Monday, May 29, 2017

Millenial Housing Prospects


Too funny. 

57 comments:

Rob Dawg said...

Apparently there was a reason for my niece had to be back at 00:00. They also reminded her to make sure her flight suit was clean. Fun!

LBD said...

Seriously funny. The cheapest house in Santa Monica the other day was a 1/1 for bargain price of $1.2MM. Certainly Mom and Dad can help swing the down payment! =:O

Lawyerliz said...

You mean for sale? Is cali gonna sink into the sea, from the weight of the money pressing it down?

Rob Dawg said...

In order of distance, houses for sale near me:
$2.55m
$899k
$3.05m
$2.1m
$1.15m
$975k
$1.18m
$1.35m
Insane.

Lawyerliz said...

Tiger Woods arrested for DUI.

Lawyerliz said...

Is there really that much money floating around?

sm_landlord said...

> Is there really that much money floating around?

Seems like it. And there appears to be a shortage of new houses. There is construction under way in a number of places around here, both new construction and remodels. What's weird is that the construction projects seem to be moving glacially if at all. They start things, and then the projects just seem to stall at one point or another.

Lawyerliz said...

Sounds like they're running outta money. Or people are running away from contracts.

sm_landlord said...

Or the contractors are over-selling their time and can't staff the work that they have taken on....

Rob Dawg said...

The money isn't so much "floating" as looking to "go to ground" both literally and in the figurative sense.

Even we lower middle class types need to scramble to find places to park never mind invest hard earned savings/assets.

This is NOT an accident. In order to advance the Great Bifurcation people need to be forced into exposing savings/assets to violent price swings. The Housing Bubble worked so well we are no doubt in the midsts of another asset stripping. Stocks? Maybe. Housing? Too soon. Bonds? IMO ripe for harvesting.

And guess what balanced fund and index investors. When the bond component goes south the other bits get sold off to cover scared rabbit redemptions. Fun times ahead.

LBD said...

Yes LL is for sale Less then 700 sq' and in a decent neighborhood as I recall but not North of Montana where the big bucks are.

Rob Dawg said...

> ...construction projects seem to be moving glacially if at all.

Couple factors at play. Spec houses are common near you. You don't schedule completion of those without a contract. Maybe a slowdown? Also, everyone still in the business doesn't let the general get more than one payment behind.

Rob Dawg said...

"North of Montana" and in the "teen numbered streets." I remember it well.

Lawyerliz said...

Lower middle class indeed. . Hahahahahahaha

Rob Dawg said...

Okay. You caught me. Aspirationally lower middle class. I can still dream.

Lawyerliz said...

Hah.
I sounds like they are building stuff people don't want or can't afford. Too expensive? Too big? Too plain? Bad design?

Lawyerliz said...

You are aspirationally lower upper class. Higher than upper middle.

sm_landlord said...

> "North of Montana" and in the "teen numbered streets." I remember it well.

Yeah, when I was in HS, it was teachers and engineers that lived there - the wealthy folks lived North of Georgina.

Now it's business moguls, and wealthy TV, movie, and music folks. Home theaters and home studios are big.

Rob Dawg said...

> home studios are big.

Before we escaped we looked at Chris Cross' home to buy. Nice studio.

Lawyerliz said...

The roomba burrowed itself under the brown sofa. It thought it was a turtle.

UMDan said...

Wrote a long post under the "wrong" e-mail address. Had to "log off" grrrrr....
Absurd IL taxes ($285K house, $9,800 taxes), boomer lifer retiring teachers, and underwater homes makes for a great situation. I am going to have to come to the table with $ to get out of here. Nice to see other areas have "recovered".

Rob Dawg said...

Chicago in particular is fook'd. They are going to squeeze anyone stupid enough to stay. The city lost population. The neighboring states all gained. The pension thing is going to blow up soon.

Oh, my taxes are roughly $3/$1000 of market value. No, not a typo. Three dollars per one thousand dollars of market value.

UMDan said...

So a $500K house pays $1,500? Are you shitting me?

UMDan said...

A $500K house around here will be hit for at least $15K. And god forbid if you are on a lake.

Rob Dawg said...

No. California calculates property taxes on purchase price not assessment value. Typically 1.1% to 1.2% of purchase price and increases limited to no more than 2% per year.

Lawyerliz said...

Homesteads here are imited to 2% a yeat. We consider our taxes quite reasonable. It's the insurance that gets us.

Lawyerliz said...

3% a year. They are portable, if you move.

LBD said...

We use the greatest fool valuation here. Basically back fill what ever the schools and government agencies want. Farmers want another tax rate dropped to 65% of value. They are always crying for more. No wonder our Prop 13 style bill lost years ago. Always practice tax avoidance.

Lawyerliz said...

I liked Chicago. My son's in laws live there. Wouldn't like it in winter.

Lawyerliz said...

Do you have really good schools?

Lawyerliz said...

Must force my butt up to water, while it's not boiling hot.

LBD said...

Not here, they keep failing the state exams hire new school superintendents for more big bucks, hire more paras and still no progress. The brain drain continues as the there is little opportunity if you are smart, can't pass a drug test or mommy and daddy put you to work in the family business.

Lawyerliz said...

Water accomplished. Tomorrow I go to Champaign Illinois to see son and dil.
A university around there. She's working long distance from where she was.working in Tampa. He's got a goo job wire the Va.
Maybe they could build a Jr. College and a college near you LBD. Keep youth around another years. Maybe something creative would happen.

Lawyerliz said...

Good job with

LBD said...

We have had junior college here for a long time. The cycle never changes. No one is ever responsible for the poor performance.

Lawyerliz said...

Very sad.

UMDan said...

Schools around here are so so, really depends on the leadership (as in most things in life). What is ridiculous is that within spitting distance of my house are 3 school "districts". 2 of them consist of only one school that has K - 8, with the associated administration, and the other has several schools and a high school. One of the K - 8's just fired their Superintendent, so they will be paying him for another two years and also the new one they bring on. Don't even talk about consolidating schools because, you know, the other school is not as good as ours, etc. Its really no one wants to consolidate and put admin folks out on the street.

My goal is to get my house fixed up and move to WI in the fall. That is if I can find someone to buy our house....

IL has not had a formal budget in 3 years and is swirling around the bowl faster and faster.

UMDan said...

Today's Chicago Tribune headline -

'We out here helpless': 52 shot, 7 fatally, in Chicago over Memorial Day weekend

I guess it could be worse - last year's total was 71 and was the worst since at least 2012.

Rob Dawg said...

Mish on Chicago:

https://mishtalk.com/2017/05/26/chicago-population-shrinks-most-in-entire-us-berwyn-cicero-and-peoria-worse-per-capita-high-taxes-1-reason/

More links in the article.

Lawyerliz said...

I watered and roomba ed and cleaned the kitchen and somebody should pat me on the head.
Communications manager out .
Kushner in real trouble???

Lawyerliz said...

Gangs?

Lawyerliz said...

Dan,be careful what you spend money on. Somethings don't pay you back. Make sure the front and front door looks nice. And the living room. Don't buy a new fridge. People have a relationship with their fridges and want to pick their own.

UMDan said...

Drugs and gangs (who control the drugs)

The officers worked in areas where much of the city violence occurs. The Chicago Police Department parked a mobile command center on one of the city's most widely known open-air heroin markets, at Roosevelt Road and Independence Boulevard, for the first two nights of the weekend.

The Cook County sheriff's office parked its mobile command center on a block widely known as one of the city's busiest marijuana spots -- Madison Street and Leamington Avenue -- where there have been close to a dozen shootings over the last 18 months.

Lawyerliz said...

There was a house I might have bought if it wasn't completely slathered with beige.carpet, which I would have felt guilty about yanking up.

UMDan said...

Have redone all the bathrooms. Did them myself, pretty much down to the studs and new tile, etc. Costs me about $2k/bathroom.

Next on the list is painting, then the kitchen. Going to re-poly the cabinets and get new counter tops and the floors redone.

I have some foggy windows, and need to see what my options are. Looks like Anderson may have some that I may be able to install myself. So much to do, with so little time, and a daughter's wedding in July.

No new fridge.

Lawyerliz said...

Legalize marijane and no shootings in that spot?
Maybe?

Lawyerliz said...

Painting yes. Windows are expensive. I wouldn't change them unless they leak. We hire people to do almost everything. Not diy people.

Rob Dawg said...

> The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2017 is 3.8 percent on May 30, up from 3.7 percent on May 26. The forecast for second-quarter real consumer spending growth increased from 2.9 percent to 3.3 percent after this morning's personal income and outlays release from the U.S. Bureau of Economic Analysis.

-----

The Obama Legacy is still giving back.

Lawyerliz said...

Just read an article on unregulating banks. Are Repubs nuts?? They trust Banks? After proof they are untrustworthy??? Read the article in Time and get back to me.

Lawyerliz said...

I can't figure if you're being sarcastic or not

Rob Dawg said...

Liz. Obama never even got 2% GDP.

LBD said...

We have perfected the educated illiterate in high volumes. Couple that with one major educational system controlled by a union and government. What could go wrong?

Rob Dawg said...

Government/Unions. Government/Corporations. We've really lost sight of the true function of government.

New post.

Cinco-X said...

Ummm... Copy and paste?

Cinco-X said...

My folks paid a millage for taxes on their first house...I wonder what they call it now...

Cinco-X said...

Kinky

Cinco-X said...

Dude... Where's my Glock