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Not wise to make judgements/assumptions on personal wealth by looking at vehicles.
I know too many people that live well beyond their means!
One drives a fancy car (she leases, doesn't buy) and lives in an apartment (with a room mate), has taken money out of her 401 (somehow Covid allows this without penalty) to buy a fancy watch.
People on FB think she is very well off. Those that know her, know she is in debt.
I have a friend/client that looks like a hobo! We tease him about it. He is a multi millionaire!
The housing market may not be exactly as bad as Wake is here in Durham County, but it's definitely similar in feel to all parties involved. I've had friends who want to move into a home in the area and I've had to tell them that with their criteria of wanting a house under $300K, they have virtually nothing available. That even includes if they try for something in Chatham County south of town.
They can get it but can't be picky and it might have problems.
House near me had a small fire, owner died (days later in the hospital, not in the house). Owner was in her 90s and did not maintain the house. Flipper bought it for approx $140K, sold it recently for in the 260s.
The house looks gorgeous, but I hear there were only cosmetic repairs.
Anyway, Durham still has houses under $300K for three bedrooms and definitely for under two bedrooms, but the rate at which those prices are climbing really shocks me.
I think the Mayor is sincere in this. But after all, she is from the development community. In general her approach is Build, Baby, Build... as long as it's inside or along 440. Low end, high end, and anything in between.
Sincere??? If she cared about housing (especially owning SFH's) she wouldn't be pro AirBnB. Just yesterday she talked about the new partnership between AirBnB and Visit Raleigh. She also put the restrictions of entire home AirBnB rentals on hold until she could get the votes she wanted to allow entire home short term rentals. Between that and all the REIT"s that have scooped up the low to moderately priced SFH's, it's no wonder so many cannot buy a home here.
Government cannot and never will be able to solve housing issues. Gentrification is sad, but it means a city is thriving and doing well with property values rising. It sure as hell beats a slow death. Cities either thrive or slowly die. Not much middle ground.
I strongly believe in some form of tax relief for the elderly homeowners in gentrifying areas that could be repaid upon death or lien would be put on property. I pay enough taxes as it is and do not want my taxes raised to pay for any more social programs. We have enough of those already and most hurt long term by creating dependency.
and that's why I posted mayor clip-- if as she says 80% of raleigh is not zoned for multi-family, and ~64 people move here each day, and fewer are inclined to sell b/c of the where will I go factor--- que pasa then? How will housing inventory ever increase, I wonder. That may sound like a too simplistic question for a no doubt complex answer... but I am genuinely curious.
Think it’s getting more crowded around here lately?
I *think* it's 64 to Wake County, not just Raleigh.
It begs that simple question:
Where do that extra 2,000 people live every single month? It requires 500-700 "homes", minimum.
in September 2006, there were 6,700 new homes sold in Wake County via MLS. Back then, there was a significant portion that were presales and never made the MLS, but it wasn't 50%. We even counted days on market, and the median for new construction was 120 days (4 months, relatively balanced).
Sept'06 was the absolute peak. By the time we got to Sept'08 (and our market was still doing well) we were down to 4,800.
As of today, we STILL haven't sold 6,700 new homes in a year since (and I daresay the % that never get listed is MUCH lower, because of the 0 DOM for new builds and the requirement they list homes on MLS if they're going to be a member of MLS).
And if "new" people don't have "new" supply, then they've got to get "crammed into" existing supply + new rental properties. I don't see an easy source for growth in apartment units over time.
Government cannot and never will be able to solve housing issues. Gentrification is sad, but it means a city is thriving and doing well with property values rising. It sure as hell beats a slow death. Cities either thrive or slowly die. Not much middle ground.
I strongly believe in some form of tax relief for the elderly homeowners in gentrifying areas that could be repaid upon death or lien would be put on property. I pay enough taxes as it is and do not want my taxes raised to pay for any more social programs. We have enough of those already and most hurt long term by creating dependency.
I'd like to know how/when gentrification is sad/a bad thing. We hear about so many people being forced out of their homes, but that is NOT reality. There may be long-time renters, whose owners sell the primarily poor-condition home, and the property gets rehabbed or torn down and a new home built. But folks act like it's rich people transacting among themselves all on the backs of the longtime and poor residents. Where gentrification is happening, most of those properties are generationally-owned.
We have programs for elderly/low-income property owners to abate their taxes. Maybe they need to have better thresholds for qualifying or require even less of the taxes paid.
I think we agree and are on the same page. I don’t think gentrification is bad or a negative at all. It is a good thing. It can be sad on an individual level for the person being displaced. I would say the same about our former rural areas that are ever changing and being overrun with growth from recent transplants.
Baldwin touches on it when she mentions City property, County property, and even State property.
What is holding new construction back? It's clearly not demand, and it's clearly not that construction prices have gotten so high that consumers can't afford them.
It's LAND.
So what does the City have, the County have, and the State have? A lot of land that they don't need. And it is FREE land. And by the way, who controls the zoning in the City? The City Council.
So, let's take Old Rex Hospital as an example. 16 acres that's theoretically "for sale" (or was, under McCrory's plans). Right on a thoroughfare/transit route. Walkable to shopping/amenities/park. At "just" 100 units/acre (what private developers get approved for 3-5 stories) that's 1,600 units and approximately 4,000 people living there. But you're the City, and you make the zoning decisions. Zone it for 12 stories and get 3-4x the units.
Want to get really crazy? Buy 34 acres from the Museum of Art at the corner of Wade/Blue Ridge. There's a surface lot on about 1/5 of that.
I think we agree and are on the same page. I don’t think gentrification is bad or a negative at all. It is a good thing. It can be sad on an individual level for the person being displaced. I would say the same about our former rural areas that are ever changing and being overrun with growth from recent transplants.
well, the rural areas are a great example. In 1900, we needed all that land to produce the food we ate. Now we don't. We need the land to house humans, and so we build. If the farmers didn't sell, we couldn't build. Nobody forces them to sell.
Are they new? Or, have they been in working real estate for many years? Dumb newbies lease that big car after a few closings. Experienced, smart, successful agents get the toys when they have built a business history that they believe will support their lifestyle choices moving forward.
Oh, yeah... Never count the other guy's money. We seldom really know the exact source of funds.
Funny...My FIL was the BIC at a realtively productive agency. He said of his agents "I always wanted them to buy a new car. That payment would keep them hungry."
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