Fizzzzle Posted September 2, 2018 Share Posted September 2, 2018 So, I live on the west coast. Everyone already knows the ridiculousness of bay area housing prices, as well as Seattle. I, however, live in Portland - a lesser known Pacific destination. The rent prices have gone up dramatically over the last 5 years or so. My workplace is in an "up and coming" part of the city where 5-10 story apartment buildings are going up basically every month. The problem? none of them are renting. The buildings are all sitting at like 30-50% occupancy. One of my friends moved into an apartment over there, as the FIRST TENANT, and the building had been there for almost 2 years. The bar closest to my work that I go to almost every night? The property was sold 2 years ago with the intent to demolish the bar, but the people who bought it have already decided that developing the land will lose them money, so they decided to keep the bar there paying rent. At least they'll get something. I live in one of the hottest neighborhoods in town and there's a house 2 blocks away that has been on the market for 6 months now. The market is about to crash. How do you think this will be different from the crash 10 years ago? I feel like the people who were hit most at the time were single home owners who couldn't pay their mortgages. This time, I think the people hit the hardest will be real estate investors. That could really change the dynamic of the whole situation and how the government deals with it. 1 Quote Link to comment Share on other sites More sharing options...
Chris- Posted September 2, 2018 Share Posted September 2, 2018 FIZZZZZZZZZZZZZZZZ!!!!!!!!!!!!! 1 Quote Link to comment Share on other sites More sharing options...
Biggie Posted September 2, 2018 Share Posted September 2, 2018 Two phrases that stick out to me are ridiculous housing price of the west coast. Portland a lesser known destination. Those factors could be reasons why those houses aren’t selling and the reason those buildings aren’t renting. I’m in Atlanta and the market here is booming. Quote Link to comment Share on other sites More sharing options...
Nokra Posted September 2, 2018 Share Posted September 2, 2018 Unfortunately I don't have anything to contribute to the topic, but I just wanted to say it's good to see you again! Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted September 2, 2018 Share Posted September 2, 2018 You're right it's going to crash but it will hit N Cal and the Pacific Northwest the hardest because a lot of the issues you're seeing are self contained to those areas. As long as they keep trying to invest in the same people that seem like young go getter Zucks and Musks and they keep not delivering it's at risk. Someone's gonna want their money back at some point and pull the carpet from under the whole scam. That's not to say there isn't potential or talent, it's that they are picking the wrong people. Because they're idiots trusting other idiots. https://www.theguardian.com/technology/2018/sep/02/big-techs-double-trouble-bipartisan-criticism-may-signal-a-reckoning-ahead There's also the Trump factor. Tech cozied up and like everything he touches he destroys. Quote Link to comment Share on other sites More sharing options...
The def star Posted September 2, 2018 Share Posted September 2, 2018 Yeah I'm waiting for the crash to happen so I can buy a new home. Currently rent in SoCal is ridiculous. A 1 bed 1 bath in the Inland Empire is anywhere from $1300 to $1800. Those same apartments were $750-$1200 five years ago. That's a ridiculous increase when you consider that minimum wage has barely gone up in the same amount of time. Now it seems all apartment managers want is for people to have room mates. It's pretty crazy. Something has got to give and I can't wait for the housing market to crash. From what I hear a lot of what's going on in SoCal is a lot of foreign and Chinese investors buying up whole neighborhoods and raising the price. Like what the fuck. Quote Link to comment Share on other sites More sharing options...
Amazatron Posted September 2, 2018 Share Posted September 2, 2018 Umm, this is completely different than the crash 10 years ago when they were handing out mortgages like candy to anyone and everyone who had no business getting one. I can't speak for Portland, but in the Bay Area, any house in the "prime locations" gets huge amounts of offers usually above asking price, and many of them all cash. The demand is ridiculous, it certainly is not a bubble here unless tech companies pack up and leave. Quote Link to comment Share on other sites More sharing options...
The def star Posted September 2, 2018 Share Posted September 2, 2018 2 minutes ago, Amazatron said: Umm, this is completely different than the crash 10 years ago when they were handing out mortgages like candy to anyone and everyone who had no business getting one. I can't speak for Portland, but in the Bay Area, any house in the "prime locations" gets huge amounts of offers usually above asking price, and many of them all cash. The demand is ridiculous, it certainly is not a bubble here unless tech companies pack up and leave. A lot of the ones paying cash are investors not home owners. That's why a lot of the homes listed are on the market for a while. It's a different market crash but it's one that is on the horizon. With all these homes that are available but are over price where people can't afford them somethings gonna give. Quote Link to comment Share on other sites More sharing options...
Amazatron Posted September 2, 2018 Share Posted September 2, 2018 Just now, The def star said: A lot of the ones paying cash are investors not home owners. That's why a lot of the homes listed are on the market for a while. It's a different market crash but it's one that is on the horizon. With all these homes that are available but over price where people can't afford them it's gonna pop. Again, in the Bay Area, houses usually go extremely quick. Not sure what the situation is like in L.A. Quote Link to comment Share on other sites More sharing options...
The def star Posted September 2, 2018 Share Posted September 2, 2018 6 minutes ago, Amazatron said: Again, in the Bay Area, houses usually go extremely quick. Not sure what the situation is like in L.A. Situation is the same as @Fizzzzle described. Plenty homes on the market that aren't being bought because of ridiculous prices. So fewer affordable homes on the market. https://www.cnbc.com/2018/07/24/southern-california-home-sales-crash-a-warning-sign-to-the-nation.html Quote Link to comment Share on other sites More sharing options...
Amazatron Posted September 2, 2018 Share Posted September 2, 2018 Then these markets are not really relatable. Quote Link to comment Share on other sites More sharing options...
darkness35 Posted September 3, 2018 Share Posted September 3, 2018 To what money do I have where I can afford a fucking house? Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted September 3, 2018 Share Posted September 3, 2018 8 hours ago, darkness35 said: To what money do I have where I can afford a fucking house? Ask Papa. Quote Link to comment Share on other sites More sharing options...
darkness35 Posted September 3, 2018 Share Posted September 3, 2018 2 hours ago, 2user1cup said: Ask Papa. Hi dad can you give me money for a house? Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted September 3, 2018 Share Posted September 3, 2018 *zip* Quote Link to comment Share on other sites More sharing options...
atom631 Posted September 4, 2018 Share Posted September 4, 2018 Long Island currently has a housing shortage. So prices are waaaay up. I dont think any sort of "Crash" will affect this region..but the wife and I have been thinking about selling the house, and then renting for a while and see if the prices drop and then buy in a more desirable neighborhood. Quote Link to comment Share on other sites More sharing options...
TwinIon Posted September 4, 2018 Share Posted September 4, 2018 In San Diego we have problematically low vacancy rates leading to dramatically overpriced rentals. Home prices are inflated as well, but not quite as badly as rental rates. New home sales might be down, but a vacancy rate of less than 2% doesn't exactly sound like a glut of availability. I feel like if we suffer any kind of "crash," it isn't likely to be a sector wide thing, but likely more of a reversal of high end housing prices. I feel like it's more probably a market correction than anything like the previous crash. Quote Link to comment Share on other sites More sharing options...
Brian Posted September 4, 2018 Share Posted September 4, 2018 I bought a house in NJ where prices have been relatively recession proof so far. During the mortgage crisis, the prices took a very minor hit so I’m not worried. I am just happy that we found a home owner who was in massive debt and wanted to sell the house on his own so we got a really good deal in an area where cash offers were asking price plus 10-20%. Quote Link to comment Share on other sites More sharing options...
Slug Posted September 4, 2018 Share Posted September 4, 2018 I believe that I am charging way too little in rent due to the fact that each time I've had to find tenants nobody has blinked at the monthly cost I chose, when I myself (who hasn't rented since I was like 19) thought it was a bit high. I don't plan on selling any of my houses in the near future so I'm fine with the current situation. Quote Link to comment Share on other sites More sharing options...
Fizzzzle Posted September 5, 2018 Author Share Posted September 5, 2018 16 hours ago, atom631 said: Long Island currently has a housing shortage. So prices are waaaay up. I dont think any sort of "Crash" will affect this region..but the wife and I have been thinking about selling the house, and then renting for a while and see if the prices drop and then buy in a more desirable neighborhood. I think the west coast is different in that regard. Long Island has always been densely populated. In the west coast, you have areas that were previously sparsely populated or industrial areas turned into high-density areas. The thing is, I think (at least in Portland and Vancouver BC), the supply has started to outstrip the demand. You have all these buildings going up that can fit thousands of people, but they only want people who make 75k+/year. The thing is - there aren't that many of those people. Again, the example I used of the people who bought the bar I go to all the time - they planned on doing the same thing that everyone else around them did, which is turn the property into a 6 story apartment/condo complex. Only now, none of those buildings are making money. They're all sinking. They're all trying to corner a market that doesn't exist, or at least could not possibly fit the demand. Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted November 9, 2021 Share Posted November 9, 2021 Well this crash never happened Quote Link to comment Share on other sites More sharing options...
Fizzzzle Posted November 9, 2021 Author Share Posted November 9, 2021 5 minutes ago, SuperSpreader said: Well this crash never happened It never does, seemingly. 1 Quote Link to comment Share on other sites More sharing options...
Brian Posted November 9, 2021 Share Posted November 9, 2021 Igloo market is crashing. 1 Quote Link to comment Share on other sites More sharing options...
Fizzzzle Posted November 9, 2021 Author Share Posted November 9, 2021 42 minutes ago, ManUtdRedDevils said: Igloo market is crashing. The phrase "selling ice to an eskimo" is going to have a new meaning. Quote Link to comment Share on other sites More sharing options...
gamer.tv Posted November 9, 2021 Share Posted November 9, 2021 I’m my area it won’t crash, but it will stabilise. Currently my house (online valuation) is about £75,000 more than when I paid for it, so I could see that staying the same for a while. That said, I’m lucky that I live in an overall desirable location in a house we’ve improved. Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted November 9, 2021 Share Posted November 9, 2021 The Dallas market is insane, we paid 50% more than this house was 2 years ago and it continues to climb. Quote Link to comment Share on other sites More sharing options...
Fizzzzle Posted November 9, 2021 Author Share Posted November 9, 2021 4 hours ago, SuperSpreader said: The Dallas market is insane, we paid 50% more than this house was 2 years ago and it continues to climb. 20% increase in population in the Dallas-Ft. Worth CSA over the last decade. Something tells me there hasn't been a 20% increase in available housing, and I'm sure the closer you get to the city the worse it gets. Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted November 9, 2021 Share Posted November 9, 2021 23 minutes ago, Fizzzzle said: 20% increase in population in the Dallas-Ft. Worth CSA over the last decade. Something tells me there hasn't been a 20% increase in available housing, and I'm sure the closer you get to the city the worse it gets. I'm 5min from Downtown. Quote Link to comment Share on other sites More sharing options...
Guest Posted November 9, 2021 Share Posted November 9, 2021 The 5 acres and house across the street from me sold for $250k in 2017, and just went on the market for $465k and will probably sell for $485k. Quote Link to comment Share on other sites More sharing options...
Boyle5150 Posted November 9, 2021 Share Posted November 9, 2021 19 minutes ago, sblfilms said: The 5 acres and house across the street from me sold for $250k in 2017, and just went on the market for $465k and will probably sell for $485k. Holy shit! Time to move to Texas! The house down the street from me on a 3900sqft lot just sold for $750k. 3yrs ago $425k Quote Link to comment Share on other sites More sharing options...
Fizzzzle Posted November 9, 2021 Author Share Posted November 9, 2021 The house across the street from my dad's just sold for over a million and is barely over 2000sqft. The lot might be 4000 in total Quote Link to comment Share on other sites More sharing options...
Brian Posted November 9, 2021 Share Posted November 9, 2021 27 minutes ago, sblfilms said: The 5 acres and house across the street from me sold for $250k in 2017, and just went on the market for $465k and will probably sell for $485k. My company wants me to move to Houston. We could be neighbors Quote Link to comment Share on other sites More sharing options...
best3444 Posted November 9, 2021 Share Posted November 9, 2021 2 minutes ago, ManUtdRedDevils said: My company wants me to move to Houston. We could be neighbors Pay increase I assume? Would you consider moving? Quote Link to comment Share on other sites More sharing options...
Boyle5150 Posted November 9, 2021 Share Posted November 9, 2021 12 minutes ago, Fizzzzle said: The house across the street from my dad's just sold for over a million and is barely over 2000sqft. The lot might be 4000 in total PNW is fucking crazy right now. A lot of places are seeing a large increase in property values, but nothing like the PNW. Quote Link to comment Share on other sites More sharing options...
Fizzzzle Posted November 9, 2021 Author Share Posted November 9, 2021 I'd be willing to move to Houston if anyone wants to give me a job. Quote Link to comment Share on other sites More sharing options...
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