Real Estate Crash thread

[Name Redacted]

Yeah because CA surely has it all figured out. They are like living in the future there man. First time in the history of man that real estate gained value beyond expected and people made a profit to move somewhere else was 1981 Costal CA. Fucking dufee really hit the nail on the head. Smart mother fucker that guy.

[Greenstateofmind]

Whoa... so what is so awful in Morristown?

House sold for 289 in ‘18 and has 28 “likes” at $450. Pretty nice return and I bet it goes higher.

Morristown is within 20-30 minutes of Stowe and Stowe got real hot this year.

But it’s also on the backside so you’re 40 minutes from the interstate. There isn’t much going on in Morristown plus that house looks haunted as fuck

[Lostintime]

House sold for 289 in ‘18 and has 28 “likes” at $450. Pretty nice return and I bet it goes higher.

Morristown is within 20-30 minutes of Stowe and Stowe got real hot this year.

But it’s also on the backside so you’re 40 minutes from the interstate. There isn’t much going on in Morristown plus that house looks haunted as fuck

Knowing that area, I'm fairly sure they threw some money at that place, not all appreciation. A house that did not need work would not have sold that low in 2018. Neighborhood has been trending upwards due to reasonably priced houses that are beautiful, but need some TLC.

[Greenstateofmind]

It’s out there though. But that’s probably a draw for some. Chucks Bikes is worth the drive alone

[neufox47]

Whoa... so what is so awful in Morristown?

You’re in true small town NVT. 5 months a year of winter including stretches well below 0, mud and bug season. If you need a job you can’t do remotely, good luck. Not too bad other than that. I’d live in NVT if my work would support it.

[MontuckyFried]

Have we finally found the ceiling? One can only hope...

Pending Home Sales Sink as the Housing Market Falls Back to Earth
https://www.realtor.com/news/real-es...back-to-earth/

New Home Sales Fall 6% in April as Buyers and Builders Balk at Rising Construction Costs
https://www.realtor.com/news/real-es...ruction-costs/

[altasnob]

Seattle fastest growing city in US in 2020. But the Bay Area has finally started to see its population decrease. I expect Seattle market to continue upwards until, like the Bay Area, it gets so expensive that finally people decide it aint worth it anymore.

[Conundrum]

If you expand to MSAs, not just cities proper, there’s plenty of continuous population areas seeing much higher growth rates.

[altasnob]

Yes, those stats above are for the 50 largest cities in the US. Portland grew just 0.4%

[54-46]

Seattle fastest growing city in US in 2020. But the Bay Area has finally started to see its population decrease. I expect Seattle market to continue upwards until, like the Bay Area, it gets so expensive that finally people decide it aint worth it anymore.

People leaving SF, and been moving to Burbs. Any decent listing in Southern or Central Marin under $1M lasts about 7-10 days.

Dunno about other parts of the Bay Area - I mean, if someone works remote and moves from Milpitas to Sacramento, can they tell the difference?

[Benny Profane]

Seattle fastest growing city in US in 2020. But the Bay Area has finally started to see its population decrease. I expect Seattle market to continue upwards until, like the Bay Area, it gets so expensive that finally people decide it aint worth it anymore.

Yeah, but, real population growth is in Florida. St. Pete, Ft. Myers, and the Villages. Boomers waiting to die.

[alpinevibes]

This buyer was willing to release 1MM to seller within 48 hrs of mutual contract. Weeks before closing. And lost..

Who’s got that turn the lights off for Seattle meme for me?

My brother was playing the game in N Seattle/Shoreline/Edmonds, trying to buy a first house ($600-900k). Months of increasing their above asking and still getting bricked out by cash buyers upping his $30k-50k above with $60-100k. But then they got an inside line on a 1400sq ft cottage in one of Shoreline's "cottage neighborhoods" and he and his fiance got it for low-$400s. Perfect starter home for them, but man were the last few months demoralizing for him with the ones that got away.

Yeah they really “Figured out” the mountain town real estate game 40 years ago. Must have been good cocaine.

No doubt: Aspen's commercial real estate holdings and consolidations have some coke money beginnings.

[Toadman]

Have we finally found the ceiling? One can only hope...

New Home Sales Fall 6% in April as Buyers and Builders Balk at Rising Construction Costs
https://www.realtor.com/news/real-es...ruction-costs/

Surprised it took this long, given how rapidly building materials from lumber to copper wiring went up. I talked with a builder last week who put two new home constructions on hold after pouring the foundations, simply because the clients refuse, or can't pay the cost for the framing lumber. That's an out of pocket expense for those who have construction loans. Those paying cash and not financing probably are getting stressed out about the cost increases too.

[VTeton]

I had the pleasure of crashing at this Crib way back in the day. Met the owner on the flight into fat city and he asked me where I was staying. Told him I was jammed up in a 2bdrm w like 10 friends. He offered up his empty apt out back.

Fun times. Maybe he's a dentist on here that just cashed out....

https://www.zillow.com/homedetails/6...edium=referral

Sent from my SM-G998U1 using Tapatalk

[LegoSkier]

My brother was playing the game in N Seattle/Shoreline/Edmonds, trying to buy a first house ($600-900k). Months of increasing their above asking and still getting bricked out by cash buyers upping his $30k-50k above with $60-100k. But then they got an inside line on a 1400sq ft cottage in one of Shoreline's "cottage neighborhoods" and he and his fiance got it for low-$400s. Perfect starter home for them, but man were the last few months demoralizing for him with the ones that got away.



No doubt: Aspen's commercial real estate holdings and consolidations have some coke money beginnings.

I live in Shoreline in a 1400sq/ft single level. There is no way I could afford my house if I was looking to buy it now.

[Toadman]

I live in Shoreline in a 1400sq/ft single level. There is no way I could afford my house if I was looking to buy it now.

3bdrm/2ba, 1,650 sq. ft. house I bought in Newcastle, WA in '97 for $200k has a Zillow price estimate of $825k. I could still afford to buy it today. But obviously the price I paid was starter home pricing back then. Those days are loooong gone.

[RootSkier]

I had the pleasure of crashing at this Crib way back in the day. Met the owner on the flight into fat city and he asked me where I was staying. Told him I was jammed up in a 2bdrm w like 10 friends. He offered up his empty apt out back.

Fun times. Maybe he's a dentist on here that just cashed out....

https://www.zillow.com/homedetails/6...edium=referral

Sent from my SM-G998U1 using Tapatalk

A $20 million dollar house with light fixtures from Lowes. Amazing.

[Ted Striker]

Yeah, was thinking the same while looking through the pics. Ikea-style closet, rental house wall to wall carpet, spec-builder cabinetry, dated faux finish, busy mismatched patterns everywhere...

[dunfree]

At that price it’s gonna be gutted by the new owner anyways, right?

[liv2ski]

I live in Shoreline in a 1400sq/ft single level. There is no way I could afford my house if I was looking to buy it now.

Pretty sure that is the case for many of us that have owned properties for awhile.

[Meadow Skipper]

Yeah, but, real population growth is in Florida. St. Pete, Ft. Myers, and the Villages. Boomers waiting to die.

Florida=god’s waiting room.

Pretty sure that is the case for many of us that have owned properties for awhile.

Me too. From $299k buy to $800k estimate in just over 20 yrs…which isn’t as bad as some places.

[concretejungle]

Pretty sure that is the case for many of us that have owned properties for awhile.

Shit, there's people who can't afford the house they bought a couple of years ago at this point.

[Benny Profane]

Yeah, was thinking the same while looking through the pics. Ikea-style closet, rental house wall to wall carpet, spec-builder cabinetry, dated faux finish, busy mismatched patterns everywhere...

Nouveau riche Bitcoin winners.

[VTeton]

The shower above the garage had a sculpture with a nice set of titles in there.

Can damn near ski to your front door from 1A. That's what it's all about!!


Sent from my SM-G998U1 using Tapatalk

[John_B]

Shit, there's people who can't afford the house they bought a couple of years ago at this point.

We built our house for 210k 4 years ago(appraised at 250k then) and a new neighboring house with a crappy floor plan just sold for 455k. We did a bunch of work ourselves so didn't pay for a ton of labor but I would comfortably say our house has doubled from what we paid 4 years ago.