Buy high and sell low! You could live in @Toshi's basement.
More real estate doom and gloom
- Thread starter Toshi
- Start date
You find me that bank!
Imma bout to start an Air B n' B EMPIRE!!!!!!
Imma bout to start an Air B n' B EMPIRE!!!!!!
word looking for a new mcmansion while i am un employed following the wife (engineer with exp looking for work!!). Totes can get a jumbo no pmi. This markets not going to crash......im looking to purchase a bridge as an investment property too.
What a bargain!
1300 sq ft, eh? I just had a good laugh looking over other completed listings. Our new construction in a good school district with prepaid solar, super thick walls, 21 SEER AC, etc was $189/sq ft and even that seemed dear.What a bargain!
I love how they call it a 'Tudor'.
Tudor my ass...
Tudor my ass...
Oh no! Rates might increase! Better borrow now!
...except prices will then decrease and your cash position is unaffected. You might be better off deducting the higher interest and paying lower RE tax. Whatever.
What are you, some kind of accountant?
Man, the
is strong in the comments of that article.
We are at 1.4m median price here in Jackson.
Absurd.
Absurd.
One of these is not like the other.
Buddy of mine was telling me about how house prices in one hood went way up in the last year. I ran the numbers. Most of the value increase came from lower rates. Net monthly payment barely moved.
The issue is limiting buyers due to price, or banks starting to loosen requirements. Now you can buy a house with only 10% down, if you can find one to buy in a price range you can afford. While not as bad as San Francisco or San Jose, Portland has gotten insane in the last 2 years.
Real Estate buddy has houses selling in under a week averaging 20% OVER list. So the already inflated price just got 20% moar.
<edit> Insane meaning good luck finding a small house for under $300k.
People are so fucking stupid. 
George Carlin said to imagine how stupid the median person is, then realize half of them are dumber than that.People are so fucking stupid.
Dumb people. Crank up the rates. It drops the house prices, which drops the down payment, and drops the prop tax, and gives you more interest deduction. People can only pay what they can pay. Cash net out flow won't move much for the monthly. Jumping on a home now just because rates are low and "I'll never get a rate like this again" is shortsighted. Dropping rates benefits the wealthy who have capital to invest. The working folks are getting pinched as the rates drop and prices spike because they've got a cash barrier limiting their down payment. God only knows what they sacrifice for grabbing a house in a panic.
Edit:
I've got a friend who is the first of mine to sell her house because of the appreciation, bank the money and rent for a while in a hood with a better school district for her kid. I doubt she's unique in this tactic.
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...also saw a great dumb article getting my friends on FB all worked up. It was saying how many hours a week you'd need to work at minimum wage to afford the median monthly rental rate for a one bedroom, by state. First problem is that some states like California have median rates wildly distorted by big cities like LA and SF. Second problem is that if you make *minimum wage* you don't get to live in the median anything. Enjoy your roommate or studio situation, and don't complain about not being able to live a lifestyle that doesn't fit your lifestyle.
This is actually what we are looking to do. Either find a place we like and rent there, then buy or just rent and put our money into a vacation property (cabin in the woods by a river). She bought in '06 at the worst time and her rate is awful as well. But based on Zillow, houses in our area are selling for 20% or better than what she owes. But looking at rents makes me ill, the idea of paying $2400/month is just insane.
It is a hell of a lot nicer than ours, though. But still.
http://portland.craigslist.org/mlt/apa/5718098090.html
On the bright side, when rates increase and people can't afford to borrow expensive money, at least the resulting depressed home values will reduce the amount the average bear can borrow against the inflated home value of phantom equity. That ought to loosen up the market with liquidity.
Wait a minute. This isn't unique to one segment? Next you'll tell me that this is going to happen with something like, I don't know, student debt, or something silly like that.Like housing, but with cars!
saw this the other day. fuck 'em.
What's funny is someone is finally seeing a link between huge cash real estate purchases and money laundering. But if your investment loses too much money, then you go back to putting it into shady overseas banks.
possibly related is that someone was caught trying to enter mexico from CA with $3mil in cash in a VW passat
It's easier to carry in in USD then convert since the dollar is doing well. Trying to carry that in pesos would require a larger American car.
i have no pity for a bunch of rich fucks who can't afford their 4th 5th or 6th home.
Big cash economy partly due to forcing the local "The Olde Weed Shoppe" to do business in dollar bills; would this have any bearing on the issue? I'm from WAY outta state, so no real knowledge...
unlikely, or at least not to any degree that matters. this part of CO was expensive real estate long before they legalized.
also, the article notes other areas experiencing the same issue where weed isn't legal.
Full retard.
80916 includes the airport and Peterson AFB. When the 4th "hottest" real estate zipcode shares a zip with any airport, shit is way past being rational.
80916 includes the airport and Peterson AFB. When the 4th "hottest" real estate zipcode shares a zip with any airport, shit is way past being rational.
Reminds me of when the rich folk in San Diego bitched about the Navy being too loud at Miramar. So the military sent the Top Gun school to the desert and moved the Marines in. It sounded like a great idea until you consider:
A. Marines get up WAY earlier than the Navy
B. Harrier's are a lot louder than Navy planes and can (and often do) hover.
Values went down, it was funny.
Funny you mention that. There is a huge new "master planned community" going in not even half a mile south of Runway 17R/35L. I give it 2 years before noise complaints become an issue for the city.Reminds me of when the rich folk in San Diego bitched about the Navy being too loud at Miramar. So the military sent the Top Gun school to the desert and moved the Marines in. It sounded like a great idea until you consider:
A. Marines get up WAY earlier than the Navy
B. Harrier's are a lot louder than Navy planes and can (and often do) hover.
Values went down, it was funny.
Silly people, you're supposed to wait until the airport is shuttered a la Stapleton before developing fancy houses.
Hey, if the jackasses that bought the expensive condos NEXT DOOR TO UNION STATION were able to get trains to stop blowing safety horns, maybe they can get planes to shut off engines and just glide in quietly.
There is a weird trail system in SeaTac that used to be housing before they build the airport. All the roads are gone, but not all of the sidewalks and fire hydrants. I remember riding there once when sideways was out west, kinda cool and kinda creepy at the same time.