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Old 09-29-2018, 11:02 AM
 
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Some markets are starting to slow. I'm selling my house in the summer where the market is still full steam. The market I'm buying is cooling off a little. I hope it stays that way but it doesn't look like it.

https://www.nytimes.com/2018/09/29/b...gtype=Homepage
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Old 09-29-2018, 11:39 AM
 
25,839 posts, read 49,753,618 times
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Originally Posted by JonathanLB View Post
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
Not so... the latest trend here is to take out ceiling joists in living and dining rooms of 1920's homes and coffer the ceilings... done right it can be very dramatic... they also sell very well.

These are small homes but desirable... doubt I would ever go to that extreme but the mild SF Bay Area East Bay has few cooling and heating days so not much of an impact especially if insulation is added during the remodel...
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Old 09-29-2018, 11:40 AM
 
25,839 posts, read 49,753,618 times
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Originally Posted by KayAnn246 View Post
Some markets are starting to slow. I'm selling my house in the summer where the market is still full steam. The market I'm buying is cooling off a little. I hope it stays that way but it doesn't look like it.

https://www.nytimes.com/2018/09/29/b...gtype=Homepage
Association of Realtors just said inventory is up in many pricey markets...

The lower more affordable segment is still very strong...
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Old 09-29-2018, 01:28 PM
 
10,711 posts, read 20,145,414 times
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Food for thought, as less people buy, aren't there going to be more renting? It's like not this is a case where total supply is outstripping demand as you see in a recession.
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Old 09-29-2018, 01:48 PM
 
9,099 posts, read 3,718,308 times
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Originally Posted by wheelsup View Post
Food for thought, as less people buy, aren't there going to be more renting? It's like not this is a case where total supply is outstripping demand as you see in a recession.
if people aren't buying the supply won't keep increasing... no incentive to build sfm... apartments are harder to get permits for building? I don't know the zoning for them except being more complicated to get than building a home

I think Germans tend to be majority renters as a society, or near majority. Koreans too maybe, I forgot the stats on them. But they have a different culture than the US and unless the culture changes a lot, a renting society won't take place in the US
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Old 09-29-2018, 02:53 PM
 
2,772 posts, read 1,504,936 times
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Originally Posted by 49erfan916 View Post
Are you naive that our debt crisis is higher than ever and people are over their heads with consumer debt?
The leverage ratios are not terrible, but risky due to lack of savings.
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Old 09-29-2018, 03:05 PM
 
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Major cities such as in the SF Bay Area have projects that took years to get to the point of ready to issue permit and are not being offered for sale...

The builders say cost of materials and labor shortage have had a huge impact coupled with predicting what the market will be like 18 to 24 months in the future...

Too bad most politicians do not comprehend what is involved to build in today's environment...
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Old 09-29-2018, 09:01 PM
 
4,339 posts, read 5,280,121 times
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Quote:
Originally Posted by Ultrarunner View Post
Major cities such as in the SF Bay Area have projects that took years to get to the point of ready to issue permit and are not being offered for sale...

The builders say cost of materials and labor shortage have had a huge impact coupled with predicting what the market will be like 18 to 24 months in the future...

Too bad most politicians do not comprehend what is involved to build in today's environment...
That's very true, that's the family business, my dad is a developer who started with apartments, has built senior living, office high rises, even hotels and single family housing (once). The process of getting the right permits and working with the city is always very challenging. Of course, some places more so than others, but you need the government on board with these projects because there are always a lot of considerations. One building, for instance (which sold last year), required a bike room for residents to store their bikes, but for the land to be developed his company had to agree to put several million dollars into improvements of the infrastructure, including a road improvement project, before they could even develop the land.

Any time you're doing large scale development, it's a community project in that it really requires the city government to be on board, to want the project to happen, and to help facilitate what needs to be done for it to come together. That's besides the developer financing and whatnot. It's a really backwards idea for some cities to have this attitude of working against the big, bad, evil developers, because it only hurts the average citizen even more by squeezing the inventory of available homes and apartments, leading to rents and housing prices that are beyond the means of most people. A good government should balance any concerns for the environment, traffic, and impact with the needs of its residents and find some happy medium. I know that's not always easy to do, but that should at least be the goal.
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Old 09-29-2018, 11:00 PM
 
16,509 posts, read 17,561,528 times
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I follow the housing in the cities we have rentals

Right now the sale prices are going up slightly. Last quarter about 7k higher than previous quarter.
Rents are going up a lot from 6 months ago. I had a tenant who moved in a rental I had vacant. Right now comps are running 5-10% higher than may 2018

In the city I moved in the IE house prices have gone up 10% every year. Right now my house is worth about 100k more than what I bought fir two years ago. Fir the same price I bought you’re getting about 800/1000 sq ft less house.

I think we’re reaching a ceiling plus the holidays are coming up which traditionally means housing sales slowdown.
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Old 09-30-2018, 08:49 AM
 
Location: Paranoid State
12,685 posts, read 9,447,497 times
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Quote:
Originally Posted by JonathanLB View Post
One building, for instance (which sold last year), required a bike room for residents to store their bikes, but for the land to be developed his company had to agree to put several million dollars into improvements of the infrastructure, including a road improvement project, before they could even develop the land.
This type of extortion is a major factor driving up the price of housing.

This type of extortion should be illegal. If the city wants improvements in its infrastructure, it should not hold developers hostage.
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