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Fitzy Fitz posted:media to americans: fight - fight - fight - fight lol institutional investors are buying up the houses that Boomers are leaving behind I've seen ONE (1) normal person house at a normal person price show up in the East End here, in an area where people used to get shot regularly. It went pending (cash purchase) within three days. https://www.realtor.com/realestateandhomes-detail/417-N-Graham-St_Pittsburgh_PA_15206_M36078-23577
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Apr 5, 2023 15:09
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euphronius posted:holy god what is going on with house prices House prices can't ever come down by any significant amount and that creates massive problems when speculation/investment causes them to double or triple from anything even remotely approaching reasonable. Can you imagine most homeowners actually losing half or more of the value of their houses? That's the only way you can ever fix this. You need to tell existing homeowners "your home will never make you money ever" which is absolutely an okay thing to be true but lmao.
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Apr 5, 2023 15:27
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I checked my neighborhood on airbnb yesterday and saw that a house up the street has been turned into a full-time short-term rental. It's labeled as a "cottage" and goes for $250/night. It's the same floorplan as my house. Guess I live in a cottage. One of the renters complained that the neighborhood wasn't very nice and that they were kept up by a loud party. Good. gently caress off.
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Apr 5, 2023 15:32
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Paradoxish posted:House prices can't ever come down by any significant amount and that creates massive problems when speculation/investment causes them to double or triple from anything even remotely approaching reasonable. In an actual functioning market, WFH office workers making a $20/plate lunch place in the city core here unviable would mean that the expensive lunch place closes, the rent goes down, and a new business opens in that space with a different business model. What actually happens is the unviable business closes and the space sits empty because commercial rents cannot come down one iota or the whole scheme collapses. Commercial real estate owners run endless articles in local media about how the homeless must be killed because they're keeping "normal" Americans from returning to the office.
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Apr 5, 2023 15:42
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Paradoxish posted:House prices can't ever come down by any significant amount and that creates massive problems when speculation/investment causes them to double or triple from anything even remotely approaching reasonable. Massive inflation that home prices don't match is one way out of this. Imagine if houses still cost $800k, but also a McDonalds combo meal was $15 and a dozen eggs cost $7. Man, what a crazy world that would be.
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Apr 5, 2023 15:43
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Inflation is the only way out of the prices, but then the problem is that pay also has to increase and companies are going to fight that tooth and nail. Then there's a basic supply problem. We really aren't building appreciable numbers of anything in major cities and in addition to the institutional investors, every middle class person is being told that they have to landlord on the side, so anything affordable instantly disappears as a rental or airbnb.
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Apr 5, 2023 16:30
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I don't think we can inflate our way out of this problem on a time scale that will matter to anyone who is alive right now, not without admitting that we need higher levels for a very, very long time. And yeah, you need wages to actually keep pace, which hasn't been happening and won't happen. Prices have to come down, even in a "reasonable" inflationary environment. Either that or you'd need prices to sit flat for the next 5-10 years, which I don't think will happen unless rates stay very high.
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Apr 5, 2023 16:33
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poo poo got pretty affordable for a while after 08, why wouldn't another crash have a similar effect
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Apr 5, 2023 16:35
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indigi posted:poo poo got pretty affordable for a while after 08, why wouldn't another crash have a similar effect Everything that came down in the '08 crash and wasn't unviable to begin with (cardboard subdevelopments in the middle of the desert) regained it's value and then some by 2012-2013. The people who left their keys and walked away on a house they were underwater on were the losers there.
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Apr 5, 2023 16:38
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indigi posted:poo poo got pretty affordable for a while after 08, why wouldn't another crash have a similar effect That's basically a myth:  The crash was real, but only in the sense that home prices never come down, so any kind of noticeable and sustained drop was a huge aberration. They mostly only stayed low while the country was in the throes of total economic devastation and marginal buyers wouldn't have been able to afford a house or even qualify for a mortgage at that time. Lots of markets never saw any drop at all, like my house lost zero value in that time period. Very few places saw anything like bargain basement or truly affordable median sales prices. Always important to remember that the 2008 housing crash gets talked about because national housing crashes basically don't happen. Another one would be weird, and there's a good chance that anyone who's waiting to buy during a crash won't have a job.
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Apr 5, 2023 16:42
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Paradoxish posted:That's basically a myth: am I reading htat right, housing prices have doubled in the past 15 years wtf lmao
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Apr 5, 2023 16:45
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spacemang_spliff posted:am I reading htat right, housing prices have doubled in the past 15 years Prices here have tripled in about twelve years and the median apartment for rent went from ~$560 a month in 2007 to $1465 in 2022.
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Apr 5, 2023 16:46
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spacemang_spliff posted:am I reading htat right, housing prices have doubled in the past 15 years Housing prices have nearly doubled from the pre-2008 bubble peak
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Apr 5, 2023 16:48
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spacemang_spliff posted:am I reading htat right, housing prices have doubled in the past 15 years What part of the country are you in? I'm in one of the hotter markets in Nashville, and our housing prices have doubled since 2017.
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Apr 5, 2023 16:50
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Paradoxish posted:The crash was real, but only in the sense that home prices never come down, so any kind of noticeable and sustained drop was a huge aberration. it was extremely regional places like Jacksonville, or north port in FL dropped precipitously. the marginal markets basically. this time those marginal markets seem only to be slightly declining. Edit from an even higher peak.
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Apr 5, 2023 16:51
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 My wife was in contact with the seller's agent for this one. It was up a few weeks ago for $399k. The owner took it down, installed a new dish washer and hot water tank, and put it back up for $425k with the 'upgrades.' (It's currently being used as an airbnb)
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Apr 5, 2023 16:54
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Twerk from Home posted:What part of the country are you in? I'm in one of the hotter markets in Nashville, and our housing prices have doubled since 2017. I'm in KC, home values have skyrocketed here too. I'd just never seen that graph before. I figured areas around cities are out of control but even the price for a home in bumfuck KS has doubled at least lol
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Apr 5, 2023 16:57
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Boomers will eventually pass away leaving millennials with housing. Wait what's this: https://twitter.com/jburnmurdoch/status/1641799722418556931
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Apr 5, 2023 17:00
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millennials are already in their 40s
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Apr 5, 2023 17:02
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spacemang_spliff posted:I'm in KC, home values have skyrocketed here too. I'd just never seen that graph before. I figured areas around cities are out of control but even the price for a home in bumfuck KS has doubled at least lol My family lives in one of the shittiest real estate markets in the country, Nortumberland / Schuylkill County PA. Same stuff is happening there too, the investors were never going to be happy with just the cities.  This is a 125 year old house in a community with a ~$48K median household income and an 11% poverty rate.
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Apr 5, 2023 17:04
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Sorry I'm bad at using twitter. https://twitter.com/jburnmurdoch/status/1641799742228144130
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Apr 5, 2023 17:04
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DUDE What the gently caress I just want the bottom one gently caress
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Apr 5, 2023 17:05
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err posted:5% is nothing with interest rates this high yeah the property owners are so resistant to lower prices that a fire sale will be their only option
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Apr 5, 2023 17:07
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Sunbury ? I guess you can get a job in Lewisburg maybe. there isnt kuch else around. Harrisburg is an hour away I guess
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Apr 5, 2023 17:09
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euphronius posted:millennials are already in their 40s 
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Apr 5, 2023 17:13
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Pittsburgh Fentanyl Cloud posted:Prices here have tripled in about twelve years and the median apartment for rent went from ~$560 a month in 2007 to $1465 in 2022. honestly though how is this supposed to work long term. not in a snarky "lol capitalism" way but like, for a society where wages are not going up at all, how is something like this realistic
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Apr 5, 2023 17:13
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indigi posted:honestly though how is this supposed to work long term. not in a snarky "lol capitalism" way but like, for a society where wages are not going up at all, how is something like this realistic There's an ongoing social media blitz here to "get rid of" all the people who are homeless because they're "mentally defective," instead of, you know, not being able to afford housing costs tripling in a short period of time. When I moved to this city in 1999, I rented an apartment for $325. A 1 BR apartment in the same area is now $1800+. People certainly aren't earning 5.5x the nominal dollars they were earning in 1999.
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Apr 5, 2023 17:18
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Housing prices won't go down for awhile so long as the very rich can buy out properties in cash, higher interest rates are almost more advantageous for them since there's less competition. Then they can continue the trend of renting it back out to the would be buyers while expanding their parasitic borgs. This only goes for residential though, commerical is pretty hosed now from what I understand and is basically a ticking time bomb.
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Apr 5, 2023 17:24
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Just sold for $260k. Seems sustainable 
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Apr 5, 2023 17:25
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The mortality gap is boomers choosing financial high scores over their children being able to go to a doctor.
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Apr 5, 2023 17:26
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indigi posted:honestly though how is this supposed to work long term. not in a snarky "lol capitalism" way but like, for a society where wages are not going up at all, how is something like this realistic
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Apr 5, 2023 17:32
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  quote:Looking for a beautifully renovated home that offers the ultimate house-hacking opportunity? Look no further than this stunning property at 419 E Carson Street! This gorgeous home has been completely updated with a brand new roof, new windows, and all the modern amenities you could ever want. The fully renovated kitchen is a chef's dream, featuring sleek stainless steel appliances and plenty of space for all your culinary creations. As much as you'll love the main house, the real standout feature of this property is the fully renovated Airbnb unit in the basement. With its own separate entrance, this space offers the perfect opportunity to generate passive income and offset your mortgage. Located in the vibrant and bustling neighborhood of South Side, this property is just steps away from some of Pittsburgh's best restaurants, bars, and entertainment options. From the Three Rivers Heritage Trail to The Highline, you'll never run out of things to do in this exciting neighborhood!
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Apr 5, 2023 17:35
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love having a stair way in my kitchen
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Apr 5, 2023 17:36
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indigi posted:honestly though how is this supposed to work long term. not in a snarky "lol capitalism" way but like, for a society where wages are not going up at all, how is something like this realistic I mean, it's not. People will just be homeless or indefinitely rent overpriced apartments or have a million roommates. More and more existing homeowners will basically be trapped in their current homes or need to use the entirety of their "gains" as a down payment if they want to move into another house with a higher mortgage payment. It's not great!
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Apr 5, 2023 17:39
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Pittsburgh Fentanyl Cloud posted:There's an ongoing social media blitz here to "get rid of" all the people who are homeless because they're "mentally defective," instead of, you know, not being able to afford housing costs tripling in a short period of time. calling the homeless mentally defective and suggesting the state and municipalities should spend money to "get rid of them" (aka murdering excessive labor) is massively stupid, short, and illegal.
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Apr 5, 2023 17:42
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indigi posted:honestly though how is this supposed to work long term. not in a snarky "lol capitalism" way but like, for a society where wages are not going up at all, how is something like this realistic everyone's living standards decline in real terms to support the hoarding of wealth by the oligarchs
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Apr 5, 2023 17:42
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Pf. Hikikomoriarty posted:everyone's living standards decline in real terms to support the hoarding of wealth by the oligarchs Read Barbara Tuchman’s The Proud Tower for more details!
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Apr 5, 2023 17:43
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never awake posted:there's been like 100k tech workers fired in the last 6 months. do you think 100% of them were rehired before their unemployment insurance runs out (interns and "self-employed" r.i.p.)? do you think 50% of them are rehired? we are the homeless generation. i mean the people on this website are massively ignorant to their daily reality. GeeZus CHRiSt! what is going on with your reading comprehension today
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Apr 5, 2023 17:44
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Paradoxish posted:I mean, it's not. People will just be homeless or indefinitely rent overpriced apartments or have a million roommates. More and more existing homeowners will basically be trapped in their current homes or need to use the entirety of their "gains" as a down payment if they want to move into another house with a higher mortgage payment. am i the only one here that know's what poverty logic is? am i the only millennial on this website? the smartest posters on the net?  people will go homeless indefinitely and begin dying immediately (try surviving a never ending 40F rainstorm) , with huge numbers by year 10 (the human body only can take so much ) we are on year 6 as of 2023 for first cohort of homeless. nobody will rent or buy housing because that costs money, none of the housing is set up for 8 person bedrooms and your existing homeless cull until they are homeless (which take about 18 months because most people lack any savings)
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Apr 5, 2023 17:51
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euphronius posted:what is going on with your reading comprehension today
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