Posted on 04/09/2023 5:18:26 AM PDT by cutty
Real estate is always local.
In many American cities the “ghetto” real estate has been stuck at ridiculously low prices for decades.
Other cities dependent on single industries can also have slumps of a decade or longer if the industry leaves the area and the population drops—upstate New York (Syracuse, Rochester, Buffalo) is an example of this.
Sure there has. But mostly in real terms. The price of a house is subject to inflation, which raises the nominal price relentlessly.
No one wants to get into/further into the business as long as blue states are enacting “good cause eviction” laws that make it all but impossible to remove bad tenants.
Will the buildings be torn down for solar farms or maybe converted into solar towers since you have to get up high to get the sunlight?
I read this as entire apartment complexes (not individual condos) being sold from one investment company to another. They are called multifamily properties and convey with a single deed. Condos are deeded entirely differently.
The work-from-home genie is out of the bottle.
Demonstrably high-quality potential new hires are not having it when the potential hiring company intimates that, if hired, they will be required to show up in an office more than 2-3 times a month.
Add in Chicongo, Detroit, Baltimore and numerous others
Portland, San Fran, oakland
Hmmmmnp, dem cities
Those laws were the predictable extension of tenant- and squatter-friendly policies hastily and exuberantly put in place early on during the pandemic, left in place to maximize the deleterious effect on all owners/landlords, meaning, not merely the stereotypically nasty ones everyone would like to see get their comeuppance.
Many liberal cities are trying to bring back rent control.
The story of pretty much every democrat policy of the past 100 years: claim it’s only going to effect the big bad guys and the screw the middle class.
Wow. That’s the worst thing I’ve read today. I have my retirement getaway over in gulf County with the hopes of being sequestered from that till I’m gone.
Do you go to county meetings to find out what the plan is?
They didn’t read the memo
DO NOT REMOVE THE RING & PIN
They are building these in Sarasota like CRAZY!
You know those lights were bright on Broadway
That was so many years ago
Before we all lived here in Florida
Before the Mafia took over Mexico
There are not many who remember
They say a handful still survive
To tell the world about
The way the lights went out
And keep the memory alive
-Billy Joel (Miami 2017 - Seen The Lights Go Out On Broadway)
(Written in 1975)
They were originally condos. But the for-sale signs are gone and have been replaced by “for lease.” Despite not one of the twenty-five units that have been finished not being occupied, they are still building more.
Being a landlord, I have run the numbers and you can’t make a dime by building a unit and leasing it for residential use. There are already too many competitors and the carrying cost is too great. If they were all leased at the going rate, or even above the going rate, and there was never any damage or repairs, you still can’t make any money. Given that the rates are six percent you’d be losing a hefty chunk of change every month.
“Do you go to county meetings to find out what the plan is?”
I am in poor physical condition. So, no.
There are several neighborhoods nearby still under construction. They are free standing stick built 1700 sq ft homes on zero lot lines, originally listed from the low three hundreds. They stopped selling about six months ago. They are all standing empty. When the price drops, the ones that were sold at, as it turns out, the high three hundreds, those people will be upside down. The surest indicator someone will walk away from their home is that they are upside down. This is probably why the other homes have not been sold at reduced prices. There are many half-finished homes with plastic paper siding on them but no real siding. As those deteriorate and the paper gets torn, I expect things to start going bad.
What town are these in?
From about 1980 until about 1985 in Houston. Ronald Reagan and the King of Saudi Arabia worked together to drastically lower oil prices which bankrupted the USSR. A friend worked for BOA then and said it was common for people to have job somewhere else and not be able to sell their home in Houston for the mortgaged amount. They’d come into the bank with the keys and title and say,”It’s yours” and walk out.
Oh no, can’t have that, the FHA just this week approved 40 year mortgages, so any downward pressure on price will be overcome by 10 more years on your term keeping the monthly payment low.
We are a banana republic...
Crawfordville, Fl. 32327
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