Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
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.
Nothing wrong with that, I did a 4% interest only loan because I didn’t 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 it’s some tiny amount like $115K it makes sense.
The issue with in some markets the luxury market, like Vegas right now, isn’t the inventory or time on market, it’s the outdated styles.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.
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.
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.
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.
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.
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. I’ve 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 it’s not modern lol), even though I don’t like old houses at all but some of them really “got it” long before we had modern style homes.
The problem with many homes I’ve seen... I’d be willing to go through a remodel, I guess, it sounds awful but I’m open minded. But you can rarely do that because the bones aren’t right for it. They’re stuck with 8 or maybe 8.5’ ceilings and modern styles are built around grand 15-20’ ceilings in the living room with still impressive 10-12’ 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 there’s no fixing it really. You’d have to knock it down.
As much as I love Vegas and it’s the city for me, I’ve never seen so many hideous houses in one place. It’s 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 you’re anywhere near the average home price it’s cookie cutter or very old for you. It’s no wonder some people like old homes, because they’re just trying to avoid the cookie cutter ones. I don’t want either! I want luxury modern lol. But my taste is expensive so that makes it tougher
...........They’re stuck with 8 or maybe 8.5’ ceilings and modern styles are built around grand 15-20’ ceilings ............If you take an old house with low ceilings there’s no fixing it really. You’d 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.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
