Real Estate: It's about to burst

[Anonymous No.52285090]

Fun game
>click randomly on coastal LA houses
>house bought last year or this year
>for sell just above what they bought it for
Guess how bad the correction is going to get
I'm seeing this all over Zillow in Los Angeles lol
Click randomly around Hermosa Beach or Manhattan Beach. 1 in 6 houses seem to be bought in the last year and for sale.
Big correction coming lads.

[Anonymous No.52285124]

>purchased 5 months ago
>already on the market
>for sale 4.4 million
>bought at 2.99 million
what are they thinking right now
https://www.zillow.com/homedetails/2954-La-Carlita-St-Hermosa-Beach-CA-90254/20416639_zpid/

[Anonymous No.52285141]

>>52285124
Just down the street
>purchased at 1.25 mill in October 2021
>for sell at 1.39 mill right now
https://www.zillow.com/homedetails/1212-19th-St-Hermosa-Beach-CA-90254/20426490_zpid/

[Anonymous No.52285158]

>purchased at 1.35 mill February 2021
>for sell at 2.25 mill
These people are probably just trying to cash out. But if you live in it 2 years out of the last five up to 250K or 500K (if married) is tax free on the gains.
Brutal.

[Anonymous No.52285173]

>>52285158
forgot link
https://www.zillow.com/homedetails/1250-Corona-St-Hermosa-Beach-CA-90254/20426349_zpid/

[Anonymous No.52285205]

This one is my favorite
>purchase at 2.32 mill in June 2021
>build modern house
>for sale at 4.25 mill right now
221% increase. EZ money.
https://www.zillow.com/homedetails/6442-Riggs-Pl-Los-Angeles-CA-90045/20382814_zpid/
Also just realized I've been using "sell" and "sale" interchangeably.
I better get some sleeps.
Night lads.
How bad is this correction going to be and how long is it going to last?
I don't believe the feds will hike rates higher than 5% based on historical figures in comparison with our current debt compared to previous debt at roughly 20% interest decades ago.

Also say a prayer for a friend if you would. They're in the hospital undergoing surgery for a life threatening issue.

[Anonymous No.52285281]

>>52285205
>How bad is this correction going to be and how long is it going to last?

Fed would have to start burning money for it to go down permanently. They will continue printing. Down maybe 5-10% for next two years then up again. Printer has been out of control and that money will always be there.

[Anonymous No.52285285]

>>52285090
These are million dollar homes, these people will not capitulate, they got richer. They will just control supply.

Think of NFTs like BAYC. It is a shit pfp project but since its held by whales, it has managed to mantain a higher than average price compared to everything else that fell 99%

[Anonymous No.52285333]

>>52285281
I agree. Things will go up once they turn the handle again just simply based on inflation.
>>52285285
I do think some of these people are underwater if they're selling months after buying like this one >>52285124

[Anonymous No.52285348]

>>52285124
>>52285141
ya its called flipping houses, you fucking retard. theyre literally all asking more than they paid.

[Anonymous No.52285368]

all it takes if for you to calculate how much interest a loan of that magnitude shits out
its just not sustainable if the next cpi report is shit again and they're forced to raise rates more
imagine 5-6% or even worse a 7% rate on those loans

[Anonymous No.52285374]

why is someone paying pajeets to fud real estate on /biz/

[Anonymous No.52285379]

>>52285368
>imagine 5-6% or even worse a 7% rate on those loans
I mean fed rate which for the average consumer is around 3% higher, astronomical interest on million dollar loans

[Anonymous No.52285402]

>>52285348
Typically you wait a year at least because capital gains tax. I call this a speculative miscalculation.

[Anonymous No.52285490]

>>52285348
Yeah that’s just to cover taxes, if you live in it for 2 years you get a $250k tax break, or $500k for a married couple.
Flipping houses is buying cheap, putting 1/3 value into repairs, then selling for double, but only profiting 10% because you spend money on repairs and taxes.
10% is still good but you don’t just make money by buying something and then selling it for more without spending money somewhere in between.

[Anonymous No.52286346]

>>52285490
flipping houses is more dangerous than chainsaw juggling now.

[Anonymous No.52286400]

>>52285090
It's called house flipping, brainiac.

[Anonymous No.52286514]

>>52285348
Yeah the point is that nobody is going to buy a 2m house with these rates with anything less than cash. And not to mention that's a large cash purchase to risk literally hundreds of thousands potentially disappearing overnight.
It's unironically over for any new hoomers of the last probably 10 years, I'm thinking we wipe away all of the home value that was gained through the last decade.
It's gonna get fun out here frens.

[Anonymous No.52286536]

>>52285348
The point is NONE is buying retard

Those flippers will baghold these houses and eventually sell for a loss due to the mortages costs killing them

[Anonymous No.52286913]

>>52285285
>million dollar homes
a lot of people bought 500k shitboxes for a million. they aren't getting richer, and maybe won't sell. a lot of them will be underwater or facing massive unexpected repair/property tax costs

[Anonymous No.52287434]

>>52285281
>Fed would have to start burning money for it to go down permanently

Uh this isn’t true. Most money in a fractional reserve system is created through debt and lending. When interest rates and reserve requirements increase a lot, the amount of money in the system drops significantly.

[Anonymous No.52287759]

Reeks of dumb zoomers in here

[Anonymous No.52288157]

>>52285374
Russians or chinese shills. Dunno.

[Anonymous No.52288245]

>>52286346
And that’s a good thing

[Anonymous No.52289666]

>>52285090
I don't understand how there can be so many million dollar homes. There are not enough high paying jobs to buy up these homes. Even BlackRock/BlackStone don't touch these homes because they can't rent them out and make their money back.

[Anonymous No.52289709]

>>52285090
>l-l-low inventory...

[Anonymous No.52289746]

>>52285374
>>52288157
cope

[Anonymous No.52290517]

>Read description
>"Great for INVESTORS!"
>"Passive Income"
>bought only a year ago
bleed

[Anonymous No.52290942]

>>52285285
Not all NFTs are shitty anon, at least I know of rektbulls NFTs are known to be the best with awesome utility

[Anonymous No.52291283]

>>52285348
coppie bagholder detected

[Anonymous No.52291446]

I love these threads. bumping for more laughs.

[Anonymous No.52292417]

>>52290942
I hope rekt bull will not change to rekt bears and rekt you?
What makes it the best anon?

[Anonymous No.52293185]

Zillow and Trulia no longer showing the size of price cuts, and Zillow won't let you filter by price cuts at all anymore. It used to tell me how many thousands of dollars they had reduced it by. How long until they hide price history all together?

[Anonymous No.52293474]

>>52285090
>real estate will soon bust and drop 80%
>i will finally able to buy a house and get laid
>i will show them

[Anonymous No.52293629]

>>52292417
You can stake it to earn more rewards while holding for the long term

[Anonymous No.52293632]

>>52289666
California is still a shithole for any coastal area, but it really is pleasant weather with easy access to national parks and ocean. Prior to Regan, it was paradise

[Anonymous No.52293708]

>>52293185
easy work around is to just use your county assessor. Short of some spook activities, real property sales info is public domain. My house sale price is on my parcel

[Anonymous No.52294325]

>>52293474
>They don't know I have 10k saved up to put as a deposit.

[Anonymous No.52295547]

>>52293632
This doesn't answer the question. Are there enough people to afford a Million+ home?

[Anonymous No.52295581]

>>52293629
NFT staking seems to be the new wave, which chain are you staking from?

[Anonymous No.52295600]

>>52295547
yes, there arent that many houses along the coastline in that area and the people are coming from all around the world to compete for those spots

[Anonymous No.52295603]

>>52295547
nope
and even less so once the bloated tech sector really starts crashing and laying off people

[Anonymous No.52295606]

>>52293474
>>52294325
This, but unironically.

[Anonymous No.52295664]

>>52285124
>$4.5M for a 3k sqft house built in 1952
You can literally buy a 5K sqft home in Pacific Palisades for that much, which is actually a nice place to raise a family. Or a 10K+ sqft house literally anywhere else.

[Anonymous No.52295725]

>>52295581
Yea, it's new though, not all chains have this features atm, near protocol has some stakable nfts, but this one is from loop finance under Juno network(cosmos ecosystem)

[Anonymous No.52295966]

Most flippers borrow with variable rate mortgages

[Anonymous No.52296069]

>>52287434
It is an interesting effect that M2 has stopped going up and is actually coming down slightly.

[Anonymous No.52296170]

>>52285090
It's about to burst, and so am I.

[Anonymous No.52296272]

i bought a house last year 1% above asking price. checked the price last week and the realtor literally said that it had lost 30% of its value since i bought it, i shit you not. jesus fucking christ

[Anonymous No.52296466]

>>52296272
thanks for playing

[Anonymous No.52296501]

>>52296170
Is...is that the sweaty rope girl?

[Anonymous No.52296621]

>>52296501
Yes it is, seasoned coomer.

[Anonymous No.52296836]

>>52285090
Been going to open houses in LA this week and it's pretty bad. Pic related this house was "newly renovated" and they built an ADU in the back but it's clear the owner gave up halfway through renovating the house.

Agent confirmed that was the case and currently there's a 80k price cut but no one is interested lol. Owner is getting fucked right now. I told the agent I wouldn't pay more than 750k so we'll see what happens.

[Anonymous No.52296888]

>>52285124
They don't care because they're rich and want to see the home go to a good owner instead of a grifter like the guy they bought it off of. Selling a home at a loss should bd able to be written off on future income taxes.

[Anonymous No.52297160]

>>52296888
>Selling a home at a loss should bd able to be written off on future income taxes.
Yeah, but it needs to have some retard cap like stocks do ($3k/yr).

[Anonymous No.52298990]

>>52293185
They still do for me. Maybe you're using the mobile app.
Plus, if you scroll down enough to price history, it will show you every time they sold the house, when they listed it, and when a price change occurred.

I'm surprised this thread is still up.
>>52293474
based

[Anonymous No.52300298]

>>52285205
Pretty sure the pics are 3D renders, wtf?

[Anonymous No.52301111]

>>52295600
Judging by the map you are wrong.

[frenanon No.52301159]

>>52285124
>Can't even 10x their investment
>They're probably realizing they're NGMI.
But seriously though, I don't understand how doubling your money- let alone 10x'ing it- is basically like going bust with your money.

>>52285205
For all we know, they're just buying/selling the houses to each other to spoof the legitimate market engagement.
I imagine that the more money your house is valued at, then the more equity you can play around with.

>>52285333
>I do think some of these people are underwater
Checked and Terramar suppository'd.

[frenanon No.52301180]

>>52286400
>It's called house flipping, brainiac.
It's called 'Speculation', which has a history of being the reason certain groups are kicked out of places.
Which happens to work in their favor, because they typically make sure to DEBTMAXX before they're officially "kicked out".

[frenanon No.52301210]

>>52285374
>why is someone paying pajeets to fud real estate on /biz/
Because they and the rest of the world already control every important Administrative/Executive/Financial/Policy-Making position in the West, thanks to the last 75 years.

[Anonymous No.52301772]

>>52301180
>the reason certain groups are kicked out of places
You're referring to /biz/cels, I assume.

[Anonymous No.52301826]

>>52285090
>people are still fleeing california, especially LA
lmao oh no the national housing market

[Anonymous No.52301852]

>>52301826
>lmao oh no the national housing market

this, you'll probably see a big correction in the clownword price places like California, New York, Austin, Texas and similar places. But the housing in the normal cities that has been also increasing 15-20% per year for the past few years, I don't see it dipping that much. We might get back to 2019 or 2018 prices if we're lucky, but even those were inflated to all hell

[Anonymous No.52302800]

Going to school on the westside, andygood condos people see for under 3k a month? Mortgage that is

[Anonymous No.52303121]

when will you learn that land is a ponzi you cant escape? it’s mandatory, as long as new people are born, the ponzi stays up. move to a country you can still buy something before you live in a pod

[Anonymous No.52303307]

>>52285285
>These are million dollar homes, these people will not capitulate, they got richer. They will just control supply.
I'm in tech. trust me that techniggers buying houses bought them as biggg debts

[Anonymous No.52303329]

>>52303121
>long as new people are born


No one told you yet?

[Anonymous No.52303341]

>>52301159
I would love to know if people are actually trying to follow the instructions like what's on that pic lol.

[Anonymous No.52303360]

>>52301159
Are gurus really telling people to do this?
>>52296836
I hope you get it lad

[Anonymous No.52303426]

>>52285090
real estate baggie faggots are the hardest coping because of their boomer mindset. they always die the slowest deaths

[Anonymous No.52303451]

>>52295547
>This doesn't answer the question. Are there enough people to afford a Million+ home?
Boomer A sells house for $1.3 mill
Boomer A buys boomer B's house for $1.3 mill +- $200k in liquidity from who knows where

Boomer B goes and buys another house or something from boomer C

It's called boomers trading houses. A boomer could easily have 10-20 properties if they weren't retarded. USA is owned by boomers; you just happen to live in it

[Anonymous No.52303913]

>>52285090
Oh noes the house I bought 5 years ago that has gone up by 5x is gonna get a 10% correction.
Whatever will I do?

[Anonymous No.52304013]

>>52302800
Bumps

[Anonymous No.52304107]

>>52285124
Just 2 more week and we all get houses for pennies on the dollar bros

[Anonymous No.52304130]

>>52295664
>Or a 10K+ sqft house literally anywhere else.
The rest of us don't care how big our matchbox is when it's over 4k sq ft. Land is where it's at.

[Anonymous No.52304725]

Real estate agent anon here in so cal. The market is fine but buyers are fucking retards and sellers are also fucking retards

Buyers are acting as if it's 2008 and sellers are acting as if it's 2021 still.

Pic rel shows houses are selling under for what they originally asked for

[Anonymous No.52305057]

>>52304725
>market is fine
>chart shows it's dropping like a rock
Yeah, fine. You know when the order book has a big split, that indicates a liquidity crisis. That's not exactly a mark of stability. Low liquidity in a market with negative sentiment tends to lead to sudden price collapses and volatility spikes.

[Anonymous No.52305119]

Rent chads win again

[Anonymous No.52305184]

>>52304725
Everyone in CA should unironically kill themselves regardless of IQ or net worth
Your state is the bummiest place I have ever been, clean it up

[Anonymous No.52305219]

>>52304725
>market is fine
>that graph
lol
lmao

[Anonymous No.52305223]

>>52285090
I so hope it crashes like an absolute mother yucker. I'm semi hard right now.

[Anonymous No.52305236]

My friend is trying to sell a condo in Huntington Beach and he said that the market peaked about 2 months ago.

[Anonymous No.52305240]

>>52285348
You’re an idiot, all that money gets eaten by taxes, they are breaking even. They are trying to get out of their homes. They’re scared
>t. Grew up in LA county for 26 years

[Anonymous No.52305244]

>>52305223
Update; now full steam

[Anonymous No.52305250]

After things started to collapse in 2007 it took about 12 to 18 months before the state and municipal governments started to have major layoffs from reduced tax revenue.

[Anonymous No.52305294]

>proposition 13
>state income tax
>` Wahh I can't buy a house
Read Progress & Poverty then you will understand

[Anonymous No.52305839]

>>52303329
Oh shit

[Anonymous No.52305960]

>>52303329
This.
Populations are either stabilizing or sharply declining in the West.
And mass migration from Africa/Middle East isn't going to be raising property value as seen in the neighborhoods they've moved into or around lol

[Anonymous No.52305989]

>>52304725
Yeah, we've needed a correction here for a while. Sad thing is that with current rates it's very hard to get a place in LA without first owning a house. For any first time buyers, do you recommend they just buy a fixer or somewhere half decent and wait for rates to go lower?
Once the rates lower the property value will go back up.
I'm certain of that. Then first time buyers can just refinance, correct?

[Anonymous No.52306684]

>>52285090
im like 98% certain this crash will be worse than 2008