quote:

Originally posted by Pipe Smoker:
The real estate market is vigorous here in San Diego too. And especially in my neighbourhood, near UCSD.

A couple of years ago the Westfield UTC mall renovation was completed, making it one of the two best upscale malls in the city. It’s a short walk from my home.



And for the past three years construction has been on-going for an extension of the San Diego trolley. Trolley terminals at the mall are an even shorter walk from my home. I’m looking forward to my first ride, later this year.

The value of my home is now a hell of a lot more than I paid for it in 2010. My offer was the only one the seller received, after a year on the market. Academic for me though – I bought my home to live in. It’s a perfect fit for me.

An old photo of the trolley extension construction. This goes on for miles.

That picture brought up a memory for me.

Best friend from high school worked armed security on the San Diego trolley for a spell. Mid 1990s if memory serves.

Congratulations. We live in West Nashville and I am amazed at the increase in home prices we've seen in our neighborhood. What area of town is your current (old) house in?

quote:

Originally posted by konata88:
Who’s buying? Chinese? If domestic, where are they moving from? Demand can’t be high in ca and other places assuming people are moving from ca.

The Sacramento area is currently a madhouse for real estate as folks, who can now work from home, are moving out of the Bay Area. Close enough to not lose their community, but at much lower housing cost

The last 2 homes that sold on my street went for 30K and 45K over asking price, which was already above appraised value in both cases. Crazy !!
(Seacoast NH)

The market in the Epoping / Seacoast area is crazy. I thought about selling my 4 br home that's way to big for me and the dog but then to buy something smaller in the 2000 sf range is still in the mid 600's and up. then add another 100k in ac/ genset/landscape/ etc. I decided I might as well just stay put. At 18 years I'm just replacing the genset with something bigger and new central ac units. Maybe some redecorating along the way.

Here in South Florida, homes are selling in days if not hours, well over asking price. Neighbor moved out after having home on market 3 days. Owned home roughly 1.5 years, made a bit over $300K vs original purchase price - 1,800 sqft home. Across the way, Neighbor is asking a stupid amount over the value/last purchased and getting offers - has been on the market for 2 days.

Yeah, this is nuts. Problem we have is unless we move somewhere else, we have to buy back into this crazy market and don’t think that is a good idea right now. Will have to cool a bit in near future we think...pretty much everyone buying is from out of state according to realtors I have spoken with.

Lots of people fleeing NY and NJ for Florida. Just hope they don't bring their shitty politics with them. The Orlando area is seeing a huge influx of Brazilians, Venezuelans and Chinese all buying homes, some paying cash for homes that are $450k+

I'm working with a real estate in north Florida and he said that inventory is extremely low now. I've noticed that homes are selling within days and some homes are listed with a deadline for bids to be submitted so they're obviously getting multiple offers.

However, he also believes it will cool off in the 2nd and 3rd quarters as inventory should go up being that is the typical selling season; and interest rates might go back up. That combination should taper the madness down a little bit, in his opinion.

This madness has to stop somewhere.

quote:

Originally posted by mrvmax:
I'm tempted to sell mine here in South Texas but the question is where to move to. Sure, I can afford to buy a bigger and newer house but I despise having to pay more taxes. I am tempted to sell my house, move into an RV and wait for the real estate crash to pick up another house. If only I could time the crash.

rv's are hard to find too.

I guess all the refugees flooding the border will have to live in the big city high rises

Tejas421, we are off Hwy 100 in Bellevue. “ Harpeth River Estates”. We have been in the house 15 years. We got SOOO lucky, we found a brand new Stand-alone in East Nashville. House is 100 sq ft bigger, 1.5 acres smaller!!!!! Where are you friend??

I have a feeling, if we have a sharp increase in the interest rates, it could freeze the market.

The foreigners can't vote (or at least they're not supposed to be able to.) NYers can just move down there, change their registration, and are immediately eligible. Also, and this is a big issue, are Puerto Ricans. They can't vote for president in PR, but if they move to a state, the can immediately claim residency and vote. From what I heard, after Maria, a boat load (or severl) of Puerto Ricans moved to FL, and Orlando specifically.

quote:

Originally posted by Edmond:
Lots of people fleeing NY and NJ for Florida. Just hope they don't bring their shitty politics with them. The Orlando area is seeing a huge influx of Brazilians, Venezuelans and Chinese all buying homes, some paying cash for homes that are $450k+

I'm working with a real estate in north Florida and he said that inventory is extremely low now. I've noticed that homes are selling within days and some homes are listed with a deadline for bids to be submitted so they're obviously getting multiple offers.

However, he also believes it will cool off in the 2nd and 3rd quarters as inventory should go up being that is the typical selling season; and interest rates might go back up. That combination should taper the madness down a little bit, in his opinion.

This madness has to stop somewhere.

There are still some people making money, and as the stimulus money ping pongs around the economy, it settles on certain people and in certain places. It's pumping up the stock market and pushing down interest rates. So people have down payments, and mortgage payments are cheap. I think that's all it takes.

And can you see any other financial reason for it. It's not just out in the 'burbs. In NYC renters are leaving, but people are still buying apartments.

quote:

Originally posted by RogueJSK:

quote:

Originally posted by BBMW:
You know all that cash the government has been dumping into the system? It's ending up in hard assets (real estate, stock market, etc.). So those are showing inflation.

Stock market, certainly. That's where I put mine.

However, I'm not sure that having just an extra few grand in the bank is going to make a difference in someone being able to afford to buy a piece of real estate or not. Maybe if they were flat broke before and that gave them just enough to cover the closing costs on a 0% down purchase, but they shouldn't be buying a home in that case anyway (and lenders probably wouldn't loan them the money if they only have that few grand in the bank; things have changed since the bad old days of the pre-2008 subprime loan craziness).

But I guess it's potentially able to affect house values by current owners using it for smaller improvements like adding on a deck or remodeling a bathroom before selling, thereby slightly increasing the value of their homes.

Congratulations Sybo and good luck. Market is indeed nuts. My daughter can’t find anything affordable here on SE Michigan.

Don't see much activity around my area in Chicago.
Several houses on my block have been on the market for months ( prices hover around $700- 1 million+).
Nobody beating a path to buy in Chicago.SHOCKED!

Congrats! You are right, some markets are nuts. We may be selling soon and our realtor said list it on Thursday, do an open house on Sat/Sun and pick from the offers on Monday. We have been looking and most of what we have looked at is selling for 3-12% above list sometimes more, much more. No home inspections or appraisal contingencies are being entertained. The bulk of buyers seem to be out of state folks. We've seen plates from as far as California.

Even going back to 4 years ago when wife and I moved from the Buffalo NY region to Arizona, our very nice house on 6.5 acres in the country went for asking price way faster than we ever imagined ( the western NY region is a pretty low housing cost area, but is also economically depressed and stuck saddled with politics emanating from NYC 500 miles away)
We moved to Arizona and since we were not 100% sure how things were going to work out we started by renting a house.
Housing market has exploded here ( much fueled by stereotypical California refugees) with neighborhoods popping up seemingly overnight and prices soaring.
One of my colleagues even said he felt bad for people not being able to find housing since costs have spiraled out of control.
Even being both working professionals with a much better than average income, it looks like home ownership may now be out of reach for us in this area.
Luckily my rent is pretty reasonable and I have a great landlord. One of the clauses in our contract is he is allowed to do an annual inspection and he is always happy with how we take care of the place. Every time he comes through he asks if we want to buy it.

quote:

Originally posted by sybo:
Tejas421, we are off Hwy 100 in Bellevue. “ Harpeth River Estates”. We have been in the house 15 years. We got SOOO lucky, we found a brand new Stand-alone in East Nashville. House is 100 sq ft bigger, 1.5 acres smaller!!!!! Where are you friend??

We live in Sylvan Park. I bike on the Harpeth River Greenway near you. Very pretty area.

There is a massive migration and population shift happening in the country. We will be forever changed by many of the factors involved.

quote:

Originally posted by Pipe Smoker:
The real estate market is vigorous here in San Diego too. And especially in my neighbourhood, near UCSD.

A couple of years ago the Westfield UTC mall renovation was completed, making it one of the two best upscale malls in the city. It’s a short walk from my home.

And for the past three years construction has been on-going for an extension of the San Diego trolley. Trolley terminals at the mall are an even shorter walk from my home. I’m looking forward to my first ride, later this year.

The value of my home is now a hell of a lot more than I paid for it in 2010. My offer was the only one the seller received, after a year on the market. Academic for me though – I bought my home to live in. It’s a perfect fit for me.

An old photo of the trolley extension construction. This goes on for miles.

Tell me about I live up the road from you (RB) and a condo in my area that sold for $535k 3 month ago just sold for $695k.In one day.