average home price in my zip code is up 13.8% since April. This April.
More real estate doom and gloom
- Thread starter Toshi
- Start date
House two doors down sold last week for $900k. Purchased two years ago for $700k.
That's insane.
"Nice" property in my zip code is looking at 20-40% per year at the moment.
There is only 3% of developable land in all of Teton county (the rest is federal). The pressure that puts on existing RE is simply astounding.
Just to clarify, this is for a Boise Cascade that was trucked here from a mining camp in Utah 40 years ago.
Just to clarify, this is for a Boise Cascade that was trucked here from a mining camp in Utah 40 years ago.
Last edited:
Totally sustainableThat's insane.
"Nice" property in my zip code is looking at 20-40% per year at the moment.
Well, it's good to know individuals are selling out to rich investors, US or foreign, which are probably corporate entities.
My neighborhood is filled with construction sites, where dilapidated SFR's have been torn down and are being converted to multi-story multi-family condos and apartments. Buy one or two houses for $600k each, tear them down, then sell 5-10 units for $900k+ each, or turn them into a dozen rental units with bachelor units starting at almost $2k per month.
But, everyone is wealthy in Hollywood!Totally sustainable
Well, it's good to know individuals are selling out to rich investors, US or foreign, which are probably corporate entities.
My neighborhood is filled with construction sites, where dilapidated SFR's have been torn down and are being converted to multi-story multi-family condos and apartments. Buy one or two houses for $600k each, tear them down, then sell 5-10 units for $900k+ each, or turn them into a dozen rental units with bachelor units starting at almost $2k per month.
Including the guys I watched do a drug deal in front of the coffee shop, today. The guy who unbuckled his pants to get a small plastic bag from deep in his trousers was also riding one of those new boutique ///bicycles that has been aged to look rusted out and is missing a seat.
Jesus. It wasn't that long ago I was told to not go to St. Johns after dark.
Build a Whole Foods and the neighborhood goes to sh!t. About 5 or so years ago it happened. There are still some sketch parts (along Lombard, found a great dive bar there) but 90% of it has blown up. We looked at moving there 3 years ago and were priced out about a year ago. By the time our place had recovered, it was all $350k+. That's still too rich for my blood. But our place is looking like $320k right now, so...
Down the street a few blocks
2 bed 1 bath $1,100,000
Pink
https://www.zillow.com/homedetails/6511-Phinney-Ave-N-Seattle-WA-98103/49031423_zpid/?fullpage=true
Price is obviously based on zoning and neighbors all willing to sell.
2 bed 1 bath $1,100,000
Pink
https://www.zillow.com/homedetails/6511-Phinney-Ave-N-Seattle-WA-98103/49031423_zpid/?fullpage=true
Price is obviously based on zoning and neighbors all willing to sell.
ok, that's pretty fucked up ...
It actually sold for $1.1 million earlier in the year and is back on the market.
That area just got rezoned mixed commercial and you can build up to five stories. That is 'dozer bait and only valuable to someone who can purchase the neighboring properties to truly develop it.
According to zillow FWIW, my house
I'm no economist, but I'm pretty sure what's happening to real estate around here meets the definition of "irrationally exuberant".
I'm no economist, but I'm pretty sure what's happening to real estate around here meets the definition of "irrationally exuberant".
zillow says mine is up ~$17k since purchase, redfin says up ~47k since purchase.According to zillow FWIW, my house
I'm no economist, but I'm pretty sure what's happening to real estate around here meets the definition of "irrationally exuberant".
That's what my wife thinks about here (excepting refugees from the heat due to Global Warming).According to zillow FWIW, my house
I'm no economist, but I'm pretty sure what's happening to real estate around here meets the definition of "irrationally exuberant".
She is talking bubble, and she has struck lightning twice with our two properties here...
Redfin is giving a price on our place almost 10 grand lower. I'm curious how any of these real estate websites come up with a value. FWIW I suspect, at least in our market, Zillow is closer to actual value.
fucking magic
I've been saying this for a while. I feel like, were I a smarter man, there is a serious money making opportunity here, but that I'm missing it.
For my house, Zillow gives $90k higher estimate than Redfin.
I'm pretty sure they value using an algorithm based on recent sales in your 'hood - but it's probably mostly voodoo-magic.
Just checked - Redfin estimate is $35K less than Zillow.
$11,340 in the past 30 days here. Up 40% since we purchased in 2014.According to zillow FWIW, my house
I'm no economist, but I'm pretty sure what's happening to real estate around here meets the definition of "irrationally exuberant".
Only a $6k difference between Zillow and Redfin so I'm inclined to think the estimate is pretty spot on.
Zillow is just shy of $200k north of Redfin. Redfin didn't know about the finished basement, though: I updated the home facts so that'll update the value in a week, it said. ~1000 extra sq ft and an extra bedroom will change its algorithm's output, I reckon.
Holy fuck.....
Something I've learned in the US: fuck real estate
I'm okay with it, we have no intention of moving. I could become a slum lord!Crash motherfucker, CRASH!!!
I need a house. And shit's ridiculous out here. I want to burn the eyes out of everyone at Air BnB
^ As long as it's redevelopment, I'm on board. Sounds like another horrible contrived "community," but at least it's not more greenfield development.
This. Here, the sprawl to the east continues, despite the clear lack of water and/or infrastructure. Meanwhile portions of downtown, anything along Academy, and now even the Powers corridor are turning into urban blight. But hey, prices are through the roof!
Srsly - we need to quit considering a 2K square foot house a "necessity" for a family of 4.
Although, around here, it's more like a 4K square foot "necessity."
To be fair, kids are annoying and it helps to have 3.5k of house between you and them.Srsly - we need to quit considering a 2K square foot house a "necessity" for a family of 4.
Although, around here, it's more like a 4K square foot "necessity."
Are they still building houses with a 3 car garage as the prominent frontal feature?
This is the current reasoning I use for NOT selling our 2300 sq foot monstrosity. Although as kids get into the teen years, they just spend their time in the basement or in their rooms, so my living area is pretty peaceful most of the time.
But of course! You can't have something in suburbia without it. Although around here it's starting to be a 4-car more and more...
I frequently drive by all of the development taking place by the old Rocky Flats plant. I love seeing the signs saying, "From the mid 400s!" or "From the mid 600s!" and wondering to myself who can reasonably afford such things. So many 4,000 sqft houses on 4,500 sqft lots.
The wife and I do pretty well and our low 200s mortgage seems like a pretty good balance.
Yeah - we bought our 1st house (1200sf) at $170K. In retrospect, we should have kept it. It would have been paid off YEARS ago and is now worth $375.
Kids would have been doubled up, but IDGAF, right?
just went to look at our house on zillow and they have it confused with the house next door, noting it as sold last year (which the house next door did, unlike ours, which we bought in 2006). the numbers are stupid close (5056 versus 5055) but still. reported it. we'll see if they make the change. in general prices in our hood here declined slightly or held steady from 2007-2010 and then slowly rose until last year when they began to rise more steeply. will be interesting to see redfin vs. zillow when zillow fixes it.