Crazy housing market

[pwd72s]

Originally Posted by Bill Douglas

Oh I do. While others were sitting in he pub I was working two jobs (and at one time three jobs) to be able to buy houses as a money making investment. That and the stock market. It was like a really big bet on the horses. And as it turns out for me, I won.

Congrats! Good for you, putting your money to work for you...

I did okay in real estate, a mix of commercial and residential, over a roughly 13 year period...then sold, and was fortunate enough to have participated in one of the greatest bull markets of all time. Found out I don't have the mentality for being a landlord..

[Bill Douglas]

Originally Posted by speeder

iit sold in one week for $3m over asking.

omg omg omg

[look 171]

Originally Posted by speeder

I don't undesrstand...from reading PARF and this forum, I learned that CA. is going broke and everyone is leaving, especially people with means. Meanwhile, here on earth, RE is white hot and people are snapping-up houses the minute they go on the market for crazy prices. One of my friends has a house in Malibu, (Pt. Dume for the familiar people), 2 years ago before the pandemic, she wanted to sell and could not get out from under it. The market in Malibu was kind of dead after the big fire that destroyed a lot of houses.

Fast forward to 2021 and she puts it back on the market. It sold in one week for $3M over asking. Yes, you read that right.

Like I said earlier, people are afraid of the economic downturn and inflation so they are parking their money or borrowing against their home at 2.7%. Not everyone is moving out of state, I know there are many who are staying put.

[look 171]

Originally Posted by Bill Douglas

Ours are only fixed rate for up to five years. Then it's the floating rate. Or you can fix it again for anything between six months and five years but at rate applicable for the time.

A friend told me his son in Holland fixed his for 30 years at 3% - I'm jealous.

I tell young people these days anything under 10% is a bargain, don't sweat the details.


Here in NZ we are a bit of a banana republic, sure the nicest banana republic you'll ever meet, so for others to lend us money it's got to be worth the risk.

Oh man, that's a screwed up deal. No matter, every five years, you get to bend over so the bank can take its turn. I know there are many places like that where you can't lock in a rate for the next 30 years. We really take advantage of low interest rates and pull money out. In due time, it becomes free money. I hear some years back, they have 1% interest rate and they can't seem to give it away. Not sure how true was that. I never looked into it because its too good to be true and I can't qualify for so I laughed it off

[Bill Douglas]

Originally Posted by look 171

Oh man, that's a screwed up deal.

Yes it is. Living on a small island floating around in the South Pacific, we don't get to call the shots. I joke that if we could be towed by a boat and parked off the coast of Denmark we would be just fine. We are only about 5 million people and feel the need to give our money away to other countries in trouble and to take on so called refugees, so we'll never get ahead in life.

[look 171]

Only 5 mil in NZ? I thought its a lot more then that? Dang, they give your money away too? Now I don't feel so bad.

[rattlsnak]

I dont know how Zillow is still around. It is known to be completely inaccurate.. No RE pros will ever use it.

[dan79brooklyn]

Our house loan in Japan is a 35 year… at 1.5%

[Bill Douglas]

Originally Posted by look 171

Only 5 mil in NZ? I thought its a lot more then that? Dang, they give your money away too? Now I don't feel so bad.

Only 5 mil, but we speak louder than most people so they assume more. Yes we give money to all those places united nations tell us to. Whereas we have our own poor, then secondly we should concentrate on looking after Samoa, Rarotonga Fiji.

[tabs]

The roller coaster ride has to come to an end sometime. This time it is a Sovereign.Debt Bubble.. Completely different animal than before. But that doesnt give anyone pause.

[jhynesrockmtn]

House across the street from me. Small 3bd/1bath, no garage, tiny lot. Listed for $170k, sold for $163k in 2012, listed for $250k, sold for $275k in 2019, just listed at $415k, status of pending before the sign was in the ground. Spokane was a sleepy medium sized city when I moved here in 2013. No more.

[Rick Lee]

Originally Posted by rattlsnak

I dont know how Zillow is still around. It is known to be completely inaccurate.. No RE pros will ever use it.

I believe that. But when it has my house and the house I want at exactly the same value (and both have gone up $3k since Saturday), I feel pretty confident that I could make a near even swap if I wanted to go through the whole process.

[asphaltgambler]

Out of curiosity just Zillow'd mine, could not believe ( on paper ) what the current value is. We bought it a little over 4 years ago.

[pwd72s]

Originally Posted by rattlsnak

I dont know how Zillow is still around. It is known to be completely inaccurate.. No RE pros will ever use it.

So, what do they use?

[Superman]

Originally Posted by pwd72s

And you're happy about this?

I am lucky to not live in a world where everything is negative and someone is to blame, usually the gubmit. My world is bright and fun.

Yes, I am happy about it. I am moving away from the city, and selling the RE I left behind. That RE, in that hot market, is buying me a house in the country with no mortgage. Why would I whine about a free house?

[craigster59]

I don't know if this is a good deal but it sure makes me appreciate not being a landlord anymore...

https://www.zillow.com/homedetails/4525-Churchill-Ct-Colorado-Springs-CO-80906/13638042_zpid/?utm_campaign=zillowgonewild&utm_medium=referral&utm_source=zillowgonewild&fbclid=IwAR1gQXTem4ZrMByTiDjkz_mHFi7Ody40Xh0s9KaUA as2F_mSmyQZYac_J3o

[biosurfer1]

Originally Posted by craigster59

I don't know if this is a good deal but it sure makes me appreciate not being a landlord anymore...

https://www.zillow.com/homedetails/4525-Churchill-Ct-Colorado-Springs-CO-80906/13638042_zpid/?utm_campaign=zillowgonewild&utm_medium=referral&utm_source=zillowgonewild&fbclid=IwAR1gQXTem4ZrMByTiDjkz_mHFi7Ody40Xh0s9KaUA as2F_mSmyQZYac_J3o

Maybe it's just me, but that doesnt come across as all that bad. Carpet would obviously need to be replaced, even if it didnt have the paint on it, plus a coat of paint on most walls/doors and really, whats the left over damage? I would think the tenant taking a hammer to a few walls and doors would have been more destructive?

[pwd72s]

Originally Posted by craigster59

I don't know if this is a good deal but it sure makes me appreciate not being a landlord anymore...

https://www.zillow.com/homedetails/4525-Churchill-Ct-Colorado-Springs-CO-80906/13638042_zpid/?utm_campaign=zillowgonewild&utm_medium=referral&utm_source=zillowgonewild&fbclid=IwAR1gQXTem4ZrMByTiDjkz_mHFi7Ody40Xh0s9KaUA as2F_mSmyQZYac_J3o

That's what I meant when I said I didn't have the mentality for being a landlord....

[look 171]

Originally Posted by craigster59

I don't know if this is a good deal but it sure makes me appreciate not being a landlord anymore...

https://www.zillow.com/homedetails/4525-Churchill-Ct-Colorado-Springs-CO-80906/13638042_zpid/?utm_campaign=zillowgonewild&utm_medium=referral&utm_source=zillowgonewild&fbclid=IwAR1gQXTem4ZrMByTiDjkz_mHFi7Ody40Xh0s9KaUA as2F_mSmyQZYac_J3o

Not sure what that will sell for, but I love those in that condition if the selling price if right. 20k and a paint brush, new carpet will get the interior looking like a million bucks. Those are the one to make money on around here.

[biosurfer1]

Originally Posted by look 171

Not sure what that will sell for, but I love those in that condition if the selling price if right. 20k and a paint brush, new carpet will get the interior looking like a million bucks. Those are the one to make money on around here.

I kind of wondered about that listing too...something seemed very "off" about it. Looks like I was right too, the listing is already gone and all those pictures were taken down.