More real estate doom and gloom
- Thread starter Toshi
- Start date
You look like the kind of man that would benefit from some over waterway passage property. Take a look at this little gem. $500k but you better act quick, there's been lots of interest. I can give you our finance department's number, they can walk you through it and have you out of here lickity split.
When I bought 4 years ago the average down payment in my neighborhood was something like 35%-50%. Now it is only 10%. That cash ain't flying around like it used to. Also shows increased risk. However that is also indicative of people buying homes and not investors buying houses.
You know it's bad when Outside magazine writes an article about the Lake Tahoe market (https://www.outsideonline.com/2422318/tahoe-zoomtown-covid-migration). One of the guys they're interviewed was so salty I sat there wondering if it was you.
The specific minutia is different. But if you've learned anything in our short time on earth in america is that you won't learn how this is being manipulated until after it crashes. Most of this inflationary shit and whatever new loaning product they've come up with is designed to be hidden.
Credit default swaps from bundling for instance, is still happening. Vocabulary specialists wrote all the same shit in 2007 because they got hung up on what the things were called.
Predatory lending is still happening.......because they benefit from creating debt, regardless of how they get there. Edit: see westy's post.
There's an entire industry that is deeply invested in making you think "this time" is different/safer etc to keep you playing along and not looking.
Credit default swaps from bundling for instance, is still happening. Vocabulary specialists wrote all the same shit in 2007 because they got hung up on what the things were called.
Predatory lending is still happening.......because they benefit from creating debt, regardless of how they get there. Edit: see westy's post.
There's an entire industry that is deeply invested in making you think "this time" is different/safer etc to keep you playing along and not looking.
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I saw that.You know it's bad when Outside magazine writes an article about the Lake Tahoe market (https://www.outsideonline.com/2422318/tahoe-zoomtown-covid-migration). One of the guys they're interviewed was so salty I sat there wondering if it was you.
My words would be unpublishable.
I could tell you some interesting things about some of the people quoted though.
It goes like "oh yeah fuck yeah, gimme that money, everybody come check this out, wooooo, I'm rollin in it, everybody should know about this, see our instagram"
........one month later
"why all the assholes coming up here thinking they can do whatever they want because they have money? who told them this was okay?"
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I'm shocked.
It's so funny to watch how 20 years ago mountainbikers were so bad for the environment. Then the money they bring reached a critical mass that couldn't be ignored so now it's okay. Now it's ebikes/motorcycles/snowmobiles whatever.
Nothing will be done to address this kind of shit though. It would be so easy to just ban the sale of shitty 5 dollar sleds and leave a loaner stash of something durable at the bottom of these places. Instead we just get shocked that microplastics are now abundant in the largest lake in north america.
More than 6 tons of trash collected at Spooner sled hill
SOUTH LAKE TAHOE, Calif. — More than six tons of trash was removed from the sled hill at Spooner Junction this year and more than 700 pounds was collected recently during an Earth Week event…
www.tahoedailytribune.com
will they last their first wildfire though?
we might find out soon!
We had two kind of low winters in a row now. Every forest in CA was putting out multiple abandonned campfires daily last year. So much so they were coming on the radio and going to news outlets to beg people to stop building them.
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This has been the point of probably 95% of my posts in this thread. Perhaps some of "the rules" have changed, yet I remain FIRMLY convinced that fundamentally nothing has changed post Great Recession.
To be fair though, I've been saying these things for the better part of a decade at this point so clearly, even if I happen to be correct, my sense of timing it is awful.
Oh you sweet summer child.
Yeah lenders are being a little better (including asking for at least some down payment) but anyone who thinks the regulations will protect them or the market is seriously confused. There are still plenty of people over-paying, skipping appraisals, etc. Many of those will not be able or willing to carry a place that is under water. I don't think we'll see a bust like '08 but I can see some market corrections on the horizon for sure.
20+ people bidding on a house isn't the same as people getting 5 year interest only ARMs and mouth breathing dimwits proclaiming "it's a great time to buy, prices will only go up"
I don't see a housing crash taking down the economy like it did in 2008. But a good economic downturn will very likely cause a housing crash. Just wait for a tech bro to invent something that will automate tech bros.
I don't see a housing crash taking down the economy like it did in 2008. But a good economic downturn will very likely cause a housing crash. Just wait for a tech bro to invent something that will automate tech bros.
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yea, as nice as it would be to sell right now, the flipside is buying something now would probably not be the best choice in the long run......
Yeah, but I think it depends on the market you're in and whether you want to stay in the same market or move elsewhere. I bought my place in SF in 2010 when prices were rock bottom. I'd get a crazy good return right now but the only way it would make sense to sell now is to buy in a much cheaper market. In that case I'd come out ahead - way ahead - and I'd have no problem carrying a cheaper place through a flat/weak period. SF is a nutty market but I think the same applies in other places.
Market corrections that don't lead to systemic failures across the economy are just fine by me. Perhaps I'll buy a third house by then at a cheaper price.
You still had to do that in 2006 too. At least here. Even for a home equity loan taken out on the property you were buying to leverage the value of that home to pay for it
[baccharach]
what the world
needs now
is short term rentals
sweet short term rentals
[/b]
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That's actually kinda sorta what we're hoping for too.Market corrections that don't lead to systemic failures across the economy are just fine by me. Perhaps I'll buy a third house by then at a cheaper price.
But we'll have an extra bedroom for Kidwoo when he visits, so it's all good.
I just wanna buy a single house. That is all. Sounds so simple in theory.
Want affordable housing? Open up a Cinnabon.
pubmed.ncbi.nlm.nih.gov
Residential property values are associated with obesity among women in King County, WA, USA - PubMed
Studies of social determinants of weight and health in the US have typically relied on self-reported education and incomes as the two primary measures of socioeconomic status (SES). The assessed value of one's home, an important component of wealth, may be a better measure of the underlying SES...
pubmed.ncbi.nlm.nih.gov
Women in the bottom quartile of property values were 3.4 times more likely to be obese than women in the top quartile.Want affordable housing? Open up a Cinnabon.
Residential property values are associated with obesity among women in King County, WA, USA - PubMed
Studies of social determinants of weight and health in the US have typically relied on self-reported education and incomes as the two primary measures of socioeconomic status (SES). The assessed value of one's home, an important component of wealth, may be a better measure of the underlying SES...
Number 1 warning sign that yo shit just got all gentrified: skinny ass white women speedwalking in yoga britches at 10:30am when everyone else is at work.
Stayed a few weeks with a friend in Virginia when I was a gainfully unemployed bum who lived a in a neighborhood that fit this perfectly.
10:30 was a luxury athletic wear and monster truck stroller fashion show.
Here the wimmins have to work so it is the 6:00 PM mass migration to yoga class.
2 and a bit more weeks and this will be home.
Can't wait!!
Also, I so need a new phone, the camera lens on this one is rooted.
Can't wait!!
Also, I so need a new phone, the camera lens on this one is rooted.
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Because Air BnB wasn't enough.
You thought existing houses were expensive?
www.cnbc.com
Soaring lumber prices add $36,000 to the cost of a new home, and a fierce land grab is only making it worse
As the housing market gets leaner, potential buyers are turning in greater numbers than ever to new construction, but builder costs are soaring.
www.cnbc.com
Want to Move to Our Town? Here’s $10,000 and a Free Bike. (Published 2021)
With offers of cash, housing and a budding talent pool, smaller cities and states hope to get in on the ground floor of a new era for remote workers.
1031 Exchanges are on the chopping block.
Explain like I'm an aircraft mechanic with a history of traumatic brain injury?
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if you make lots of profit selling a property, you don’t pay taxes on the profit if you buy another property within 30 days, thus keeping your money invested in the economy and merica. It’s how someone grows a real estate portfolio and a reason to sell and keep things moving.
I’m no expert but I would be less likely to sell if I had to pay taxes. Or would have to sell at a higher price or raise rent. Otherwise why reinvest? If I already paid the taxes I could do anything with the money. Move it out of the country, high yield account, stocks or bonds, Mexican mining companies whatever.
but I am in the business so my opinion is jaded.
I thought that rule only counted if the property was your residence and the proceeds were rolled into another residence. If not, then it should be that way.
I also was under the impression that it only effected you if you were in the residence for a short-ish period of time. If you're flipping residences for instance.