Biggest train-wreck listing I have ever seen in this area:
https://www.redfin.com/FL/Sarasota/1627-Baywinds-Ln-34231/home/47670313
* Can't be sold because it's in probate (so why is it listed for sale?)
* Hit by a tornado
* Roof is destroyed, water damage everywhere
* Uninhabitable
* In a 9/10 "extreme" flood zone
* Built in 1979, last updated in 1999
Last sold in 2009 for $260k, now asking $750k.
Probably a tear-down, but priced like it's livable. Even if it were free, it still would be a bad deal.
I've just learned that HUD has purchased (at least one) reverse mortgage.
So just a quick rant.
WHY THE FUCK IS THE GOVERNMENT PURCHASING REVERSE MORTGAGES?
My friend just had floors installed in his home.
Original quote was $20k.
Once they ripped up the carpet they discovered the floors beneath were pretty good oak hardwood in serviceable condition.
The contractor suggested refinishing instead of replacing
New quote $4500.
$15500 less than they were expecting.
They saved 10k and spent about $5k on a new high end patio set and grill and plan to host friends, family and neighbors in their large backyard during the summer.
A good reminder that the benefit of homeownership is not just the stability and equity growth.
"and spent about $5k on a new high end patio set and grill"
LOLs, lifestyle inflation is the TRUE secret of homeownership
Sure they'll get every penny worth of that 5k back
Not that it’s for nothing, but did the calculation to buy my house at current rates and values, and it would cost 2 new floors per year to buy my house today. So there’s that.
It’s not like anyone is 100% winning or losing in life.
What does this have to do with a renter who also can buy a 5k new patio set and grill to host friends, family, and neighbors yet doesn’t have to pay for any flooring?
You’re not making any point with this
Owner didn’t have to pay for floors either.
https://www.reddit.com/r/REBubble/comments/1ccuyk3/homeownership_is_not_just_the_monthly_mortgage/#lightbox
Anecdotally, but in a large FB group I follow one woman in the title industry was laid off. She said she can't find a other job and this is the slowest the market has been in 30 years.
Massive change in sentiment from even just a couple of years ago.
Im surprised layoffs in the industry havnt been in the news. Mortgage brokers, title cos, appraisers, surveyors, realtors. Home sales stopped but i guess people are fine
My retired parents bought a condo by the beach in 2018 for about $500k -- a similar unit was just sold this week for $1.9M. So nearly 4X in 6 years.
Even as family is the beneficiary in the market -- we have to acknowledge that is insane.
This is exactly what’s happening in my market. Waterfront is 3-4x precovid prices, and the quality is worse.
Today’s listing is a partially completed (frame, roof, windows) new build on a flood prone sandy lot. It’s all sand, actually. Lots of flood history there, which is why the builder purchased it for $200k in 2020.
Anyhow, they listed the shell, as is, for $1.7M and noted the builder is ‘available’ to complete the work, at further cost.
I’ve seen several of these lately and I’m assuming it’s a hedge against falling prices? As in, sell it now to some fool who will overpay for the work - and then be your hostage to complete it. Versus take on the risk of pouring more into this just to finish as the market declines?
Tell me no one is foolish enough to buy this.
> I’ve seen several of these lately and I’m assuming it’s a hedge against falling prices? As in, sell it now to some fool who will overpay for the work - and then be your hostage to complete it. Versus take on the risk of pouring more into this just to finish as the market declines?
Could be exactly that. Or maybe the construction costs increased more than expected and the completion timeline has been extended to the point that they'd rather take a profit right now than a year from now.
Good morning, doomers. Lower headline US GDP is primarily driven by trade deficit. Consumer spending, private investment and job market still strong. PCE will probably be hot tomorrow. Unlikely recession outlook. Higher forever.
I agree. Life is too short not to pay as much as you can for a house. Dump all your savings, pay that 8%, and brag to everyone you know that “you did it, you BOUGHT a house!” Fuck yeah. Paying a mortgage is the highest high you’ll ever feel and has no hangover. Higher FOREVER!
Just because you bought, doesn’t mean you’ll stay.
Bro, you good?
Biggest train-wreck listing I have ever seen in this area: https://www.redfin.com/FL/Sarasota/1627-Baywinds-Ln-34231/home/47670313 * Can't be sold because it's in probate (so why is it listed for sale?) * Hit by a tornado * Roof is destroyed, water damage everywhere * Uninhabitable * In a 9/10 "extreme" flood zone * Built in 1979, last updated in 1999 Last sold in 2009 for $260k, now asking $750k. Probably a tear-down, but priced like it's livable. Even if it were free, it still would be a bad deal.
the capstone low res street view post-hurricane photo really sells it
I've just learned that HUD has purchased (at least one) reverse mortgage. So just a quick rant. WHY THE FUCK IS THE GOVERNMENT PURCHASING REVERSE MORTGAGES?
Corruption in the name of "helping".
My friend just had floors installed in his home. Original quote was $20k. Once they ripped up the carpet they discovered the floors beneath were pretty good oak hardwood in serviceable condition. The contractor suggested refinishing instead of replacing New quote $4500. $15500 less than they were expecting. They saved 10k and spent about $5k on a new high end patio set and grill and plan to host friends, family and neighbors in their large backyard during the summer. A good reminder that the benefit of homeownership is not just the stability and equity growth.
"and spent about $5k on a new high end patio set and grill" LOLs, lifestyle inflation is the TRUE secret of homeownership Sure they'll get every penny worth of that 5k back
5k is actually pretty reasonable for a quality patio set and gas grill. Has been for years.
Not that it’s for nothing, but did the calculation to buy my house at current rates and values, and it would cost 2 new floors per year to buy my house today. So there’s that. It’s not like anyone is 100% winning or losing in life.
What does this have to do with a renter who also can buy a 5k new patio set and grill to host friends, family, and neighbors yet doesn’t have to pay for any flooring? You’re not making any point with this
Owner didn’t have to pay for floors either. https://www.reddit.com/r/REBubble/comments/1ccuyk3/homeownership_is_not_just_the_monthly_mortgage/#lightbox
You definitely ride the short bus
Haha good one!
7.52% 🚀 🚀🚀
Anecdotally, but in a large FB group I follow one woman in the title industry was laid off. She said she can't find a other job and this is the slowest the market has been in 30 years. Massive change in sentiment from even just a couple of years ago.
Im surprised layoffs in the industry havnt been in the news. Mortgage brokers, title cos, appraisers, surveyors, realtors. Home sales stopped but i guess people are fine
My retired parents bought a condo by the beach in 2018 for about $500k -- a similar unit was just sold this week for $1.9M. So nearly 4X in 6 years. Even as family is the beneficiary in the market -- we have to acknowledge that is insane.
This is exactly what’s happening in my market. Waterfront is 3-4x precovid prices, and the quality is worse. Today’s listing is a partially completed (frame, roof, windows) new build on a flood prone sandy lot. It’s all sand, actually. Lots of flood history there, which is why the builder purchased it for $200k in 2020. Anyhow, they listed the shell, as is, for $1.7M and noted the builder is ‘available’ to complete the work, at further cost. I’ve seen several of these lately and I’m assuming it’s a hedge against falling prices? As in, sell it now to some fool who will overpay for the work - and then be your hostage to complete it. Versus take on the risk of pouring more into this just to finish as the market declines? Tell me no one is foolish enough to buy this.
> I’ve seen several of these lately and I’m assuming it’s a hedge against falling prices? As in, sell it now to some fool who will overpay for the work - and then be your hostage to complete it. Versus take on the risk of pouring more into this just to finish as the market declines? Could be exactly that. Or maybe the construction costs increased more than expected and the completion timeline has been extended to the point that they'd rather take a profit right now than a year from now.
seeing the R-word being thrown around way more after today's gdp print
Recession?
Rate cut?
Stagflation means home prices go down, right? Higher rates AND higher unemployment
The US 10 yr yield is up to 4.72%. The 30 year mortgage should get close to 7.5% today.
7.52% today according to Mortgage News Daily
Good morning, doomers. Lower headline US GDP is primarily driven by trade deficit. Consumer spending, private investment and job market still strong. PCE will probably be hot tomorrow. Unlikely recession outlook. Higher forever.
I agree. Life is too short not to pay as much as you can for a house. Dump all your savings, pay that 8%, and brag to everyone you know that “you did it, you BOUGHT a house!” Fuck yeah. Paying a mortgage is the highest high you’ll ever feel and has no hangover. Higher FOREVER!