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Old 02-25-2018, 07:05 PM
 
Location: In Transition
1,628 posts, read 1,551,179 times
Reputation: 890

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Quote:
Originally Posted by MissMischief View Post
I am a lifelong Colorado resident - moved to the Springs last year for a job. I'm saving for a down payment for a small home or condo, because I would like to stay here permanently - but helplessly watching as prices are rapidly escalating beyond my price range. I'm trying to figure out alternatives.
In my case, getting a house while not competing with other bidding up the price came down to pure luck.
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Old 02-25-2018, 07:19 PM
 
20,304 posts, read 37,790,850 times
Reputation: 18081
This is a repeat of the COLO SPGS market in 2005 when we moved there, a ton of people in CA were cashing out and coming to town with money to buy multiple homes. All this tells me is we are almost at the end of another boom and bust economic cycle. It's playing out the exact same way in that big tax cuts in 2001 and 2003 led to a bubble and here we are again, a big tax cut generating another bubble. It's like deja vu all over again.
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Old 02-25-2018, 08:16 PM
 
647 posts, read 340,114 times
Reputation: 757
Quote:
Originally Posted by Mike from back east View Post
This is a repeat of the COLO SPGS market in 2005 when we moved there, a ton of people in CA were cashing out and coming to town with money to buy multiple homes. All this tells me is we are almost at the end of another boom and bust economic cycle. It's playing out the exact same way in that big tax cuts in 2001 and 2003 led to a bubble and here we are again, a big tax cut generating another bubble. It's like deja vu all over again.
Yes, I would not be buying as an investment at this point.
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Old 02-26-2018, 08:30 AM
 
Location: Colorado Springs
2,668 posts, read 1,666,689 times
Reputation: 2913
Hmm. I guess I just don't get as spun up about it as I should. Real estate speculation has been part of Colorado since the discovery of gold in 1859. It runs in cycles and Californians aren't the only guilty parties, they just seem to be the latest. Does it suck if you are trying to buy at the time they are deciding to play, yup. No way around it. Sadly there are only two choices are available when that occurs, play the price game or sit it out.

Colo Spgs has seen this multiple times in just my lifetime. We had Texans in the '70s, New Englanders in the '80s, and the Californians started enmass in the '90s and continuing to today. Lately I've been seeing a lot of license plates from Florida and Illinois, so maybe a new migration is occurring. Within all of those we had several bubbles burst as well with the OPEC and energy crisis of the '70s, savings and loan crisis of the '80s, the recession of the '90s, the dot.com bust of the '00s and the Great Recession of '08. There is always a market correction on the horizon.

Sure, speculators make things tougher on the rest of us, but they are everywhere at all times and by the nature of their business, they will concentrate their efforts in those places most likely to generate a return. That means they will naturally gravitate to areas that are desirable. Sometimes, that may mean we don't always get to purchase our first choice of properties. I know the first few places I owned where not my first choices, but they got me into the market, built equity and positioned me to be in a better spot to change up when fluctuations took place.

California real estate is expensive not only because of the speculators but because there are many places there that are highly desirable to live. The difference in price between Bakersfield and San Jose are not just because of speculators. Fortunately or unfortunately, depending on your perspective, Colorado's Front Range is becoming one of these places.
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Old 03-03-2018, 04:52 PM
 
1,259 posts, read 1,045,343 times
Reputation: 1051
Bay Area resident here. While I'm sorry that a lot of the people in my overcrowded region have a lot of money to spend and that those of us who continue to be priced out of the Bay Area still manage to drive up prices elsewhere because they're looking for affordable housing and are both willing and able to pay more than most people, I think the "Californication" of the rest of the Western US is ridiculously overhyped (hello, my state's the biggest state in the region - and the country, of course, in both population and economy-wise)

Besides, it's not like Colorado Springs didn't already have a huge transplant population - from what I understand, there's a rather large military presence there, for starters...
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Old 03-03-2018, 05:03 PM
 
1,259 posts, read 1,045,343 times
Reputation: 1051
Quote:
Originally Posted by TCHP View Post
California real estate is expensive not only because of the speculators but because there are many places there that are highly desirable to live. The difference in price between Bakersfield and San Jose are not just because of speculators. Fortunately or unfortunately, depending on your perspective, Colorado's Front Range is becoming one of these places.
Exactly. Look at it from the perspective of a highly educated, high-earnings potential "outsider" from elsewhere in the state or country - or indeed, elsewhere in the world, as is very often the case for the SF Bay Area, Los Angeles, the NYC region...to name just three major examples.

If you're one of the aforementioned "outsiders", where would you rather live, Bakersfield or San Jose? Where would you think the greatest number of jobs in your field would be, with the highest salaries, best benefits, and most opportunities for advancement? (Hint: That's a rhetorical question).

Now, consider where all of those companies - small and large - that have all of those opportunities happen to be concentrated. And imagine why the results of all of the aforementioned factors would also be attractive to real estate investors - again, both American and non-American. This isn't rocket science.
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