Real Estate Crash thread

[CascadeLuke]

Not to be a dick but glad I wasn’t the only one poking holes in that 20MM place.

^200k of equity is a nice gain over the last few years. What’s whack is that some of us got that bump in the last 9 mos. it’s weird out there 🤙🏼

[mfcf13]

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.

And where will all the Seattle people go?

Spokane! (Tacoma is already full).


BTW, gotta love Spokane's new marketing campaign. Definitely aimed to get the tech startup crowd.

https://hackingwashington.com

"welcome to the 12 minute commute"
"work/life balance. we're so there"
"attract talent without having to compete with the tech giant next door"
Buyer beware: their campaign has exactly 1 photo of winter in Spokane. Gonna be some bummed out times for the "good vibes only" startup peeps when they hit their first snowy Spokane January. Even their Sprinters won't be able to cheer them up.

It's a shitload better then their previous marketing campaign, #Spokompton

[alpinevibes]

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

For sure gutted. At 20y/o and that location it’s a prime option, especially with 1A getting “revitalized.”

But it probably won’t get torn down, yet...

[AdironRider]

Fundamentals are strong, millennials buying in droves, lumber prices high, construction starts down.

At least the ‘experts’ are at least saying wait now instead of buy buy buy!

https://www.msn.com/en-us/money/real...ket/ar-AAKttGy

[Core Shot]

I’m in for 900 7 years ago.
200 more in reno on a fixer upper

I’d like to cash out at three mill in this stupid market. But where do I go? Asheville is out of the question

[Ted Striker]

Now this is a light fixture!

[AdironRider]

Bitchin’

[ötzi]

House near me sold for $875k in June '20 and we thought it was too high. Back on the Market for $1.4mm. Nothing of substance done to the place n between.

[AdironRider]

My friend just got offered a gig in Hanover NH.

Would cash out his place in Mass and have about 1/2 mill down, budget of just under 1 million. Realtor said we have nothing for you and unless you are willing to post up in a hotel for months (months!) or put sight unseen offers in all cash, there is nothing here for you, and no, there are no rentals for you either. Realtor just straight up wasn't even bothering to sell anymore.

I wasn't in the game last crash but fuck the fundamentals, if doctor's can't buy a place for a million with 50% down in cow fucking hampshire things are unsustainable.

[Benny Profane]

That's pretty much always been the case in NH. I was contemplating a move there a decade ago but couldn't find shit.

[schuss]

That's pretty much always been the case in NH. I was contemplating a move there a decade ago but couldn't find shit.

That realtor probably wasn't trying very hard as there's plenty of active not under contract - https://www.neren.com/search?sortOpt...tatusIn=Active

That said - NH is super tight right now as anyone in Boston that didn't have to go to the office anymore seems to have moved here. Not to mention many other states (my new neighbor is from Maryland).
Hanover is also incredibly desirable given it's a fantastic school system and has some meaningful "life" with it being an ivy college town with research hospital. That said, my understanding is that given there's a certain number of doctor and professor slots, inventory tends to be restricted to just around that number as few others in the area can afford stuff.

[dunfree]

House near me sold for $875k in June '20 and we thought it was too high. Back on the Market for $1.4mm. Nothing of substance done to the place n between.

$1 million over list
https://www.washingtonpost.com/busin...ist/?tid=ss_tw

[Toadman]

Damn, slim pickings in Hanover.

https://www.zillow.com/hanover-nh/houses/

Doesn't look like there's much in the way of land nearby that can be turned into high density housing either.

[AdironRider]

That realtor probably wasn't trying very hard as there's plenty of active not under contract - https://www.neren.com/search?sortOpt...tatusIn=Active

That said - NH is super tight right now as anyone in Boston that didn't have to go to the office anymore seems to have moved here. Not to mention many other states (my new neighbor is from Maryland).
Hanover is also incredibly desirable given it's a fantastic school system and has some meaningful "life" with it being an ivy college town with research hospital. That said, my understanding is that given there's a certain number of doctor and professor slots, inventory tends to be restricted to just around that number as few others in the area can afford stuff.

So buddy has ruled out condos so that's on him. But the 2 older 900k places have major issues that would put him over a million by a couple hundred grand (if you can find someone to do the work prior to 23 apparently) and that's why they are still active.

The newest one for 779 just came on market and apparently has something like 80 showings lined up already and his realtor said expect it to sell for well over ask. He's one of the 80 showings.

So basically if you want a house in Hanover NH you have 1 option right now, and literally everyone is fighting for that one option.

I know Hanover is a desirable place in NH but I find it mind blowing that a doctor with a half million down is basically being told to pound sand. That 779k house was maybe mid 400's maybe a year ago. It is still NH, there are no fundamentals strong enough to justify that kind of market.

[MontuckyFried]

^^
Dang. WTF?! Pretty soon even doctors are gonna be like...

[Danno]

^^
Dang. WTF?! Pretty soon even doctors are gonna be like...

Nah, man, they won't need to live in a van down by the river, they just need to get their Field of Dreams on.

[Ted Striker]

I know Hanover is a desirable place in NH but I find it mind blowing that a doctor with a half million down is basically being told to pound sand. That 779k house was maybe mid 400's maybe a year ago. It is still NH, there are no fundamentals strong enough to justify that kind of market.

True cliche: all real estate is local.

[365wp]

There's always Woodstock: https://www.redfin.com/VT/Woodstock/.../home/91218228
Plainfield has some cool old antiques: https://www.redfin.com/NH/Plainfield.../home/83516315
I haven't been to the Windsor Diner in decades: https://www.redfin.com/VT/Windsor/29.../home/95135035
Or, just buy the river, and park your van next to it: https://www.redfin.com/NH/MERIDEN/RO.../home/88202027

[Lostintime]

Try between St Johnsbury, VT and Hanover. Can definitely make it work.

[Toadman]

I was always told that nurses and doctors can live anywhere. If that axiom turns out to be false, we are truly screwed.

[AdironRider]

St. Johnsbury is an hour away from Hanover on the best of days. I know my buddy spent decades in school to live in an old heroin hostel an hour away from the hospital he works at....

Self imposed and real estate is local yeah sure, but my buddy is a sharp guy and did his homework past listings on zillow and its apparently a blood bath out there no matter how well off you are. I don't necessarily blame him for being turned off about living in a house that is shittier than his undergrad rental at UNH.

He was pretty bummed none the less and is probably just going to keep his gig in Mass.

[ötzi]

I mean, there's houses for pretty reasonable in Lebanon, it's right next to Hanover.

[old_newguy]

Sounds like the guy should move to some small Midwest town where things are cheap. No one is entitled to live in a house, has he considered renting an RV and parking it at Walmart while he waits for the market to cool down?

[365wp]

Honestly, at those Hanover price points, he might as well try to work at UVM in Burlington and live in Chittenden County.

[AdironRider]

I mean, there's houses for pretty reasonable in Lebanon, it's right next to Hanover.

Apparently same problem there.

https://www.realtor.com/realestatean...-hide?view=map

Couple trailers, and three houses on Mechanic St (I don't know Lebanon super well but I dont think im going out on a limb by guessing that isn't the premier address in the area with a street named for mechanics) and appears to be the commercial corridor mostly.