***Official Real Estate Thread***

potato-nator

Phil Edwards status
Nov 10, 2015
5,871
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SoJersey has 1/10/th the numbers floating round here AND inventory.
Yes we know the surf isn't as good.
Coastal RE more for less surf...:waving:
 

Kento

Duke status
Jan 11, 2002
63,263
13,439
113
The Bar
Caca is a condo owner and likes to bitch about his neighbors and how they don't break down their cardboard boxes :monkey:
Coming from the apartment complex I was living in just prior, yeah, it's a First World Problem but the struggle is real.

Got in two bidding wars for houses 6 lots apart. Lost the first, won the second. The first was probably just as well; nicer house but would have stretched us thin. Probably shouldn't mention to other new neighbors that we were the ones who pushed up their eventual buying price; minor guilt at play.

Place we eventually bought is nice though; no A/C required as it stays naturally cool and a wood burning stove that heats the entire house quite nicely. Fair amount of space and super-quiet neighborhood. It will appreciate nicely over time as there isn't much inventory and a lot of what is out there generally isn't all that great. And am sure the SFers will slowly creep northward (I leapfrogged them), driving demand.

Condos/apartments are necessary evils but, living in those, it always felt like it was an anthill or termite mound and a loud one at that. One thing in your 20s but it got old real quick.

I'd add that, even if you don't have kids, buy in a good school district as your house will have a much greater chance of appreciation due to greater desirability.
 

casa_mugrienta

Duke status
Apr 13, 2008
35,790
10,402
113
Petak Island
$700,000 is about the lowest entry level property in our hood right now. If we didn't get in when we did, do you think we could afford a 1.3 million dollar house now? $6000 a month mortgage? But go ahead and keep paying rent. See what that gets you in 20 years.
I own a 2br/bath condo.

Condo mortgage payment is around $1100/month. That's about $600 less than I was paying living across the street from the beach. I have an ocean view and can be down at the beach in 5 mins by car.

I bought ONLY because I could afford it and it saved me $600/month...bonus was I didn't have to worry about the inevitable rent increases.

I have no interest in paying a 3500K/month mortgage plus home ownership expenses on the salary of a teacher and a nurse, breaking my ass working OT and extra shifts (then watching the majority of that money go to taxes) or needing a part time job.

40 hours/week is enough for me.

I know that's not very American, but fvvk America.:poop:

Do you think it’s better or worse? Inflation is Certainly worse now but real estate has far better fundamentals. There are far less bad loans on the book, and we have an increase in institutional investors which has definitely changed the game. Plus there is a lot of cash on the sidelines that is waiting for a “crash”. I could see rural areas taking a hit, but I don’t see the coast dipping much at all.

We need to bring back some of the confident "it's only going up!" pre-2008 threads to refresh our memories.
 
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bird.LA

Rabbitt Bartholomew status
Jul 14, 2002
7,754
1,128
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LA
I own a 2br/bath condo.

Condo mortgage payment is around $1100/month. That's about $600 less than I was paying living across the street from the beach. I have an ocean view and can be down at the beach in 5 mins by car.

I bought ONLY because I could afford it and it saved me $600/month...bonus was I didn't have to worry about the inevitable rent increases.

I have no interest in paying a 3500K/month mortgage plus home ownership expenses on the salary of a teacher and a nurse, breaking my ass working OT and extra shifts (then watching the majority of that money go to taxes) or needing a part time job.

40 hours/week is enough for me.

I know that's not very American, but fvvk America.:poop:




We need to bring back some of the confident "it's only going up!" pre-2008 threads to refresh our memories.
They probably want to do it for their kids
 

McHatin

Nep status
Apr 11, 2010
743
185
43
We were going to buy and we could afford to. We grinded for about 5 years saving, and when we were finally ready to pull the trigger, it just it so happened to coincide with this year, where inventory was low and prices had increased rapidly (between 2020-2021).

The one f-kn year that I was looking to purchase :mad:. Now we have some doubts about how we want to utilize that savings since this market pretty much limited the number and location of homes that are within our budget
 

grapedrink

Duke status
May 21, 2011
18,740
8,252
113
A Beach
We need to bring back some of the confident "it's only going up!" pre-2008 threads to refresh our memories.
Except you didn’t provide a single reason why you think a horrible crash is imminent. We don’t have 3% down variable rate mortgages and loans w/o income verification like we did back then. The closest thing we have to that are VA and FHA loans that are under 5%, which probably represent less than 10% of total loans. We didn’t have institutional and VRBO investors. Or tons of people who have been priced out and squirreling away cash during an epic stock market and employment run. Yes, things are different this time.

Does that mean it won’t correct? Of course not. Rural, suburban, and some already declining cities could certainly get hit. But I don’t see it being like 2008 on the coast because there are too many buyers on the sidelines.

However yes, eventually the doomsayers are right after they’ve been calling for a crash for the last 1-2 decades :roflmao: I squirreled away $20k in my 401k into a bond fund back when the DOW was at 26k thinking that a crash was imminent “any day now” :ROFLMAO: :foreheadslap:
 

casa_mugrienta

Duke status
Apr 13, 2008
35,790
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Petak Island
Except you didn’t provide a single reason why you think a horrible crash is imminent.
Because I didn't say anything of the sort.

I think that was LifeOnMarts.

We don’t have 3% down variable rate mortgages and loans w/o income verification like we did back then. The closest thing we have to that are VA and FHA loans that are under 5%, which probably represent less than 10% of total loans. We didn’t have institutional and VRBO investors. Or tons of people who have been priced out and squirreling away cash during an epic stock market and employment run. Yes, things are different this time.
That's why I said it's apples to oranges.

Does that mean it won’t correct? Of course not. Rural, suburban, and some already declining cities could certainly get hit. But I don’t see it being like 2008 on the coast because there are too many buyers on the sidelines.
There's no way anyone can anticipate when or what kind of a correction there will be or what will cause the correction.

Everyone fixates on the circumstances of the housing crisis of 2008 - it's irrelevant as those circumstances do not exist currently.

My point was simply the ongoing volatile aspects of the present and the mob run on housing should give the average potential buyers pause to first and foremost reassess their financial circumstances and what owning a home will demand of them in terms of finance and employment.

I am the counterpoint to @llilibel03 's advocacy of participating in the 'Merican Dream lifestyle.

Like I said, I'm repulsed by the idea of working more than 40 hours a week or even a minute of OT. People who are into that sort of thing are into it usually because they have bills to pay, often a mortgage that swallowed them.
 
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grapedrink

Duke status
May 21, 2011
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Because I didn't say anything of the sort.

I think that was LifeOnMarts.

That's why I said it's apples to oranges.


Everyone fixates on the circumstances of the housing crisis of 2008 - it's irrelevant as those circumstances do not exist currently.
My bad, misunderstood what you were getting at :beer:

There's no way anyone can anticipate when or what kind of a correction there will be or what will cause the correction.
Agreed, I simply don’t see desirable areas getting hit that hard because there is a LOT of cash (much of which newly minted :ROFLMAO:) sitting on the sidelines waiting to get in

My point was simply the ongoing volatile aspects of the present and the mob run on housing should give the average potential buyers pause to first and foremost reassess their financial circumstances and what owning a home will demand of them in terms of finance and employment.

Like I said, I'm repulsed by the idea of working more than 40 hours a week or even a minute of OT. People who are into that sort of thing are into it usually because they have bills to pay, often a mortgage that swallowed them.
100% agree. If you need to do a bunch of OT, 2 incomes, and/or more than 1 of 2 your monthly take home paychecks to cover it, you can’t afford it.
 

potato-nator

Phil Edwards status
Nov 10, 2015
5,871
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Don't know where you're looking but on my island the least expensive livable single family house on the market is $749,000 and there are two tear downs listed for under $700,000.
was talking mainland basically.
300K will get you a nice home in SPT....10min drive to surf.
pricewise - your island went bonkers.
i sold 7053rdst round '95 for 93K.
whoops...