Major housing crash coming this winter or sooner

[Overlander]

What is the monthly payment on a cracker sheet with ketchup?

[japhy]

I was part of a conference call yesterday hosted by DCI that included economic development folks in Colorado, housing agencies in the Empire, a town manager, financial advisors and some carpetbagger-ner-do-well-wannabe "developers". They mentioned this project in the next valley north of us. One thing the financial folks were saying is that right now is the best time they have seen in decades for finding investors to fund projects in tertiary markets. There is a lot of money out there looking for projects and they want to do them in the small mountain towns rather than Denver.

Japhy:
Defix, I'm afraid I've been thinking...

Defix:
A dangerous pastime.

Japhy:
I know.

All of the carpetbaggers have personal projects they are neck deep in right now, but that too will pass.

But in the meantime, anyone interested in affordable housing would be well advised to look into this place and it's story which was mentioned as an example of what is possible.

https://thefarmatbv.com

On a side note; I have noticed that flippers are having trouble selling 1,000 sf troche y moche "rehabs" for over $400K in the Springs now.

The cash is imminent! It will happen by Winter 2028 or sooner!

[Deleted User 89]

2028

lol

[japhy]

Then again, I guess the last year in the Springs has been pretty good. It was due for a pause. Glad we sold our place in Lakewood. They didn't even get 20% appreciation in the last year.

https://www.fhfa.gov/DataTools/Tools/Pa ... kings.aspx

[RainbowsandUnicorns]

Putting my mother's apartment on the market in January. Will be interesting to see what it is appraised at. I don't see how anyone would want to buy and LIVE in the neighborhood it's in right now. Despite it having been a "perfect" and "highly desirable" location in the past. It's sad.

[ousdahl]

[japhy]

So it's coming 2023 or later.

https://www.yahoo.com/finance/news/hous ... 32394.html

Anyone interested in an income producing 8,000 sf commercial property with new roof that is a mix of apartments and commercial retail for a price under $47/sf in an up and coming mountain Empire, hit me up. It houses the Western Union office that migrant workers use to send money back home, a Western clothing store, the only laundromat in town and 3 rented apartments. For the median price of a house ( not in Colorado mountains) you could own 4x as much floor space and generate income.

[defixione]

So they've pulled the trigger, eh?

[RainbowsandUnicorns]

My mother is moving Thursday. Anyone looking to buy a 1 bedroom apartment on the "Mag Mile" in the heart of the current run down depressing crime ridden shithole known as Chicago?

[ousdahl]

[japhy]

Good luck Hank.

For every one of you there are two other people who have already made offers over asking for that gray box.

[ousdahl]

Yeah.

Everyone gets a plate before anyone can have seconds, unless it’s housing.

[japhy]

Everyone gets a plate before anyone can have seconds, unless it’s housingand stocks and cars and land and fly rods and large screen TVs and cell phones and laptops and rice cookers and.... comparing valuable asset acquisition to a volunteer communal dinner is a reach my friend.

[ousdahl]

Yeah. It’s kind of a silly and oversimplified illustration.

If there is some value to it, it’s as some commentary on how we culturally and economically and whatever, value the opportunity for individual accumulation of wealth more than we value collectively keeping folks housed.

And unlike fly rods and big screen TVs, these aren’t luxury concessions. It’s a gray box to keep you from freezing to death.

But at the end of the day, don’t overthink it, it’s just another Qusdahl meme.

[Overlander]

So it's coming 2023 or later.

https://www.yahoo.com/finance/news/hous ... 32394.html

Anyone interested in an income producing 8,000 sf commercial property with new roof that is a mix of apartments and commercial retail for a price under $47/sf in an up and coming mountain Empire, hit me up. It houses the Western Union office that migrant workers use to send money back home, a Western clothing store, the only laundromat in town and 3 rented apartments. For the median price of a house ( not in Colorado mountains) you could own 4x as much floor space and generate income.

Possibly

[KUTradition]

interesting…

https://www.axios.com/owning-is-cheaper ... 246b5.html

[japhy]

So it's coming 2023 or later.

https://www.yahoo.com/finance/news/hous ... 32394.html

Anyone interested in an income producing 8,000 sf commercial property with new roof that is a mix of apartments and commercial retail for a price under $47/sf in an up and coming mountain Empire, hit me up. It houses the Western Union office that migrant workers use to send money back home, a Western clothing store, the only laundromat in town and 3 rented apartments. For the median price of a house ( not in Colorado mountains) you could own 4x as much floor space and generate income.

Possibly

The building seems to have good bones, we could do some due diligence together if you are serious. There is quite a bit of room, so you could change up the current mix of uses. The laundromat is always busy and is a much needed facility as well as the Western Union office. The current Owner might rent the Western Union office back from you and keep running that operation. I have heard the laundry needs some upgrades but that could be done incrementally. It is directly across the street from your friends at the Police Station so you won't be lonely and they keep an eye on things over there. I think the price is a little high (the claimed income from the laundry may be inflated ) based upon everything in town but with a new roof it could still be a bargain. Hard to find a good commercial building in Colorado for under $50/sf no matter where it is. If you put a personal residence in the back it would be a 1 minute walk to the Spud Lounge. Let me know and I will put you in touch with Joaquin. You may have met him at the last Solstice.

[Overlander]

I met Joaquin.
Yeah, $47 seems a bit high, but final price is obviously TBD.

Laundromats are normally very profitable, but being an obvious cash business….. reporting is pretty much what you need it to show.

[twocoach]

https://www.cnn.com/2022/02/22/homes/us ... index.html

"Home prices rose 18.8% in 2021, according to the S&P CoreLogic Case-Shiller US National Home Price Index, the biggest increase in 34 years of data and substantially ahead of 2020's 10.4% gain."

[PhDhawk]

I just looked at realtor.com for houses in my neighborhood 3Br/2Ba and similar Sq footage and lot size to my house that I bought in summer 2019.

the two houses were pending with a price 40% and 39% more than what I paid.

I'm glad I bought when I did.