Housing market trash

jeepinmatt said:
Also, localized housing shortage because everyone is trying to move to certain areas. Meanwhile, in Detroit...
View attachment 394651
Click to expand...
The best part about Detroit is if you do purchase you won’t have to pay the full mortgage!






You’ll be dead from gang violence long before the loan matures.

See Also: Chicago real estate market.
 
jeepinmatt said:
Also, localized housing shortage because everyone is trying to move to certain areas. Meanwhile, in Detroit...
View attachment 394651
Click to expand...
We are about 10 years from those house and many many more being $100 in Detroit.
There was a time following the crash in 08 where they couldnt give real estate away. Literally there were no (paying) tenants and fair condition 1970s brick home with no structural issues had a $2,500 annual property tax bill. A friend speculatively bought 20 home in Detroit proper and negotiated a variance with the city on taxes... He finally started selling them 2 years ago and did alright...but in the interim he was renting them for $200/month just to cover property taxes...
 
We got caught in the insanity. We had one house sell while we were looking at it. One that sold before we got there. So many new listings that we found online, contacted out realtor, and they sold already.

This place I told KY realtor to immediately make an offer. He said he would do it tomorrow morning. I said no, now, or I will hire another realtor. He did. The seller accepted. I told realtor to send a contract. He said in the morning. I said now. He sent it. Seller signed it. I found out later the seller got an offer for 20k more two hours after he signed.
 
jeepinmatt said:
Also, localized housing shortage because everyone is trying to move to certain areas. Meanwhile, in Detroit...
View attachment 394651
Click to expand...

That's exactly what I was asking about here:

UTfball68 said:
That is one area I’m always curious how the shortage numbers are calculated. Where is the shortage density?...snip...How do available homes impact the data
Click to expand...

and here...

UTfball68 said:
Right, but WFH was considered to be a contributor to breaking the chains of proximity to the job. So I could certainly see homes being built in more remote/rural/relaxing areas, people moving out of cities and once WFH options decline, vacancies. Anecdotally, my area did see several folks in surrounding neighborhoods that liked how quaint Salisbury is, and since they weren't tied to a Charlotte office for 2-3 years, they moved. With WFH drying up, those same folks are becoming disgruntled with commutes. Maybe this is a small percentage, maybe not. Or like my buddy in Emerald Island, it's 95% developed, the other 5% isn't selling...he wants to live there, but the area literally can't be built up any more. So does the building spill over to more rural areas, that people don't want to be in? Does that mean there's a shortage of homes in Emerald Isle?

Or the anecdote of folks leaving California for Texas...technically they're leaving a home and potentially going to place without homes. Does that mean there's no net change, even though they technically don't have a place to live in Texas?
Click to expand...

Are those open homes in Detroit included in the 'housing shortage'...so the net shortage data is skewed, further exacerbating the 'shortage', because no one wants to move to Detroit? Or is the data normalized to income, development, localization? Ultimately, an available house does no good if people can't afford it, or don't want to be in the area.
 
awheelterd said:
I'd be *closer* to ok with my tax dollars going toward "economic incentive packages" going to those areas than to currently booming areas such as Ukraine.
Click to expand...
FIFY

The problem is the amount of tax dollars pouring into cities like Detroit for social programs (welfare, wic, free interwebz, free phones, etc.) is disgusting and part of the reason capable people are leaving there. The property taxes on a 3/2 row house is obscene in Detroit proper with no decent job market—> crime—> no companies want to move to provide jobs—> repeat.
 
skyhighZJ said:
The best part about Detroit is if you do purchase you won’t have to pay the full mortgage!






You’ll be dead from gang violence long before the loan matures.

See Also: Chicago real estate market.
Click to expand...
So I shouldn't take this job 🤔
 

Attachments

  • Screenshot_20230328_192929_Gmail.jpg
    Screenshot_20230328_192929_Gmail.jpg
    50.7 KB · Views: 105
ncsutj said:
So I shouldn't take this job 🤔
Click to expand...
Of course they will provide relocation assistance. Houses are cheap and easy to come by, and there's empty moving trucks headed to Detroit every day! :laughing:
 
Noel said:
So, you think there is a population decrease coming down the line and a housing shortage…. While homes are being built at alarming rates….
Click to expand...
yes.
As mentioned these are different things happening on different timescales.
The building rate is to deal with pent up demand because the overall building rate for many years did not keep up with the demand and population growth (@UTfball68 thats for the national average). We could take @benXJ style draconian measures and 100% stop all migration and abort all babies and have literally zero growth and let the population start falling immediately and there would STILL be demand for housing for awhile. That is what's keeping the industry going despite all the other negative influences recently. Its been a long time brewing and won't just stop suddenly.

The population drop won't hit for awhile. Like decades. If at all. The US can, and probably will, buffer itself with our immigration policies. The real problem with that is what happens when all the other countries realize what a problem they have on their hands from rapid decline and start enacting crazy policies to keep people there or entice immigration, causing fewer to come here, and the bidding war for bodies gets going.

At that point the housing market is going to be pretty different from today.... lots of the Detroit situation when demand exceeds supply. My best hope is to be pretty freakin old or dead and have plenty saved up to compete financially for my own care. Sucks for my kids.
 
Another issue we are seeing here in the Asheville area is homes being bought by big corporations as short term rentals. We just finished a survey of a 40ish unit town home complex that is entirely short term. All of this makes it very hard for the average person to purchase a home given the inflated prices these companies are willing to pay.
 
Monkeynono said:
Another issue we are seeing here in the Asheville area is homes being bought by big corporations as short term rentals. We just finished a survey of a 40ish unit town home complex that is entirely short term. All of this makes it very hard for the average person to purchase a home given the inflated prices these companies are willing to pay.
Click to expand...
Too bad trying to do anything about it via regulation would be anti capitalistic.
 
RatLabGuy said:
Too bad trying to do anything about it via regulation would be anti capitalistic.
Click to expand...
Capitalism will take care of it in the next year or so when those companies collapse. But then socialism with F it up when the government saves them.
 
shawn said:
Edgecombe County lost 7% of its total housing units over the last 10 years.
Click to expand...
thats a fairly cherry picked stat to single out the 53rd most populous county in a state of 100 counties.
I must be missing a reference
 
RatLabGuy said:
yes.
As mentioned these are different things happening on different timescales.
The building rate is to deal with pent up demand because the overall building rate for many years did not keep up with the demand and population growth (@UTfball68 thats for the national average). We could take @benXJ style draconian measures and 100% stop all migration and abort all babies and have literally zero growth and let the population start falling immediately and there would STILL be demand for housing for awhile. That is what's keeping the industry going despite all the other negative influences recently. Its been a long time brewing and won't just stop suddenly.

The population drop won't hit for awhile. Like decades. If at all. The US can, and probably will, buffer itself with our immigration policies. The real problem with that is what happens when all the other countries realize what a problem they have on their hands from rapid decline and start enacting crazy policies to keep people there or entice immigration, causing fewer to come here, and the bidding war for bodies gets going.

At that point the housing market is going to be pretty different from today.... lots of the Detroit situation when demand exceeds supply. My best hope is to be pretty freakin old or dead and have plenty saved up to compete financially for my own care. Sucks for my kids.
Click to expand...
The data is skewed though because MFH are properly accounted for. For reasons...
 
RatLabGuy said:
Too bad trying to do anything about it via regulation would be anti capitalistic.
Click to expand...
There are already coastal towns and other tourist areas that are trying to regulate this.

www.wmbfnews.com

City of North Myrtle Beach enacting new rules on short-term rentals

The city is hoping some new ordinances will keep some issues in check.
www.wmbfnews.com www.wmbfnews.com
www.waco-texas.com

Planning Short Term Rentals

A short-term rental (STR), or vacation rental, is the renting out of a furnished home, apartment or condominium for a short-term stay (less than 30 consecutive days). The owner of the property usually will rent out on a weekly basis, but some vacation rentals offer nightly rates.
www.waco-texas.com www.waco-texas.com
 
I never said abort all babies. But why do we need a constant flow of the worst/uneducated/unskilled that Venezuela can send us? They have zero interest in assimilation, ruin the areas they settle in, along with the crime and overall less safety.
 
Monkeynono said:
Another issue we are seeing here in the Asheville area is homes being bought by big corporations as short term rentals. We just finished a survey of a 40ish unit town home complex that is entirely short term. All of this makes it very hard for the average person to purchase a home given the inflated prices these companies are willing to pay.
Click to expand...

They built an entire neighborhood that has a sign out front as rentals only here in Charlotte.
 
benXJ said:
I never said abort all babies. But why do we need a constant flow of the worst/uneducated/unskilled that Venezuela can send us? They have zero interest in assimilation, ruin the areas they settle in, along with the crime and overall less safety.
Click to expand...

That’s generally first generation. By the second generation they are as American as the rest of us. For better or worse.
 
Ron said:
thats a fairly cherry picked stat to single out the 53rd most populous county in a state of 100 counties.
I must be missing a reference
Click to expand...
Came up recently in another discussion. Point is that the number of available units isn't constant and tends to decrease over time.



paradisePWoffrd said:
There are already coastal towns and other tourist areas that are trying to regulate this.
Click to expand...

Short-Term Rentals

raleighnc.gov raleighnc.gov
 
Futbalfantic said:
That’s generally first generation. By the second generation they are as American as the rest of us. For better or worse.
Click to expand...
I know the one and it pisses me off every time I drive by it. Almost as much as the stupid no turn median in front of the vape gas station down the street from it.
 
I'm getting ready to start a 42 unit town house development outside of asheville and over 1/2 are going to be short term rentals. Another project in chimney rock is going to be 28 homes that will be all rentals
 
Back
Top