the ejector pump and make for a particularly unpleasant evening. With ours, the vent pipe in the hole was just a few inches above the level set by the pump, so bubbling toilets was a sure sign that something was amiss.

Have a spare pump on hand, don’t buy the cheap one, make sure the hole level is alarmed, and beware toddlers.

[skaredshtles]

Lived in a place like that for a while. “Flushable” wipes

Whoever marketed those things as "flushable" needs to get a swift kick to the crotch, and a dump truck full of shitty wipes dumped over their head.