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More real estate doom and gloom

jstuhlman

We noticed.
Dec 3, 2009
9,162
3,987
Cackalacka du Nord
Yeah. Timing the RE market is a fool's errand for sure...
no it’s not. you could see it coming in our similar neighborhood in FL 13 years ago. when you live in the “affordable/modest” area, where things typically turn over very fast, and suddenly you see people trying to cash in and there are a bunch of houses sitting on the market for a while...if you can leave, you slightly undercut everyone else and walk with your profit with a smile.
 

Pesqueeb

bicycle in airplane hangar
Feb 2, 2007
26,879
3,398
Riding the baggage carousel.
no it’s not. you could see it coming in our similar neighborhood in FL 13 years ago. when you live in the “affordable/modest” area, where things typically turn over very fast, and suddenly you see people trying to cash in and there are a bunch of houses sitting on the market for a while...if you can leave, you slightly undercut everyone else and walk with your profit with a smile.
Yup. Exactly what's happening in the teh hood right now. Anecdotally, I've noticed the trend on Zillow right now is all of the sudden houses are sitting for a month or more when they were selling in less than a week just this summer, and homes are starting to have "price drops" of at least $10,000. Just 6 months ago homes were going for 10-15g over asking. Not sure how much of this can be attributed to entering the "slow season" for real estate, or an actual turn in the market, but there has been a pretty significant turn in the last month or two.
 

SkaredShtles

I love NEWCASTLE and will ONLY drink NEWCASTLE!!!!
Sep 21, 2003
47,740
2,333
In a van.... down by the river
no it’s not. you could see it coming in our similar neighborhood in FL 13 years ago. when you live in the “affordable/modest” area, where things typically turn over very fast, and suddenly you see people trying to cash in and there are a bunch of houses sitting on the market for a while...if you can leave, you slightly undercut everyone else and walk with your profit with a smile.
Perhaps... but in Colorado it would be fool's errand at this point, since there are very few things, economically speaking, that would point to things being at a peak. Perhaps a slowdown, maybe even small price reductions... but unless something large and unexpected happens, it's a fool's errand for sure.

That said, nothing wrong with locking in profits and hanging out to see how things go.
 

rideit

Bob the Builder
Aug 24, 2004
7,027
1,715
In the cleavage of the Tetons
We are seeing something new here in our local market. The DIRT in East Jackson is becoming so valuable (1mm for 1/10-2/10's of an acre) and construction costs are so high, developers are buying up these little lots with houses on them, moving them to cheaper properties about 40 minutes away, selling those, and using the proceeds to build new on the in-town properties.
Interesting solution.
Now everything being built are characterless, square and tall crap that maximizes square footage for these small lots.
 

Toshi

Harbinger of Doom
Oct 23, 2001
25,816
1,636
We are seeing something new here in our local market. The DIRT in East Jackson is becoming so valuable (1mm for 1/10-2/10's of an acre) and construction costs are so high, developers are buying up these little lots with houses on them, moving them to cheaper properties about 40 minutes away, selling those, and using the proceeds to build new on the in-town properties.
Interesting solution.
Now everything being built are characterless, square and tall crap that maximizes square footage for these small lots.
Seattle's halfway there. A flooded house filled with black mold sold for $427k in West Seattle a year or two ago, iirc. Only difference is the scrapes in Seattle don't involve relocating the old house, just tearing it down.

Edit: Can't find that article. Here's a Ballard black mold scrape for $775k: https://www.seattlepi.com/seattlenews/article/775k-for-tear-down-house-in-Seattle-s-Ballard-12881749.php
 

jimmydean

The Official Meat of Ridemonkey
Sep 10, 2001
29,203
1,738
Portland, OR

Toshi

Harbinger of Doom
Oct 23, 2001
25,816
1,636
Yeah, I guess my point is more about the cost of new construction making that option viable...scrapers have been a thing since forever.
Got it. Most of the scrapers in Seattle are 1950s era cheap construction. Not worth it given how crowded the metro is for dozens of miles in every direction save for directly into the Sound.
 

StiHacka

Compensating for something
We are seeing something new here in our local market. The DIRT in East Jackson is becoming so valuable (1mm for 1/10-2/10's of an acre) and construction costs are so high, developers are buying up these little lots with houses on them, moving them to cheaper properties about 40 minutes away, selling those, and using the proceeds to build new on the in-town properties.
Interesting solution.
Now everything being built are characterless, square and tall crap that maximizes square footage for these small lots.
Sounds like Lexington, MA.
 

Westy

the teste
Nov 22, 2002
36,247
2,978
Sleazattle
I pay less for a year of property tax here than I paid every six months in Washington, which was like 1/4 of Oregons. Property tax is stupid low here.
My property tax went up 30% in the past year to $6500/ year. Over $7k if you include car registration. This is actually more than my mortgage + taxes for my place in Virginia. Can't complain too much as the virginia county I lived in didn't even have one park or public service short of a few deputies and some really bad schools.