March 16, 20223 yr On 3/11/2022 at 11:19 AM, crash_davis said: I have a Paradisa home. They are pretty big spec builders in Austin. They buy older homes, tear down the old home, and build newer homes. Last October, they bought a teardown across the street for $700k (a 2/1 needing a ton of work). They sat on the property for until Feb when they started the tear down and building of a new house. They had enough capital to sit on the property for about 4 months doing nothing. I'm sure they are going to ask $1.5M+ for the new house. There will be multiple offers. I realize I am part of the problem but no way did I pay $1.5M for my house, not even close. Shit's fucking crazy. That 4 months was probably them waiting for permits from the City. COA permitting process is fucking broken.
March 16, 20223 yr Home prices should come down once the boomers start moving to retirement homes and dieing off. Right now most of them still own homes, and the Millennials are hitting the home market as well. Two of the biggest generations in the market will lead to some scarcity. When one of them leaves it there will be a glut.
March 16, 20223 yr 36 minutes ago, NotActuallyALonghorn said: Home prices should come down once the boomers start moving to retirement homes and dieing off. Right now most of them still own homes, and the Millennials are hitting the home market as well. Two of the biggest generations in the market will lead to some scarcity. When one of them leaves it there will be a glut. Just more homes for investors (non actual home owners who will live at the home) to buy. https://www.redfin.com/news/investor-home-purchases-q3-2021/
March 16, 20223 yr That 4 months was probably them waiting for permits from the City. COA permitting process is fucking broken.Maybe. Paradisa builds a ton in my hood (Allandale) and they are demoing the house less than a week after closing. Their homes are usually done in 4 months. They probably had an “in” with the right people to get their permits approved instantly. I’d guess they probably already had a buyer for that house and the delay was more due to them making changes before getting started.
March 16, 20223 yr The coolness factor of Austin is off the charts and ridiculous. If a young person wants to stay in Austin, they're most likely going to negatively impact their lifetime net worth unless they can buy a house and experience a continued run-up in prices. It would seem that it has to stop at some point.
March 16, 20223 yr Author 3 minutes ago, Nice Guy Eddie said: The coolness factor of Austin is off the charts and ridiculous. If a young person wants to stay in Austin, they're most likely going to negatively impact their lifetime net worth unless they can buy a house and experience a continued run-up in prices. It would seem that it has to stop at some point. That's kind of where I'm at with OC. I wouldn't describe it as cool, but love the weather, scenery and the beach. But, I could cash in this equity and live a much easier life and invest (in what who knows these days) heavily, take more vacations, etc. But, where I live, the appreciation has been insane. And like I've probably mentioned, once you leave it's much pricier to buy back in. Pretty torn. As for Austin, there's still some greatness to it, but alot of parts of it feel like Dallas.
March 16, 20223 yr May be adding my Cedar Park house to that $1M list soon. Buddy of mine at WilCo appraisal district said they’re anticipating %40+ increases across the district for the past year. We built it for $350k in 2012, 5/4 @ 3,300 sq ft.
March 17, 20223 yr On 3/11/2022 at 11:12 AM, jimmyjazz said: Those numbers don't align with my expectations very well. said every middle-aged man ever.
March 17, 20223 yr On 3/11/2022 at 12:56 PM, FirstTimeCaller said: It is in the similar vein of admission standards to universities. How many of us would not stand a chance of getting into UT today?
March 17, 20223 yr The coolness factor of Austin is off the charts and ridiculous. If a young person wants to stay in Austin, they're most likely going to negatively impact their lifetime net worth unless they can buy a house and experience a continued run-up in prices. It would seem that it has to stop at some point. The run up has never stopped in any metro priced above Austin, so what’s the indicator that Austin will be the first?
March 17, 20223 yr 1 hour ago, CooterBrown said: The run up has never stopped in any metro priced above Austin, so what’s the indicator that Austin will be the first? Come on. You think 11% annual increases are sustainable? Show me some examples where that continues forever?
March 17, 20223 yr Author Not sure how accurate: https://www.redfin.com/us-housing-market TLDR: Irvine up 49% in one year. Cleveland is fifth!
March 30, 20223 yr validates a ton of what's been discussed on this board about housing and rental price increases. recommended watching. TLDW 1. 2010s had low new housing construction. demand is far outpacing supply by at least 4M homes nationwide. austin rent is up 40% YoY. 2. wall street firms buying up homes. not true in all locations but in sunbelt locations where more people are moving to. wall street firms are better positioned (cash, no inspections, close in 15 days, etc) than normal home buyers. sellers want to sell to wall street. 3. ceo who owns 35,000 fucking homes which they rent said they are doing a service by allowing young people to live the american dream by "renting the american dream". i'm sure there will be people who are dogmatic and support free market to a fault but the situation right now is beyond fucked for younger people wanting to buy homes. something needs to be done about the large institutional buyers. Edited March 30, 20223 yr by crash_davis
March 30, 20223 yr 15 minutes ago, Shaggy3.0 said: can there be a bubble if there is a shortage by 4M units? honest question.
March 30, 20223 yr Author 4 hours ago, crash_davis said: validates a ton of what's been discussed on this board about housing and rental price increases. recommended watching. TLDW 1. 2010s had low new housing construction. demand is far outpacing supply by at least 4M homes nationwide. austin rent is up 40% YoY. 2. wall street firms buying up homes. not true in all locations but in sunbelt locations where more people are moving to. wall street firms are better positioned (cash, no inspections, close in 15 days, etc) than normal home buyers. sellers want to sell to wall street. 3. ceo who owns 35,000 fucking homes which they rent said they are doing a service by allowing young people to live the american dream by "renting the american dream". i'm sure there will be people who are dogmatic and support free market to a fault but the situation right now is beyond fucked for younger people wanting to buy homes. something needs to be done about the large institutional buyers. I had thought about cashing in on this equity, but now I'm not sure where I would go. What I paid here in California is the going rate of other desirable markets (not as expensive as Socal, but still desirable). Not sure what to do. There has to be a plateau at some point. I am a slimy, free market capitalist but even I can see this is not tenable. Edited March 30, 20223 yr by closetohumping
February 20Feb 20 Author On 3/12/2022 at 2:03 AM, crash_davis said: shit is not sustainable or good for the long term health of a nation. as a homeowner, i like this since i am considering downsizing and moving to a more remote area where housing won't be so expensive. i'll pocket a massive gain. as a parent, i worry for my kids when it's time for them to buy homes. And now two years later it feels even worse. 1m gets you jack squat on the coasts.
February 20Feb 20 On 3/15/2022 at 11:21 AM, Buzzrock said: As someone said: you don’t want to have your first heart attack in Mexico. You don't necessarily want to have it in America, either.
February 21Feb 21 On 3/14/2022 at 12:23 AM, hornian said: My wife and I are remodeling our master bathroom at the moment. We are putting in separate toilet closets at her insistence. Not done yet, but she’s already saying she’ll never live in a house with only one toilet in the master again.
February 21Feb 21 Author On 3/12/2022 at 10:41 AM, JerrysJheriCurl said: By just glancing, there’s some data points that don’t pass the smell test and defy plain common sense. ABQ. As folk have already said. I bet a 5 lb bag of green Hatch chile and a meal of chicharrones at Barela’s coffeehouse … that has 0% chance of being accurate. Frederick MD? … but not Alexandria, VA, which I believe is at least twice the size and twice as nice. Does the list even Bethesda bro? I could go on, but that obviously has to be clickbait or really shitty journalism/research. Alexandria has a ton of townhomes. And poor areas.
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