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.

Yeah, but it's still Minnesota.

great time to buy if you HAVE money

What is the rental market like???

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

Great news ;)

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

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

Buy low, sell high.

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

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.

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

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...

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

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.

;-)

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.

:2 cents:

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

Fear and Loathing ..

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

BIGGEST FUCKING LIE OUT THERE!!!

It's going to hell all over

True dat.

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

AMEN to that!

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

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

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.

Exactly the same in DC and suburbs.

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

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.

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.

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

I wish it would happen here....

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!

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

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 :(

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.

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.
:thumbsup

Buy gold.

Well said.

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.

Despite his hair and ego - Trump is 100% correct :winkwink:

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

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

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.

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

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?

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.

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

:thumbsup:thumbsup

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

http://www.elli-nude.com/GFY/Cheapes...-Nov6-2007.jpg

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:winkwink: 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.

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

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.

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