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#1
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Recession is over...
I'm calling it for my area, the housing recession is in the process of ending right now. I'm going to call the month as well, February 2013.
No one has seen the likes of it since the good old days, multiple offers, bidding wars, houses on the market for days. I just got to tell my first buyers in years to go stuff it after they found some things they didn't like in a home inspection...because I'm going to re list it and get another $5k. Their is no inventory, I'm working like a madman to bring lots threw the pipe and onto the market. I'm closing on a beach tear down Thursday, listing it Friday, and I bet its under contract in under 45 days. I know of three others I passed on...might go back and offer them more... This is strange since it was pretty quite/business as usual all threw the winter.
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1999 SL500 1969 280SE 2023 Ram 1500 2007 Tiara 3200 |
#2
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Housing market is hot around here too. Selling in 4 or 5 days.
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1977 300d 70k--sold 08 1985 300TD 185k+ 1984 307d 126k--sold 8/03 1985 409d 65k--sold 06 1984 300SD 315k--daughter's car 1979 300SD 122k--sold 2/11 1999 Fuso FG Expedition Camper 1993 GMC Sierra 6.5 TD 4x4 1982 Bluebird Wanderlodge CAT 3208--Sold 2/13 |
#3
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I'm loving it and hating it.
On one hand its getting super easy to make money, on the other all the idiots are coming back in and trying to be investors while driving prices up. Which is stupid because prices have not really started to move yet. So they are just turning money on crappy deals. I'm hedging, I'm going into affordable housing.
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1999 SL500 1969 280SE 2023 Ram 1500 2007 Tiara 3200 |
#4
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What is your area in CT, Hatt -- plenty of fork-lost properties sitting on the market in NJ at the moment, and more being repossessed at the Morris County Sheriff's auction per week. We're in different price ranges though, since I'm interested in paying under $100k per unit or under $170k for a 3-bedroom house (both doable). Freely admit that I want to get into the slightly-nicer-than-slumlord business.
This being said, I'm sincerely hoping that either Europe or sequestration will blow up in this country's face in the next 2-3 months and cause a late-spring/early-summer slowdown aka "good buying opportunity." |
#5
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Nearly 1000 homes built and sold in my area. One building is planning on 150 this summer, 50 more than last year.
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1991 560 SEL / 185k miles 1992 750il / 17k miles - project car |
#6
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Recession? What recession?
Thanks for buying petroleum, damned Yankees. |
#7
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Quote:
My least expensive rental I can condo the building out and get at least $200k a unit, probably a bit more. My most expensive is a house I'm building now that will be worth a bit more than $400k when done. After seeing what my partner is going threw dealing with his lower end rentals I have no desire to be in that market. I don't want to rent to anyone where nailing their credit score isn't a legitimate threat.
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1999 SL500 1969 280SE 2023 Ram 1500 2007 Tiara 3200 |
#8
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Hope you like that oil film on your tap water. Drink up, boy! YEAH!
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#9
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No oil here buddy. We draw from an aquifer out of Arkansas. Give it a couple thousand years.
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#10
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Quote:
Basically, all of the clowns who stopped paying back in 2009 are now getting their homes on the market, either as shorts or actually REOs -- thanks to a judicial foreclosure process that takes 3+ years and a governor who basically doesn't give a crap about bailing them out (thanks, Chris Christie). |
#11
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So, with a market like this if my dream house has been on the market for 3 years with multiple price drops I'd say it's safe to assume something is terribly wrong with it?
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$60 OM617 Blank Exhaust Flanges $110 OM606 Blank Exhaust Flanges No merc at the moment Last edited by Simpler=Better; 03-19-2013 at 09:49 AM. Reason: putting the OT in it's own thread |
#12
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Quote:
(Seriously, markets are local. What applies in CT doesn't necessarily even apply 100 miles away.) |
#13
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Yup up in Balmer. Where the trap houses that "need some TLC"" go for 120k +
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$60 OM617 Blank Exhaust Flanges $110 OM606 Blank Exhaust Flanges No merc at the moment |
#14
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Quote:
If you don't see any major issues, and think you want to buy it, have it inspected. Although I trust my own ability to inspect a home more than those of the so called professional inspectors....
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On some nights I still believe that a car with the fuel gauge on empty can run about fifty more miles if you have the right music very loud on the radio. - HST 1983 300SD - 305000 1984 Toyota Landcruiser - 190000 1994 GMC Jimmy - 203000 https://media.giphy.com/media/X3nnss8PAj5aU/giphy.gif |
#15
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Right -- I've seen homes that looked like utter shiite online which looked decent "in person." And vice versa: photography can be very deceiving.
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