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I'm in the Western suburbs of Boston and my market is hotter than ever. It's an absolute blood bath around here with most properties getting 10-20 offers.
I think the threat of rising interest rates is causing people to feel more desperate to get a house under contract "now!" as they see their buying power starting to erode.
Bonita Springs. Daughter’s SIL just texted that they jokingly told a real estate agent that if they were offered $1M for their Florida house, they would sell. House was going on the market tomorrow, but someone saw it yesterday and offered $997k cash. They also bought the Corvette in the garage ($85k). SIL netted $775k.
Bonita Springs. Daughter’s SIL just texted that they jokingly told a real estate agent that if they were offered $1M for their Florida house, they would sell. House was going on the market tomorrow, but someone saw it yesterday and offered $997k cash. They also bought the Corvette in the garage ($85k). SIL netted $775k.
The bubble ain’t burst yet, apparently.
Just out of curiosity . . . what price were they going to list it for? Cars are hard to buy these days too. So, not surprised to hear they would have wanted the car.
Hard to call anything a bubble right now. The market runs in cycles and it often goes up and down but just because it's going up doesn't make it a bubble. The market we're seeing today is quite different and based on different factors than the market we saw before the Great Recession occurred.
Just out of curiosity . . . what price were they going to list it for? Cars are hard to buy these days too. So, not surprised to hear they would have wanted the car.
Hard to call anything a bubble right now. The market runs in cycles and it often goes up and down but just because it's going up doesn't make it a bubble. The market we're seeing today is quite different and based on different factors than the market we saw before the Great Recession occurred.
They were just testing the market. They never expected to get offered $1M, but when they did they couldn’t turn it down. I believe they’ve had the house about 10 years or so, and probably paid about $250k. Their permanent residence is in another state.
It’s not a fancy condo or in a gated community. It’s just a regular residential neighborhood.
My real estate friend says things are still hot here in the Columbia SC area. In one recent listing, they had over 6 offers within two days of listing a starter home at $180K. This is SC. $200K gets you a lot of house:
Just out of curiosity . . . what price were they going to list it for? Cars are hard to buy these days too. So, not surprised to hear they would have wanted the car.
Hard to call anything a bubble right now. The market runs in cycles and it often goes up and down but just because it's going up doesn't make it a bubble. The market we're seeing today is quite different and based on different factors than the market we saw before the Great Recession occurred.
Real estate is local. Different areas have different dynamics. I took a hard look at South Florida recently for some rental property opportunities. I decided it was way to frothy there and ended up not buying. I think it's going to look a whole lot different there 2 years from now.
I paid attention to Florida during the last boom as well, and it is looking pretty similar there right now. Low inventory. Lots of flippers. Tons of building going on. Plenty of second home buyers and investment buyers compared to primary home buyers. Thats why Florida has such huge price swings. I saw $1M units go down to $200K in 2008, only to go up to $3M or $4M by 2022. Crazy, right?
As an investor, if you time Florida right, there is a lot of money to be made. At the same time, that state bankrupted a lot of flippers in 2008.
But, I have a relative that knows real estate, and has a great track record, who is building like crazy down there. Clearly, he feels differently than I do. I guess time will tell.
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