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Nocturtle
Mar 17, 2007

Blackhawk posted:

I thought the thread might be interested in hearing about a property instrument that as far as I'm aware is unique to New Zealand, one so twisted that the New Zealand law commission has recommended that the whole mechanism be abolished.

Let's say you have a large piece of land in a city in the 1970's or 80's with a single house on it, and lets say that land is becoming quite valuable as the population increases and you can make mad bank if you slap a few more houses on that piece of land, how can you go about doing that? You could subdivide the land, such that the block becomes several distinct blocks which then get sold off to other people, but that's an annoying process requiring the council to do a lot of surveying, drainage, sewage etc.

Enter the cross-lease, how about instead of subdividing the block you just build several houses on what is technically a single block of land as far as the council is concerned. Then how about you find buyers for those houses and you enter into an agreement with all of those people such that you all have an equal percentage ownership of the entire block of land AND all of the houses on it. But wait, doesn't that mean that any of the other property owners are entitled to walk into my house and watch me take a poo poo? Yes!, that's why you also all sign agreements giving each property owner a 99 year exclusive access lease for their particular house and piece of land, ensuring that everyone has legal access to shared land (e.g driveway) but exclusive rights to their own piece of land and structures. These agreements also tend to have a big list of covenants that all of the owners have to agree to that could cover practically anything.

But wait, even though I have exclusive access to my land and house, all of the other owners still technically own an equal fraction of it right? Yes! Which means that if you want to do ANYTHING that might effect the value of those assets (usually structural or exterior changes mostly) you need to get consent from all of the other property owners first! Also, if you do something that requires updating of council plan documents, you need to update the documents for the entire block including all the other properties, and if those documents are not up to date then you can't legally sell your stake in the property.

Now you might think that this is probably a pretty rare thing but at least in Auckland it's common as gently caress, the original blocks of land particularly in the central city area were laid out when the population density was way lower, and over the years it's far more common than not that several houses were plonked onto those blocks of land. When we were looking at houses a year ago I think we only looked at one house that occupied its own block with no shared property (as they tend to be larger and therefore much more expensive properties). Almost every house we looked at was either a cross-lease or on a block that had been subdivided, the house we ended up in is on the back of a block that was subdivided and now contains two houses with a shared driveway, but is thankfully not a cross-lease.

I see why this isn't working in practice but it also sounds a lot like a communal property arrangement and apparently people can't handle that? It sounds like in this type of situation you need to form a community and work collectively with your neighbors to solve shared problems but that's not acceptable.

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Troutful
May 31, 2011

sonatinas posted:

2 homes on my street got facelifts and turned 1920s brick homes into black and white. looks so silly and will be so dated looking.

painting old brick houses stark white (usually paired with a black roof/door/shutters) seems to be the hot new look here in the southeast, very dracula-ish imo

Troutful
May 31, 2011

that reminds me, I was walking around a pretty gentrified neighborhood yesterday, and I passed by a house that had a full-color, 9' tall painting of a boston terrier's head on the living room wall, and I think it was wearing sunglasses but I'm not sure

A Bad King
Jul 17, 2009


Suppose the oil man,
He comes to town.
And you don't lay money down.

Yet Mr. King,
He killed the thread
The other day.
Well I wonder.
Who's gonna go to Hell?

Troutful posted:

that reminds me, I was walking around a pretty gentrified neighborhood yesterday, and I passed by a house that had a full-color, 9' tall painting of a boston terrier's head on the living room wall, and I think it was wearing sunglasses but I'm not sure

beloved pets deserve murals.

Nothus
Feb 22, 2001

Buglord

Nocturtle posted:

I see why this isn't working in practice but it also sounds a lot like a communal property arrangement and apparently people can't handle that? It sounds like in this type of situation you need to form a community and work collectively with your neighbors to solve shared problems but that's not acceptable.

When housing is an investment and the most valuable asset most people will ever own, and subject to powerful temptations to use it to earn "passive income", they absolutely cannot handle it.

ProperGanderPusher
Jan 13, 2012




Troutful posted:

painting old brick houses stark white (usually paired with a black roof/door/shutters) seems to be the hot new look here in the southeast, very dracula-ish imo

It pairs well with kitschy farmhouse decor that’s super fashionable at this moment with chud housewives.

Pittsburgh Fentanyl Cloud
Apr 7, 2003


https://www.realtor.com/realestateandhomes-detail/1429-Alton-St_Pittsburgh_PA_15216_M39777-10494?from=srp-list-card

lol $200K to be four feet from your neighbor

Twerk from Home
Jan 17, 2009

This avatar brought to you by the 'save our dead gay forums' foundation.

Being four feet from your neighbor sells for about $800k-$1m in Nashville.

Magic Hate Ball
May 6, 2007

ha ha ha!
you've already paid for this

"Nice work, 47"

i say swears online
Mar 4, 2005


this is dece

anonumos
Jul 14, 2005

Fuck it.

It's nice inside, close to public transport, and cheap. Con: 1 bathroom; and I imagine any neighborhood named The South Side is going to be sketchy, no matter the city.

Nothus
Feb 22, 2001

Buglord
The vinyl siding is unfortunate, but they didn't molest the interior

KoRMaK
Jul 31, 2012



my fellow rust belt poster in Christ, that home would go for 3x that price... in Cleveland. that price for that amount of sq ft takes me back 10 years. oh, and that staircase

being that close to your neighbors is called "charm", look it up sometime.

i say swears online
Mar 4, 2005

wait wasn't pfc decrying the concept of acreage a few pages ago

is there an optimal house spacing then

H.P. Hovercraft
Jan 12, 2004

one thing a computer can do that most humans can't is be sealed up in a cardboard box and sit in a warehouse
Slippery Tilde
setback requirements are bullshit imho

KoRMaK
Jul 31, 2012



they make all the new builds look the same, which means a weird sort of suburbanian haze settles on the street

Blame Pyrrhus
May 6, 2003

Me reaping: Well this fucking sucks. What the fuck.
Pillbug

You Never Know What's Going On Inside A Home

Dr. VooDoo
May 4, 2006



So this is either a gas main break or some insane person making explosives in their basement, right?

Blackhawk
Nov 15, 2004

Dr. VooDoo posted:

So this is either a gas main break or some insane person making explosives in their basement, right?

I saw that on the news here in NZ and they said it wasn't gas? If that's the case then my bet is on somebody making explosives, that was a big old bang.

Edit: drat doing a bit of reading that area has had several house explosions over the years, so I'm going to change my answer to 'capitalism' or more specifically 'petrochemical mining and transport'

Blackhawk has issued a correction as of 03:29 on Aug 15, 2023

anonumos
Jul 14, 2005

Fuck it.

Blame Pyrrhus posted:

You Never Know What's Going On Inside A Home

We do now!

Pittsburgh Fentanyl Cloud
Apr 7, 2003


Dr. VooDoo posted:

So this is either a gas main break or some insane person making explosives in their basement, right?

It's a gas main problem, that neighborhood has had three explosions in the past decade and it's the same company (Equitable dba Peoples) in every case

Dr. VooDoo
May 4, 2006


Good and awesome they’re continued to be allowed in business

Nothus
Feb 22, 2001

Buglord
PFC once you get off your probe what is your problem with that house? It's reasonably priced for a major metro area and they didn't HGTV the poo poo out of it. It's beautiful.

i say swears online
Mar 4, 2005

Nothus posted:

PFC once you get off your probe what is your problem with that house? It's reasonably priced for a major metro area and they didn't HGTV the poo poo out of it. It's beautiful.

Pittsburgh Fentanyl Cloud posted:

yeah, it's the house I'm selling. lol

Willa Rogers
Mar 11, 2005

Dr. VooDoo posted:

Good and awesome they’re continued to be allowed in business

Check out the background stories on PG&E and the california wildfires.

AnimeIsTrash
Jun 30, 2018

https://www.newsweek.com/investors-calling-maui-wildfire-victims-buy-their-land-1819600

what a parasitic class of people

shrike82
Jun 11, 2005

https://twitter.com/zillowgonewild/status/1691189236844703744?s=20

RadiRoot
Feb 3, 2007
im the chandelier hanging over the sink

so that place isn't a resort? its a house? uh ok

RadiRoot has issued a correction as of 16:10 on Aug 15, 2023

RadiRoot
Feb 3, 2007
https://twitter.com/zillowgonewild/status/1686191499782782976

this poo poo is cool just need $11.5m

Nothus
Feb 22, 2001

Buglord

This looks like it's meant to be a high-end airbnb event space.

Ammanas
Jul 17, 2005

Voltes V: "Laser swooooooooord!"

Nothus posted:

This looks like it's meant to be a high-end airbnb event space.

looks like the designer really enjoyed the deus ex human revolution aesthetic

anonumos
Jul 14, 2005

Fuck it.
Locked in today @ 6.125% and I consider myself lucky. What a sick, sad world. On the plus side, the house appraised at $222k, so I get...2k in equity. Lol.

Failson
Sep 2, 2018
Fun Shoe
Just lol that tiny homes are over $100K now.

Ammanas
Jul 17, 2005

Voltes V: "Laser swooooooooord!"

Failson posted:

Just lol that tiny homes are over $100K now.

i was scrolling through some California adu sites and lmfao these tiny pieces of poo poo are 125k and above.

actionjackson
Jan 12, 2003

anonumos posted:

Locked in today @ 6.125% and I consider myself lucky. What a sick, sad world. On the plus side, the house appraised at $222k, so I get...2k in equity. Lol.

how many years? and did you have points?

anonumos
Jul 14, 2005

Fuck it.

actionjackson posted:

how many years? and did you have points?

30 years, FHA loan. Apparently rates have been hovering at 8% (double lol) for several weeks and suddenly rates fell today.

anonumos has issued a correction as of 19:03 on Aug 17, 2023

euphronius
Feb 18, 2009

I remember when 3/2 new build townhouses were 125

anonumos
Jul 14, 2005

Fuck it.

euphronius posted:

I remember when 3/2 new build townhouses were 125

In 2015 I bought a like-new-10yo 3000 sqft McMansion for $195k with close to 2% interest. God I miss that house and the $900/mo mortgage payment. Should never have moved.

Justin Tyme
Feb 22, 2011


Failson posted:

Just lol that tiny homes are over $100K now.

Related but separate from the shoebox shacks built decades ago, it's insane that you can go to any prefab home website where you can buy some 1,000 sq ft house where all components come preassembled from a factory and you basically build it like legos after pouring a slab and think "aw gee these look nice, and they're small, maybe I can afford it!" and then you see "floor plans starting at $400,000, only available in California"

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anonumos
Jul 14, 2005

Fuck it.

Justin Tyme posted:

Related but separate from the shoebox shacks built decades ago, it's insane that you can go to any prefab home website where you can buy some 1,000 sq ft house where all components come preassembled from a factory and you basically build it like legos after pouring a slab and think "aw gee these look nice, and they're small, maybe I can afford it!" and then you see "floor plans starting at $400,000, only available in California"

Here in North Carolina, you can get a 4 br manufactured home or double wide, but they start at 150k. There's no cheap option anymore.

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