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    Thread: Housing Market Dried Up

    1. Senior Member SAPJetta's Avatar
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      06-18-2012 10:10 AM #26
      At least once those rates go up, maybe rates for savings and other investment vehicles will follow suit, at least a little bit.
      Where are we going and why am I in this handbasket?

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      06-19-2012 05:23 PM #27

    3. Member maskedSONY's Avatar
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      06-21-2012 12:14 PM #28
      I guess some of you guys might like this graphic:

      Quote Originally Posted by Turbiodiesel!
      It really is the perfect, no excuses all-rounder for the rich guy who's accustomed to having it all - the Hybrid version especially. It's like an F-150 Raptor banged an M5 in the men's room of a biker bar. Nobody really wanted the results, but damn - what a set of genes.

    4. Member GeoffD's Avatar
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      06-21-2012 05:34 PM #29
      An interesting article in the Boston Globe that shows what is being discussed in this thread. This is not a nationwide thing. Real estate markets are local and there are places where inventory is in short supply and market prices are rising.

      http://www.boston.com/realestate/new...ell_RE_Article
      Here's an excerpt from Movoto's report.

      We are seeing a gradual increase in the prices of homes in areas that have been most affected by low inventory. This could be an indicator the housing market has finally pulled out of its slump. We'd like to think so. But we've been burned before. We'll see.

      OK, here are the two relevant sets of stats taken from the Movoto report. The first shows declining inventory levels in Boston and other major metro markets across country.

      Las Vegas, down 66 percent
      San Francisco, down 65 percent
      Miami, down 62 percent
      Fresno, down 52 percent
      Oakland, down 50 percent
      Long Beach, down 49 percent
      Seattle, down 42 percent
      Mesa, down 41 percent
      Phoenix, down 41 percent
      Portland, down 41 percent
      Boston, down 37 percent

      The second set of stats, also from Movoto, shows the rise in list prices in these same cities.

      Las Vegas, up 52 percent
      Phoenix, up 30 percent
      Mesa, up 25 percent
      Miami, up 23 percent
      San Francisco, up 23 percent
      Austin, up 22 percent
      Oakland, up 17 percent
      Seattle, up 14 percent
      Fresno, up 13 percent
      Long Beach, up 12 percent
      Boston, up 11 percent

    5. Senior Member jnm2.0t's Avatar
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      06-21-2012 07:41 PM #30
      So their data is from July to now. The thing is people mostly shop affordability and back into the price. In July 2011 the interest rates were 4.79%, today they are at 3.66%. If you can afford $2k a month in July that gets you $381k of house, today it is $436k of house, 14.4% higher just from rates dropping. It's not a 1:1 but it's a decent benchmark. I would say any amount over this could be contributed to supply issues or local economies, and under this would probably be considered weak.
      I'm just a regular Joe, with a regular job. I'm your average white, suburbanite slob.

      Quote Originally Posted by Rabbit5GTI
      You have cornered the entire 'I hate Ford Fusions' market around here
      Quote Originally Posted by Turbio!
      Pure electric vehicles will never fully replace fueled (pure ICE or PHEV) vehicles.

    6. 06-22-2012 07:31 PM #31
      I just bought a brand new house in a small gated community for 190k. About 70% of the neighborhood is built and everytime they start on a new lot it sells within 2 weeks. Houses in the neighborhood range from 150 to 225 and the builder is paying mos of your closing so things are moving!

    7. 06-22-2012 08:43 PM #32
      Quote Originally Posted by Vash350z View Post
      I just bought a brand new house in a small gated community for 190k. About 70% of the neighborhood is built and everytime they start on a new lot it sells within 2 weeks. Houses in the neighborhood range from 150 to 225 and the builder is paying mos of your closing so things are moving!
      Purchased by owners or speculators?

    8. Member FLY-GTI1's Avatar
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      06-22-2012 10:46 PM #33
      Quote Originally Posted by a_riot View Post
      Purchased by owners or speculators?
      ..or investors.
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      07-31-2012 08:30 PM #34
      Quote Originally Posted by Papa Dras View Post
      It's happening here big time and the people that have nice homes basically can name their price.

      Fun if you are a seller but crappy if you are a buyer.
      That's what we've noticed too. We are in a competitive price range (aka don't have a big budget for this area) and trying to find something that we like that is in liveable condition, and at best, is move in ready, is really hard to come by. Most of the market is foreclosures that have been trashed, short sales, or really nice, big places. The new construction (low quality) stuff is flying off the market. We don't have any interest in owning a home on 0.07 acres or it might be tempting

      We found a place on Saturday, looked at it and made a full price offer within 24 hours of it being on the market - and we found out that we were offer#4 out of 7! In less than 24 hours! So ridiculous.

      We've been sitting on a short sale for 6 weeks and are hoping that will pan out since we can't justify getting into a bidding war over a mediocre property. The house we made the offer on on Saturday ended up selling for much more than asking price.

      Quote Originally Posted by Vision33r View Post
      A guy who was working on my home last month said he's paying $1200 for just a single bedroom and that's almost as much as my mortgage for my house and I've got 4 bedroom.
      That's kinda where we are right now. We would give up the house hunt and battle to own if renting wasn't MORE expensive than buying. $1300+ for an outdated 3 bedroom apartment from the 90's just doesn't sit well with me. I guess they can charge high rent because they know people will pay it. Many people are recovering from financial trouble and aren't wanting to buy.

    10. Senior Member SAPJetta's Avatar
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      07-31-2012 10:08 PM #35
      Quote Originally Posted by firefighterjunkie View Post
      The house we made the offer on on Saturday ended up selling for much more than asking price.

      This is good news for those of us who already own. Glad the prices are starting to rebound, if only a little bit. Definitely frustrating for those looking to buy however.
      Where are we going and why am I in this handbasket?

    11. Senior Member jnm2.0t's Avatar
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      08-01-2012 03:50 PM #36
      Quote Originally Posted by firefighterjunkie View Post
      That's kinda where we are right now. We would give up the house hunt and battle to own if renting wasn't MORE expensive than buying. $1300+ for an outdated 3 bedroom apartment from the 90's just doesn't sit well with me. I guess they can charge high rent because they know people will pay it. Many people are recovering from financial trouble and aren't wanting to buy.
      I would KILL for $1300 for a 3br. At one point we had a 625 sqft 1br, if we were to go rent that now it would be $2,082 - $2,323. A 3/2 same place is up to $4,649. This isn't even downtown or close to the city.
      I'm just a regular Joe, with a regular job. I'm your average white, suburbanite slob.

      Quote Originally Posted by Rabbit5GTI
      You have cornered the entire 'I hate Ford Fusions' market around here
      Quote Originally Posted by Turbio!
      Pure electric vehicles will never fully replace fueled (pure ICE or PHEV) vehicles.

    12. Geriatric Member firefighterjunkie's Avatar
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      08-01-2012 04:17 PM #37
      That's insane! Or, I guess..."normal" for California. I don't think I could ever get used to that. And we definitely couldn't afford to live there.

    13. Member rich!'s Avatar
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      08-01-2012 05:00 PM #38
      Quote Originally Posted by jnm2.0t View Post
      I would KILL for $1300 for a 3br. At one point we had a 625 sqft 1br, if we were to go rent that now it would be $2,082 - $2,323. A 3/2 same place is up to $4,649. This isn't even downtown or close to the city.
      almost double from 10 years ago when i was in silly valley
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    14. Member maskedSONY's Avatar
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      08-01-2012 05:15 PM #39
      Quote Originally Posted by jnm2.0t View Post
      I would KILL for $1300 for a 3br. At one point we had a 625 sqft 1br, if we were to go rent that now it would be $2,082 - $2,323. A 3/2 same place is up to $4,649. This isn't even downtown or close to the city.
      This is in Palo Alto/SF Area? Damn. And I thought I had it bad in Westchester NY.
      Quote Originally Posted by Turbiodiesel!
      It really is the perfect, no excuses all-rounder for the rich guy who's accustomed to having it all - the Hybrid version especially. It's like an F-150 Raptor banged an M5 in the men's room of a biker bar. Nobody really wanted the results, but damn - what a set of genes.

    15. Senior Member jnm2.0t's Avatar
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      08-01-2012 05:59 PM #40
      Just poking around CL...

      $4500 / 2br - 1142ft²

      Granted its a nice new building in a very hot area but still...
      I'm just a regular Joe, with a regular job. I'm your average white, suburbanite slob.

      Quote Originally Posted by Rabbit5GTI
      You have cornered the entire 'I hate Ford Fusions' market around here
      Quote Originally Posted by Turbio!
      Pure electric vehicles will never fully replace fueled (pure ICE or PHEV) vehicles.

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      08-01-2012 06:18 PM #41
      I have friends and also my SIl that live in SF area. I don't understand the mentality because they bitch and moan about being broke and how much rent is, but continue to live there. They can't afford to do anything or enjoy the city, but don't move. It's weird.

    17. Member titleist1976's Avatar
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      08-01-2012 06:55 PM #42
      It's easier to bitch about it than it is to find a new job and relocate.

      Plus, it's just one of those young peoples things to do. Just call your sil a hipster, that'll shut her up.

    18. Senior Member SAPJetta's Avatar
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      08-01-2012 10:51 PM #43
      Quote Originally Posted by titleist1976 View Post
      It's easier to bitch about it than it is to find a new job and relocate.


      I could relocate just about anywhere with my current job, but I just prefer to suffer and bitch about it.
      Where are we going and why am I in this handbasket?

    19. Member GeoffD's Avatar
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      08-02-2012 09:15 AM #44
      Quote Originally Posted by maskedSONY View Post
      This is in Palo Alto/SF Area? Damn. And I thought I had it bad in Westchester NY.
      The difference is that NYC has viable public transportation so you can live 60 miles out where housing is more affordable. In the Bay Area, BART is something of a joke and most people are forced to drive on very congested roads. That limits how far you can be from work and places a huge premium on housing that is close to the big employment centers.

      My Bay Area tech startup buddies always say "You don't buy housing here off W-2 money". You either inherit it or hit with your company. I have a few friends who telecommute their jobs from Tahoe. They drive down the hill every week and do 2 work days and an overnight in a hotel. With the crap traffic issues, tons of companies are encouraging it since it saves them huge on facilities.

    20. Member maskedSONY's Avatar
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      08-02-2012 09:37 AM #45
      Quote Originally Posted by GeoffD View Post
      The difference is that NYC has viable public transportation so you can live 60 miles out where housing is more affordable. In the Bay Area, BART is something of a joke and most people are forced to drive on very congested roads. That limits how far you can be from work and places a huge premium on housing that is close to the big employment centers.

      My Bay Area tech startup buddies always say "You don't buy housing here off W-2 money". You either inherit it or hit with your company. I have a few friends who telecommute their jobs from Tahoe. They drive down the hill every week and do 2 work days and an overnight in a hotel. With the crap traffic issues, tons of companies are encouraging it since it saves them huge on facilities.
      I keep hearing that NYC has viable public transportation and about how great it is, yet I don't get why other parts of the nation don't embrace it better. Is that too much socialism for Americans to accept?

      Edit- I just used google maps to determine that the drive from Tahoe is freaking 220 miles long. And also, that's a serious climb up those mountains. Are your friends in Tahoe or in Reno? I'd think housing in Reno would cost alot less. Are home prices in Gilroy or Salinas (or in that area) reasonable at all? Those places seem closer/easier to drive from.
      Last edited by maskedSONY; 08-02-2012 at 09:46 AM.
      Quote Originally Posted by Turbiodiesel!
      It really is the perfect, no excuses all-rounder for the rich guy who's accustomed to having it all - the Hybrid version especially. It's like an F-150 Raptor banged an M5 in the men's room of a biker bar. Nobody really wanted the results, but damn - what a set of genes.

    21. Senior Member AZGolf's Avatar
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      08-02-2012 10:28 AM #46
      Quote Originally Posted by maskedSONY View Post
      I keep hearing that NYC has viable public transportation and about how great it is, yet I don't get why other parts of the nation don't embrace it better. Is that too much socialism for Americans to accept?
      You need extremely high population density to make major public transit systems work. From a quick Wiki check, the SF Bay area has a population density of 1024 residents per square mile. Meanwhile NYC is sitting at 27,243 per square mile. Clearly things like mass transit are easier to pull off when you have more than 25 times the population density.

    22. Senior Member jnm2.0t's Avatar
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      08-02-2012 10:38 AM #47
      Quote Originally Posted by maskedSONY View Post
      Edit- I just used google maps to determine that the drive from Tahoe is freaking 220 miles long. And also, that's a serious climb up those mountains. Are your friends in Tahoe or in Reno? I'd think housing in Reno would cost alot less. Are home prices in Gilroy or Salinas (or in that area) reasonable at all? Those places seem closer/easier to drive from.
      Tahoe is gonna be a few hours from here, but the Donner Pass can really screw things up even in non-winter months.

      I don't know anyone that does it from Gilroy and certainly not Salinas. There's areas of San Jose that are cheap enough that you don't need to go that far. Furthest I may hear about is Morgan Hill. Actually, lots of people are in the Santa Cruz area but hwy 17 is a hellish drive especially on vacation weekends.
      I'm just a regular Joe, with a regular job. I'm your average white, suburbanite slob.

      Quote Originally Posted by Rabbit5GTI
      You have cornered the entire 'I hate Ford Fusions' market around here
      Quote Originally Posted by Turbio!
      Pure electric vehicles will never fully replace fueled (pure ICE or PHEV) vehicles.

    23. Member rich!'s Avatar
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      08-03-2012 02:14 PM #48
      had a few coworkers that bought homes in stockton and commuted down to SJ; one even lived in sac. do they still do that santa cruz shuttle?
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      08-03-2012 03:10 PM #49
      I'm in the middle of purchasing a house right now and it's been an interesting experience. Unlike what others have said, it's not all doom and gloom, IMO. I'm looking outside of philly and it certainly doesn't appear that the RE market is nearly as bad off as some of the places that are being highlighted.

      There are definitely a good selection of foreclosed properties, if that's your thing, but plenty of standard sales as well. In fact, for a decent house that's good physically and has recently been updated, it's very likely that it won't be on the market for more than a month. There are exceptions to this, of course, and a lot of it depends on how aggressive the seller is on the price of the house. The problem we found is that there are probably about 100 houses that would fit most of our criteria, but most of them are either not updated and/or they're of the 70's cookie cutter development style of home. Those types of houses are all over the place---you want something like that, you won't have a problem. You want something with a bit more character, you're going to wait. There are a ton of really nice houses in the 20 mile radius we're looking, but most simply aren't for sale. We got lucky however and found a decent house, that when we made the initial offer was only only on the market for about a month.

      It doesn't appear that home values have tanked nearly as much as they have in other areas. But like all things, sellers want too much and buyers want to pay too little. So there's that balance. Our agent estimates that based on the amount of work the sellers put into the house, they will be losing some money by selling the house for what we agreed on. But they're still selling the house for a good amount more than they paid in 2008 (divorcing couple---I chuckled when Geoff mentioned that earlier in the thread).

      What will be the kicker is that the current owners got the house apprasied in 2010 presumably after they got all sorts of work done on it. They sent us the appraisal and so I know how much they felt the house was worth back then (certainly more than we're paying for the house now!). I will be very interested to see how (or if) the appraised value changed from then to now. I should know that info next week.

    25. Senior Member jnm2.0t's Avatar
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      08-06-2012 03:13 PM #50
      Quote Originally Posted by rich! View Post
      had a few coworkers that bought homes in stockton and commuted down to SJ; one even lived in sac. do they still do that santa cruz shuttle?
      Down to SJ isn't such a bad deal from the east bay, though Stockton is... well if you can't say anything nice...

      No idea on the shuttle but doing a shuttle over hwy 17 would get very old very fast. I could see myself just getting off halfway and walking back home.
      I'm just a regular Joe, with a regular job. I'm your average white, suburbanite slob.

      Quote Originally Posted by Rabbit5GTI
      You have cornered the entire 'I hate Ford Fusions' market around here
      Quote Originally Posted by Turbio!
      Pure electric vehicles will never fully replace fueled (pure ICE or PHEV) vehicles.

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