Real Estate Market. Thoughts?

[Not_A_Llama]

The condo construction defects law is bullshit. Contractors won't build them until that changes. The lawsuits were out of hand.

I I believe the area is at or near a peak price wise.

Contractors are building plenty of condos. They're just running them as apartments until the 6 year liability horizon ends, then converting. The new build ratio at one point was something like 70:1.

[Firehaus]

Most new apartment builders are building to condo spec with the plan of selling them to another entity who will sell them as condos in 7 years adding an additional layer of protection, unless the defect law is changed.


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[lex137]

I work downtown and they are building apartments/ condos in every possible lot by union station. Next place will be Elitches more profit than an amusement park.

[TheGrey]

Our neighbors bought the house next door at the tail end of September of 2013 for $297K. They had to move because of the husband's new job, so they put it up for sale. Within an hour, it was sold for $385,500 (a little over asking price.) I don't even know what to think.

Except maybe to refinance.

[Firehaus]

A good read on metro housing.

http://www.denverpost.com/2016/05/19...g-census-says/


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[HoneyBadger]

Speaking of real estate...
http://www.mercurynews.com/business/...ered-residents

Some worthwhile quotes:

A growing number of Bay Area residents -- besieged by home prices, worsening traffic, high taxes and a generally more expensive cost of living -- believe life would be better just about anywhere else but here.

"California has seen negative outward migration to other states for 22 of the last 25 years."
A recent poll revealed that an unsettling sense of yearning has descended on people in the Bay Area: About one-third of those surveyed by the Bay Area Council say they would like to exit the nine-county region sometime soon.
"They are tired of the expense of living here. They are tired of the state of California and the endless taxes here," said Scott McElfresh, a certified moving consultant. "People are getting soaked every time they turn around."

Thomas Norman, of San Francisco, said he and his wife, Patricia, are seriously considering leaving the Bay Area. They have actively scouted for houses in the Rocky Mountains region, including a trip to Colorado to look for prospective homes.

"You can't get ahead," Eaton said. "It's more than the cost of living; it's the high taxes."

But then the articles turns and blames capitalism for its problems:

Some experts believe the boom in the Bay Area has exacerbated the problem of income inequality and the resentment that can accompany that economic reality.

"There is a declining middle class in the Bay Area," said Christopher Hoene, executive director of the California Budget & Policy Center, a research group that recently completed a study about income inequality in Silicon Valley. "Widening income inequality can create polarization socially and economically."

Some of the comments on the article are spot-on:

Why no mention of the huge concentration of foreign H-1B visa workers in the Bay area, nor any mention of the millions upon millions of illegal aliens? These are two of the leading factors that have made housing less available and much more expensive, along with stagnating wages and an ever increasing tax burden being foisted on Californian's to pay for the takeover of their state by foreigners whom liberals have rolled out the red carpet for.

Heck, just enforcing the laws and deporting the millions of illegals driving on California roads would put a huge dent in the unbearable gridlock, while simultaneously freeing up housing - not to mention the huge tax burden that would be lifted from the shoulders of citizens.
It's no surprise that more people are leaving than coming in. Liberals have turned the entire state into a high priced cesspool that resembles 3rd world Mexico.

[hatidua]

friend of mine told me he was selling and moving last night.

Asking $465k. Three lots, decent house and garage. I'm shocked at what he's asking. It will be interesting to see if it sells.

http://www.remax.com/realestatehomes...012469553.html

Double the price, cut the lot size in half, make it about 25 years older, and drop that house in Boulder - it'll be sold in under an hour.

[kawiracer14]

Double the price, cut the lot size in half, make it about 25 years older, and drop that house in Boulder - it'll be sold in under an hour.

Looks like hes dropped the price a total of 35 grand. I would guess it sells in the high 300s.

[Great-Kazoo]

Looks like hes dropped the price a total of 35 grand. I would guess it sells in the high 300s.

He should hold @ $425 K. Then let the offers come in a few days. He'd probably end up in that $475 K area.

Kid behind us listed @ $299 K, sold for $305 K. There was a line of people waiting on the sidewalk 1hr before the open house. We'll list ours @ $300 K and see what happens.

[kawiracer14]

He should hold @ $425 K. Then let the offers come in a few days. He'd probably end up in that $475 K area.

Kid behind us listed @ $299 K, sold for $305 K. There was a line of people waiting on the sidewalk 1hr before the open house. We'll list ours @ $300 K and see what happens.

Its on at 430k now and it's been on the market 69 days... it ain't selling at $475.