Real Estate Crash thread

[Benny Profane]

Not in Summit.

[Hugh Conway]

Not in Summit.

Florida then?

[Benny Profane]

Too flat.

[iceman]

Let's find Benny a condo.

What's the most you would pay, Benny? What's the least sq. ft., bathrooms and bedrooms you could live with?

[Benny Profane]

Already found it. Two bedroom. No garage. Really want a garage.

[iceman]

Oh yeah? What general area? Just curious.

[Benny Profane]

Where bankers breed.

[Hugh Conway]

so, through all your bitching, you are doubling down on shitty weather, unsustainable economy, and nuts taxes.

[El Chupacabra]

Oh yeah? What general area? Just curious.

Where bankers breed.

But I thought they removed the fatberg?
http://www.bbc.co.uk/newsbeat/23586290

[Benny Profane]

so, through all your bitching, you are doubling down on shitty weather, unsustainable economy, and nuts taxes.

Weather's fine, relatively speaking (like I can afford California), economy is damn good, if you counted the mansions and fine German autos, and the taxes, well, yeah, that's an issue. Life is a compromise.

[Shredhead]

Life is a compromise.

Sound's more like surrender.

[Benny Profane]

There's a lot of that too, if you haven't figured it out already.

[4matic]

There's a lot of that too, if you haven't figured it out already.

You gave up and bought equities a couple years after the low and now buying a condo well past the low? Time to look in the mirror for a reality check. A condo in Ct? Really?

[Benny Profane]

Believe me, that's just what I said up to a few weeks ago before I stumbled upon this place. A real surprise. Right in the middle if one of the wealthiest and best towns in the area. The complex has been embroiled in a much needed renovation battle to the tune of 7 million dollars, and I think I'm watching some old timers bail before they pay the assessment. Prices are down a lot from a few years ago. Cheap. 30% reduction from my rent, more space, lock in my housing costs for retirement.

[Chainsaw_Willie]

The market in this area is hot. Inventories are low and sales are up, meaning there's bidding wars going on at the lower end of the range where I can afford to buy.

Don't know exactly what's driving this factoid, but I heard on the radio last week that last quarter 1/3 of all home sales were cash. Foreign investors? Hedge funds? Local techies with big salaries who've been saving their pennies through the downturn?

[liv2ski]

I heard on the radio last week that last quarter 1/3 of all home sales were cash. Foreign investors? Hedge funds? Local techies with big salaries who've been saving their pennies through the downturn?

Keep up Willie, this is old news that is fading fast. You guys know I love me some doom and gloom: http://finance.yahoo.com/blogs/break...164806633.html
Benny's jumping in? The top is here.

[cramer]

Believe me, that's just what I said up to a few weeks ago before I stumbled upon this place. A real surprise. Right in the middle if one of the wealthiest and best towns in the area. The complex has been embroiled in a much needed renovation battle to the tune of 7 million dollars, and I think I'm watching some old timers bail before they pay the assessment. Prices are down a lot from a few years ago. Cheap. 30% reduction from my rent, more space, lock in my housing costs for retirement.

So I'm clear, you are thinking about buying because your are paying more in rent than you'd pay for a house payment? My gawd, it may be time for a new real estate buying thread. We may have to lock this one up if ben buys. Welcome back to reality where you pay on a place less than you pay for rent and get tax incentives. Good to see you've realized that paying someone else mortgage does nothing for your future.

[H0G]

The data here in Denver is slowly starting to catch up to what the front lines have been seeing. The market is leveling off.

BTW we close on our HUD home today! Im off to pull carpet and paint. Our closing gift is the rapid rescore that our lender paid for; it is illegal for him to charge for it anyways...

[The SnowShow]

Is there an online forum like TGR or MTBR that has regional real estate discussions?

[iceman]

I'm sure there's plenty, but here's one: http://forums.redfin.com/?src=homepage

Plus I tend to like Redfin's market assessments, for whatever that's worth (not much).

[XXX-er]

Good to see you've realized that paying someone else mortgage does nothing for your future.

I disagree with that statement and I bet if you polled anybody else who sold in 2007 and stayed out of RE for 5 years they would also disagree

[Benny Profane]

Um, yeah.

[liv2ski]

I disagree with that statement and I bet if you polled anybody else who sold in 2007 and stayed out of RE for 5 years they would also disagree

Well to be fair, the key statement is out of the market until 2012, as shit has gone pretty much boingers over the last 2 years in many areas. Has it hit a high yet? In many areas, yes it has, so it will be interesting to see what the next 2 years bring us.

[XXX-er]

well Ok change the time line if you want depending on your local but the point is that the old saying " its better to be paying off a mortgage than paying rent" may be BS because you can lose a lot of $$$ thinking that way

[Benny Profane]

Well to be fair, the key statement is out of the market until 2012, as shit has gone pretty much boingers over the last 2 years in many areas. Has it hit a high yet? In many areas, yes it has, so it will be interesting to see what the next 2 years bring us.

You live in California, which is a pretty wacky place, as we all know. Yes, things have gone "boingers" there, and, in other weird and wonderful places, like Manhattan, but, elsewhere? Not really.