Real estate is nuts here - GoFuckYourself.com

slapass · 11-05-2007, 08:21 PM

Minneapolis is crazy. Seeing stuffed marked down from 129k to 50k. Freaking 70k mark down or 80k under tax assessed value. These houses are just crashing in value. A friend of mine just bought a house for half of what it sold for last year in FL so they are seeing the same stuff there.

GrouchyAdmin · 11-05-2007, 08:26 PM

Yeah, but it's still Minnesota.

Fat Panda · 11-05-2007, 08:56 PM

great time to buy if you HAVE money

Adam_M · 11-05-2007, 08:59 PM

What is the rental market like???

pornask · 11-05-2007, 09:18 PM

fuck, sweet life you have there. Real estate prices in Alberta are through the roof. Unfuckinghealthy

xmas13 · 11-05-2007, 09:22 PM

Great news ;)

beemk · 11-05-2007, 09:30 PM

Quote:

Originally Posted by slapass

Minneapolis is crazy. Seeing stuffed marked down from 129k to 50k. Freaking 70k mark down or 80k under tax assessed value. These houses are just crashing in value. A friend of mine just bought a house for half of what it sold for last year in FL so they are seeing the same stuff there.

its the same in some areas here. the crazy thing thats good is that the house rental prices are pretty much the same.

HighRoller · 11-05-2007, 09:34 PM

slapass what's your name, trying to see if I know you.

EonBlue · 11-05-2007, 09:41 PM

Buy low, sell high.

But that's crazy. You can't even buy a run down shack for $50k anywhere around here.

jalami · 11-05-2007, 09:59 PM

I suppose the owners realized that they're in, um, Minneapolis. I don't care how big that town gets, it's still Minnesota. It better be cheap there.

DaddyHalbucks · 11-06-2007, 12:17 AM

It's a buyer's market across the country.

V_RocKs · 11-06-2007, 12:23 AM

Unfortunately the California market is more like this:

$780,000 marked down to $670,000

Not such a steal when you are still paying over 1/2 a million dollars for a house that takes up 70% of your land...

calibra · 11-06-2007, 12:46 AM

Quote:

Originally Posted by SAC

great time to buy if you HAVE money

If you have money you will always find a way to play on these things.

CuriousToyBoy · 11-06-2007, 04:04 AM

The sub-prime mortgage market collapse will have far reaching effects.

Doesn't reach as far as Australia on house prices, where they continue double digit large annual growth in many cases, but has effected our exchange rate with the US$ tanking ...

We ain't quite as fucked as the Canuckstanians yet, but not a long ways off.

;-)

Barefootsies · 11-06-2007, 04:16 AM

Yep.

It's getting bad around here as well. I've seen some neighborhoods that must have 10-25% of the houses up for sale. Especially some of those lake areas I had been peep'g out.

I have been following this closely to make some move next year, and I hear that this is not even the worst of it yet. It's projected to get even worse next year! Which will be good for me. I should have a nice chunk of change to dump into a house, and rentals.

ADL Colin · 11-06-2007, 04:52 AM

There have been houses for sale in my development for well over a year now. .
Beautiful custom homes on water.

Fear and Loathing ..

sweetcuties · 11-06-2007, 05:09 AM

Quote:

Originally Posted by SAC

great time to buy if you HAVE money

The biggest myth is that you need money in real estate to get started...

BIGGEST FUCKING LIE OUT THERE!!!

KingK7 · 11-06-2007, 05:13 AM

It's going to hell all over

Barefootsies · 11-06-2007, 05:30 AM

Quote:

Originally Posted by sweetcuties

The biggest myth is that you need money in real estate to get started...

BIGGEST FUCKING LIE OUT THERE!!!

True dat.

If you have spotless credit, you are in like flynn.

HeadPimp · 11-06-2007, 05:30 AM

Quote:

Originally Posted by SAC

great time to buy if you HAVE money

AMEN to that!

slapass · 11-06-2007, 08:21 AM

Quote:

Originally Posted by beemk

its the same in some areas here. the crazy thing thats good is that the house rental prices are pretty much the same.

Rental market is strong. or stronger then it was. The rents are about 1100 for the above house. Pretty nuts.

pornguy · 11-06-2007, 08:24 AM

going to drop here as well, and that is the time to jump in and BUY!

czarina · 11-06-2007, 08:29 AM

that is so sad. Lots of people who've lost their homes, and some of them simply because they recently couldn't pay the taxes on such high valued houses, after owning them for years.

gornyhuy · 11-06-2007, 08:31 AM

Quote:

Originally Posted by V_RocKs

Unfortunately the California market is more like this:

$780,000 marked down to $670,000

Not such a steal when you are still paying over 1/2 a million dollars for a house that takes up 70% of your land...

Exactly the same in DC and suburbs.

cams2chat · 11-06-2007, 09:18 AM

I am watching the Vegas real estate channel and so many on there bank owned. I also was told by my bank manager (regional) that they are sitting on a lot of property. Market here may have a ways to drop

EonBlue · 11-06-2007, 09:22 AM

You think it's bad now? Wait until the boomers start to die of in large numbers. The resale and rental markets will both collapse.

Sosa · 11-06-2007, 09:42 AM

wish it would move like that around here. We really don't see any movement at all. Time is now to buy in a lot of areas if you are into the real estate game and rent them out.

ultimatebbwdotcom · 11-06-2007, 10:19 AM

Quote:

Originally Posted by cams2chat

I am watching the Vegas real estate channel and so many on there bank owned. I also was told by my bank manager (regional) that they are sitting on a lot of property. Market here may have a ways to drop

Good time to directly low ball the bank on a property - banks dislike having to sit on non performing assets.

BOSS1 · 11-06-2007, 10:24 AM

I wish it would happen here....

CC · 11-06-2007, 10:38 AM

Houses in my neighborhood have magically retained their value (as evidenced by recent sales), but nearby neighborhoods seem to have dropped by 20% or so. Yay for me!

GreyWolf · 11-06-2007, 10:42 AM

Quote:

Real estate is nuts here

Oh damn - thought the thread title mean't a good RE market and you found a nice niche slapass

Mmmm... this was on the cards for so long now and the tip of the iceberg is showing. Sure is time to think of a home as a home and a place to live - and not something to use as a loan consolidator or an ATM machine. It's not even a buyers market - who wants an asset which is going to depreciate further? Gotta feel bad for the people who will be seriously affected and could lose the roof over their heads - not a good scenario

B_Maverick · 11-06-2007, 10:44 AM

Trump says now is the time to buy everywhere. Two years ago he said don't buy anything.

I think he is and was right on the money.

Barefootsies · 11-06-2007, 10:44 AM

Quote:

Originally Posted by CC

Houses in my neighborhood have magically retained their value (as evidenced by recent sales), but nearby neighborhoods seem to have dropped by 20% or so. Yay for me!

Yeah, I keep seeing more of those 'price reduced' signs. The e-mails I am getting from the real estate people (have two of them looking) keep sending more price dropped listings. Some have dropped $20k+ in 2 months.

digifan · 11-06-2007, 10:45 AM

Buy gold.

Skillz Unlimited · 11-06-2007, 10:48 AM

Quote:

Originally Posted by V_RocKs

Unfortunately the California market is more like this:

$780,000 marked down to $670,000

Not such a steal when you are still paying over 1/2 a million dollars for a house that takes up 70% of your land...

Well said.

GreyWolf · 11-06-2007, 10:57 AM

Quote:

Originally Posted by CuriousToyBoy

The sub-prime mortgage market collapse will have far reaching effects.

Doesn't reach as far as Australia on house prices, where they continue double digit large annual growth in many cases, but has effected our exchange rate with the US$ tanking ...

Sounds much the same as the UK CTB - hard to buy *any* home for $300-350K.

But, lenders were messing with sub-prime deals and will take a hit in 2008, tho nothing like the US market. The Central Bank stepped in and raised interest rates to kill predatory sub-prime mortgages and this appears to have worked.

RE where I am is excellent and solidly into double-digit capital appreciation and unlikely to change for the forseeable future, - but that's a totally different market and not based on the economy of one country.

GreyWolf · 11-06-2007, 11:01 AM

Quote:

Originally Posted by B_Maverick

Trump says now is the time to buy everywhere. Two years ago he said don't buy anything.

Despite his hair and ego - Trump is 100% correct

"Everywhere" means other locations tho - you will not find any relevant Trump development in the US now - all major projects are in other countries.

shuki · 11-06-2007, 11:04 AM

In Boston on the high end level things are flying off the market in developments like the Ritz. Setting new price per sq ft records in the building.

Each market is different. If you go to the burbs things are dropping but not like they are in MN etc.

dissipate · 11-06-2007, 11:10 AM

Quote:

Originally Posted by shuki

In Boston on the high end level things are flying off the market in developments like the Ritz. Setting new price per sq ft records in the building.

Each market is different. If you go to the burbs things are dropping but not like they are in MN etc.

Have you seen the prices of the new trilogy tower(s) over by kenmore? It's fucking ridiculous

tblake · 11-06-2007, 11:31 AM

Its all about cashflow- are those houses in Minnesota cash flowing? I mean, what is the monthly payment on a 70K house? 600 bucks a month? If you can rent it for more than that, I want some of that action.

ATL_Ryan · 11-06-2007, 11:41 AM

Quote:

Originally Posted by GreyWolf

Despite his hair and ego - Trump is 100% correct

"Everywhere" means other locations tho - you will not find any relevant Trump development in the US now - all major projects are in other countries.

Actually he has started a new project in Atlanta. And is finishing one in Chicago.

http://www.trumptowersatlanta.com/

http://www.trumpchicago.com/main.htm

shuki · 11-06-2007, 11:46 AM

Quote:

Originally Posted by dissipate

Have you seen the prices of the new trilogy tower(s) over by kenmore? It's fucking ridiculous

Yep and Archstone downtown is even more money if you can believe it. $2,800 for a studio now....Crazy!!!!!

You live in boston area?

RawAlex · 11-06-2007, 11:50 AM

Overbuilt burbs and ugly ass mcmansions are going to be what dies in this market. You will be able to pick up some of those truly over done huge pieces of shit houses for pennies on the dollar in very short order because the people who bought them originally won't have the money to cover them in the long run.

ShellyCrash · 11-06-2007, 11:56 AM

In FL prices have dipped but it's still not as low as it was 3 and 4 years ago.

Barefootsies · 11-06-2007, 11:56 AM

Quote:

Originally Posted by RawAlex

Overbuilt burbs and ugly ass mcmansions are going to be what dies in this market. You will be able to pick up some of those truly over done huge pieces of shit houses for pennies on the dollar in very short order because the people who bought them originally won't have the money to cover them in the long run.

Elli · 11-06-2007, 12:09 PM

I just checked mls.ca for my suburb and this is THE cheapest property listed right now. That includes condos and apartments.

GreyWolf · 11-06-2007, 12:26 PM

Quote:

Originally Posted by EbonyPays_Ryan

Actually he has started a new project in Atlanta. And is finishing one in Chicago.

Sure - depends what it is, when the land was accquired, niche capability and longer term potential. There is also a difference between selling "homes" and constucting hotels or resorts. It's very hard to lose with hotels if the location is correct and the management/structure experience exists. They may be called hotels, but are really a long-term appeciating real estate asset while earning some money

They can, tho not necessarily, self-finance.

Got a friend who does this - he has around 400 international hotels globally and is still taking over an existing hotel operation in the US in staged phases - the price is right and they earn. It's almost like websites with "feeder domains" to feed traffic thru to the cash register. Instead, he's got 700 travel stores which feed traffic to the hotels. Trump is playing much the same game - but appears to be angling towards his "image" more and concentrating on exotic locations - Dubai, Panama etc where his capital appreciation is far higher than any industrialized country.

katushka · 11-06-2007, 12:29 PM

Try renting in Cali...you basically pay 1/3 of a home owners mortgage. My mortgage is 5k a month!

After Shock Media · 11-06-2007, 12:40 PM

Quote:

Originally Posted by tblake

Its all about cashflow- are those houses in Minnesota cash flowing? I mean, what is the monthly payment on a 70K house? 600 bucks a month? If you can rent it for more than that, I want some of that action.

Not including any property taxes, closing costs, and assuming 0 down.
70k on a 30yr fixed at 6.25 would be 431.00 per month.

So if rents are above 520.00 a month typically that is a great market right now. Specially if you can justify a standard 3% per year rent increase.

L-Pink · 11-06-2007, 01:45 PM

Quote:

Originally Posted by Elli

I just checked mls.ca for my suburb and this is THE cheapest property listed right now. That includes condos and apartments.

No offense but that looks like the construction trailers contractors use when building $500,000 homes where I live.

11-05-2007, 08:21 PM	#1
slapass Too lazy to set a custom title Join Date: Nov 2002 Location: Earth Posts: 14,622	Real estate is nuts here Minneapolis is crazy. Seeing stuffed marked down from 129k to 50k. Freaking 70k mark down or 80k under tax assessed value. These houses are just crashing in value. A friend of mine just bought a house for half of what it sold for last year in FL so they are seeing the same stuff there.

11-05-2007, 08:26 PM	#2
GrouchyAdmin Now choke yourself! Industry Role: Join Date: Apr 2006 Posts: 12,085	Yeah, but it's still Minnesota. __________________ AIM: GrouchyGfy

11-05-2007, 08:59 PM	#4
Adam_M Confirmed User Industry Role: Join Date: Mar 2006 Location: Australia Posts: 3,800	What is the rental market like??? __________________ DiscountedPorn.Com ReviewedPorn.com

11-05-2007, 09:22 PM	#6
xmas13 Confirmed User Join Date: Dec 2004 Location: GFY Posts: 5,176	Great news ;) __________________ ICQ 557504926

11-05-2007, 09:59 PM	#10
jalami Confirmed User Industry Role: Join Date: May 2004 Location: Costa Rica Posts: 845	I suppose the owners realized that they're in, um, Minneapolis. I don't care how big that town gets, it's still Minnesota. It better be cheap there. __________________ IntegralPay LLC \| www.integralpay.com Payment solutions outside the box! Ask about credit card, electronic checks, and alternative payments processing

11-05-2007, 08:56 PM	#3
Fat Panda Porn is Dead. Move along. Industry Role: Join Date: Aug 2006 Posts: 13,295	great time to buy if you HAVE money

11-05-2007, 09:18 PM	#5
pornask So Fucking Banned Join Date: Aug 2006 Location: 253-233-241 Posts: 6,518	fuck, sweet life you have there. Real estate prices in Alberta are through the roof. Unfuckinghealthy

11-05-2007, 09:34 PM	#8
HighRoller Confirmed User Join Date: Feb 2003 Location: MN Posts: 1,037	slapass what's your name, trying to see if I know you.

11-05-2007, 09:41 PM	#9
EonBlue Apocalypse Industry Role: Join Date: May 2007 Location: Limbo Posts: 3,043	Buy low, sell high. But that's crazy. You can't even buy a run down shack for $50k anywhere around here.

11-06-2007, 12:17 AM	#11
DaddyHalbucks A freakin' legend! Industry Role: Join Date: Feb 2004 Location: Las Vegas, Nevada USA Posts: 18,975	It's a buyer's market across the country. __________________ Boner Money

11-06-2007, 12:23 AM	#12
V_RocKs Damn Right I Kiss Ass! Industry Role: Join Date: Dec 2003 Location: Cowtown, USA Posts: 32,409	Unfortunately the California market is more like this: $780,000 marked down to $670,000 Not such a steal when you are still paying over 1/2 a million dollars for a house that takes up 70% of your land...

11-06-2007, 04:04 AM	#14
CuriousToyBoy Crazy Aussie Bastard Industry Role: Join Date: Aug 2005 Location: Wherever I lay my hat, that's my home. Posts: 16,787	The sub-prime mortgage market collapse will have far reaching effects. Doesn't reach as far as Australia on house prices, where they continue double digit large annual growth in many cases, but has effected our exchange rate with the US$ tanking ... We ain't quite as fucked as the Canuckstanians yet, but not a long ways off. ;-) __________________ Celebs Adult Who's Who ==> Ambush Interview ==> ICQ 293 070 684 ==> intmarpacrim AT gmail DOT com

11-06-2007, 04:16 AM	#15
Barefootsies Choice is an Illusion Industry Role: Join Date: Feb 2005 Location: Land of Obama Posts: 42,635	Yep. It's getting bad around here as well. I've seen some neighborhoods that must have 10-25% of the houses up for sale. Especially some of those lake areas I had been peep'g out. I have been following this closely to make some move next year, and I hear that this is not even the worst of it yet. It's projected to get even worse next year! Which will be good for me. I should have a nice chunk of change to dump into a house, and rentals. __________________ Should You Email Your Members? Link1 \| Link2 \| Link3 Enough Said. "Would you rather live like a king for a year or like a prince forever?"

11-06-2007, 04:52 AM	#16
ADL Colin Too lazy to set a custom title Join Date: Feb 2001 Location: Tube Titans, USA Posts: 11,929	There have been houses for sale in my development for well over a year now. . Beautiful custom homes on water. Fear and Loathing .. __________________ Adult Date Link - $50 PPS starting NOW! -- good and JUICY! skype = "adultdatelink"

11-06-2007, 05:13 AM	#18
KingK7 Confirmed User Join Date: Jun 2002 Posts: 6,372	It's going to hell all over

11-06-2007, 08:24 AM	#22
pornguy Too lazy to set a custom title Industry Role: Join Date: Mar 2003 Location: Homeless Posts: 62,911	going to drop here as well, and that is the time to jump in and BUY! __________________ PornGuy skype me pornguy_epic AmateurDough The Hottes Shemales online! TChicks.com \| Angeles Cid \| Mariana Cordoba \| MAILERS WELCOME!

11-06-2007, 08:29 AM	#23
czarina Webmaster Extraordinaire Industry Role: Join Date: Jul 2002 Location: A beautiful beach... Posts: 10,748	that is so sad. Lots of people who've lost their homes, and some of them simply because they recently couldn't pay the taxes on such high valued houses, after owning them for years.

11-06-2007, 09:18 AM	#25
cams2chat Confirmed User Industry Role: Join Date: Oct 2005 Location: Let me look out the window Posts: 288	I am watching the Vegas real estate channel and so many on there bank owned. I also was told by my bank manager (regional) that they are sitting on a lot of property. Market here may have a ways to drop __________________

11-06-2007, 09:22 AM	#26
EonBlue Apocalypse Industry Role: Join Date: May 2007 Location: Limbo Posts: 3,043	You think it's bad now? Wait until the boomers start to die of in large numbers. The resale and rental markets will both collapse.

11-06-2007, 09:42 AM	#27
Sosa In Tushy Land Join Date: Oct 2002 Location: Nebraska Posts: 40,149	wish it would move like that around here. We really don't see any movement at all. Time is now to buy in a lot of areas if you are into the real estate game and rent them out.

11-06-2007, 10:24 AM	#29
BOSS1 Confirmed User Join Date: Sep 2005 Location: Montreal / Sparta Posts: 4,331	I wish it would happen here.... __________________ NEW SITE: Stockings Kingdom Lesbians in Latex, Lesbians in Stockings, Granny Sex, BDSM Porn, Latex and Sex, Custom Foot Fetish, Femdom Movies and Kinky Porn Pass. 300+ hosted flvs, 500+ hosted galleries, Page Peel ADs.. NATS export and payouts twice a month

11-06-2007, 10:38 AM	#30
CC Confirmed User Join Date: Feb 2001 Posts: 1,690	Houses in my neighborhood have magically retained their value (as evidenced by recent sales), but nearby neighborhoods seem to have dropped by 20% or so. Yay for me!

11-06-2007, 10:44 AM	#32
B_Maverick Confirmed User Join Date: Dec 2002 Posts: 447	Trump says now is the time to buy everywhere. Two years ago he said don't buy anything. I think he is and was right on the money. __________________ Sig too big http://www.gofuckyourself.com/gfy_faqs.html Want to use a large banner in your sig??? Contact Eric about getting on as an advertiser - eric AT adult.com

11-06-2007, 10:45 AM	#34
digifan The Profiler Industry Role: Join Date: Oct 2002 Location: ICQ 76281726 and I'm female Posts: 14,618	Buy gold. __________________ [email protected] Webair Rocks

11-06-2007, 11:04 AM	#38
shuki Confirmed User Join Date: Aug 2004 Location: Boston Posts: 3,070	In Boston on the high end level things are flying off the market in developments like the Ritz. Setting new price per sq ft records in the building. Each market is different. If you go to the burbs things are dropping but not like they are in MN etc. __________________ Looking to buy established paysites contact me [email protected]

11-06-2007, 11:31 AM	#40
tblake Confirmed User Join Date: Sep 2007 Location: Los Angeles Posts: 157	Its all about cashflow- are those houses in Minnesota cash flowing? I mean, what is the monthly payment on a 70K house? 600 bucks a month? If you can rent it for more than that, I want some of that action.

11-06-2007, 11:50 AM	#43
RawAlex So Fucking Banned Join Date: Oct 2003 Location: In a house. Posts: 9,465	Overbuilt burbs and ugly ass mcmansions are going to be what dies in this market. You will be able to pick up some of those truly over done huge pieces of shit houses for pennies on the dollar in very short order because the people who bought them originally won't have the money to cover them in the long run.

11-06-2007, 11:56 AM	#44
ShellyCrash Confirmed User Join Date: Jun 2004 Location: Tampa Bay, FL Posts: 6,708	In FL prices have dipped but it's still not as low as it was 3 and 4 years ago. __________________ Start making money with the hottest hookup site! up to $55 PPS or up to 75% Revshare ICQ 196766477

11-06-2007, 12:09 PM	#46
Elli Reach for those stars! Industry Role: Join Date: Apr 2003 Location: Vancouver, BC Posts: 17,991	I just checked mls.ca for my suburb and this is THE cheapest property listed right now. That includes condos and apartments. __________________ email: [email protected]

11-06-2007, 12:29 PM	#48
katushka Confirmed User Join Date: Nov 2006 Location: Tujunga, CA Posts: 163	Try renting in Cali...you basically pay 1/3 of a home owners mortgage. My mortgage is 5k a month! __________________ http://users.adultspace.com/katushka/ http://www.datingdollar.com/ (COMING SOON) ICQ: 423165077 Contact me...let's chat