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Thread: Housing market

  1. #81
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    Yeah they are not home flippers but also not stupid to make a quick $400k and move on cant blame them either


    Quote Originally Posted by pinzgauer View Post
    This was common in the prior real estate booms in Florida. And a bunch of people made a lot of money.

    But it never lasts, and you don't hear people talk about when they got stuck upside down on a property. Which also happened commonly in the prior booms.

    My brother lives in the Florida keys and my parents did as well for a long time. During the time they've been there there has been at least three boom/bust cycles and it looks like another one is underway.

    Property in Florida appreciates over time, as does most property. Due to inflation if nothing else.

    But when people start building / buying homes just to flip them with no improvements made is usually a sign of overheated market. Too much money chasing limited inventory.

    At the peak of the last bust I knew people getting interest only balloon loans on high end homes, lived in them for a year, then sold them for enough to pay off the interest plus make a profit. Worked great until the bottom fell out.

    People in the keys who leveraged themselves to speculatively buy condos for $800k which 12 mths later were worth half that.

    And that was not due to sub-prime loans, though those did contribute to the speed of the balloon.

  2. #82
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    Quote Originally Posted by The_War_Wagon View Post
    And you'll LIVE where THEY tell you to.
    I listened to a podcast a few months ago from Am Security Proj and that was their general consensus. “Well since the Gulf has hurricanes, Cali has fires and the mountains have snow just move everyone to cities where they can be protected.” That’s paraphrased.

  3. #83
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    Quote Originally Posted by jmp45 View Post
    We live with a vacant corner lot to our north which we own half for 40 years. Old farm plot with an odd diagonal border. The other owner from the farm house behind us died and it went for auction. A local hack contractor purchased the .25 acres for $48k in the auction. Should have never gone more than $18k. He's going to start construction in a cramped frontage in a week or two to sell quickly. So building materials are up what 30-40%? Properties are going quick here, maybe a day or two they are sold. Someone is going to take huge soaking on this property.
    If it adjoins your property offer to buy it for $20k

  4. #84
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    The people that my realtor friends tell me are buying the houses in Houston are not corporations or REITs, but people fleeing CA, NY and IL.

    My cousin says it is almost 3 to 1 transplants to native TX buyers that he is signing deal for. Frightening.....because this the type of migration that ruined places like OR, AZ and CO.

    I laugh and joke to him that he better hope he never runs out of transplants to sell our houses to.

    My problem is...I am a native Texan and love our culture and state and was not planning on leaving. However, if the cost of living in TX and the political climate changes, we might be forced to leave.

    Depressing....when I think about it for too long. There is next to nothing we can do to stop this trend.

  5. #85
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    Quote Originally Posted by CRAMBONE View Post
    If it adjoins your property offer to buy it for $20k
    It does, the contractor is a real a$$hole. He seems to think this will be his retirement fund when he sells. I bet he would have paid 100k if the auction went that high. Maybe I will ask for the hell of it

  6. #86
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    Quote Originally Posted by jmp45 View Post
    It does, the contractor is a real a$$hole. He seems to think this will be his retirement fund when he sells. I bet he would have paid 100k if the auction went that high. Maybe I will ask for the hell of it
    or get ahold of some audubon society say you saw some rare owl or tortoise on it and watch em lock up the use of the land to building homes hahahhaahah

    half joke half real

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