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More real estate doom and gloom

rideit

Bob the Builder
Aug 24, 2004
23,312
11,488
In the cleavage of the Tetons
JFC, our neighbors just rented their house (basically the same as ours) for $9,000 a month for six months. They are going to spend the winter at their parents beach house in Hilton Head.

FFS, it’s obscene and absurd.
 

Montana rider

Turbo Monkey
Mar 14, 2005
1,750
2,195
These people are the new ‘ski bums’.
That's good timing, because:


I think it's airBnB more so than the pandemic, but why not both?!


The housing crisis isn’t a new issue for ski towns like Jackson, Aspen, and Crested Butte, where the local workforce has been struggling with an expensive, unstable, and competitive housing market for decades. “The last year homes were affordable to the local workforce in Jackson, meaning the median home sale correlated to the median earning household, was 1987,” says April Norton, Teton County Housing Director. “But people are starting to hit their breaking point.”
 

Inclag

Turbo Monkey
Sep 9, 2001
2,752
442
MA
That's good timing, because:


“A lot of our staff has lost their rentals and no one can move here because of the housing shortage,” says Josh Hirschmann, General Manager of Local Restaurant and Bar, who recently announced they’d be closed on the weekends to protect the mental health of their already overworked staff.


Hooray massive income inequality!!!

Hey Josh. Here's an idea. Charge those fuckers $100 for a burger and $40 for some 'local craft' IPA which probably sucks and get your local businessmen and women to do the same.
 

Changleen

Paranoid Member
Jan 9, 2004
14,351
2,462
Pōneke
NZ has house price issues too. It’s now near impossible for first-time buyers to enter the market in a conventional way; you need ‘bank of Mum and Dad’ or some sort of shared arrangement to afford it.

BF37D2D9-28DB-4494-9FCA-4BD7B3681860.jpeg
 

rideit

Bob the Builder
Aug 24, 2004
23,312
11,488
In the cleavage of the Tetons
Hooray massive income inequality!!!

Hey Josh. Here's an idea. Charge those fuckers $100 for a burger and $40 for some 'local craft' IPA which probably sucks and get your local businessmen and women to do the same.
the problem with that thinking here is that there iare only six months a year that you can command premium pricing. The other six months it’s the locals and service industry folks keeping the restaurant’s afloat. It already is sort of that way, in the spring and fall, most restaurants do two for one’s to get the locals out, and keep the doors open.
 
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Westy

the teste
Nov 22, 2002
54,408
20,200
Sleazattle
the problem with that thinking here is that there is only six months a year that you can command premium pricing. The other six months it’s the locals and service industry folks keeping the restaurant’s afloat. It already is sort of that way, in the spring and fall, most restaurants do two for one’s to get the locals out, and keep the doors open.
In Hawaii there seems to be two prices for everything. Tourists pay sticker, locals get a steep discount. At least that is what I experienced when I stayed with a friend who lived there.
 

kidwoo

Artisanal Tweet Curator
In Hawaii there seems to be two prices for everything. Tourists pay sticker, locals get a steep discount. At least that is what I experienced when I stayed with a friend who lived there.
"the way it should be"





anyone who knows even a little bit about the czarist overthrow in russka should see some very distinct similarities with our current situation.......


So for those 20 americans......teeheeheee (I know, right?) They're complaining about the service again.....heehee
 

mandown

Poopdeck Repost
Jun 1, 2004
20,243
7,773
Transylvania 90210
I was looking at fancy houses in LA on redfin last night. I realized that if I had $1,000,000 cash to buy a place in LA and live the rest of my days with no mortgage payment, I'd still owe about $1,000 a month in property taxes. With the Trump tax law change for deductions, there's no real deduction benefit for that, so it is what it is.

Factor in the cost of healthcare and the idea of winning a million bucks in the lottery and walking away from a day job forever seems less attractive. I need cash flow and coverage.
 

Westy

the teste
Nov 22, 2002
54,408
20,200
Sleazattle
I was looking at fancy houses in LA on redfin last night. I realized that if I had $1,000,000 cash to buy a place in LA and live the rest of my days with no mortgage payment, I'd still owe about $1,000 a month in property taxes. With the Trump tax law change for deductions, there's no real deduction benefit for that, so it is what it is.

Factor in the cost of healthcare and the idea of winning a million bucks in the lottery and walking away from a day job forever seems less attractive. I need cash flow and coverage.
I think the SALT limit is $20k. So unless you are already paying a shit ton of taxes there is a benefit.
 

SkaredShtles

Michael Bolton
Sep 21, 2003
65,646
12,706
In a van.... down by the river
I was looking at fancy houses in LA on redfin last night. I realized that if I had $1,000,000 cash to buy a place in LA and live the rest of my days with no mortgage payment, I'd still owe about $1,000 a month in property taxes. With the Trump tax law change for deductions, there's no real deduction benefit for that, so it is what it is.

Factor in the cost of healthcare and the idea of winning a million bucks in the lottery and walking away from a day job forever seems less attractive. I need cash flow and coverage.
Well, don't *you*, as a new homeowner, need to make up for all the folks benefiting from Prop 13? I think that's how it goes...
 

mandown

Poopdeck Repost
Jun 1, 2004
20,243
7,773
Transylvania 90210
I think the SALT limit is $20k. So unless you are already paying a shit ton of taxes there is a benefit.
$10k was the number, and I don’t think it changed.

Edit - the individual standard deduction is $12,550 for 2021. So the choice is obvious, unless you’ve got a bunch of other itemized items.
 
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mandown

Poopdeck Repost
Jun 1, 2004
20,243
7,773
Transylvania 90210
$10k and the catch is if your state also has an income tax.
Right. In CA if you earn about $100k on a W2 job you’ll cap out on taxes from that alone. $100k is pretty good income but you’d need that to afford an “average” house in SoCal. Of course that average house will cap you out on the prop tax deduction.

My simplified hypothetical was based on a “lottery winning” scenario of stumbling into $1,000,000 after tax and thinking you could buy a house and never have a mortgage payment, only to find out the property taxes would be significant. That’s not even counting regular maintenance and upkeep.
 

SkaredShtles

Michael Bolton
Sep 21, 2003
65,646
12,706
In a van.... down by the river
Right. In CA if you earn about $100k on a W2 job you’ll cap out on taxes from that alone. $100k is pretty good income but you’d need that to afford an “average” house in SoCal. Of course that average house will cap you out on the prop tax deduction.

My simplified hypothetical was based on a “lottery winning” scenario of stumbling into $1,000,000 after tax and thinking you could buy a house and never have a mortgage payment, only to find out the property taxes would be significant. That’s not even counting regular maintenance and upkeep.
Perhaps emigrate to a civilized nation? :disgust:
 

kidwoo

Artisanal Tweet Curator
LOL, national news again.


I love these pieces that ask the people contributing greatly to the degredation how to fix the degredation. An upscale real estate broker enjoying bigger commissions and retailer who's expanded his shop by orders of magnitude in the time he was making zoning decisions. Both on town council.

That former mayor deliberately left a part of the area that served primarily locals to go cash in on the tourist corridor. When he first got on the town council his brilliant ideas included "license outdoor weed grows so people can pay for their rent"

If you watch that video pay close attention to what's cited as the median income for the area. I know it's hard to imagine that a place that you go to only for vacation and fucking around, isn't just full of people exclusively on vacation and fucking around. These places were functional communities not too long ago with real people doing real jobs for each other (westy!)

search terms: killdozer
 

kidwoo

Artisanal Tweet Curator
:D

‘My flat is now a commodity’: Berlin to vote on seizing rental properties FT Series: Bid to confiscate apartments from publicly listed landlords could set precedent for other cities with high rents

“Unless we find some mechanism of continuing to transfer property from landlords to tenants [via home ownership] . . . you get a more unequal society split between the people with equity in housing and those without,” said Yolande Barnes, a professor at University College London’s Bartlett Real Estate Institute.




The subscribe banner at the top of website is fucking hilarous
financialtimes.JPG

 

kidwoo

Artisanal Tweet Curator

Adventurous

Starshine Bro
Mar 19, 2014
10,327
8,887
Crawlorado
Ah yes, this thread is a great reminder that we are no closer to being able to afford a house. Guess we'll continue squatting above my in-laws garage. :fancy: