All Things Kansas.
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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.japhy wrote: ↑Wed Apr 14, 2021 1:00 pm 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.
You better not turn a profit on that house!vega wrote: ↑Wed Apr 14, 2021 4:05 pm 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?vega wrote: ↑Wed Apr 14, 2021 4:05 pm 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.
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.twocoach wrote: ↑Wed Apr 14, 2021 3:41 pmMy 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.japhy wrote: ↑Wed Apr 14, 2021 1:00 pm 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.
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.japhy wrote: ↑Thu Apr 15, 2021 10:03 amWith 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.twocoach wrote: ↑Wed Apr 14, 2021 3:41 pmMy 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.japhy wrote: ↑Wed Apr 14, 2021 1:00 pm 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.
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 wrote: ↑Thu Apr 15, 2021 11:31 amjaphy wrote: ↑Thu Apr 15, 2021 10:03 amWe 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.