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More real estate doom and gloom

jimmydean

The Official Meat of Ridemonkey
Sep 10, 2001
32,485
5,724
Portland, OR
That house doesn't look so shitty.

Also, it would sell for $600k in my town.
Relative to the phase 1 houses, they are pretty sketch. Ours isn't fancy, but it it not as basic as those.

Wow, I sound like a total ass right now. :rofl:

The HOA only applies to phase 1, so there is that. 2 blocks down a car is on blocks going on 5 years now.
 

Westy

the teste
Nov 22, 2002
42,925
8,734
Sleazattle
People really shouldn't be comparing prices of a house but total overall cost to purchase.

The value of my house has gone up about 15% since I bought it 4 years ago. If you compare interest rates from when I bought it, and assume a 10% downpayment, the total overall cost to buy the house today would pretty much be identical.

Sucks for those trying to buy with cash :rofl:
 

stoney

Part of the unwashed, middle-American horde
Jul 26, 2006
16,892
2,619
Colorado
People really shouldn't be comparing prices of a house but total overall cost to purchase.

The value of my house has gone up about 15% since I bought it 4 years ago. If you compare interest rates from when I bought it, and assume a 10% downpayment, the total overall cost to buy the house today would pretty much be identical.

Sucks for those trying to buy with cash :rofl:
We're seeing the same but in 3yrs. I'm not really sure that many people are actually moving here, so I'd gander there is a lot of currency devaluation. The "valuation" per Zillow jumped up 7% in just the last year.
 

jimmydean

The Official Meat of Ridemonkey
Sep 10, 2001
32,485
5,724
Portland, OR
We're seeing the same but in 3yrs. I'm not really sure that many people are actually moving here, so I'd gander there is a lot of currency devaluation. The "valuation" per Zillow jumped up 7% in just the last year.
Our area is weird. People forget its here, but it's only 30 minutes to downtown. As people get priced out of Portland, they generally move East towards Gresham, south towards Willsonville, or west to Beaverton. But nobody thinks to go north because you think north is Washington. But there is that weird sticky up part of Oregon.

Most folks stop at Scappoosse because there is just dead space between Portland and Scappoosse, then dead space to Saint Helens but it seems way farther than it is.

You can't get a house in Beaverton/Hillsboro for under $500k.
 

kidwoo

Celebrating No-Pants Day
Aug 25, 2003
27,296
4,799
In my pants
it's almost like real estate as an investment market is just as toxic and nonsensical as the stock market


If only there some sort of event in history that would lay this bare for all to see, driving meaningful reform



oh well!
 

Westy

the teste
Nov 22, 2002
42,925
8,734
Sleazattle
it's almost like real estate as an investment market is just as toxic and nonsensical as the stock market


If only there some sort of event in history that would lay this bare for all to see, driving meaningful reform



oh well!

Part of the problem does stem from reduced home production after the housing crisis and suddenly a bunch of people are capable of buying again. Not to mention further migration from older manufacturing towns. Check out Cleveland or Detroit if you want some cheap real estate.


I used to live nearby, this is a very nice neighborhood, well other than being in Cleveland.
 

kidwoo

Celebrating No-Pants Day
Aug 25, 2003
27,296
4,799
In my pants
Part, yes. 100% no.

Proof. I bought my house so I have a place to live.
Me n the domestic pardner too. and?

You could have done that a lot easier (and sooner in life) if seattle wasn't fucked up by rich people all desiring to either have a home next to the culture that relative poverty creates (music, art etc), or as just an investment....or allowed to run up to insanity by the presence of some high paying companies there.

You buying your house to live in has nothing to do with why the housing market is so completely fucked up. It's everything else around your example.

People with legit jobs can't afford to buy houses in every interesting city in america. Just because you could afford to take part in a perverted market for actual housing doesn't change the situation.

And yes since I bought a dirtbike which doesn't need hills I'm seriously starting to look at the UP of michigan. It's that bad :rofl:
 
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Westy

the teste
Nov 22, 2002
42,925
8,734
Sleazattle
Me n the domestic pardner too. and?

You could have done that a lot easier (and sooner in life) if seattle wasn't fucked up by rich people all desiring to either have a home next to the culture that relative poverty creates (music, art etc), or as just an investment....or allowed to run up to insanity by the presence of some high paying companies there.

You buying your house to live in has nothing to do with why the housing market is so completely fucked up. It's everything else around your example.

People with legit jobs can't afford to buy houses in every interesting city in america. Just because you could afford to take part in a perverted market for actual housing doesn't change the situation.

And yes since I bought a dirtbike which doesn't need hills I'm seriously starting to look at the UP of michigan. It's that bad :rofl:

What I see is obviously different than what you are seeing. But I don't live in a tourist destination. The problem here is economic disparity. 90% of the job growth in the area has been well paid professionals while all the lower paying jobs have suffered wage stagnation with the exception of $15 minimum wage.

I was able to buy a house here because I bought my first place in a cheap market when I was 25 years old and basically had 18 years of principle to transfer.

And I was only able to buy that house when I was 25 because I lived in a cheap and undesirable area. Ask jsthulman about Greene County outside of Charlottesville.
 

rideit

Bob the Builder
Aug 24, 2004
12,925
4,707
In the cleavage of the Tetons
For the record, our Jackson house was literally the cheapest, dumpiest, falling down piece of shit in Teton County. It had been foreclosed on twice, no one would touch it. We needed a place to live. We bought it in ‘13 for $329k, which we couldn’t afford at the time. We gutted it and renovated it when we had the scratch, and had a housemate in the basement area for five years.
I thought my wife was crazy, but she had the vision, and it is a super-swell house now.
 

kidwoo

Celebrating No-Pants Day
Aug 25, 2003
27,296
4,799
In my pants
What I see is obviously different than what you are seeing. But I don't live in a tourist destination. The problem here is economic disparity. 90% of the job growth in the area has been well paid professionals while all the lower paying jobs have suffered wage stagnation with the exception of $15 minimum wage.
Nah, it's the exact same phenomena. Cept instead of microsoft just down the street we have google, facebook, twitter et al just a little further down the street. There's true local-based douchery here but it's more limited to specifically real estate firms and relocated capital investment firms that realized there's no reason to be in the bay area for the employees that like trees.

Biggest difference is just that there's way more non-primary homes here and airbnb screws it up further (part of the 'investment' biz). But the forces driving the market are the same at the base level. No one who genuinely works here can afford to buy a house here because the richies are fucking it up just like in any major city. It's the same economic disparity it's just that our Bellevue is a little farther away but only sometimes harder to drive to.

I mean places like here and where rideit lives ARE the rich city market because it's the same fucking people.


It still cracks me up how haight street in san francisco got gentrified. I first went there when I was 15 (living north of baltimore) with a friend and his parents that were doing a west coast trip and that place was dirty, wierd and awesome. When I first moved out here I went back and was flabbergasted at the gentrified bullshit. The same thing has been happening to this place in the 20 years I lived here. Used to be your neighbor could loan you a comealong to pull the fallen tree off your house. Now your neighbor rotates every weekend and they call the cops on me when I knock on the door.
 
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Westy

the teste
Nov 22, 2002
42,925
8,734
Sleazattle
Nah, it's the exact same phenomena. Cept instead of microsoft just down the street we have google, facebook, twitter et al just a little further down the street. There's true local-based douchery here but it's more limited to specifically real estate firms and relocated capital investment firms that realized there's no reason to be in the bay area for the employees that like trees.

Biggest difference is just that there's way more non-primary homes here and airbnb screws it up further (part of the 'investment' biz). But the forces driving the market are the same at the base level. No one who genuinely works here can afford to buy a house here because the richies are fucking it up just like in any major city. It's the same economic disparity it's just that our Bellevue is a little farther away but only sometimes harder to drive to.

I mean places like here and where rideit lives ARE the rich city market because it's the same fucking people.

The irony here is that I looked at places farther outside the city and within an acceptable commute, prices didn't really go down shit just got bigger.
 

kidwoo

Celebrating No-Pants Day
Aug 25, 2003
27,296
4,799
In my pants
The irony here is that I looked at places farther outside the city and within an acceptable commute, prices didn't really go down shit just got bigger.
It's insane. The funniest to me is southern california. People moved there because the weather was nice and cool things like mountains were within driving distance. Now development has pushed so far into the desert the weather sucks and the traffic sucks so bad you can't really drive anywhere any better.........and it's still so fucking expensive because people keep wanting to live there for some reason. They lost the plot :rofl:


Concrete washington. That's my kinda town. Bigass mountains and no rich person would be caught dead with that name on their address. Still methy enough to have some class.
 

Westy

the teste
Nov 22, 2002
42,925
8,734
Sleazattle
It's insane. The funniest to me is southern california. People moved there because the weather was nice and cool things like mountains were within driving distance. Now development has pushed so far into the desert the weather sucks and the traffic sucks so bad you can't really drive anywhere any better.........and it's still so fucking expensive because people keep wanting to live there for some reason. They lost the plot :rofl:


Concrete washington. That's my kinda town. Bigass mountains and no rich person would be caught dead with that name on their address. Still methy enough to have some class.

When I finished grad school there was (what I thought) a cool engineering company in Sedro Wooley that I really really wanted to work for. I schmoozed the CEO after a seminar he spoke at and finagled myself a job interview. I got a job offer with an insultingly low salary. Low enough that I would have been living hand to mouth in Concrete. I wanted to live in B-ham. Needless to say I turned down the offer. I worked with that same company on a big project last year and that place was clearly just a bunch of extremely unhappy con artists. I would fire-bomb that place before working with them again. So glad I didn't work for them.
 

Westy

the teste
Nov 22, 2002
42,925
8,734
Sleazattle
It's insane. The funniest to me is southern california. People moved there because the weather was nice and cool things like mountains were within driving distance. Now development has pushed so far into the desert the weather sucks and the traffic sucks so bad you can't really drive anywhere any better.........and it's still so fucking expensive because people keep wanting to live there for some reason. They lost the plot :rofl:


Concrete washington. That's my kinda town. Bigass mountains and no rich person would be caught dead with that name on their address. Still methy enough to have some class.

You should buy some land in concrete, I bet it would be a good investment.
 

Jm_

sled dog's bollocks
Jan 14, 2002
12,182
4,149
AK
Part, yes. 100% no.

Proof. I bought my house so I have a place to live.
It’s not just you though, it’s developers and the entire process. Why should builders build smaller homes when they can build 2500+sq feet and sell for more? This just keeps going in the wrong direction. More and more people can’t afford to live near work.
 

Jm_

sled dog's bollocks
Jan 14, 2002
12,182
4,149
AK
Probably terrible.

1:. Buy land
2: Introduce autentico tacos
3: Make sure Mexicans aren't visible residents
4: Profit
I’m thinking of squatting. If I can build something that looks legit...
 

kidwoo

Celebrating No-Pants Day
Aug 25, 2003
27,296
4,799
In my pants
It’s not just you though, it’s developers and the entire process. Why should builders build smaller homes when they can build 2500+sq feet and sell for more? This just keeps going in the wrong direction. More and more people can’t afford to live near work.
Exactly. It's down to the 'creation' part of housing all the way up to speculation purchasing 20 years later on that same house. It's a commodity more than a respected part of societal infrastructure.
 

kidwoo

Celebrating No-Pants Day
Aug 25, 2003
27,296
4,799
In my pants
As long as it is a giant pile of garbage and stolen bikes you can build your own home in any Seattle public park!
It's a deeply held belief of mine that the pitfalls of unbridled capitalism backed up by a violent police state should be paraded in front of the people who created it

Just got a figure out a way to get more dead bodies from the last 200 years in central park..........
 

mykel

Turbo Monkey
Apr 19, 2013
3,074
1,577
sw ontario canada
You ever tried to find a nice quality small home?
Unless it was built many years ago then correctly updated, you are pretty much left with McMansions or build yourself.
 

kidwoo

Celebrating No-Pants Day
Aug 25, 2003
27,296
4,799
In my pants
You ever tried to find a nice quality small home?
I don't know about these guys but I specifically look at 200k sq ft floor plans surrounded by a moat, sitting on a private island, with a helipad and tennis court then get get confused why they cost so much :rofl:

I'm in rideit's boat. We bought the cheapest shit box around built in the 50s that still cost way the fuck too much, took out a HELOC on it to afford it and just did nothing but pay that down the first 5 years. In which time we rebuilt sagging walls and got all the cat shit and blood out of the place.
 
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Westy

the teste
Nov 22, 2002
42,925
8,734
Sleazattle
There is no land left to develop around here but all the little old houses like mine are getting bulldozed and replaced with townhomes or Mc mansions. My neighbors house is identical to mine with the exception of being in the late stages of decay. When she dies/moves there is a100% chance it will get dozed.