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House next to me just sold for $763/ft in a bidding war for $50k over asking in a couple of days before even officially coming on to market, and it's effectively a tear down- in fact it's been completely gutted to the studs now as a developer prepares to flip it. I'd say it's pretty well recovered in these parts. And no, I'm not in La Jolla, just a street car suburb near downtown.
I don't have any idea how the decade will end up, but the Denver market is chugging right along. I'm amazed at how fast homes are selling in our neighborhood -- many are gone within days -- and bidding wars are not unusual for well-maintained properties.
The OP is technically wrong, but in much the same way that a surprise new source of cash was found by selling a kidney and engaging in prostitution . So yeah, how stupid, did not account for selling organs and prostituting the 15 year old daughter.
Foreign buyers, shadow inventory and investment groups buying it up and turning into rentals.
House next to me just sold for $763/ft in a bidding war for $50k over asking in a couple of days before even officially coming on to market, and it's effectively a tear down- in fact it's been completely gutted to the studs now as a developer prepares to flip it. I'd say it's pretty well recovered in these parts. And no, I'm not in La Jolla, just a street car suburb near downtown.
because there is a housing shortage on the lower end- apartments and low cost houses are in big demand but not enough of them exist. the ones built were mid to higher end, the housing market has to catch up in building the lower end units, or you have to get a cheapie built for yourself. btw buying a home can be cheaper than renting one in terms of monthly payments. when you subtract the profit the landlord is taking. if you just eliminated him and bought a place yourself.
You can spin it anyway you want, but the numbers don't lie. All the numbers I've been playing with for the last several years all said the same thing, no recovery in the housing market until at least 2020.
because there is a housing shortage on the lower end- apartments and low cost houses are in big demand but not enough of them exist. the ones built were mid to higher end, the housing market has to catch up in building the lower end units, or you have to get a cheapie built for yourself. btw buying a home can be cheaper than renting one in terms of monthly payments. when you subtract the profit the landlord is taking. if you just eliminated him and bought a place yourself.
But we were told that the marketplace would fix that problem.
Haha, housing prices are still sinking, with no end in sight. Anyone who can afford a house has one, so there goes your demand. Banks and investors are about the only ones looking to buy. The middle class was the largest demander of houses, but they have been ravaged and all but destroyed. Young people have very little hope of acquiring enough capital to buy a house at this rate. Wages are pathetic for most. Their worried about affording their top ramen, forget about making a down payment. Many are cramming as many friends as possible into a single apartment. The rest are stuck in mommy and daddy's basement until further notice.
Can anyone confirm reports that the government is looking to auction off thousands of houses to large investment firms and banks, and then have them rented out to section 8 tenets? Bet that would do wonders for real estate values!
Hey, I would love to buy a house right now. You can pick some up for 100K in my area. Guess what... At that price, I know I'm going to end up loosing in a few years. The system is too far broken at this point to expect anything of a recovery in housing prices for many years. By that time, my parents will either be dead and gone, or living in a retirement home. If the former happens, I will acquire a beautiful home at no cost. If the latter happens, I will move back in with them and take care of them, and find any work available in my area. Buying a house may seem like a steal right now, but just wait till we really hit the bottom... Oh, and wait until the tax rates catch up!
Isn't there an official list of Section 8 tenets?
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