Real Estate Crash thread

[rideit]

Can't imagine why sales are slower...

[summit]

just read through the proposal what a mess
3 million dollar budget? kicking everything back to the hoa's making them responsible for road maintenance
pretty much all their numbers are way too low unless they are planning on running some joke of town like blue river
their set up to fail is massive it all boils down to numbers and their numbers are not there they need to raise taxes big time good luck with that

That was my concern as well, as was my impression of "wait you are going to hire town managers/staff from where? and house them where?"

Interesting to hear it from you who has a much better handle whether those numbers are unrealistic.

[wolfelot]

^ buy an uninsulated clapped out shitbox van, sleep out at the tubs getting fall down black out drunk, wake up to -15 in that weather sinkhole, fire up some meth and blow hit the fucking hill man! Sack up!

This is the way.

[byates1]

Lol I'm sober af, go to bed early and ski like a semi rusted bolt. But hey, let's do it.

Where are you skiing this year Fred?

[fastfred]

My backyard Scottsdale demming nm and Hilton head

[fastfred]

That was my concern as well, as was my impression of "wait you are going to hire town managers/staff from where? and house them where?"

Interesting to hear it from you who has a much better handle whether those numbers are unrealistic.

Life is all about numbers
And people like to bs them business go under and the govt screws up and begs for more
I may play an idiot on tv but I know how money works

keystone needs at least 4 million just sitting in the bank as a slush o shit fund breck is usually sitting on 30 million for example

Sure 3 million is ok for the first-year but 6 million a year is more realistic by year 2 then a 7-9 million dollar budget by year 4 plus construction costs of a townhall construction of a fleet and facilities building right now they are being housed and maintained by vail resorts within a year a fight will start and vail will be dumping every thing on the new city telling them to do the maintenance and pay for it the county will turn their back or ask for fees to off set services they still provide or just look at the junk show called blue river

[byates1]

Get an Indy pass Fred. Live laugh love!

[Shredhead]

I stopped in Keystone in May one year, after skiing Abay. It was a frickin ghost town. Just block upon block, of empty condos. I couldn’t find a single open restaurant.

Snowmass is a bit bigger and a lot nicer. It’s budget was $70 mil this year and $78 next.

Life in Snowmass is fairly slow, compared to Aspen. But they’ve put in a ton of employee housing, so at least there are people here in the off season.


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[crashidy]

Come buy in Canada. Ski lake Louise, Revy, kicking horse, sunshine all with in a 30 min to 3 hr drive .. Prices in resort towns aren't declining. Prices here dropped in 09 but that was because alot of places were bought on speculation. This time people are living here and still moving here as we are more affordable than some of the major cities. Certain areas can be used for short term rental but many cannot. There is a shortage of rental here so your favorite coffee shop might not have any staff. That is the biggest problem. There will be a correction in major centres but here in Canmore things are solid.

[boltonoutlaw]

I stopped in Keystone in May one year, after skiing Abay. It was a frickin ghost town. Just block upon block, of empty condos. I couldn’t find a single open restaurant.

Time for this old chestnut:

[Name Redacted]

I stopped in Keystone in May one year, after skiing Abay. It was a frickin ghost town. Just block upon block, of empty condos. I couldn’t find a single open restaurant.

And that was surprising to you? It was mud season at a ski area.

[alpinevibes]

Time for this old chestnut:

Yes, classic!

[Shredhead]

And that was surprising to you? It was mud season at a ski area.

We put in 800, somewhat affordable employee units. That people live in year round.
We have restaurants, grocery store, pharmacy and a hardware store, that were all open today.
It’s just sad that so many municipalities, are so far behind the employee housing issue. When it actually improves the quality of life, for everyone, in these real estate developments.


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[Name Redacted]

We put in 800, somewhat affordable employee units. That people live in year round.
We have restaurants, grocery store, pharmacy and a hardware store, that were all open today.
It’s just sad that so many municipalities, are so far behind the employee housing issue. When it actually improves the quality of life, for everyone, in these real estate developments.


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“We”?
Such a benevolent host. What are we even talking about here? How Keystone could be more like Snowmass? 🤮

[fastfred]

We put in 800, somewhat affordable employee units. That people live in year round.
We have restaurants, grocery store, pharmacy and a hardware store, that were all open today.
It’s just sad that so many municipalities, are so far behind the employee housing issue. When it actually improves the quality of life, for everyone, in these real estate developments.


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so your saying tj burke opened a hardware store in snowmass and lives in a dead restricted shoe box? thats how the story ends? I imagined the story ending with him publishing the next great american coming of age novel and living happily ever after in a quaint house in downtown aspen with robin instead he sells nails and bbq grills in snowmass depressing

[alpinevibes]

so your saying tj burke opened a hardware store in snowmass and lives in a dead restricted shoe box? thats how the story ends? I imagined the story ending with him publishing the next great american coming of age novel and living happily ever after in a quaint house in downtown aspen with robin instead he sells nails and bbq grills in snowmass depressing

Snark aside...

He seems pretty happy - https://www.aspendailynews.com/hardw...60b63a511.html

And he does live in Snowmass affordable housing, but not a shoebox (or van). $336k for 3bd/3ba 1500sq ft. Pretty solid when that size unit would cost ~ $2.3M using the Q3 2022 Snowmass condo average per sq ft price of $1511.

[Name Redacted]

Cancelations are up:
https://www.marketwatch.com/story/ho...?siteid=yhoof2

So what's the deal with buying an unbuilt condo or home? As I understand it, you can't lock in a rate until the home is built and you have a CO right? So many people who committed to buy a condo or SFH w/ financing a year ago when rates were 3% and now they are 7% will probably have to bail on the purchase or buy then immediately sell to avoid having to pay a much higher mortgage payment than originally planned right? Or is there a way that rates could have been locked in earlier in the building process?

[AdironRider]

Cancelations are up:
https://www.marketwatch.com/story/ho...?siteid=yhoof2

So what's the deal with buying an unbuilt condo or home? As I understand it, you can't lock in a rate until the home is built and you have a CO right? So many people who committed to buy a condo or SFH w/ financing a year ago when rates were 3% and now they are 7% will probably have to bail on the purchase or buy then immediately sell to avoid having to pay a much higher mortgage payment than originally planned right? Or is there a way that rates could have been locked in earlier in the building process?

My sis and her husband built a house over the last year down in North Carolina. I’m not super privy to their finances (they aren’t perfect tho) but the only way they could lock in a rate like that is if they financed through the builder at about a .75 premium. They should have done it as rates went up 3 points over the course of the build and tacked an extra 800 a month on the loan. I was telling them to buy existing stock but they wanted new...

[Name Redacted]

My sis and her husband built a house over the last year down in North Carolina. I’m not super privy to their finances (they aren’t perfect tho) but the only way they could lock in a rate like that is if they financed through the builder at about a .75 premium. They should have done it as rates went up 3 points over the course of the build and tacked an extra 800 a month on the loan. I was telling them to buy existing stock but they wanted new...

We have a ton of almost built condos around here. I’m pretty interested in how this could affect how many people bail on these.

[fastfred]

We have a ton of almost built condos around here. I’m pretty interested in how this could affect how many people bail on these.

as a relator said in 2008 "we are insulated, we deal with a different type of client here"

the 700k shit holes they are putting up along the highway in silverthorne the smell of burning fuel clapped out truck brakes and exhaust? those places? what the fuck is wrong with people? bring back the trailer park

and lets not forget about the 300 million dollar 100 unit luxury condo building in keystone that will start getting built sometime circa 2025 since they will pull the plug on the project in the next six weeks

meanwhile south park is getting ready for the typical big jolt correction since people couldn't help themselves buying up 900k shacks in the middle of nowhere "only 25 minutes to breck"

the carnage should befun been there done that seen it all three times is a charm now

[goldenboy]

Nobody built anything of note in Crested Butte over the past 15+ years. I think my outlook would be different if there was anything that was recently built or being built right now that would change inventory at all.

[Name Redacted]

Silverthorne is building 100s of condos in multiple areas. Most people don’t recognize it anymore. I’m mainly wondering how’s that’s all gonna go down when they are finally move-in-ready. People paid 1m$ for 2br/2ba condos overlooking the highway. Crazy. A jump from 3-7% is like an extra 2K$ on the monthly payments. That will freak a lot of folks out I think.

[ColMan]

and lets not forget about the 300 million dollar 100 unit luxury condo building in keystone that will start getting built sometime circa 2025 since they will pull the plug on the project in the next six weeks

Didn't they already break ground (old hunki dori lot)? Big muddy hole for the next few years?

Edit: Daily article answered my question: https://www.summitdaily.com/news/300...ions-of-crime/ What a shitshow.

[mud]

as a relator said in 2008 "we are insulated, we deal with a different type of client here"

the 700k shit holes they are putting up along the highway in silverthorne the smell of burning fuel clapped out truck brakes and exhaust? those places? what the fuck is wrong with people? bring back the trailer park

and lets not forget about the 300 million dollar 100 unit luxury condo building in keystone that will start getting built sometime circa 2025 since they will pull the plug on the project in the next six weeks

meanwhile south park is getting ready for the typical big jolt correction since people couldn't help themselves buying up 900k shacks in the middle of nowhere "only 25 minutes to breck"

the carnage should befun been there done that seen it all three times is a charm now

There will always be Hartsal keeping it real.

[Core Shot]

Fucking realtor friend texted a new listing this am

Texted sold five hours later. Said underpriced. What a steal.
Lol

Bring the crash. Please.