Major housing crash coming this winter or sooner

[Deleted User 863]

https://www.cnbc.com/2021/04/13/when-is ... 1618328023

https://trib.al/EymLicc

A few recent articles if anyone cares.

[Cascadia]

Doesn't google know that the crash is coming this winter........or SOONER!

[japhy]

Any analysis of the housing market that does not include a youtube video starring Michael Burry is just shit.

Housing prices will crash, someday or somewhere; and everyone who got the covid vaccine will die, someday of some cause or something.

In the meantime I periodically check in to see what $450K would buy right now in Colorado Springs and it makes me smile. Glad I got in when I did, what a difference a few months can make.

[twocoach]

Any analysis of the housing market that does not include a youtube video starring Michael Burry is just shit.

Housing prices will crash, someday or somewhere; and everyone who got the covid vaccine will die, someday of some cause or something.

In the meantime I periodically check in to see what $450K would buy right now in Colorado Springs and it makes me smile. Glad I got in when I did, what a difference a few months can make.

My buddy is a real estate agent for a Real Estate group in Colo. Spgs and the market has gone completely insane out there these days.

[Deleted User 89]

heard just yesterday that the housing market in the SLC metro is at 70% below normal availability

cash offers above both market and asking values are now the norm

i make a decent salary and have awesome credit, but am being priced out

[Deleted User 865]

I bought a vacation house in Vermont in June last year. Empty lots with half the acres are going for more than what I paid for the house now. I'm doing reno right now on the house, but I could've tripled my money if I would've just held and sold it.

I feel bad because while it's a vacation house for me, there's a housing shortage in that area, and people cannot find affordable housing and are being pushed out.

[Deleted User 89]

a buddy just chanced upon a condo that was getting ready to go on the market (friend of family) and was able to secure it for $360K...a fucking condo!

it’s in the middle of he city and doesn’t even have decent views...stacked on top of a bunch of other condos with neighbors right up in your business. no yard, no uniqueness, no view, no privacy, no thank you

[Deleted User 865]

Lol, so you're saying NYC isn't for you?

[Deleted User 89]

Lol, so you're saying NYC isn't for you?

for more reasons than that

[Overlander]

I bought a vacation house in Vermont in June last year. Empty lots with half the acres are going for more than what I paid for the house now. I'm doing reno right now on the house, but I could've tripled my money if I would've just held and sold it.

I feel bad because while it's a vacation house for me, there's a housing shortage in that area, and people cannot find affordable housing and are being pushed out.

You better not turn a profit on that house!

[TDub]

I bought a vacation house in Vermont in June last year. Empty lots with half the acres are going for more than what I paid for the house now. I'm doing reno right now on the house, but I could've tripled my money if I would've just held and sold it.

I feel bad because while it's a vacation house for me, there's a housing shortage in that area, and people cannot find affordable housing and are being pushed out.

Howd the floor reno go?

[Deleted User 865]

Lol, fuck all contractors. They keep pushing me off. We got in for first time this season 2-3 week ago to talk to hardscapers. So if the ones I’ve been using don’t get back up by may, gotta move on.

[TDub]

Ha. Residential contractors are...not my favorite....unless you have a group of then you know and work with a lot.


On the other hand, they sound busy, maybe I should move to vermont and eat up the gravy they're dropping haha

[Deleted User 865]

I mean it’s cheaper Oregon. There’s a lot of construction going on. A lot of people on the way to my place have half finished projects going on.

[japhy]

Any analysis of the housing market that does not include a youtube video starring Michael Burry is just shit.

Housing prices will crash, someday or somewhere; and everyone who got the covid vaccine will die, someday of some cause or something.

In the meantime I periodically check in to see what $450K would buy right now in Colorado Springs and it makes me smile. Glad I got in when I did, what a difference a few months can make.

My buddy is a real estate agent for a Real Estate group in Colo. Spgs and the market has gone completely insane out there these days.

With the onset of working remotely my guess is a lot of people who work in Denver are now working remote from the Springs. You can get into the Springs market depending on what you are looking for, at about $100-150K less than the Denver market from what I saw. That money will pay a lot of gas to travel back and forth when you need to be in Denver. The market is over run by amateur house flippers. The number of bad remodels we went through was impressive. The houses list on the MLS on Thursday night and are sold on Saturday or Sunday night. So you get one shot to see the place for 45 minutes and then the next buyer is on the sidewalk outside waiting to come in and the flow of buyers and realtors lasts all day. The number of homes on the market is small. If you don't know what you are looking at, you make a bid and then have an inspector tell you how much of a mistake you made afterwards. If the mistake is more than you or your bank can stomach the house just goes to the next bidder and they decide how they want to handle the issues in the inspection report. The housing stock near downtown is old and some of the floor plans were really bad. In one home near Old Colorado City we had to walk from the living room into the bedroom and thru the bathroom to get to the kitchen. We didn't see ourselves having a dinner party in that place. Regardless of the listing price, nothing livable was selling for less than $400K regardless of size. There were quite a few houses less than 1,000 sf.

We struck gold through some patience and research. The house we bought listed in Nov for $530K, it looked nice and was in our desired location but it was overpriced then at that number. We watched the Owner drop the price $10K every 2 weeks until February. It was weird to see a house sit in that market for 4 months. At that point we were ready to buy so he had our realtor do a virtual walk through of the house. Our realtor told us no one had shown the place for almost a month at that point. Once realtors sour on a place it seems they stop showing to prospective buyers. It smelled of faint dog piss but otherwise the bones and the floor plan were prefect for what we wanted. When the front of the furnace was opened to expose the filter, there was a Glade airstrip sitting on top of the filter. Every room had a plug in air stencher. We mentioned the smell and offered $20K less than asking at the time and the Owner accepted the offer an hour later. A professional carpet cleaner spent half a Saturday in the place with a blacklight and dog piss remover and shampooed everything, charged us $400 and the place smells new again. If the Owner or their realtor had popped for a professional cleaner instead of $40 worth of Glade air fresheners they might have made another $40-50K on the place months before we got there. Of all of the fixes needed on the houses we saw, dog piss was the cheapest and easiest to fix but turned out to be the kiss of death for other buyers.

It was kind of fun going through places trying to figure what was wrong with each one. Our realtor wants us to go into business with her when we move to the Springs. The seller's realtors did not seem like they wanted to see us again.

[twocoach]

Any analysis of the housing market that does not include a youtube video starring Michael Burry is just shit.

Housing prices will crash, someday or somewhere; and everyone who got the covid vaccine will die, someday of some cause or something.

In the meantime I periodically check in to see what $450K would buy right now in Colorado Springs and it makes me smile. Glad I got in when I did, what a difference a few months can make.

My buddy is a real estate agent for a Real Estate group in Colo. Spgs and the market has gone completely insane out there these days.

With the onset of working remotely my guess is a lot of people who work in Denver are now working remote from the Springs. You can get into the Springs market depending on what you are looking for, at about $100-150K less than the Denver market from what I saw. That money will pay a lot of gas to travel back and forth when you need to be in Denver. The market is over run by amateur house flippers. The number of bad remodels we went through was impressive. The houses list on the MLS on Thursday night and are sold on Saturday or Sunday night. So you get one shot to see the place for 45 minutes and then the next buyer is on the sidewalk outside waiting to come in and the flow of buyers and realtors lasts all day. The number of homes on the market is small. If you don't know what you are looking at, you make a bid and then have an inspector tell you how much of a mistake you made afterwards. If the mistake is more than you or your bank can stomach the house just goes to the next bidder and they decide how they want to handle the issues in the inspection report. The housing stock near downtown is old and some of the floor plans were really bad. In one home near Old Colorado City we had to walk from the living room into the bedroom and thru the bathroom to get to the kitchen. We didn't see ourselves having a dinner party in that place. Regardless of the listing price, nothing livable was selling for less than $400K regardless of size. There were quite a few houses less than 1,000 sf.

We struck gold through some patience and research. The house we bought listed in Nov for $530K, it looked nice and was in our desired location but it was overpriced then at that number. We watched the Owner drop the price $10K every 2 weeks until February. It was weird to see a house sit in that market for 4 months. At that point we were ready to buy so he had our realtor do a virtual walk through of the house. Our realtor told us no one had shown the place for almost a month at that point. Once realtors sour on a place it seems they stop showing to prospective buyers. It smelled of faint dog piss but otherwise the bones and the floor plan were prefect for what we wanted. When the front of the furnace was opened to expose the filter, there was a Glade airstrip sitting on top of the filter. Every room had a plug in air stencher. We mentioned the smell and offered $20K less than asking at the time and the Owner accepted the offer an hour later. A professional carpet cleaner spent half a Saturday in the place with a blacklight and dog piss remover and shampooed everything, charged us $400 and the place smells new again. If the Owner or their realtor had popped for a professional cleaner instead of $40 worth of Glade air fresheners they might have made another $40-50K on the place months before we got there. Of all of the fixes needed on the houses we saw, dog piss was the cheapest and easiest to fix but turned out to be the kiss of death for other buyers.

It was kind of fun going through places trying to figure what was wrong with each one. Our realtor wants us to go into business with her when we move to the Springs. The seller's realtors did not seem like they wanted to see us again.

Yeah, it's pretty nutty. He lives up at the top of Crystal Park in Manitou Springs and specializes in homes of every size and state in that area of town. It's insane what some of those dinky little mountain houses are going for up there.

[Deleted User 89]

this is just nutz

https://www.bbc.com/news/technology-56012952

Bitcoin consumes 'more electricity than Argentina'

"Mining" for the cryptocurrency is power-hungry, involving heavy computer calculations to verify transactions.

Cambridge researchers say it consumes around 121.36 terawatt-hours (TWh) a year - and is unlikely to fall unless the value of the currency slumps.

Critics say electric-car firm Tesla's decision to invest heavily in Bitcoin undermines its environmental image...

something tells me that musk couldn’t give two shots about the environment so long as he’s still getting paid

[TDub]

For a non existent, non tangible, math equation of nothingness

[japhy]

Yeah, it's pretty nutty. He lives up at the top of Crystal Park in Manitou Springs and specializes in homes of every size and state in that area of town. It's insane what some of those dinky little mountain houses are going for up there.

We like Manitou, it's a nice place to visit. After having a place in Pagosa Springs for several years we decided we don't want live in a place that gets that many tourists again. And I steer away from places with the history of flash floods and fires that Manitou has as well. We saw listings for places in Manitou, and there were older places in the 600-800 sf range. Tough to fit our king bed and three dogs into a place that size. The prices last I checked were in the $400-500/sf range. If you go a few miles east to the other side of downtown it drops to $200-300/sf. You have a better view of Pikes Peak and no summer traffic jams of tourists. So far we like the Springs more than Denver for everything but access to art museums. The local food scene is much better than I anticipated. I will start sampling the local breweries this spring/summer.

[Leawood]

Make sure to greet James Dobson.