Real estate rant..... ************!

[BEREZKA]

 

[roundhouse]

Just found a house that sold May 2021 for $515,000. Listed now for $650,000.

That’s about right

House next door to us sold for $330 in June of 20
And sold again for $450 in August of 21

 

[roundhouse]

I buy land for residential development. You know the biggest obstacle to new development, right?
It's everyone in the area saying they don't want any more development, even though at some point in the past they were the ones new to the area!

That’s because all the new development is crammed together

In the 70s the houses were on half acre or larger lots
Now the new houses are six feet apart .
No one wants that kind of crap in their existing neighborhood of houses on half acres lots just because some developer gets rich doing it .

I bought in a neighborhood that was built in the early 60s for that very reason . I wanted trees and space and sturdily constructed house

If I wanted a slapped together house six feet from the one next door and not a tree in sight , I’d have bought in a new development .

 

[roundhouse]

On the flip side of that, one of my family members is having a new house constructed in Florida, the house has been delayed a couple of months but the purchase price was locked in (new subdivision construction) in the amount of time since the construction started and now (house has a couple of more months to finish) the value of the house is already up over 50K from purchase price. They are thinking about closing and listing same day and pocketing 50K.

Can't say I am not thinking of doing the same with no intention of moving..lol

Its crazy, like house flipping without the rehab...

Heck maybe I should just sell my spot in line for a house for a few K and not even worry about paying for the house..lol

The house will be worth more than $50k over cost , it will be more like $100k

But the builder will drag their feet completing it hoping they will drop out of the contract so they can Jack the price .
It won’t be completed anywhere near when the builder is telling them .

 

[jaxyaks]

The house will be worth more than $50k over cost , it will be more like $100k

But the builder will drag their feet completing it hoping they will drop out of the contract so they can Jack the price .
It won’t be completed anywhere near when the builder is telling them .

It was delayed 2 months due to not being able to source the AC components they needed for completion, its complete and closed...maybe not all builders are unethical...

 

[roundhouse]

So what you're saying is conservative populated and governed areas are worth more? That's weird. Wonder why?

Less crime
Lower taxes

 

[roundhouse]

No, they live there and just replaced the roof and are expanding their family as planned. They got removed from their previous rental because it became so valuable the landlord wanted to cash out. They offered to pay more in rent for higher property taxes etc, but the landlord said no, get out, I'm selling. Worst part is the landlord was a friend of theirs for many years. So they were between a rock and a hard place, and found a decent human in the universe that wasn't all about dolla bills. Both parties happy. The old lady got a pile of money and the buyers are raising a family there. Win Win.

I have a rental that is gonna be for sale when the lease is up and I can get the renters out .

I’m sick of excuses for late rent and tired of repairing damage from renters .

If the place is actually worth some money , why would I not sell it ?

 

[Izamarfeat]

The value of real estate necessarily increases during an unstable economic situation. And I am sure that prices will continue to rise because now there is a period of acute financial crisis worldwide. I recently turned to Mortgage Advice Birmingham to invest my existing savings in real estate and get the most favorable mortgage rate. It is the only way to protect your savings from inflation and depreciation, as real estate will always be valued more than any money.

 

[GFB]

The value of real estate necessarily increases during an unstable economic situation.

I think it went down around 2009-ish.

 

[lostchild]

I think it went down around 2009-ish.

But look at it now. The key is to not panic nor sell at a loss.