Real estate market. Smokin' hot.

[look 171]

Originally Posted by daepp

I sure hope my earlier post didn't come across as racist or Xenophobic. I meant nothing more than to state an observation. Living in the San Gabriel foothills, I have witnessed some curious trends. For example, 3 homes in my neighborhood have sold in the last year or two to Asians, furniture moved in, yards kept expertly manicured and houses maintained, but no one lives in them. Have you noticed this?

And as I work in the home building industry, I have watched as the styles have changed towards more Asian friendly designs. I would seem that this is a force to be catered to - and by no means is it anything bad - but I wonder if the So Cal market is being driven more out of fear of their home country rather than a response to the more typical/historical roots of price appreciation.

My $.02 - and I'm no expert.

Dave, hell no, not at all. I have noticed the same things and its just part of the business seeing who's coming and going so we can prep for our target market. I do not live in the San Gabriel Valley but I do notice the large number of Asians that live there. I go there to eat, I will tell you that much. I am in the heart of LA between that and So Pasadena right off the old Pasadena Fwy. I am 5-8 minutes from So pas and that city's demographics has changed over the past 20-30 years. Now, its 25% (maybe more) Asians. Im my neighborhood, all the older or families have sold and left cashing in. The younger professionals are moving in. Some, but not many, have little babies.

We just bought two in Torrance. Both houses were owned by retired old ladies with husbands that passed. Talking with my agent, my target will be 30% Asian, white with small percentages of Indians.

[daepp]

That sure seems spot on to me!

[Crowbob]

Location, location, location.

11321 MAIDEN Street - Real Estate | Homes in Detroit

[Rick Lee]

Originally Posted by Crowbob

Location, location, location.

11321 MAIDEN Street - Real Estate | Homes in Detroit

That realtor is getting rich on that one.

[speeder]

I can't believe that you can get .9 acres for free even in a war zone.

[daepp]

Originally Posted by Crowbob

Location, location, location.

11321 MAIDEN Street - Real Estate | Homes in Detroit

Yeah, it's cheap, but think of the awesome weather!

[GH85Carrera]

Originally Posted by Crowbob

Location, location, location.

11321 MAIDEN Street - Real Estate | Homes in Detroit

So the entire lot is 3,920.4 square feet? That is a small lot.

[rfuerst911sc]

We placed our Marietta Georgia home on the market and 3 days later had a contract same day the buyer backs out . Ten days later we are under contract again . We have made it past the due dilligence and just waiting on the appraisel to come in . Contract is for 2,000.00 less than our asking price so market is hot here . I'm a happy camper

[ubiquity0]

Originally Posted by Crowbob

Location, location, location.

11321 MAIDEN Street - Real Estate | Homes in Detroit

I'm glad the page includes a mortgage calculator. 43 cents a month though!

[Crowbob]

Originally Posted by speeder

I can't believe that you can get .9 acres for free even in a war zone.

That would be .09 acres.

There are hundreds of these. The lady in charge of demolition quit yesterday. Her job in part was to go around removing these homes. I'm guessing but I think they were supposed to have been torn down at a rate of 1500/year. I'm also kind of vague about this but there are a buncha legal cases going on with more everyday because the deeds/titles are screwed up so bad nobody knows who owns what. Deetwa got millions in Federal dollars to accomplish this blight removal. And guess what we get? Thousands of 11321 Maiden Streets.

[jyl]

Portland SFH market is pretty hot. I think we are the second highest growth rate in prices after Seattle. Our MFD market has been hot too, apartment buildings popping up all over. However, the MFD market may be showing. Apartment rent growth rate has slowed from >10% annually to flattish, the new projects are offering 1-2 months free rent and other incentives. Hard to tell since we're starting the seasonally slow period, but the SFH market may be slowing a bit.

The increase in housing prices over the past several years has been good for homeowners but tough on renters and first time homebuyers. Increasing social and political tension. The developer community has used the rising prices and shortage of affordable housing to push for changes that make development more profitable, like eliminating requirements that apartment buildings have parking, re-zoning SFH neighborhoods to MFD, increasing permitted density. But at the same time, development is getting more expensive with sub and labor shortages. So the end effect is that what gets built remains the expensive, higher-end stuff . . . And even as we are starting to see an oversupply of that, we're seeing ever-increasing shortage of affordable (low and mid-range) stuff.

[jyl]

Read this, fellas.

http://www.bkfs.com/Data/DataReports/BKFS_MM_Jun2017_Report.pdf

[HardDrive]

I've noticed that houses in our hood in the $400-$800k range are sitting on the market longer.

[widebody911]

Bay Area housing: Sunnyvale home sells $800,000 above asking

[daepp]

Un-freaking-believeable!!

[strupgolf]

We listed our home on friday, showed it on sunday, sold it on monday. Hot market in this small Indiana town. I was surprised.

[look 171]

Originally Posted by strupgolf

We listed our home on friday, showed it on sunday, sold it on monday. Hot market in this small Indiana town. I was surprised.

why is the market so hot all over, even in the small towns in the middle of the country where there are lots of land to expsnd?

[Bill Douglas]

Around here too. A house I bought 8 or 9 years ago is now worth a bit more than tree times what I paid for it.

[MBAtarga]

Originally Posted by look 171

why is the market so hot all over, even in the small towns in the middle of the country where there are lots of land to expsnd?

There aren't enough builders/contractors due to the big market hit from the '08 market/mortgage fallout. There is very little new inventory, which drives demand up.

[Jims5543]

Originally Posted by MBAtarga

There aren't enough builders/contractors due to the big market hit from the '08 market/mortgage fallout. There is very little new inventory, which drives demand up.

Somewhat true.

I can tell another part of the story.

Subcontractors are refusing to get big again. I am one. I told my builders flat out, I am not going to have 25 people working for me again only to have to lay them all off again.

You WAIT! that is how it works, you want to hire another competitor to take up the slack go do it. I am not hiring!

I have 3 employees (make that 2 as of Friday) and will not get bigger. I am actually downsizing to 2 because I am seeing a slow down. I see things 6 months before the street does. Maybe a hiccup, I think it may be the beginning of a crash coming.

Get your gold now before it hits 5-7K an ounce.