Real Estate Crash thread

[Foggy_Goggles]

So it's like mutual exchange? SLC gets the homeless and Jackson gets the IKON refuges.

[rideit]

I’ll take the psycho alcoholics.



Wait a second…uhhh….



Never mind

[carpathian]

I seem to remember you quit the RE market here, got out at a good time, I havent looked that closely but I think its down at least 10% from the high of a year ago but yeah more listings

my son just closed on 5 acres/ big house in PG he kept losing out on sales in that 700K class he finally snagged a good one his starter home sold in 5 days but it all sounded pretty stressful

Nah I still got my place just out past the golf course. Got it for $20k in 2008.
It is too small for septic field and well so the price was right.

Could probable sell for $150k now to a cash buyer as it is not mortgageable . ALMOST dumped it last year but then didn't. Now never gonna. Waiting for them to run a gondola down there to Zobnick Rd (ie my front door... lol).

But seriously Id like to put a real house on it in the next 5 years... just need the $10k for a well and $50k for 'special engineered septic'

[m2711c]

go with one of them poop incineratoratin' types 'o toilet and save yerself 'bout $35000 on a shitter.

[oldnew_guy]

I agree that it is a national problem that local govts can't possibly fix or even address well. On the state level, more could be done. But I am not convinced that the problems are worse in Colorado (though I frequently blame TABOR for lots of problems).

Even Bozeman has it's own homeless street of dreams over by the Costco.

It's a state and federal issue that is largely used as a political cudgel. At the rate we are going our national homeless strategy is going to be just keep them all housed by shuttling them from location to location in a whirl of petty political revenge.

[oldnew_guy]

definitely fuck TABOR. On that, I most strenuously disagree with summit and fred. Their theory relies on an informed electorate deciding things with an understanding of the "tragedy of the commons" problem.

Surely the last few years, if not the entirety of human civilization, has shown us that we don't have an informed electorate and direct democracy generally doesn't work as well as representative govt, as flawed as it is.

People are quick to forget that the reason there are 100 layers of bureaucracy and misplaced priorities is because there are these pesky little things called laws that conjured all those layers of accountability and reporting and prioritization into being.

[Foggy_Goggles]

I think this is the marketing Kevo's talking about that is buoying demand for Colorado Real Estate. I mean who would want to spend $79/day to be part of this scene! https://www.tixr.com/groups/ramblepr...gle-2023-55816

Does it come with a curated sticker pack for the rocket box?

Mountains Please
The Silverton Triangle
Mad River Ski it if you can
Keep Tahoe Blue

what else?

[MontuckyFried]

[skaredshtles]

I think this is the marketing Kevo's talking about that is buoying demand for Colorado Real Estate. I mean who would want to spend $79/day to be part of this scene! https://www.tixr.com/groups/ramblepr...gle-2023-55816

[Whiteroom_Guardian]

How is the Eagle Block Party a bad thing?

[hatchgreenchile]

Two days of music, beer and food for $260 is chump change. Do you even Taylor Swift?

Anyone go the OpenDoor route? They've offered 92-95% of some of the neighborhood comparables. With a queue of repairs and upgrades to make the casa "desirable", there's some intrigue.

[Foggy_Goggles]

How is the Eagle Block Party a bad thing?

For me? Its not even a thing.

I just found it representative of Colorado marketing that came up a bit ago. It's just so stereotypically mountainy.

It's just what summer in Colorado has become for the somewhat monies masses.

I'm sure the Realtors will be there doing their thing..."imagine not have to drive back the the front range, relaxing in your condo overlooking the eagle, catching up on emails, maybe even "hoping on a call for a bit", then fuckin off for the rest of the day bike riding, fishing, getting a bit of a chub realizing that you have made it and you are better than everyone else?...only 3 units left!"

Sent from my Turbo 850 Flatbrimed Highhorse

[rideit]

Well, Devil’s Advocate observation, are they wrong?

[XXX-er]

Nah I still got my place just out past the golf course. Got it for $20k in 2008.
It is too small for septic field and well so the price was right.

Could probable sell for $150k now to a cash buyer as it is not mortgageable . ALMOST dumped it last year but then didn't. Now never gonna. Waiting for them to run a gondola down there to Zobnick Rd (ie my front door... lol).

But seriously Id like to put a real house on it in the next 5 years... just need the $10k for a well and $50k for 'special engineered septic'

ah yes the place on Regina which I remember cuz it rhymes with Vagina, I visited you at the Carpathian ski factory, it was a dark and stormy night so the walls of the " living shed " were moving around a bit

edit: is that the town or the regional district ?

didnt you also live in a cozy place on the corner of Alfred & Queen ?

[Foggy_Goggles]

#live your dream!

I've spend parts of probably the last 10 summers working on a large condo complex in Fraser that is an absolutely shit box subject to a multi million dollar constructions defect settlement. They are a good customer that pays well for my carpentry services.

I see a pretty good cross section of property owners and renters. One dream is another man's nightmare. The new to town crowd just can't wipe the smiles of their faces Monday morning. They emerge onto their decks looking at the mountains with their lap tops and airpods.

They are fucking winning! The absolutely is part of the real estate demand. People geographic flexibility has/is created a demographic shift to places people want to live from places that have to live.

[joeshek]

#live your dream!

I've spend parts of probably the last 10 summers working on a large condo complex in Fraser that is an absolutely shit box subject to a multi million dollar constructions defect settlement. They are a good customer that pays well for my carpentry services.

I see a pretty good cross section of property owners and renters. One dream is another man's nightmare. The new to town crowd just can't wipe the smiles of their faces Monday morning. They emerge onto their decks looking at the mountains with their lap tops and airpods.

They are fucking winning! The absolutely is part of the real estate demand. People geographic flexibility has/is created a demographic shift to places people want to live from places that have to live.

Which one is that?

Any any word yet on wtf is going to happen with that Grand Park mixed retail building that has been sitting as a stalled project for years? Heard that concrete froze and there was a dispute on what to do next...true?

[Foggy_Goggles]

Which one is that?

If not all of them...almost all of them. The larger multi-family complexes tend to be pretty low quality around here.

Any any word yet on wtf is going to happen with that Grand Park mixed retail building

Its gonna get knocked the fuck down at some point but the owner is in no hurry. I'm pretty sure its all up to the lawyers at this point.

[Kevo]

In case the $1,500 per square foot listing in Victor wasn't high enough for your, realtors here are now pricing shit at $1,800 per square foot.

This particular property is being flipped by the subsidiary of a local country club that successfully sells $4 million houses directly under the RNAV approach to the airport where large jets routinely fly at 500 feet AGL.

I fully expected the "Neckdeep Hypothesis" to play out (AirBnB owners get burned by carrying costs and flood the market with inventory), but so far my bearish outlook on local real estate has been completely incorrect.

[rideit]

Granted, it is 41+ acres. But yeah…
Back in ‘97 they couldn’t sell 20 acre parcels in Tetonia for $60k.

[Ted Striker]

This particular property is being flipped by the subsidiary of a local country club that successfully sells $4 million houses directly under the RNAV approach to the airport where large jets routinely fly at 500 feet AGL.

Where is that?

[rideit]

The cheap side of the Tetons

[haysman16]

In case the $1,500 per square foot listing in Victor wasn't high enough for your, realtors here are now pricing shit at $1,800 per square foot.

This particular property is being flipped by the subsidiary of a local country club that successfully sells $4 million houses directly under the RNAV approach to the airport where large jets routinely fly at 500 feet AGL.

I fully expected the "Neckdeep Hypothesis" to play out (AirBnB owners get burned by carrying costs and flood the market with inventory), but so far my bearish outlook on local real estate has been completely incorrect.

And you get an AG exemption!

[Kevo]

Where is that?

https://goo.gl/maps/3x4iAQMx1MyKQNS29

Here's the approach plate- https://flightaware.com/resources/ai...PS)+RWY+04/pdf

And here's a $3.8mm house that is inside the DIVVE waypoint, less than .8 nautical miles from the end of Runway 4.


The RNAV calls for a 3.5% glideslope for the last several waypoints and to cross the runway threshold at 40 feet AGL. Back of the napkin math puts aircraft following the RNAV at roughly 200 feet AGL when they pass over this neighborhood.

[goldenboy]

Granted, it is 41+ acres. But yeah…

And none of the shop/garage space is counted as sf. And it mentions irrigation rights- water rights are worth a lot depending on what they are.

All in all, there are a lot of reasons why $/sf isn't a very useful metric in a large number of cases. Works OK in a cookie cutter suburb but very rarely in mountain towns.

[Ted Striker]

And here's a $3.8mm house that is inside the DIVVE waypoint, less than .8 nautical miles from the end of Runway 4.

Lol at DIVVE. 3.5 is pretty steep for a jet.

All sorts of wtf there. I've been to Driggs. It did not strike me as a 3.8 mil town (pre-pandemic). Maybe up toward the ghee, but a few blocks off Main? A guy I used to know moved from Bellingham to Driggs/Victor because it was too unaffordable here!

The guy who gets flown in on a biz jet is not supposed to be the guy living under its flight path.