Another Housing Bubble?

[chucklenut]

The new condos at Atlanta road and 285 are $700K each

WTF ?
What's the payment on a $700K mortgage ?
$10K a month ?

If I had that kind of income I'd just live in a tent for a year or two and pay cash for a nice house in hiawassee or Murphy NC and retire .

Why work and spend all your money on a $700K condo ?

because its on credit

thats the issue with atlanta, all these damn multiuse buildings with the fruity little shops on bottom and the yuppie living up top. creates the worst traffic ever

like, 2100 bucks a month if you rent it. that is obscene

but folks barely afford it i suppose and dont save

we are gonna see a market correction here soon enough whether the fed likes it or not

 

[Kman]

I will say prices didn't scream up during the boom or crash hard in Dunwoody. I have to live somewhere and I love this location. I'm close to everything, I can get most places without using major interstates. My back yard is like a private nature preserve in the middle of the chaos. I can jump in my pontoon boat or kayak on our 27 acre lake and feel I'm far away from everything. You have to live somewhere, so boom or bust, I'm staying here for a long while. Yesterday I woke up to two ducks in my front yard and a huge ass turtle.

 

[3 S Trucking]

People will move to a area that they consider rural. They then tell all their friends and family how great a place it is and that they should move there also. A few years go by and the population of the county has almost tripled. Those same people will pack up and move to another "rural" area after they have caused the urban sprawl. Its a never ending cycle.

 

[RugerRob]

Agent Smith: I'd like to share a revelation that I've had during my time here. It came to me when I tried to classify your species, and I realised that you're not actually mammals. Every mammal on this planet instinctively develops a natural equilibrium with the surrounding environment; but you humans do not. You move to an area and you multiply, and multiply, until every natural resource is consumed and the only way you can survive is to spread to another area. There is another organism on this planet that follows the same pattern. Do you know what it is? A virus. Human beings are a disease, a cancer on this planet, you are a plague, and we...are the cure.

 

[albatros43]

So we seem to have a couple of distinct opinions here:

1 - There is no bubble. It's a supply and demand thing.

2 - Yes, there is a bubble and we're in a repeat of 2008 (or 2008 never stopped)

 

[chucklenut]

So we seem to have a couple of distinct opinions here:

1 - There is no bubble. It's a supply and demand thing.

2 - Yes, there is a bubble and we're in a repeat of 2008 (or 2008 never stopped)

ill take number 2 as the obvious for 500 alex

 

[albatros43]

ill take number 2 as the obvious for 500 alex

Well, you have to live somewhere right? If you sell high and buy high, isn't it somewhat of a wash? I have a feeling we're looking at about the worst possible time.

 

[NWSharpshooter]

We bought ours on foreclosure in 2010 for 119. At the time is appraised for 320. 6 years and 50,000 in improvements later we got turned down on a refi because our new appraisal came in at 120. We were only trying to borrow enough to roll the 15,000 we had borrowed for the new siding and windows into our current mortgage.

 

[chucklenut]

Well, you have to live somewhere right? If you sell high and buy high, isn't it somewhat of a wash? I have a feeling we're looking at about the worst possible time.

ohh yes. there is a for sure increase in demand in the metro area, but only for certain locations

but this of course drives folks out as well. problem i see is that folks are buying house who have no long term strategy, no savings, and no business owning a home. and to top it off you have alot of slum lords who rent to students and folks who will rent out a crappy house for a high price, but dont want to sell or fix it just yet because they are waiting to cash out at the market tip.

so you have two issues

smaller homes owned by landlords who rent rather than sell. these homes would typically be starter homes for young families but they cant afford the price

the smaller homes that do sell are torn down and in its stead mcmansions are put in. these will sell but way overpriced IMO, and only to those who are have the money.

kinda a reverse trend, the suburbs are moving back into the city and the starter homes and renters are moving more outward

no real options for the regular worker but to rent or go into massive debt; not really great options

 

[albatros43]

ohh yes. there is a for sure increase in demand in the metro area, but only for certain locations

but this of course drives folks out as well. problem i see is that folks are buying house who have no long term strategy, no savings, and no business owning a home. and to top it off you have alot of slum lords who rent to students and folks who will rent out a crappy house for a high price, but dont want to sell or fix it just yet because they are waiting to cash out at the market tip.

so you have two issues

smaller homes owned by landlords who rent rather than sell. these homes would typically be starter homes for young families but they cant afford the price

the smaller homes that do sell are torn down and in its stead mcmansions are put in. these will sell but way overpriced IMO, and only to those who are have the money.

kinda a reverse trend, the suburbs are moving back into the city and the starter homes and renters are moving more outward

no real options for the regular worker but to rent or go into massive debt; not really great options

I'd consider renting instead of selling our current home, but not sure it's worth the headache. It's also a gamble that prices continue to rise. Repairs from crappy tenants could easily negate any money received in rent. We just looked at a house that was previously rented, and holy crap was that place in terrible shape.