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Old 08-25-2019, 04:13 PM
 
3,255 posts, read 1,512,647 times
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Quote:
Originally Posted by citidata18 View Post
My point wasn't that a repeat of the subprime mortgage crisis is taking place, rather the slowdown right now in real estate construction feels similar to what occurred in the run up to the Great Recession (albeit for different reasons).

The fact that lending standards are fundamentally different today doesn't change my real-time observations caused by the headwinds detailed in my post.

And to be clear, what I described is only what I see in my part of Metro Atlanta. It could very well be different in other areas.

Agreed. I am not looking forward to this slowdown and I'm not as optimistic as some regarding it will be a small contraction.
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Old 08-25-2019, 04:24 PM
 
Location: Columbus, GA and Brookhaven, GA
4,200 posts, read 6,081,109 times
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Here in Brookhaven things are moving fast. My wife and I bought in March and everything around us has been selling immediately. The last 5 homes that sold in our area went for more than we paid.
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Old 08-25-2019, 05:31 PM
 
15,388 posts, read 27,685,160 times
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Must depend on the area. A friends house on the opposite side of town was placed on the market three weeks ago, got three offers within three days and went over asking. She and her hubby just went into an apartment while she searches for her next home.

My neighborhood has very few houses on the market and when they do go on the market they are snatched up PDQ. They really are snatched up prior to going on the market. People are constantly posting on Nextdoor asking for people to contact them for their friends, family, themselves if they want to upsize or downsize if someone is going to sell.

Now that school is in session and the holidays will be starting things will slow down but I think what we generally will see will be buyers that are serious, or more serious. Inventory will be key. Interest rates are still in a good place for buyers right now.
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Old 08-25-2019, 05:35 PM
 
666 posts, read 198,127 times
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Houses are selling well on the West coast.
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Old 08-25-2019, 06:57 PM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
5,688 posts, read 4,220,414 times
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We all know real estate is local.
My friend in the Bay Area in California had his house up for 1.2 million. It went 50k over asking in 2 weeks.
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Old 08-25-2019, 07:34 PM
 
15,388 posts, read 27,685,160 times
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Atlanta centric posts, please. Thanks!
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Old 08-25-2019, 10:33 PM
 
1,439 posts, read 806,858 times
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Quote:
Originally Posted by citidata18 View Post
My point wasn't that a repeat of the subprime mortgage crisis is taking place, rather the slowdown right now in real estate construction feels similar to what occurred in the run up to the Great Recession (albeit for different reasons).

The fact that lending standards are fundamentally different today doesn't change my real-time observations caused by the headwinds detailed in my post.

And to be clear, what I described is only what I see in my part of Metro Atlanta. It could very well be different in other areas.
Home prices fell 50% or more in a short period during the Great Recession. That isn't going to happen again anytime soon. In general the housing market is resilient to recession. We may have another recession thanks to the current leadership's sudden disregard for deficits and debt, as well as a pointless trade war with China...however a brief cooldown it stagnation in housing prices is the most likely outcome, not a 50% drop. Unless something absolutely insane happens, there will likely never again be <$400,000 4/3 homes in O4W, Midtown, Inman Park, Virginia Highland, etc.
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Old Yesterday, 04:34 AM
 
6,525 posts, read 3,628,349 times
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In Alpharetta there are retro-style downtown homes being built and selling “from the 700’s” and “from the 900’s”. No idea who the typical buyer is for these.
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Old Yesterday, 04:42 AM
 
352 posts, read 142,893 times
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Housing prices just keep going up in the southwest side— homes in my neighborhood are going for 400k plus. Anything under 300 wasn't renovated in ten years and gets knocked down.
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Old Yesterday, 06:44 AM
 
1,192 posts, read 1,038,848 times
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Quote:
Originally Posted by markjames68 View Post
In Alpharetta there are retro-style downtown homes being built and selling “from the 700’s” and “from the 900’s”. No idea who the typical buyer is for these.
Yes, it seems the going rate for new construction in a desirable suburb (both in Atlanta metro and in the Twin Cities where I moved from) is $700K-$1M.

I'm guessing a lot of white collar dual income households are buying these? As excessive as that would be for me (we are a single income family), I CAN comprehend how a dual income household could afford such a house? But there is no doubt a premium that get's placed on new, one that I oftentimes don't think is justified.
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