It's funny, I have been here twenty years, and have yet to go into Yellowstone in the winter. That must change...
More real estate doom and gloom
- Thread starter Toshi
- Start date
With possible home ownership pending I started looking at my overall financial situation. If Trump’s dumb plan to compress income brackets actually happens, my tax rate could increase significantly. Reducing my taxable income through fat ass mostly interest mortgage payments roughly equivalent to my rent would save me significant amounts of money. Of course I have no idea what these idiots will actually do, they might just remove the middle man and let me pay tribute directly to corporations.
Real estate is pure insanity in Seattle right now.
A house I made an offer on a few weeks ago had over 20 offers and finally sold for 25% over asking. I assume it was a cash offer as it closed in less than a week. Was probably purchased by a builder and will be bulldozed as I estimated it needed $30k in repairs, and that was DIY price.
Another house in tear down condition just went for $600K, it was sold just three months ago for only $450K.
I am happy to have a place under contract if for no other reason than to be done with this. It is fucking nuts right now. I made offers on 4 different houses. With the exception of the one I am under contract on, all had more than 10 buyers and went for more than $100k over list in cash. My place had 7 offers and was obtainable only because of the very small size and pretty much excluded developers and buyers with or wanting children.
I fear it is a bubble but dozens of people are showing up with suitcases full of cash. These aren't schmucks buying second investment homes with interest only loans. No idea where the money is coming from, possibly Chinese investors excluded from the Vancouver market, possible Silicon Valley transplants. I suspect there are a lot of people getting money from baby boomer parents/grandparents who have a surplus of retirement funds. I do not have that problem.
A 23 year old kid I work with recently bought a $650K house. He looked at me funny when I asked him about his interest rate, his parents layed out cash for the house.
A house I made an offer on a few weeks ago had over 20 offers and finally sold for 25% over asking. I assume it was a cash offer as it closed in less than a week. Was probably purchased by a builder and will be bulldozed as I estimated it needed $30k in repairs, and that was DIY price.
Another house in tear down condition just went for $600K, it was sold just three months ago for only $450K.
I am happy to have a place under contract if for no other reason than to be done with this. It is fucking nuts right now. I made offers on 4 different houses. With the exception of the one I am under contract on, all had more than 10 buyers and went for more than $100k over list in cash. My place had 7 offers and was obtainable only because of the very small size and pretty much excluded developers and buyers with or wanting children.
I fear it is a bubble but dozens of people are showing up with suitcases full of cash. These aren't schmucks buying second investment homes with interest only loans. No idea where the money is coming from, possibly Chinese investors excluded from the Vancouver market, possible Silicon Valley transplants. I suspect there are a lot of people getting money from baby boomer parents/grandparents who have a surplus of retirement funds. I do not have that problem.
A 23 year old kid I work with recently bought a $650K house. He looked at me funny when I asked him about his interest rate, his parents layed out cash for the house.
Portland isn't too far off, they are running out of areas to gentrify. Here it is folks from California that sold their place for $850k+.
It blows me away to see the cost of living here go from $30k to $300k in 20 years.
It blows me away to see the cost of living here go from $30k to $300k in 20 years.
Sone old guy came up to me during an open house. Was bitching about rich people moving into his neighborhood driving up prices. Claimed he was going to move to get away from it. Told him that he would then be the rich asshole moving into another neighborhood after he sold his home for 1000% profit. The idea made him smile.
I don't do joints man. Only bongs in my shed.
Explaining the suitcases of cash.
In that sense, 1 modest Seattle house = 150lbs of weed, retail.
I thought they weighed that ish in centimeters.
The only real units are Smoots. Come on.
It should be slugs.
Titanium soft tail dentist bikes?
You have not hung around Cambridge, MA enough, I see.
Top 3 states for getting screwed on a new place.
I've been super tempted to try and time the market. I'd put the house up and rent for a year, but the way my luck works, I'd be guaranteeing an unprecedented 5-10 year spike in southern CO house prices.
Bought my first house in '99 with home prices on the rise. House was $125k when I first looked at it, 6 months later it was $155k and I bought it. After 3 years, it was worth barely $130k and I lost my ass.
My second house I thought I had timed it right, sold for $235k in '06, I bought it in '09 for $175k, couldn't sell it to save my life because of the HOA dues, lost my ass again.
Our house now the wife bought in '06 and it has been under water until last year. But the way prices are going, even if we sold it and made a buck, it's still less than $300k and there really isn't anything much closer for less than that at half the size.
At this rate we are staying put and sucking it up.
The key to rising house prices. It's more than a coincidence.WEED!
http://www.bizjournals.com/denver/news/2017/03/27/in-denver-homes-are-flying-off-the-shelves.html
In Denver, homes are 'flying off the shelves'
Homes in Denver are selling so fast after they hit the market, one real estate valuation company says they're "flying off the shelves."
Only homes in Lincoln, Nebraska, are selling faster, with homes in both markets averaging less than two weeks on the market, which is a month faster than the national rate, according to research conducted by California-based Clear Capital.
Clear Capital's findings echo what other real estate companies are reporting about the Denver home market: Redfin research says half of all Denver homes pending sale in just 18 days, trailing only Seattle (12 days) and Oakland (15 days) in the country; and research conducted by Colorado-based Re/Max Holdings Inc.
In Denver, homes are 'flying off the shelves'
Homes in Denver are selling so fast after they hit the market, one real estate valuation company says they're "flying off the shelves."
Only homes in Lincoln, Nebraska, are selling faster, with homes in both markets averaging less than two weeks on the market, which is a month faster than the national rate, according to research conducted by California-based Clear Capital.
Clear Capital's findings echo what other real estate companies are reporting about the Denver home market: Redfin research says half of all Denver homes pending sale in just 18 days, trailing only Seattle (12 days) and Oakland (15 days) in the country; and research conducted by Colorado-based Re/Max Holdings Inc.
At $1M each, I could see why.
I have friends that moved out here about six months ago; they probably make $500+ per year combined. They were putting in $1mm cash offers for in need of work TIC's in SF and getting out bid same day. They figured out that it was more cost effective to move here (Backcountry in Highlands Ranch), buy a $900k house (mostly cash), then travel every other week back to SF for work. That sets them up for better schools than they could have ever gotten from public in SF (the SF private schools are $45k/year). It's insane.
Cry me a river. His post housing income is still much higher than the national family average.
what a bunch of crap. i love where i live and for a fraction of those salaries (and a sense of what is needed versus keeping up with the asshole capitalists) can have good schools, year round riding, and can consider adding something like this (lowball offer, of course-5 mins from blue ride parkway; close to great mtn. riding; 15 from larger mtn. communities). https://www.zillow.com/homedetails/4949-Edgemont-Rd-Collettsville-NC-28611/2098734184_zpid/
Dude - you can't encourage people... 'cause they'll eventually fuck it up. Don't ask me how I know this.
I heard an ad on the radio yesterday for some local realtor, practically begging people to put their homes up for sale so her clients could buy them. It was weird. Housing is full retard again, I'm tempted to sell and try to ride it out in a van down by the river for the next crash
The neighbors place sold for $309k (ours was $265k in '06) and was on the market for about a month after they moved out (she smoked in the house, so there were no offers while they lived there). The wife and I keep talking about selling our place, buying a trailer and live in a park until the pop, then get us the place we want in SE.
Perhaps a winnebago in the hangar parking lot? Running water and a sewer dump!
I was talking with Wifey about this when we were looking at a new house. It was in our best interest to sell the house so we had cash available when it came time to buy. We put in a few offers (that thankfully didn't get accepted) and a bunch were immediately rejected as others were cash offers or non-contingent. The idea of a contingent sale here right now is blasphemy. I figure that a rental will cost us maybe an additional $1k/m until we find something. If we can get a premium for the house, then that works to our favor.
That's why in my Seattle plans the ability to shack up in the MIL's house cheaply (and thus choose to sell here in Denver at our convenience/for tax rules) is absolutely key.
The guy who bought the neighbors house is a cash offer and he is moving in on the 1st and renting until close at $2k/month. It's an interesting deal, but he was asking way more than we thought he would get.
Corner house sold a year ago this month for $285k, zombie house flipped for $275k 6 month before that (either sides of ours), now Bob's at $309k (across the street), that's just crazy. He bought his house in '02 for $215k.
Someone offered $25k more than I did on my house but did not release financing contingencies. They even offered a non refundable $10k, locally known as the Ballard Bribe. Seller decided to sell to me at the lower price as I had released everything.
House two doors down dropped to $829, but they were overpriced (and summer is buying time around here)