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Old 09-25-2018, 01:02 PM
 
1,293 posts, read 290,880 times
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Quote:
Originally Posted by 49erfan916 View Post
While I agree that lending standards are more strict, our economy is very uncertain. And with more people than ever living paycheck-to paycheck, and with more people taking out more debt than ever before, there's going to be a surplus of people who cannot afford to pay for their mortgage if/when a recession hits. (depending on the recession) Even though lending companies are more strict with their standards, they cannot help people's stupidity with debt and with people living beyond their means.
Are you delusional? Our economy is stronger than it's ever been IN HISTORY.
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Old 09-25-2018, 01:05 PM
 
1,293 posts, read 290,880 times
Reputation: 1127
Quote:
Originally Posted by JonathanLB View Post
Nothing wrong with that, I did a 4% interest only loan because I didnít want to screw around with the banks so I borrowed from my dad. I have no desire to waste thousands on BS like an appraisal or a bunch of other hoops that accomplish nothing. I paid down the bulk of the loan last month and will finish it off later this year. It was just a short term bridge loan between investments paying out, so it made the most sense.

Maybe not right for everyone but when itís some tiny amount like $115K it makes sense.

The issue with in some markets the luxury market, like Vegas right now, isnít the inventory or time on market, itís the outdated styles. There are tons of $1M homes for sale so inventory is very high compared to your average and meh houses, but there are very few modern style homes whatsoever. The inventory is tiny and buyers in that realm donít want an old, 12-20 years dated home that isnít modern, they want something that reflects current trends. So those old houses sit. Ten years ago, there was one builder already building modern homes and those are of great appeal, but the ones building crappy looking Mediterranean or southwestern style homes... their buyers canít sell them quickly.
What I think it interesting is that all the homes being built now look exactly alike. Blue masonry/frame with stone trim and grey everything inside. In 10 years, you won't be able to give those away.
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Old 09-25-2018, 01:38 PM
 
Location: Brooklyn, New York
3,231 posts, read 3,475,434 times
Reputation: 2850
Quote:
Originally Posted by ilovemycomputer90 View Post
Higher end of the market seems to be struggling. Since it's September, the peak spring/summer selling season is winding down as well.

Locally, it was a busy selling season. Prices in NW NJ plummeted during the recession and still haven't recovered but it's picked up over the past couple years. Lack of public transportation and high property taxes also contribute to keeping prices down.
NW NJ is still bad? A house on my block in Brooklyn just sold for $1.4mil last week, easily 200k over what I expected. These houses were 900k-1mil during the previous peak, but NYC real estate didn't really decrease a lot during the '08 recession outside of ultra-luxury sector.
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Old 09-25-2018, 02:15 PM
 
25,801 posts, read 49,697,815 times
Reputation: 19248
Quote:
Originally Posted by Grlzrl View Post
What I think it interesting is that all the homes being built now look exactly alike. Blue masonry/frame with stone trim and grey everything inside. In 10 years, you won't be able to give those away.
I'm thinking similar... the grey color scheme has taken over...

There was a most attractive older home that I admired... it had great stone work... drove by a few months ago and painters were painting it all grey... the entire home was grey with some white trim and dark red front door...

Been going to open houses... shades of grey is what I see and thinking I must really be out of touch... which is very possible... I did paint a home a very light grey years ago... but it was very light.

My friends just bought a home and had an open house... the home was a craftsman with very nice authentic stained wood work... doors, trim, cabinets... etc... real quality material.

Everything is shades of grey now... at the very least they have just taken very easy care natural surfaces and painted over them... sure hope they prepped because today's water based paints are not made to go over oil stains.
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Old 09-25-2018, 03:07 PM
 
Location: Ohio
17,998 posts, read 13,238,246 times
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Quote:
Originally Posted by MichiganGreg View Post
Where exactly is the market starting to go south???? I sure don't see it.

There are several thousand housing markets. Not sure exactly which one of the several thousand the OP is referring.
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Old 09-25-2018, 04:23 PM
 
Location: Paranoid State
12,672 posts, read 9,425,981 times
Reputation: 14930
Quote:
Originally Posted by JonathanLB View Post
The issue with in some markets the luxury market, like Vegas right now, isn’t the inventory or time on market, it’s the outdated styles. There are tons of $1M homes for sale so inventory is very high compared to your average and meh houses, but there are very few modern style homes whatsoever. The inventory is tiny and buyers in that realm don’t want an old, 12-20 years dated home that isn’t modern, they want something that reflects current trends. So those old houses sit. Ten years ago, there was one builder already building modern homes and those are of great appeal, but the ones building crappy looking Mediterranean or southwestern style homes... their buyers can’t sell them quickly.
The same thing has happened here in Park City.

20+ years ago, everything was "Mountain Western." Many then-nice homes in the 7,000+ sf range were log construction complete with elk antler chandeliers in the entryway, saddles mounted on the rails and a bull moose head or bison head mounted above the living room... and an old covered wagon inset in the front yard.

Those homes sit for sale forever. Everyone wants "Mountain Contemporary."

One issue is most of the prime view lots looking at the ski runs of Deer Valley were developed quite some time ago, so they have the "old" look to them. People love the view, but not the house.

The new "Mountain Contemporary" homes have been built in the past 5 years - but they don't necessarily have the great views because the view lots are gone.
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Old 09-25-2018, 09:00 PM
 
Location: Phoenix-Valley of the Sun
2,461 posts, read 1,200,617 times
Reputation: 3046
Quote:
Originally Posted by Grlzrl View Post
Are you delusional? Our economy is stronger than it's ever been IN HISTORY.
Are you naive that our debt crisis is higher than ever and people are over their heads with consumer debt?
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Old 09-26-2018, 04:51 AM
 
Location: Northern Michigan
860 posts, read 405,812 times
Reputation: 3456
Quote:
Originally Posted by Mircea View Post
There are several thousand housing markets. Not sure exactly which one of the several thousand the OP is referring.
The market is so hot here, that it has just created a serious logistics problem for us. A first world problem to be sure, but a problem nonetheless.
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Old 09-29-2018, 08:44 AM
 
4,317 posts, read 5,268,236 times
Reputation: 4214
Quote:
Originally Posted by SportyandMisty View Post
The same thing has happened here in Park City.

20+ years ago, everything was "Mountain Western." Many then-nice homes in the 7,000+ sf range were log construction complete with elk antler chandeliers in the entryway, saddles mounted on the rails and a bull moose head or bison head mounted above the living room... and an old covered wagon inset in the front yard.

Those homes sit for sale forever. Everyone wants "Mountain Contemporary."

One issue is most of the prime view lots looking at the ski runs of Deer Valley were developed quite some time ago, so they have the "old" look to them. People love the view, but not the house.

The new "Mountain Contemporary" homes have been built in the past 5 years - but they don't necessarily have the great views because the view lots are gone.
I was thinking that same thing! So many great lots with such hideous houses on them. Iíve noticed that the less crazy the house, the better it ages, like hairdos I guess ha ha. I love midcentury modern for instance (even though I find the phrase stupid and silly, if its midcentury itís not modern lol), even though I donít like old houses at all but some of them really ďgot itĒ long before we had modern style homes.

The problem with many homes Iíve seen... Iíd be willing to go through a remodel, I guess, it sounds awful but Iím open minded. But you can rarely do that because the bones arenít right for it. Theyíre stuck with 8 or maybe 8.5í ceilings and modern styles are built around grand 15-20í ceilings in the living room with still impressive 10-12í ceilings in master bedrooms and whatnot. In a sunny climate especially that makes the entire house feel more grand and brighter. If you take an old house with low ceilings thereís no fixing it really. Youíd have to knock it down.

As much as I love Vegas and itís the city for me, Iíve never seen so many hideous houses in one place. Itís like the builders were trying poorly to imitate some Mediterranean style on so many but mixed with Southwestern and random other elements that make no sense together. Finally there are a lot of builders making very nice looking homes but of course as with almost any market, if youíre anywhere near the average home price itís cookie cutter or very old for you. Itís no wonder some people like old homes, because theyíre just trying to avoid the cookie cutter ones. I donít want either! I want luxury modern lol. But my taste is expensive so that makes it tougher
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Old 09-29-2018, 09:38 AM
 
Location: North Idaho
20,999 posts, read 25,737,156 times
Reputation: 39380
Quote:
Originally Posted by JonathanLB View Post
...........Theyíre stuck with 8 or maybe 8.5í ceilings and modern styles are built around grand 15-20í ceilings ............If you take an old house with low ceilings thereís no fixing it really. Youíd have to knock it down...........
And at some point, as utility costs continue to go up and up, people will realize that all those high ceilings cost a high heating and cooling bill. As housing gets more expensive, that's a lot of wasted cubic footage.

So that fad will end, too, and something else will become desirable.
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