Real Estate Crash thread

[XXX-er]

If none of us were skiing/hiking/outdoors folks we would all be hyped living in "flatland, USA" in cheap as beautiful homes. We signed up for this shit lol.

My brother just bought a beautiful restored 1850 farmhouse on acreage in rural NJ with a barn etc etc for what condos cost here.

Praire folk often find the mountains claustrophobic " you would have a great view if that mountain wasn't in the way "

[Skistack]

Property insurance does not cover damage from flooding. So yeah, if your house was flooded but wasn't in an area with damaging winds your claim is probably getting denied by your property insurance carrier.

[climberevan]

Just got my Homeowners Insurance Renewal notice. 71% increase.

Mine more than doubled, but at least some of that was adding in the ADU. I might try shopping around again.

[MontuckyFried]

Who made the recent post about those poor, poor insurance companies barely scraping by with a pittance of a profit? I noticed that post has mysteriously vanished.

Perhaps rescinded after realizing that executive compensation keeps soaring to record heights year after year after year? Hmmm.........

[Conundrum]

Who made the recent post about those poor, poor insurance companies barely scraping by with a pittance of a profit? I noticed that post has mysteriously vanished.

Perhaps rescinded after realizing that executive compensation keeps soaring to record heights year after year after year? Hmmm.........

It was me. I tried to edit it and it was deleted because TGR still hasn't worked out the forum kinks and said fuck it to typing it again. I'm not saying poor insurance companies. I merely pointed out that it is math. Only one of the major homeowner insurance companies turned a profit on that line of business in '23. That insurer focuses solely on high cost (rich people) homes. The industry average was a 110% combined ratio. Yeah, execs make a bunch of money. That's not the argument here. The argument is, should private enterprise continue to operate at a loss year after year so people can afford their products? Sounds like a good argument to have the government step in. Kind of like how the government does with other things private enterprise can't maintain. You should call your legislators and get the ball rolling.

I don't have a dog in this fight-I choose to live in an area without much risk of weather events to insure against and I maintain my home. My primary, and only home. No vacation or investment homes in my meager portfolio.

Funny how stating facts that are not what you want to hear makes the author a sympathizer.

[Buzzworthy]

If none of us were skiing/hiking/outdoors folks we would all be hyped living in "flatland, USA" in cheap as beautiful homes. We signed up for this shit lol.

My brother just bought a beautiful restored 1850 farmhouse on acreage in rural NJ with a barn etc etc for what condos cost here.

My wife and I started to discuss a Michigan or Minnesota move the other night asking each other could we live there. Enjoy land, lakes and cooler weather instead of the desert, mountain insanity in the winter and too big of a city now here in Salt Lake.

[dunfree]

If none of us were skiing/hiking/outdoors folks we would all be hyped living in "flatland, USA" in cheap as beautiful homes. We signed up for this shit lol.

My brother just bought a beautiful restored 1850 farmhouse on acreage in rural NJ with a barn etc etc for what condos cost here.

The actual cheap homes in flatland usa (not NJ) are dirt cheap because there’s effectively no job market.

[skaredshtles]

My wife and I started to discuss a Michigan or Minnesota move the other night asking each other could we live there. Enjoy land, lakes and cooler weather instead of the desert, mountain insanity in the winter and too big of a city now here in Salt Lake.

Depends on how much you like humidity...

[halliday]

If none of us were skiing/hiking/outdoors folks we would all be hyped living in "flatland, USA" in cheap as beautiful homes. We signed up for this shit lol.

My brother just bought a beautiful restored 1850 farmhouse on acreage in rural NJ with a barn etc etc for what condos cost here.

The NW corner of NJ is a nice place. You can do pretty good on a place to live if you bide your time and have some cash for a deposit. I lived in eastern Monmouth county which is in the commuter line for NYC and still a nice place to live with the shore and stellar stripped bass fishing but the tolls are a killer and property taxes are pretty high. The last year that I lived there we paid $14,245.00 in property taxes. Ouch.

[Buzzworthy]

Depends on how much you like humidity...

Not a fan. But there are always going to be some compromises when moving to a totally new area. It’s not happening anytime soon so I have time to visit and figure out if we would actually enjoy it.

[skaredshtles]

Not a fan. But there are always going to be some compromises when moving to a totally new area. It’s not happening anytime soon so I have time to visit and figure out if we would actually enjoy it.

Humidity is what drove me out of the Midwest. Well, that and it's flat-as-fuck.

[halliday]

Depends on how much you like humidity...

Humidity? I moved to Savannah, GA five years ago to help take care of my in-laws and haven't been able to get over the humidity. I usually wake up and get out on my morning bike ride around 3:45-4:00 AM and in the summer it's 90 with 100% humidity. This time of year its 50 with almost 100% humidity. It sucks. I'll take upper midwest humidity any day.

[XXX-er]

I'm not saying poor insurance companies. I merely pointed out that it is math. Only one of the major homeowner insurance companies turned a profit on that line of business in '23. That insurer focuses solely on high cost (rich people) homes. The industry average was a 110% combined ratio. Yeah, execs make a bunch of money. That's not the argument here. The argument is, should private enterprise continue to operate at a loss year after year so people can afford their products? Sounds like a good argument to have the government step in. Kind of like how the government does with other things private enterprise can't maintain. You should call your legislators and get the ball rolling.

I don't have a dog in this fight-I choose to live in an area without much risk of weather events to insure against and I maintain my home. My primary, and only home. No vacation or investment homes in my meager portfolio.

Funny how stating facts that are not what you want to hear makes the author a sympathizer.

wow its almost like you are stating the business case for why something is the way it is, as oposed to the usual fuck everybody, fuck everything, the morans are just ripping us off

they have the actuaries who calculate all this shit, I'm sure some of them still use slide rules, I was once told an actuary is like a CA but without a personality, or maybe it was the other way round

[halliday]

The actual cheap homes in flatland usa (not NJ) are dirt cheap because there’s effectively no job market.

^^This. New Jersey has a robust job market with real wages. It cost a bit to live there but there are up sides...

[skaredshtles]

Humidity? I moved to Savannah, GA five years ago to help take care of my in-laws and haven't been able to get over the humidity. I usually wake up and get out on my morning bike ride around 3:45-4:00 AM and in the summer it's 90 with 100% humidity. This time of year its 50 with almost 100% humidity. It sucks. I'll take upper midwest humidity any day.

Humidity dick-waving noted.

I'm sure GA is worse than MN or MI. That said, when it's hot and humid in the Midwest, it sucks. And it is like that a lot of the summer. And is probably getting worse...

[Buzzworthy]

In all honesty a small house somewhere in Oregon is going to be the winner. It’s definitely been a topic of conversation lately. Montana is in the running as well especially since her company has expanded there. We have trips in mind to figure out our future and enjoy some vacation time in places we haven’t explored.

[neufox47]

Seriously, tho. WTF is up with insurance companies dropping people all over the country for BS reasons? Like using drones or satellite imagery combined with shitty AI, and being blatantly wrong about their assumptions, then being totally unwilling to let people appeal. It's nuts. While I can kinda understand dropping Florida properties, insurance companies have been going crazy these last few years. Whilst simultaneously hiking up rates for everyone.

Combined ratio averages for insurance companies have almost never been higher. Combined ratio is (indemnity payment plus claim related expenses) divided by premium. This doesn’t include the cost of running the business (salaries, rent, marketing, etc.). All these companies are close to maxed out on liquidity requirements and reinsurance is super expensive, so there is no capacity in the market. This results in companies wanting to reduce the number of policyholders not increase them. Insurance companies are often prevented from cherry picking insureds and have to come up with a reason to drop someone. Therefore insurers do things that don’t seem to make sense on an individual by individual level.

[neufox47]

Which is why I've said before and I'll say it again, homeowner insurance is on its way to being nationalized same as health insurance. Hell maybe the insurance companies even want that to happen with the way they are behaving. Doesn't seem to have hurt the health insurance companies.

We should all hope not, NFIP is a mess. I support single payor / govt funded health insurance, I don’t support government funded property insurance.

[Conundrum]

We should all hope not, NFIP is a mess. I support single payor / govt funded health insurance, I don’t support government funded property insurance.

Same but asking montucky to fix the problem by calling his legislators seemed easier than taking on the fool’s errand of explaining my thoughts.

[halliday]

Humidity dick-waving noted.

I'm sure GA is worse than MN or MI. That said, when it's hot and humid in the Midwest, it sucks. And it is like that a lot of the summer. And is probably getting worse...

Summer heat and humidity in the midwest sucks. SUCKS!! At least on the coast we can head to the shore, drink beer, and check out the girls at the beach.

[Name Redacted]

GA has an airport that’ll fly you anywhere in the world for pretty cheap usually. That has come into my head many times as I contemplate what I would do if i ever had to move back to take care of my folks. Not to mention RE that is 1/3 the price of CO.

I lived In Michigan for a summer. It was ok. I think winters would suck balls. The summer I spent in KS was so shitty. Fuck that noise.

[m2711c]

The actual cheap homes in flatland usa (not NJ) are dirt cheap because there’s effectively no job market.

this is the secret to livin' like a king in teh upstates... if you got some money already, it's cheap to buy in and to live good... but if yer here and you got nothing to start with, well good luck finding a job that pays ya enough to get a little bit ahead in life. even higher education type jobs don't pay shit 'round here compared to other states.



fact.

[Dantheman]

The last year that I lived there we paid $14,245.00 in property taxes. Ouch.

Assuming you weren't living in a multi-million dollar house, WTF do you get for that? That's 7x what I pay, and we don't have tolls either.

[funkendrenchman]

Assuming you weren't living in a multi-million dollar house, WTF do you get for that? That's 7x what I pay, and we don't have tolls either.

Definitely not going toward teacher salaries.

As of Oct 11, 2024, the average annual pay for a Teacher in Monmouth County is $43,071 a year. Just in case you need a simple salary calculator, that works out to be approximately $20.71 an hour.

[4matic]

Definitely not going toward teacher salaries.

As of Oct 11, 2024, the average annual pay for a Teacher in Monmouth County is $43,071 a year. Just in case you need a simple salary calculator, that works out to be approximately $20.71 an hour.

Teachers don’t work 2000 hrs. More like 1500.