The housing market - Think it depends on the definition of underwater

The Something Awful Forums > Discussion > C-SPAM > The housing market - Think it depends on the definition of underwater

Morbus: May 18, 2004

Bar Ran Dun posted:

my mortgage originator

�I am beginning to see a lot more reasonable offers being accepted at or below listing price. �

I'm also hearing that homes are selling without multiple offers and no more crazy bidding wars or selling 100k over ask.

I think part of this, though, is that the homes that are still on the market have various issues like "being surrounded by redwoods with a single evacuation road directly inside an area which recently suffered catastrophic wildfires as we enter forever-drought"

# ¿ May 10, 2022 20:33

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# ¿ May 11, 2024 14:50

Morbus: May 18, 2004

C-Euro posted:

https://twitter.com/zillowgonewild/status/1526625530136694784

# ¿ May 18, 2022 02:11

Morbus: May 18, 2004

Ammanas posted:

the word for that is rent

look at this communist who wants to index rent to inflation....that would be rent control!

# ¿ Jun 2, 2022 23:23

Morbus: May 18, 2004

Bar Ran Dun posted:

a reminder the market can remain irrational longer than you can remain alive.

# ¿ Jun 28, 2022 19:26

Morbus: May 18, 2004

Fortaleza posted:

Give me house. House me. House now. Me a house needing a lot now.

give house me give buy house me buy house give me buy house give me you

# ¿ Jul 21, 2022 06:26

Morbus: May 18, 2004

Pittsburgh Fentanyl Cloud posted:

Pennsylvania is one of the most mountainous states east of the Rockies

my dick is the biggest one inside my underwear

# ¿ Sep 16, 2022 01:51

Morbus: May 18, 2004

joepinetree posted:

Absent regulation, institutional investors holding property will become the norm. All the things that work against the average home buyer (high transaction costs, lack of liquidity/finance to snap up undervalued properties, personal attachments/need a place to live preventing you from selling overpriced property, high degree of uncertainty to manage selling your current house and buy a new one) makes it an ideal market for institutional investors. And to the extent that individuals will still buy and sell property, I imagine that more and more of those "sell your house to us at a deep discount, but get cash now with no need to show or deal with buyers" business will emerge.

Can I buy an affordable home in Pittsburgh? Does anyone have any information about this?

# ¿ Oct 26, 2022 22:13

Morbus: May 18, 2004

i say swears online posted:

don't be loving stupid. i survive on 25k/year in austin. my friends making 100k+ all own their own homes and have infinite money. one making 150k flies to park city once a month in winter and then new zealand in summer. they treat bourbon like an investment vehicle and have all lost mid-five figs on crypto

My rent is 41k/yr for a 2bd < 1k sq ft apartment my wife and I share. For people leasing similar units in the same place today, they are charging more than 5000/mo lmao.

I have no idea how anyone affords an apartment in the bay area if they aren't making very good money, and even then it's loving stupid.

# ¿ Feb 10, 2023 22:53

Morbus: May 18, 2004

Wraith of J.O.I. posted:

won't hochul think of this house and its owners!

https://twitter.com/RezaC1/status/1630575800859721728

He's right, we should build the apartments on top of it

# ¿ Mar 1, 2023 22:19

Morbus: May 18, 2004

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.

"why submit a lot of paperwork to the council once today, when you can submit even more paperwork to the council all the loving time for the next 99 years!"

# ¿ Aug 17, 2023 20:53

Morbus: May 18, 2004

Bar Ran Dun posted:

in Florida the old folks cause serious accidents at them and slam straight into the center island.

feature, not bug

better than them plowing through an intersection

# ¿ Sep 21, 2023 19:41

Morbus: May 18, 2004

Kreeblah posted:

https://therealdeal.com/la/2023/10/04/brentwood-airbnb-tenant-wont-leave-or-pay-rent-for-months/

This is hilarious.

Somebody stayed at an AirBNB and managed to get legally classified as a tenant. And since the owner is an opportunistic leech, poo poo's not up to code, which means she got a judge to agree that the owner can't evict her. And since she's a tenant of her own building, the judge also said that rent-control laws apply, which apparently makes her rent zero.

Meanwhile, she's not letting the landlord in to make changes to get things up to code, so the city's fining him for leaving things unfixed.

the system works

# ¿ Oct 5, 2023 18:34

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# ¿ May 11, 2024 14:50

Morbus: May 18, 2004

no lube so what posted:

I just pile junk to the ceiling on if

this is the real purpose of a kitchen island, as without one i just pile poo poo all over the table, countertops, and sink. whenever i visit a home with a kitchen island im like "drat i could pile so much poo poo on that"

# ¿ Apr 14, 2024 19:14

The Something Awful Forums > Discussion > C-SPAM > The housing market - Think it depends on the definition of underwater