The real estate market is crazy right now

[Tommy-G]

Here's what $200K gets you in Florida right now.

Clicky clicky

[ToddBlack88]

Wow, and a pool! Lol.

That won’t get you a parking space in a building here.
Lol

[premier3is]

Originally Posted by Tommy-G

Here's what $200K gets you in Florida right now.

Clicky clicky

At first I thought you meant 200k would get me the agent lol, as the first thing that popped up was an ad with her face on it.

It only got worse when I clicked the x on the top right corner, closed the ad, and saw the home.

[evil-G-nius]

Originally Posted by premier3is

At first I thought you meant 200k would get me the agent lol, as the first thing that popped up was an ad with her face on it.

It only got worse when I clicked the x on the top right corner, closed the ad, and saw the home.

LOL...same!

Shit...$200K won't even cover the price of the lot here in Cali

[UncleWede]

Originally Posted by evil-G-nius

LOL...same!

Shit...$200K won't even cover the price of the lot here in Cali

BAN. Don't you have the Superfund listed sites??? Rocky Mountain seems to be pretty cheap land right now.

[dscabra]

Originally Posted by UncleWede

BAN. Don't you have the Superfund listed sites??? Rocky Mountain seems to be pretty cheap land right now.

Not a joke...

There is a developer that is clearing a chunk of land on the southern edge of the Lowry Bombing Range to eventually build homes. It's next to another newer golf course community that was also on the south edge of the range... homes well into the $1M price point.

[Alfisti]

Down the street from me there are three lots, sold as one large 1 acre lot. Nothing on them but post war knock down A-frames.

$6.8m.

[TboneS54]

Very very happy to have bought in 2012 and 2016. Good luck to those hunting.

[spazzyfry123]

Likely will be selling our HOA house this year. Bought it 02/2020 - value today has increased around 25%.

Will be looking for many acres north of here. Hopefully land prices won't kill us. If they don't, building something probably will.

[dreamingat30fps]

Originally Posted by Alfisti

Down the street from me there are three lots, sold as one large 1 acre lot. Nothing on them but post war knock down A-frames.

$6.8m.

I'm complaining because I want to buy some land and 10-20 acres around here in NC is going for $50-120k

[zx10guy]

Originally Posted by dscabra

Not a joke...

There is a developer that is clearing a chunk of land on the southern edge of the Lowry Bombing Range to eventually build homes. It's next to another newer golf course community that was also on the south edge of the range... homes well into the $1M price point.

There are homes around American University in DC which unbeknownst to them were built on proving grounds for the Army pre WWI. Occasionally, you'll see on the news that during some sort of digging/construction, an unexploded munition would be unearthed. In addition, some areas have higher than normal arsenic in the soil due to it being a degraded by product of a chemical blister agent such as Lewisite.

I worked for a company that did materials testing using chemical surety agents a long time ago. A developer built homes about 50 yards away from the facility.

[freakystyly]

Reminds me of the Love Canal in Niagara Falls, NY. That's a rabbit hole.

[Joe T]

Originally Posted by Alfisti

Down the street from me there are three lots, sold as one large 1 acre lot. Nothing on them but post war knock down A-frames.

$6.8m.

something to think about.... The commissions for the real estate agent on that (at asking price) is $408,000

[UPSROD]

So, how long is this thread going to run? Absolutely stating the obvious from post number 1 to number 280+.

[OkieSnuffBox]

Originally Posted by UPSROD

So, how long is this thread going to run? Absolutely stating the obvious from post number 1 to number 280+.

You realize you don't have to pay attention to it, right? If you don't want notifications, unsubscribe from the thread.

[heitzke]

Just jumping into this thread after stalking for a while. Currently looking to potentially downsize and lessen my financial footprint despite being able to easily afford my current (albeit, too large of a home).

Purchased at 493 in 2020, and talking with the realtor who sold me the house we're looking at a listing price of ~825. Houses here are also consistently entering bidding wars, etc.

Possibly looking a little further outside the city, smaller home and/or just a move to a more midsize city where I can have a tiny mortgage, maybe some more space, land, etc. I work from home full-time so commutes and physical location are no longer concerns of mine.

[UncleWede]

I know you aren't providing legal advice, just trying to verify some we may receive.

Best form to pool resources with my brothers: LLC, S-corp, something else? We will be receiving significant real property distribution from my father's trust, and want to expand the empire by leveraging that distribution. All properties we inherit are free/clear with consistent rental income.

[OkieSnuffBox]

Originally Posted by heitzke

Just jumping into this thread after stalking for a while. Currently looking to potentially downsize and lessen my financial footprint despite being able to easily afford my current (albeit, too large of a home).

Purchased at 493 in 2020, and talking with the realtor who sold me the house we're looking at a listing price of ~825. Houses here are also consistently entering bidding wars, etc.

Possibly looking a little further outside the city, smaller home and/or just a move to a more midsize city where I can have a tiny mortgage, maybe some more space, land, etc. I work from home full-time so commutes and physical location are no longer concerns of mine.

Holy cow that's an insane amount of appreciation in two years!

[Watching The World Burn]

Originally Posted by OkieSnuffBox

Holy cow that's an insane amount of appreciation in two years!

Everything is nuts - there is a modern build next street over from me where I know he would have purchased the 2 acre lot for about $250K - $300K back maybe 7 years ago or so. He built on it about 3 years ago (he just kept it as vacant land prior) and probably spent about $1M...maybe $1.5M with all the landscaping, pool, nice 5000 sqft house.

He just listed it for $3.8M.

Even our house, I figure we could get $2.6M for it now and we bought it for 730K about 7 years ago. Now we are dropping about $300K on renos, so say roughly $1M cost basis...still, that's insane appreciation. Doesn't really matter in the end, because I have no desire to move. Love where we live and love the house.

[kscarrol]

Originally Posted by UncleWede

I know you aren't providing legal advice, just trying to verify some we may receive.

Best form to pool resources with my brothers: LLC, S-corp, something else? We will be receiving significant real property distribution from my father's trust, and want to expand the empire by leveraging that distribution. All properties we inherit are free/clear with consistent rental income.

Not a lawyer but I did stay at a Holiday Inn Express last night... But seriously, with the "significant" property assets you are inheriting, I would consult a real lawyer. I can imagine owning rental properties exposes you and you personal assets to significant risk of litigation. You want this structured right to maintain your access to the income but shield you as much as possible from the liabilities.

[cmyx6go]

Originally Posted by kscarrol

Not a lawyer but I did stay at a Holiday Inn Express last night... But seriously, with the "significant" property assets you are inheriting, I would consult a real lawyer. I can imagine owning rental properties exposes you and you personal assets to significant risk of litigation. You want this structured right to maintain your access to the income but shield you as much as possible from the liabilities.

I agree. For what it’s worth, we have a few companies. The “operating” companies are all SCorps. The company that owns the real estate and the parent company that owns all the subsidiaries are LLCs. Talk to a lawyer.

[Donatello.]

Originally Posted by ToddBlack88

Exactly.
But it’s a middle class home. It was 300k in 2001. I bought it in 2005 for 600k. It’s assessed for taxes at 2.2mil today, with market value at 2.5-2.8mil.

Apartments are well over a million here. It’s crazy

Crazy is an understatement. I am housing shopping myself right now & I am thoroughly disgusted and pissed off. I now have to spend $400-500k for a "regular" house when I could have bought a McMansion for $500k just a short couple or few years ago? I want to scream