I find it always amazing that these overpriced houses still have the original kitchen in them. But I guess nobody can afford anything anymore once they decided to buy this overpriced house. The basement looks like there was a lot of shoddy electrical work done.
I would be careful with old house like this because on top on these $1 million might come a couple of nasty expensive surprises.
The basement was converted from some prior use. Most of the work done there appears to be bootlegged. The heating ducts are not insulated at all. The white powdery film on the concrete floor is efflorescence, which is caused by ground moisture attacking the concrete and forcing salts in the concrete to leech out.
The efflorescence could have been avoided with proper site drainage (surface water might be draining towards the house ... bad), a properly insulated basement wall (likely missing), a vapor barrier (think plastic sheet) under the concrete before it is poured, and a proper concrete mix with moisture resisting additives.
Definitely a poorly done bootleg. Fixing the problem to make things right will cost a bit of change. Do not buy.
Everything is overpriced, but most buyers tend to have priorities that I can't personally comprehend, which means my having an apparently "niche" taste for clean, quiet neighborhoods tucked away nearer to the lake, gives me a competitive advantage.
For example, people will pay much more to have some extra square footage and be close to the freeway, even if the house and neighborhood is a loud, crowded dump.
This is a Hot Home at $1.3m. The street it's on is a complete dump. Personally, I wouldn't buy that for $0.01.
Whereas the following house is the same price ($1.3m), is tucked away on nicer street, and hasn't been able to sell after being on the market for 1 month!
The problem with all these houses is that you need at least another 50-100k or even more to fix old issues which need to be fixed. They are totally overpriced in a hot market. People who need to buy these homes are usually already stretched to the max to get a mortgage in the first place. They will not have the cash to fix anything.
The problem with all these houses is that you need at least another 50-100k or even more to fix old issues which need to be fixed. They are totally overpriced in a hot market. People who need to buy these homes are usually already stretched to the max to get a mortgage in the first place. They will not have the cash to fix anything.
It's a weird world we live in.
Yes. And in a rising house price environment, people will be more apt to pay for maintenance and improvements because
(1) They can tap into their home equity to pay for it
(2) It "feels right" to put additional money into something that is going up in value
In the new, sinking house price environment, the home improvement business dies down because people feel it doesn't make sense to put money into something that is losing value.
Young, not extremely rich, family-minded people should target properties that would work well for extended family living. I have that 45 minutes from and it's is nice to have a safety net for societal changes that are making ownership in my region really hard even on decent earning Dinks.
Whereas the following house is the same price ($1.3m), is tucked away on nicer street, and hasn't been able to sell after being on the market for 1 month!
If you are willing to come to Colorado Springs, these houses are in the $400’s. I guess you are paying a hefty premium of $300k+ for location close to water
The problem with all these houses is that you need at least another 50-100k or even more to fix old issues which need to be fixed. They are totally overpriced in a hot market. People who need to buy these homes are usually already stretched to the max to get a mortgage in the first place. They will not have the cash to fix anything.
It's a weird world we live in.
Yes. And in a rising house price environment, people will be more apt to pay for maintenance and improvements because
(1) They can tap into their home equity to pay for it
(2) It "feels right" to put additional money into something that is going up in value
In the new, sinking house price environment, the home improvement business dies down because people feel it doesn't make sense to put money into something that is losing value.
Why are you looking at houses if there hasn't been a 40 percent price reduction yet? Do you not believe in your own theories? Shouldn't you be waiting to buy and spending your time starting new threads about the impending GFC then feverishly adding trolling comments? I'd say happy house hunting, but what would you do with yourself if you purchased? Your the forever buyer but never owner type. You like the excitement of the hunt, but are too scared to commit. Permarenter.
jamin - what is your motivation? It almost seems like you're trying to will the housing market to collapse with these threads, as if you think you can single handedly influence the market.
Everything is overpriced, but most buyers tend to have priorities that I can't personally comprehend, which means my having an apparently "niche" taste for clean, quiet neighborhoods tucked away nearer to the lake, gives me a competitive advantage. For example, people will pay much more to have some extra square footage and be close to the freeway, even if the house and neighborhood is a loud, crowded dump. This is a Hot Home at $1.3m. The street it's on is a complete dump. Personally, I wouldn't buy that for $0.01.https://ssl.cdn-redfin.com/photo/1/bigphoto/243/1952243_0.jpgspades
I found this apartment to be very reasonably priced
you either got a 2.5%-3% fixed mortgage last year or you now have somewhat discounted prices with 6% fixed mortgages this year. No one can say for sure what will happen in markets (those locked into low fixed mortgages last year was a good move against inflation and perhaps have less incentive to move, thereby keeping inventory somewhat restricted), but whether you bought/refinanced in the past or are entering the housing market now, at least you’re buying something of real value unlike cryptoshtcoins
my guess: volume of transactions of home sold will plummet while buyers stay on sidelines for 6-12mos waiting to see what’s happening & It may take more like 90 days to be able to sell house and some discounts but no crash
Looks like I’m right so far. Probably there will be a lot of automobile repossessions and crypto bankruptcies though, since mostly bums get locked into those deals
