Real Estate Crash thread

[Buster Highmen]

Lots of price reductions and additional inventory in my east bay hood. Median dropped 3%. It’s the most inventory I’ve seen in years.

You just moved there, didn't you?

[californiagrown]

But you bought without one it seems..

Just saying. Usable yard is and was a HUGH seling point for us while buying, but that's in MA where there's grass and we haven't shopped in the last 7 years so the market is very different now.

We did, but i also literally design drainage and grading for a living, enjoy digging trail in my spare time and the only reason we could afford the house was because it was painted pink and had a mudpit backyard haha. I guess im thinking of it like a house that "needs" a couple new bathrooms or a kitchen remodel. We didnt want to buy a house that was ready to go because we couldnt afford one of those in an area we wanted to live... we wanted to buy a mild fixer in the nicest neighborhood possible.

That said, another house we put an offer in on advertised "mature gardens" and had a great garden and landscaped side yard. 3 months later and the new owner had razed it all to the ground and started over. So, what do i know?

[4matic]

You just moved there, didn't you?

Still living in the old hood at the gf house. New hood still has low inventory and some nice listings are sitting more than a week. Move in to new house next week. There is a comp for sale a few blocks away from the new house that will give me good short term beta. I’m more confident in my downside risk at 20% now.

In the new hood pools were given a 10% premium a couple months ago. That appears to be slowing too. I want a pool but I hear there’s quite a premium for construction now. It can wait.

[Core Shot]

as long as the roots are not severed, all is well. And all will be well in the garden.

Yes!!! That man is brilliant!

Not a big Peter Sellers fan but thought that movie brilliant when I saw it in theater. I like to watch..

You have to watch it again. It is brilliant.

On many levels. But most of all, the morons in politics that we’ve endured the last few decades.

A man with no past and no brains can be president.

[Buster Highmen]

Still living in the old hood at the gf house. New hood still has low inventory and some nice listings are sitting more than a week. Move in to new house next week. There is a comp for sale a few blocks away from the new house that will give me good short term beta. I’m more confident in my downside risk at 20% now.

In the new hood pools were given a 10% premium a couple months ago. That appears to be slowing too. I want a pool but I hear there’s quite a premium for construction now. It can wait.

w000sh

[liv2ski]

Appraiser told me landscape worth nothing fwiw. The house I bought claimed $60k in landscaping. Nice paint is worth a lot though.

And when you resell with a pool, it gets you $10k to value per the hundreds of appraisals I see a year, so fuck putting one in is my 2 cents.

[VTeton]

Escalation clauses are part of the offer package, so as legally binding as the rest.

They come with an increment, bid max and clause that says the buyer gets to see the next highest offer.

If sellers don’t want escalation clauses they should stop setting up their sales as auctions.

I was the high bidder on a property and someone had an escalation clause. Thankfully we got the house. Think they liked our # vs shadiness of escalation.

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[4matic]

w000sh

No. You just haven’t been paying attention.

[4matic]

And when you resell with a pool, it gets you $10k to value per the hundreds of appraisals I see a year, so fuck putting one in is my 2 cents.

I agree but in 97562 that changed with people moving from the bay. This house went for $230k over ask and it wasn’t that nice. Largely because it has a new (very small) pool.

https://www.compass.com/listing/5073...6200381486097/

This one went $175k over ask in may.

https://www.zillow.com/homedetails/3...ource=txtshare

Here’s the same house nicer in some ways with pool that went for $250k less in March. That’s how much the market changed in 60 days.

https://www.zillow.com/homedetails/3...ource=txtshare

Also shows how f’d up zestimates are.

[rideit]

Our Zestimate is about 1/2 what our house is worth, based on 4 recent comps within a 10 house radius. And we have the nicest house. Bunch a bullshit. But it does say that the average rent in Jackson for a house like ours is $12,500 a month.
We live in a (gussied up) Boise Cascade Prefab.
Yeesh.

(We don’t really want to update the Zestimate, what’s the point.)

[schuss]

Our Zestimate is about 1/2 what our house is worth, based on 4 recent comps within a 10 house radius. And we have the nicest house. Bunch a bullshit. But it does say that the average rent in Jackson for a house like ours is $12,500 a month.
We live in a (gussied up) Boise Cascade Prefab.
Yeesh.

(We don’t really want to update the Zestimate, what’s the point.)

Zestimates get real wacky in small markets with low activity.

[::: :::]

And when you resell with a pool, it gets you $10k to value per the hundreds of appraisals I see a year, so fuck putting one in is my 2 cents.

Appraisals have nothing to do with cost of install/construction

They are so wildly different it’s sort of insane how disassociated they are from cost of replacement

[liv2ski]

That was my point. Pools cost to much to install for the value assigned later. Just buy a house with a pool if needed and let someone else toss $50k out the window + the expense of maintaining it.

[Mustonen]

That was my point. Pools cost to much to install for the value assigned later. Just buy a house with a pool if needed and let someone else toss $50k out the window + the expense of maintaining it.

Unless, like, you want a pool. Not everything is a fucking investment.

[Buster Highmen]

No. You just haven’t been paying attention.

Perhaps the joke was poorly phrased. My bad.

[AdironRider]

Yards and gardens rarely add or detract value because they, outside of the strong back needed, can be made to look good for very little money.

Unless it’s a hoarders scrap heap everyone looks at a yard and says I can fix that up no problem and then focuses on what matters like location and size of the house in question.

[Toadman]

First world rich people problems.

https://www.yahoo.com/news/money-man...073937959.html

For months, residents of a tiny community in Central Idaho were at war with a rich neighbor, who was landing private planes and a chopper on his property inside federally regulated land. They organized, they wrote angry letters, and they gave themselves a name, Friends of the SNRA, or Sawtooth National Recreation Area.

[rideit]

And more first world rich people problems.

https://www.npr.org/sections/money/2...o-corporations

[Core Shot]

Zestimates get real wacky in small markets with low activity.

Fuck zestimates.
Now no matter what price you list at, that’s the zestimate.
$800 k house all day long. Zestimate now matches the $1.4 asking.
Which is embarrassing after the $300k price reduction.

They must have been sued in the past few years. That zestimate spike never used to happen.

That was my point. Pools cost to much to install for the value assigned later. Just buy a house with a pool if needed and let someone else toss $50k out the window + the expense of maintaining it.

Pools are minimum $75k here. And six figures once you do the bluestone patio etc.

[Mokomahonah]

I think Zillow is trying to invest in and cause a run up in the market. They are like the Uber of real estate. They can watch the market crash and not take much of a hit because they don't actually employ anyone. The more they can cause price inflation and keep flipping the better for them. Hence the Zestimates always seeming just a little higher. If they can convince you of scarcity they will. See vice article a few pages back.

Zestimates sounds like a spice tho doesn't it?

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[Toadman]

And more first world rich people problems.

https://www.npr.org/sections/money/2...o-corporations

I seem to recall discussions about companies like this that are selling fractional ownership in these houses. What a racket.

[dan_pdx]

https://www.redfin.com/WA/Bellingham.../home/15820681

$700k for a so-so house next to the railroad tracks with a view of the port of Bellingham. I'm ready for the RE bubble to pop any time now.

[Vt-Freeheel]

https://www.redfin.com/WA/Bellingham.../home/15820681

$700k for a so-so house next to the railroad tracks with a view of the port of Bellingham. I'm ready for the RE bubble to pop any time now.

Looks like the '16 buyers didn't do anything to the house except watch its recent value grow. Maybe some interior paint, carpet?

[sirbumpsalot]

Looks like the '16 buyers didn't do anything to the house except watch its recent value grow. Maybe some interior paint, carpet?

Great view....but would you fix up a house next to the choo choo tracks?

[altasnob]

From Seattle north, the train tracks go right along the water. Same thing in most of Tacoma. So if you want to live near the water, you are going to live near train tracks. Some of the most expensive real estate in Tacoma is right next to a train track.