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More real estate doom and gloom

jimmydean

jimmydean

The Official Meat of Ridemonkey
Sep 10, 2001
41,265
13,382
Portland, OR
I found out over the weekend my neighbor is $100k under water and hasn't paid a payment on is 2nd in over a year. I think my lady is about $40k under and I hope she can at least get flush before the next bubble.
 
jimmydean

jimmydean

The Official Meat of Ridemonkey
Sep 10, 2001
41,265
13,382
Portland, OR
Pesqueeb said:
Same guy with the 100k boat?
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No, that's homeboy across the street. He has no toys, all sold when he got laid off. I heard he used to manage a Bed Bath and Beyond. :rofl:



Homeboy next door (the house on the other side of us has been empty for 3 years) has a 24' Blue Water that was like $60k.
 
dan-o

dan-o

Turbo Monkey
Jun 30, 2004
6,499
2,805
One of my customers houses just sold for $4.5m after 12hrs on the market.
This was the first offer that didn't plan on a complete tear down, they declined 4 others that would've trashed the current house which is spectacular.
1% is doing A-OK.
 
Toshi

Toshi

Harbinger of Doom
Oct 23, 2001
38,378
7,769
Keeping up with inflation equates to zero rent, all said and done. I'll take zero rent over non-zero rent, thank you.
 
rideit

rideit

Bob the Builder
Aug 24, 2004
23,391
11,544
In the cleavage of the Tetons
stevew said:
i guess it's nowhere near the landslide?
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The landslide is just a tiny little thing, all things considered. The only things threatened are a few 'working class' houses (which around here are $700k-1m) and some businesses. Nowhere near the real fat houses. Those aren't right in the main drag, in general.
There are properties for sale here up to $150 million. Wrap your head around that.
 
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jimmydean

jimmydean

The Official Meat of Ridemonkey
Sep 10, 2001
41,265
13,382
Portland, OR
Prices here are insane in anywhere I would want to live. It looks like we will be in the sticks 18+ months if we have hope of getting close to even. But the rate of appreciation in the sticks is a fraction of what it is in town. After hitting a few cool bars just on the other side of the river, we have a new location to investigate. Almost pre burst prices in the nicer areas already.
 
OGRipper

OGRipper

back alley ripper
Feb 3, 2004
10,655
1,129
NORCAL is the hizzle
FWIW much of the Bay Area is back up to insane, pre-bust levels, driven in part by another tech boom. SF in particular is nuts, whether you want to rent or buy. Glad I bought in three years ago at pretty much the bottom of the market.
 
rideit

rideit

Bob the Builder
Aug 24, 2004
23,391
11,544
In the cleavage of the Tetons
We bought a fixer upper at the bottom of our market (last year, short sale).
From all comps in our area, if we turned around and sold it today, we would likely net $150-$250k without touching it. But we are looking to live in it, so we are gutting it to the walls, and basically rebuilding the entire house. We started gutting it this last weekend.
Exciting stuff.
 
Pesqueeb

Pesqueeb

bicycle in airplane hangar
Feb 2, 2007
40,365
16,850
Riding the baggage carousel.
Not here. While things have leveled out, it's certainly not going crazy the way I initially believed just a couple weeks ago. None of the real estate agents I contacted thought we could get much more out of this place than we paid for it 10 years ago. We couldn't justify selling just to move across town, even with the equity we have in the house. I think were staying till were payed off. 8.5 years +/-. :fingerscrossed:
 
SkaredShtles

SkaredShtles

Michael Bolton
Sep 21, 2003
65,830
12,826
In a van.... down by the river
Pesqueeb said:
Not here. While things have leveled out, it's certainly not going crazy the way I initially believed just a couple weeks ago. None of the real estate agents I contacted thought we could get much more out of this place than we paid for it 10 years ago. We couldn't justify selling just to move across town, even with the equity we have in the house. I think were staying till were payed off. 8.5 years +/-. :fingerscrossed:
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We still have 11y7mo. 1st kid will be out of college by then. :panic:
 
OGRipper

OGRipper

back alley ripper
Feb 3, 2004
10,655
1,129
NORCAL is the hizzle
rideit said:
We bought a fixer upper at the bottom of our market (last year, short sale).
From all comps in our area, if we turned around and sold it today, we would likely net $150-$250k without touching it. But we are looking to live in it, so we are gutting it to the walls, and basically rebuilding the entire house. We started gutting it this last weekend.
Exciting stuff.
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Good luck! I also bought something of a fixer on a short sale and immediately put a bunch of dough into renovations. It was a gamble but I really like the place and the value has gone way up. Some of my friends think I should sell, but that's a classic Catch 22 for someone who wants to stay in the area: Selling now would mean I'd have to pay an inflated price for another place, so I'm staying put.
 
Pesqueeb

Pesqueeb

bicycle in airplane hangar
Feb 2, 2007
40,365
16,850
Riding the baggage carousel.
OGRipper said:
Good luck! I also bought something of a fixer on a short sale and immediately put a bunch of dough into renovations. It was a gamble but I really like the place and the value has gone way up. Some of my friends think I should sell, but that's a classic Catch 22 for someone who wants to stay in the area: Selling now would mean I'd have to pay an inflated price for another place, so I'm staying put.
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That's what we decided. While I'm certainly not fond of Colorado Springs, it seems were not going anywhere anytime soon. We started looking at other places in town, but ran into exactly what you're talking about. Even had our house gained a whole bunch of value, everything else in town is keeping pace. Financially we'd be making a terrible long term decision. The upsides of staying put also has a value that's hard to put a dollar amount on.
 
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StiHacka

StiHacka

Compensating for something
Jan 4, 2013
21,560
12,505
In hell. Welcome!
I am happy / lucky I bought my house three years ago during the "bottom" when there were just 3-4 offers placed on every house for sale in my neighborhood. There was no price drop then and the prices have risen quite a bit since. Today, it is like 10+ offers per house for sale, most of them from wealthy Chinese who buy good schools for their kids.

Here is some data: http://www.bostonglobe.com/business/2013/06/29/foreign-investors-led-chinese-increasingly-purchase-boston-real-estate/Ewa6KkQeOusx0f0Ic7LesO/story.html
 
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jimmydean

jimmydean

The Official Meat of Ridemonkey
Sep 10, 2001
41,265
13,382
Portland, OR
Has jobs, lacks housing.

College graduates and younger families have been clustering in coastal cities such as New York, San Francisco and Seattle, where incomes are generally ample and solid middle-class jobs plentiful. Yet studies and government data show that homes in these areas have become prohibitively expensive.
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Portland is getting worse, but there are still a lot of 'burbs that aren't a crazy long drive away with affordable housing unlike SF and Seattle. But the "cool" hoods are getting into the millions now for a house.
 
dan-o

dan-o

Turbo Monkey
Jun 30, 2004
6,499
2,805
StiHacka said:
most of them from wealthy Chinese who buy good schools for their kids.
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We did work on a $2m condo across the river from mass general last year. Dude bought it in case his daughter decided to go to school in Boston.

Just heard in NPR that houses under contract are up 20% over last year with prices up high single digits too.
 
jstuhlman

jstuhlman

bagpipe wanker
Dec 3, 2009
16,713
13,060
Cackalacka du Nord
we refi'd a year and a half ago to 15yrs when we could lock in 2.75. can't imagine we'd ever see that again. few extra payments here and there should get us out even faster.
 
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