Bidding war on houses

[Gman]

Damn. I was just making a batch of popcorn.

[Great-Kazoo]

Damn. I was just making a batch of popcorn.

BUTTER, GET YOU'RE HOT MELTED BUTTER HEAR.

[CoGirl303]

thanks


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[Irving]

Genuinely concerned of another crash timed to political cycles here (late 2020 or late 2024).

I've got family that wants to invest and flip houses on the east slope... can't talk them out of it. "2008 crash happened for specific reasons, it won't happen again"

Tell them that unless they have an angel investor and connections to snag properties before they even hit the market, then they missed the boat by about 20 years.

[Grant H.]

Genuinely concerned of another crash timed to political cycles here (late 2020 or late 2024).

I've got family that wants to invest and flip houses on the east slope... can't talk them out of it. "2008 crash happened for specific reasons, it won't happen again"

I actually agree with them, that the housing market won't fail in the same way again (at least not soon).

The problem is that the EXACT same problem that occurred in 2008 for houses, is poised to occur in commercial buildings. The real downside to this is that instead of the loan amounts being hundreds of thousands, it's millions per.

[Martinjmpr]

I actually agree with them, that the housing market won't fail in the same way again (at least not soon).

The problem is that the EXACT same problem that occurred in 2008 for houses, is poised to occur in commercial buildings. The real downside to this is that instead of the loan amounts being hundreds of thousands, it's millions per.

Seems to me there is already a glut of commercial buildings, especially retail spaces. Big malls are only half full (if that) and there are some commercial strip-mall type developments that were put up in the boom years of 2007 - 2009 that are still sitting vacant a decade later (I'm thinking River Pointe in Sheridan, for example.)

Seems to me there is an opportunity there, though. If we have too much retail space + not enough living space, how long before someone figures out how to turn the former into the latter?

[BladesNBarrels]

Seems to me there is already a glut of commercial buildings, especially retail spaces. Big malls are only half full (if that) and there are some commercial strip-mall type developments that were put up in the boom years of 2007 - 2009 that are still sitting vacant a decade later (I'm thinking River Pointe in Sheridan, for example.)

Seems to me there is an opportunity there, though. If we have too much retail space + not enough living space, how long before someone figures out how to turn the former into the latter?

Local community zoning commissions don't like to downgrade the zoning of a property.
Commercial pays the majority of property tax by Colorado Law, so rezoning to Residential is a real tough sell. (There is a pun in there somewhere)

[Martinjmpr]

Local community zoning commissions don't like to downgrade the zoning of a property.
Commercial pays the majority of property tax by Colorado Law, so rezoning to Residential is a real tough sell. (There is a pun in there somewhere)

How much revenue are they collecting from unoccupied commercial space though? Can't be much.

Five percent of something is more than ten percent of nothing.

[CS1983]

Im suprised that you guys are moving to places with Much larger populations and states that are less than half the size of Colorado.

We're looking at NE Oklahoma. Biggest reasons: Oklahoma is what Texas likes to claim to be (and once was a few decades ago until the bugs that are Austin and Houston infected the state), CHEAP land in comparison to here, job availability is good, cost of living is good, population is not looking at a huge boom, water is good (CO is screwed on this), politically very sane. A lot of other places have a few of these factors but not all.

CO has a better density rating than OK, but a lot of that open land is unreachable or so out in the boonies that one would either need to be independently wealthy or have a unique job position. And then one is still stuck with the political insanity coming out of Denver and Boulder. Did I mention the water issue?

[Martinjmpr]

We're looking at NE Oklahoma. Biggest reasons: Oklahoma is what Texas likes to claim to be (and once was a few decades ago until the bugs that are Austin and Houston infected the state), CHEAP land in comparison to here, job availability is good, cost of living is good, population is not looking at a huge boom, water is good (CO is screwed on this), politically very sane. A lot of other places have a few of these factors but not all.

CO has a better density rating than OK, but a lot of that open land is unreachable or so out in the boonies that one would either need to be independently wealthy or have a unique job position. And then one is still stuck with the political insanity coming out of Denver and Boulder. Did I mention the water issue?

Whereabouts in NE OK? My mother came from a small town in NE OK, called Barndsall in Osage County. Although I was born in Germany my earliest memories are of Barnsdall in the mid 1960's.

The Osage hills are gorgeous, but just know that it's hot, humid and buggy in the Summer (if you've ever experienced chiggers, you'll know what I mean.) On the plus side, good hunting and fishing, dirt cheap to live there.

Wife and I went back there in 2014. The area is pretty economically depressed, except for Bartlesville (HQ of Phillips Petroleum.) My sister was born in the county seat, Pawhuska, and when we went to Pawhuska it was like a ghost town - virtually all the downtown buildings were empty and some even had collapsed roofs.

For a retiree it's probably OK (which explains why the average age in Barnsdall seems to be well north of 50) but for anyone who has to earn a living it's tough going - most of them flee to the big cities once they finish high school

I think Tulsa is doing pretty well, being a big enough city to be self sustaining but a lot of the small towns seem to teeter on the brink of a boom-and-bust cycle.