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More real estate doom and gloom

4xBoy

4xBoy

Turbo Monkey
Jun 20, 2006
7,367
3,413
Minneapolis
Westy said:
No, that is exactly how it works. Multiply the input of the function by a value (mortgage amount) and the resulting output (total mortgage cost) is multiplied by that same value

The total cost of a 30 year mortgage for various loan amounts at 3.92%
$100->$170
$1,000->$1,702
$10,000->$17,021
$100,000->$170,213
$200,000->$340,427
$300,000->$510,640

Works the exact same way for the monthly payment.


mortgage loan cost formula


r = Monthly Interest Rate (in Decimal Form) =
(Yearly Interest Rate/100) / 12

P = Principal Amount on the Loan

N = Total # of Months for the loan ( Years on the loan x 12)
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Seriously?

My sarcasm was missed? Unpossible.

I'm refinancing right now, crazy that I can, again, and come out "ahead".
 
mandown

mandown

Poopdeck Repost
Jun 1, 2004
22,042
9,299
Transylvania 90210
High-tech middlemen like Opendoor and Zillow Offers, Zillow’s home-buying platform, first inserted themselves into the housing scene a few years ago . . .

I thought tech and eCommerce was supposed to benefit people by eliminating middlemen. Look like they just want to change who the middleman is. Color me shocked.
 
jonKranked

jonKranked

Detective Dookie
Nov 10, 2005
89,244
27,443
media blackout
mandown said:
High-tech middlemen like Opendoor and Zillow Offers, Zillow’s home-buying platform, first inserted themselves into the housing scene a few years ago . . .

I thought tech and eCommerce was supposed to benefit people by eliminating middlemen. Look like they just want to change who the middleman is. Color me shocked.
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when its time for us to sell our current house, i'll be making sure its not to one of these groups.
 
Westy

Westy

the teste
Nov 22, 2002
56,237
22,267
Sleazattle
Is Zillow going to be paying their inflated value estimates?

Or just manipulating the market with their value estimates?
 
Pesqueeb

Pesqueeb

bicycle in airplane hangar
Feb 2, 2007
42,096
19,515
Riding past the morgue.
Westy said:
Is Zillow going to be paying their inflated value estimates?

Or just manipulating the market with their value estimates?
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I was poking around on zillow earlier and happened to notice that the Zillow offer price for a neighbors home was more than 10 grand over what zillow says it's worth. It does seem a little ouroboros-y. I'm going to need someone to explain to me how paying more for something than it's "worth", is a sustainable business model. Because as I understand it, "prices can only go up!" has a not great historical track record.
 
jonKranked

jonKranked

Detective Dookie
Nov 10, 2005
89,244
27,443
media blackout
Pesqueeb said:
I was poking around on zillow earlier and happened to notice that the Zillow offer price for a neighbors home was more than 10 grand over what zillow says it's worth. It does seem a little ouroboros-y. I'm going to need someone to explain to me how paying more for something than it's "worth", is a sustainable business model. Because as I understand it, "prices can only go up!" has a not great historical track record.
Click to expand...
1631044422696.png
 
Westy

Westy

the teste
Nov 22, 2002
56,237
22,267
Sleazattle
Pesqueeb said:
I was poking around on zillow earlier and happened to notice that the Zillow offer price for a neighbors home was more than 10 grand over what zillow says it's worth. It does seem a little ouroboros-y. I'm going to need someone to explain to me how paying more for something than it's "worth", is a sustainable business model. Because as I understand it, "prices can only go up!" has a not great historical track record.
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"It's a great time to buy" - Brian
 
Adventurous

Adventurous

Starshine Bro
Mar 19, 2014
10,915
10,030
Crawlorado
Westy said:
Is Zillow going to be paying their inflated value estimates?

Or just manipulating the market with their value estimates?
Click to expand...
In-laws just refinanced and the Zillow estimate is over $200K less than what the appraiser valued it at.

Their zestimates seem to be all over the place.
 
kidwoo

kidwoo

Artisanal Tweet Curator
Aug 25, 2003
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stoney said:
Was there for a bachelor party 2 years ago. It had that feeling then, I can't even imagine it now.
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I like how brooklyn douche just completely dismisses real, tangible defined economic barriers as 'just locals being afraid of change'. And how the broker just keeps doing what he does anyway.

At least I know who to punch next time I'm in CB on a bike ride.


"second homeowners are your neighbors, wE pAy tAxEs dOnT mAkE uS tAkE oUr bAll aNd gO hOmE"

"my indentured servants are a product of my generosity as a business owner and landlord"

I love the phrases she puts right after "I have/had to"

Always the same shit :rofl:
 
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stoney

stoney

Part of the unwashed, middle-American horde
Jul 26, 2006
22,016
7,914
Colorado
kidwoo said:
I like how brooklyn douche just completely dismisses real, tangible defined economic barriers as 'just locals being afraid of change'. And how the broker just keeps doing what he does anyway.

At least I know who to punch next time I'm in CB on a bike ride.


"second homeowners are your neighbors, wE pAy tAxEs dOnT mAkE uS tAkE oUr bAll aNd gO hOmE"

"my indentured servants are a product of my generosity as a business owner and landlord"

I love the phrases she puts right after "I have/had to"

Always the same shit :rofl:
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That woman made me want to slap her. "I give them somewhere less expensive to live! (But I also pay their wages, so I get both sides of that trade.)" Have you heard of the WV coal towns?

I honestly don't think the s cond home owners are the biggest issue, as long as they aren't renting them out as a primary usage. They don't have a vote, so they give up a lot in this conversation. It's the permanent short-term rental owners and vacant homes that cause problems. With that being said, there are swaths of land between CB and Gunni that are empty* ranching land. Selling the 200yds back from the highway each way would probably minimally impact ranching income, skyrocket wealth for those sellers, and open up huge amounts of property for building.
 
kidwoo

kidwoo

Artisanal Tweet Curator
Aug 25, 2003
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stoney said:
That woman made me want to slap her. "I give them somewhere less expensive to live! (But I also pay their wages, so I get both sides of that trade.)" Have you heard of the WV coal towns?

I honestly don't think the s cond home owners are the biggest issue, as long as they aren't renting them out as a primary usage. They don't have a vote, so they give up a lot in this conversation. It's the permanent short-term rental owners and vacant homes that cause problems. With that being said, there are swaths of land between CB and Gunni that are empty* ranching land. Selling the 200yds back from the highway each way would probably minimally impact ranching income, skyrocket wealth for those sellers, and open up huge amounts of property for building.
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I'll keep saying it till I'm blue in the face: Lack of structures is never the problem. Inability to treat housing like housing is a path to self destruction. Build out the whole valley, and you'll still just have more STRs and empty 'second' homes. Plus an uglier town with more traffic from people who don't live there, and STILL no affordable housing. There used to be a town here called truckee who thought building out would maintain the community. It just made a bigger hotel and more douchebags wandering around fucking up the woods. And they're still flapping their gums about just building more crap to fix thehousingproblem™


It's ALL the problem. Yes people buying non-residences and then not residing is are a big part of it. Those poor suffering second home owners can eat a dick. Most of them let them sit empty just so they can bank on rentals for a few select 3 day weekends and for the luxury of showing up themselves whenever there's the annual golf tournament in town.

Crazy pizza lady needs to be run out of town. Her altruistic bullshit never once included the novel idea of just paying her employees more. Her solution only happens when it's a pathway to more investment for herself. There are hundreds just like her here. They're brainwashed to tell themselves how generous they are for using ways to make more money for themselves.
 
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Nick

Nick

My name is Nick
Sep 21, 2001
25,007
16,723
where the trails are
I was at crazy pizza lady's place a week ago. Delicious pizza, it's a great place.
Packed all day-and-night, inside and out, $26 pizzas x how many pizzas per hour did she say??

She could pay a living wage.
 
kidwoo

kidwoo

Artisanal Tweet Curator
Aug 25, 2003
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$7,280 per hour if you believe that number. $51k per day in pizzas alone assuming 7hrs of lunch and dinner hours, plus all the really big margin stuff like sodas and beer. Maybe 1/3 to 1/4 of that is netted? I know pizza is usually cited as one of the biggest margin foods in that biz.

Place looked packed with young employees. Im going to guess that like most, her business would not be sustainable paying good wages, at least not by her standards of acceptable profit margins. Which I guess is also why shes a property manager.

Im kinda tired of these pieces that focus so heavily on the beneficiaries of self destructing communities.
 
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mandown

mandown

Poopdeck Repost
Jun 1, 2004
22,042
9,299
Transylvania 90210
Freeway close. Walking distance to the Hollywood Bowl. Not sure what the HOA fees are.
Worth noting is that recent signage has indicated this community is largely anti-vax.
Rumor has it that a nearby tent is a dispensary.
1631388570864.png
 
Nick

Nick

My name is Nick
Sep 21, 2001
25,007
16,723
where the trails are
kidwoo said:
Place looked packed with young employees. Im going to guess that like most, her business would not be sustainable paying good wages, at least not by her standards of acceptable profit margins.
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It is (plus older ski bums who haven't given up/married up yet), and I believe it would not.

That said, man I love that town. If I was in the $2MM+ home crew, I'd stay there.
 
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Pesqueeb

Pesqueeb

bicycle in airplane hangar
Feb 2, 2007
42,096
19,515
Riding past the morgue.
My uncle has been in CB since the mid 60's. Did a couple decades of ski-bum life, finally grew up and started a tile business in the 90s. Did pretty well for himself after CB got "discovered" but also became one of the locals who couldn't afford to live there. He got lucky, in that he happened to marry a gal that works in the bank and they were able to pick up a foreclosure after the bubble popped in 07/08. Else wise, there is no way a blue collar working stiff like him could swing living anywhere near CB/Gunnison, a place he's lived since his late teens, essentially. The locals aren't afraid of change, they just don't want to be chased out of town so they can afford to eat.

Not sure what the moral of that story was supposed to be, and I don't care for my uncle particularly all that much, but I'm certainly more sympathetic to him, than NY tech bro or Crazy Pizza Lady, even if the pizza is amazing.
 
kidwoo

kidwoo

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Aug 25, 2003
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Nick said:
It is (plus older ski bums who haven't given up/married up yet), and I believe it would not.

That said, man I love that town. If I was in the $2MM+ home crew, I'd stay there.
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I had a chance to grab a job there last year that workwise would be like top of careers I could ever design for myself. I didnt do it because of the town. For all the reasons its so rad to visit, it seems like a shitty place to live. Like here it has become an entire little micro society to benefit the people that dont live there, not the people who do. Thats not a community anymore in my opinion.

1st rule of kidwoo relocation: no ski areas, especially those in the vail/alterra orbit
 
kidwoo

kidwoo

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Aug 25, 2003
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Pesqueeb said:
My uncle has been in CB since the mid 60's. Did a couple decades of ski-bum life, finally grew up and started a tile business in the 90s. Did pretty well for himself after CB got "discovered" but also became one of the locals who couldn't afford to live there. He got lucky, in that he happened to marry a gal that works in the bank and they were able to pick up a foreclosure after the bubble popped in 07/08. Else wise, there is no way a blue collar working stiff like him could swing living anywhere near CB/Gunnison, a place he's lived since his late teens, essentially. The locals aren't afraid of change, they just don't want to be chased out of town so they can afford to eat.

Not sure what the moral of that story was supposed to be, and I don't care for my uncle particularly all that much, but I'm certainly more sympathetic to him, than NY tech bro or Crazy Pizza Lady, even if the pizza is amazing.
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Like a lot of people, I couldnt ever afford to move here in any capacity anymore. It only happened because of getting here bere everything went full stupid.

"marketing the outdoor lifestyle" gets you on my guillotine list these days
 
Pesqueeb

Pesqueeb

bicycle in airplane hangar
Feb 2, 2007
42,096
19,515
Riding past the morgue.
kidwoo said:
Like a lot of people, I couldnt ever afford to move here in any capacity anymore. It only happened because of getting here bere everything went full stupid.

"marketing the outdoor lifestyle" gets you on my guillotine list these days
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Same here. Houses on my street are beyond affordable, even at both of our incomes today. When we bought, we were stretching a bit to afford this place on just my income.
 
kidwoo

kidwoo

Artisanal Tweet Curator
Aug 25, 2003
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Westy said:
How do you tell if someone is from California?

Just wait 30 seconds, they will tell you.
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lol

wait till you sit in a bar with someone from seattle


i only live here because of a house we found with a garage 3 miles away from where we were living in nevada

Im still closer to nevada than CALIFORNIA

And lets be honest. I hate californians more than anyone. I have very informed reasons.
 
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