Home Buying & Real Estate Thread

[B Sox]

OP is a great place for retirees. One of the safest places in the country. Near the casino, beaches, golf courses, country clubs, boardwalk etc etc.

I lived near the OP yacht club, near the marina not the restraunt. My wife wants to go back because we live a little further from all that kinda stuff now. I should have bought the place we were renting when we first came down. Value has gone up over 160%

There were also some brand new brick townhomes with 720 water views on the other side of OP for 299,999 i looked at once upon a time. mistakes were made

Yeah I selfishly want a place by the beach that we could always go to

She'd get to be much closer to her incoming grandkids though while still being able to get the beach life feeling she has where she's at in Florida. After running comps, $350-450k seems like the sweet spot for something decent.

 

[bangdak]

What are everyone’s thoughts on what build costs are expected to look like in the next 6-12 months?

With supply chain restraints expected to ease, would it be reasonable to expect costs to come down in the coming months?

 

[edshoecator]

“Inflation” will keep things up imo.

Elections on the horizon means someone has to answer the call but it’ll just be more of the same.

 

[moderndarwin]

I’ve accepted that i’m just going to rent for the next 5 years lol.

 

[you go boy]

I've been sounding like a broken record talking about my place and saying im a post pictures and never do for months lol... I wanted to wait until my place was fully furnished then share pics but im tired of talking and not sharing anything... I will post more pics once I get my desk assembled and tv put in which hopefully is this weekend... the kitchen is pretty much done in my condo just need a toaster and toaster oven... but heres a small sample for now and like I said will post more pictures later... I know my fridge and microwave are not flush with the cabinets but my dad personally picked it out and he was dealing with heart surgery at the time so I was like I'm a roll with your choice... the last 2 pictures are of my kitchen when I got my place in September...

 

[dmbrhs]

What are everyone’s thoughts on what build costs are expected to look like in the next 6-12 months?

With supply chain restraints expected to ease, would it be reasonable to expect costs to come down in the coming months?

Materials are expensive as hell right now. Add on labor being hard to come by these days and building is expensive. I'm no expert, but just know that materials are 3-5x more than pre-Covid. That was told to me by a contractor friend.

 

[mplsdunk]

these bougie modular homes are looking better and better. something like ideabox or deltec. not a trailer

 

[moderndarwin]

Do you think housing will ever crash in the US in / around major cities and related burbs. Not talking middle of nowhere.

I just am truly amazed how many houses there are but still so expensive. At some point there’s gotta be a tipping point with all these condo townhouses that are being built. It’s so much less of a footprint that eventually supply has to outstrip demand right

 

[ballinsam23]

Prices of condos are the same as houses here in the boroughs. Saw a 2 bedroom condo in a brand new build in Queens for 1.2 mill 1100 sq feet. You can get a detached house for same price in a good neighborhood 50x100.

Im not really sure why anyone would buy a condo for these prices, but pretty much every new construction condo 2 bdrms are 700k-1.3 mill. Maybe to avoid property taxes and maintenance on a house?

 

[MakeNTGreatAgain]

Do you think housing will ever crash in the US in / around major cities and related burbs. Not talking middle of nowhere.

I just am truly amazed how many houses there are but still so expensive. At some point there’s gotta be a tipping point with all these condo townhouses that are being built. It’s so much less of a footprint that eventually supply has to outstrip demand right

everything that goes up must go down according to newton or some other scientist

 

[mplsdunk]

Prices of condos are the same as houses here in the boroughs. Saw a 2 bedroom condo in a brand new build in Queens for 1.2 mill 1100 sq feet. You can get a detached house for same price in a good neighborhood 50x100.

Im not really sure why anyone would buy a condo for these prices, but pretty much every new construction condo 2 bdrms are 700k-1.3 mill. Maybe to avoid property taxes and maintenance on a house?

Yeah but you don’t save any money once you get those hoa fees here at least.

Hoa fees in new condos are like 500 or more a month of top of paying 300k-1mil depending on the area and size.

New construction is 500k+ in the burbs and can find an old house for less.

I don’t get it, only way I’d get a condo is if it was an older cheap one and I had a second home for the winter somewhere else or if I was old.

 

[ballinsam23]

I don’t get it either. The maintenance from the ones I’ve seen are $200-400/m. Building has a gym, outdoor grills, theatre, etc. But still unless it’s paid off in full I don’t see the point.

 

[mplsdunk]

I think it’s just to say you have one tbh.

I can get a dope grill for 500 bucks and use charcoal if I want.

Home gym is a couple racks or 50 a months.

Lawn maintenance is a couple ounces of green a year to a 19 year old kid, dude kills it too.

Idk it doesn’t add up, you just have to want a condo.

 

[アミーゴ]

“JUST KNOW MY CONDO IS THE CRACK SPOT”

 

[s0lefunk]

Do you think housing will ever crash in the US in / around major cities and related burbs. Not talking middle of nowhere.

I just am truly amazed how many houses there are but still so expensive. At some point there’s gotta be a tipping point with all these condo townhouses that are being built. It’s so much less of a footprint that eventually supply has to outstrip demand right

And the market will adjust accordingly. You'll see it in the number of SFH vs. condo vs. TH built, associated pricing, mortgage interest rates, policy, etc.

Waiting for a crash is a purely speculative play. And guess what? The institutions aren't going away. They'll be right there "sale" shopping too.

If you want a house now and have the funds then buy now. Prices aren't going down anytime soon by all expert accounts I've seen.

 

[703 hwy]

Do you think housing will ever crash in the US in / around major cities and related burbs. Not talking middle of nowhere.

I just am truly amazed how many houses there are but still so expensive. At some point there’s gotta be a tipping point with all these condo townhouses that are being built. It’s so much less of a footprint that eventually supply has to outstrip demand right

It’ll crash again but probably not as drastically as the past. People are still once again buying houses they can’t afford due too the market being so high. People will be underwater again but not drowning this time around.

 

[mplsdunk]

I feel like if it does go down then the institutions will just swoop in even harder like solefunk was saying.

I remember last crash condos and townhouses were basically worthless. My boy just out of highschool moved to vegas and got a townhouse for like 80k. Brand new too.

 

[jewseejay]

I dont think 08 is really relevant. Its not as if theres this stash of new construction places unoccupied... ppl have been waiting to move into newly finshed places for a year+. Most ppl want condos and townhomes because they dont have time for yard maintainence and like the little conveniences. Having a high school kid to cut your yard for cheap is a luxury my man. Far from the norm. Also even if cheap chalk it up as an HOA fee.

Ever had to replace a roof? Yea thats a loan nowadays, 5 figures easy.

It really is just a supply and demand issue.... every year there are more ppl lookin to buy homes than new homes built. Rich ppl want their third and fourth investment properties and newbies just want a piece of the pie before its all gone. To live in desireable places in any metro area you almost have to be in a condo. The land is just too valuable to be "wasted" on a single family crib.

If your single family home is on less than an acre what are you really gaining. I never understood those houses with like 3 foot lanes between them. If im buying single family I want AWAY from yall ninjas hah

 

[mplsdunk]

That’s why I’d rather just buy some land 45 minutes out and not deal with the overbidding a house by 100k and all that.

 

[jewseejay]

I saw a stat that said if every homeless person In the US was given a home wed still have like 10+ million vacant... i thought about it for a minute and realized but how many of those are liveable. Like actually inhabitable.....1%? How many are baltimore and detroit row homes that had the windows broken out in the 80s or 90s. Or falling apart condemned shanties.

 

[sneakaprince]

Yeah but you don’t save any money once you get those hoa fees here at least.

Hoa fees in new condos are like 500 or more a month of top of paying 300k-1mil depending on the area and size.

New construction is 500k+ in the burbs and can find an old house for less.

I don’t get it, only way I’d get a condo is if it was an older cheap one and I had a second home for the winter somewhere else or if I was old.

Almost replied to this in the AM but got tied up.

I will never get condos, HOA fees are always a turn off for me. Not to mention they can determine what you can and can't do (plus its hella easy for neighbors to snitch when you break rules because of proximity).

I know some cribs have HOAs too but it's uncommon where I live.

I do see the value of HOA fees etc taking care of the roof, general maintence etc but I still don't think it's enough to ever excite me enough to buy a condo.

 

[mplsdunk]

I got an hoa fee on some land I own but it’s in the damn sticks and it goes to the road maintenance since they made the roads and it’s not government property.

There’s also a couple rules about not loading your yard up with broken down cars and you can’t put a mobile home on your lot or anything trashy. That’s about it and the fee is 400 a year.

I’d rather not own a tractor to plow snow so I’ll pay it.

I know what you mean though with the hoa. Some of them are wild.

 

[mplsdunk]

I saw a stat that said if every homeless person In the US was given a home wed still have like 10+ million vacant... i thought about it for a minute and realized but how many of those are liveable. Like actually inhabitable.....1%? How many are baltimore and detroit row homes that had the windows broken out in the 80s or 90s. Or falling apart condemned shanties.

Exactly, some condemned house in east stl that looks like a nuke was dropped on the whole neighborhood doesn’t count.

 

[GreenNGold89]

Not sure if this is the right thread but does anyone use Fundrise?

Wondering what people’s thoughts are on it.

 

[sneakaprince]

I saw a stat that said if every homeless person In the US was given a home wed still have like 10+ million vacant... i thought about it for a minute and realized but how many of those are liveable. Like actually inhabitable.....1%? How many are baltimore and detroit row homes that had the windows broken out in the 80s or 90s. Or falling apart condemned shanties.

This came across my Reddit feed the other day.