Major housing crash coming this winter or sooner

[Deleted User 89]

illy says it doesn’t make sense, so it must be false

[ousdahl]

I'm just excited to have Illy back on the pols bored!

but yeah, half the state of Texas is looking to buy in CO ski towns right now. Demand way up, and supply limited.

we're also seeing folks buy up here just to have it managed as a short term rental. No real interest in spending time up here, just wanna earn rental revenue.

Also lots of affluent Denver types trying to rent for a whole season even though they're only up here on weekends.

Meanwhile, locals cross their fingers and hope they can find a mop closet to crash in for under $1500 a month.

[japhy]

In my opinion one of the things to do is look at locations that do not require you to get on I-70 to get there. The stretch between the Eisenhower and Golden is a nightmare on Sunday evenings heading east. Look at locations along US Highway 285 south out of Denver. Anything less than 4 hours away is good for weekends. I drive through towns and just look for locations and buildings. Then get on the County Parcel Viewer maps and look up the owners name and address and contact them. If someone has owned property for more than 20 years and lives out of State you have found a potential seller. They may not even know what they've got. If you want to get a deal, buy it before it goes on the market. There are a whole series of tells that show up on the tax assessors records. Also tax assessors sell property for back taxes. Buildings and houses may get sold for $1000 that way. A developer once told me that you make your money when you buy not when you sell.

[Deleted User 863]

I'm just excited to have Illy back on the pols bored!

but yeah, half the state of Texas is looking to buy in CO ski towns right now. Demand way up, and supply limited.

we're also seeing folks buy up here just to have it managed as a short term rental. No real interest in spending time up here, just wanna earn rental revenue.

Also lots of affluent Denver types trying to rent for a whole season even though they're only up here on weekends.

Meanwhile, locals cross their fingers and hope they can find a mop closet to crash in for under $1500 a month.

Sounds like a good problem to have. People who pay high property taxes and don't use the things they go towards.

IL is a sinking ship with population decline.

[Deleted User 62]

I had a badass cabin 3 miles outside St Elmo 12 years ago. Turn ig the century 3 bed 2 bath log home.
The property was fed by hot springs from Mt Princeton.
We had a grotto hot tub (had to pipe cold well water in to cool it down)....and it had a crazy hot spring shower that you went down 2 flights of stairs to use...it was 26' ceiling height to get enough pressure from gravity to shower.
10' from the stream that ran through.

Awesome get away!

[Walrus]

35% drop in rents in San Francisco. As far as I'm concerned, I'm already right. Homes and condos are also depreciating in Palm Springs as well. Once the forbearance ends, and the fact that people are not going to be able to afford their homes due to rising costs of living, massive inventory will come on the market.

Anyway, gotta go. Life's keeping me pretty busy these days. Many good things happening.

[pdub]

Biden today.

[Deleted User 89]

i feel so much better knowing lobs is keeping busy...i was loosing sleep over it

guess the work of a proud boy never stops

[Deleted User 62]

35% drop in rents in San Francisco. As far as I'm concerned, I'm already right. Homes and condos are also depreciating in Palm Springs as well. Once the forbearance ends, and the fact that people are not going to be able to afford their homes due to rising costs of living, massive inventory will come on the market.

Anyway, gotta go. Life's keeping me pretty busy these days. Many good things happening.

Help me understand how dropping rents impact home values again?

I see no data supporting this claim about Palm Springs. Market adjustments...sure, but no tangible decline.
Still a great investment with some work put in ahead of time.

[Deleted User 89]

rents are dropping because people are leaving Cali (or at least the coast) since they can now work remotely

this has nothing to do with the clown’s projections, which were offered long before covid was a thing

“As far as I’m concerned, I’m already right”

and this was going to be the case no matter what happened here in reality

[japhy]

After 4 years of it being "opposite day" the loons aren't going to give it up now. Of course the housing market already cashed and only the smart ones know about it. Now that trump has declared martial law and the military is rounding up Congress to take them all to prison, this will turn everything around. Or they won't and the crash will continue.

Buy bitcoin! but remember.....it is still opposite day.

[NewtonHawk11]

rents are dropping because people are leaving Cali (or at least the coast) since they can now work remotely

this has nothing to do with the clown’s projections, which were offered long before covid was a thing

“As far as I’m concerned, I’m already right”

and this was going to be the case no matter what happened here in reality

Exactly. People are leaving that high cost of living because a good amount of the workforces across the US are going strictly remote.

[japhy]

rents are dropping because people are leaving Cali (or at least the coast) since they can now work remotely

this has nothing to do with the clown’s projections, which were offered long before covid was a thing

“As far as I’m concerned, I’m already right”

and this was going to be the case no matter what happened here in reality

Exactly. People are leaving that high cost of living because a good amount of the workforces across the US are going strictly remote.

I wonder what is happening to rent and housing prices in those places where they are moving to?

Maybe a national average of prices would be a better indicator? Naw, SF is going down and that has always been a measure of the entire country.

Buy bitcoin now!

[NewtonHawk11]

Yeah look at Austin, Denver and big markets in the Mountain Time Zone and Central Time Zone.

[Deleted User 62]

California isn't expensive because it sucks.

I guess that since my entire day, almost every day, is spent dealing with high net worth individuals...I have a bit of a different view of where to invest and where not to.

It has been working so far, with significantly higher returns than an IRA or 401k.

[Deleted User 62]

Hmmm...just looked it up. Looks like gains all around.
Average down payment of $147,000.
The days in inventory reflect the fact that 1/2 of the land in the Coachella Valley sits on indian lease land, which confuses things for new buyers to the area.

https://www.redfin.com/city/14315/CA/Pa ... ing-market

PS-$306.00 per square.

[PhDhawk]

As far as I'm concerned, I'm already right.

Never before have so few words said so much.

[zsn]

Yeah look at Austin, Denver and big markets in the Mountain Time Zone and Central Time Zone.

There’s bidding war for houses in Placer and Nevada Counties in California (Greater Tahoe region). Yes, SF is soft but not in the South Bay

[Deleted User 89]

lol

https://www.cnbc.com/2021/01/21/bitcoin ... arket.html

[TDub]

Bitcoin is weird. I dont understand it or how it holds any value at all. It was created out if of thin air by an unkown person using an alias. Its doesnt exist in any tangible form. Its not backed federally by any country. Best i can gather it is a series of mathematical equations that exist in the Netherworlds of the growing digital abyss. Why the fuck would anyone want it and how does it have any value at all? Who is buying equations that are completely imaginary for 32k?