Real Estate in your city

[Crawford]

This sounds like idiotic public policy. Cincy has low home prices and reasonable income-to-housing cost ratios, so what's the problem? Private investment is generally a good thing.

If they don't like the industrial scale absentee ownership groups, there's probably legislation that could eliminate this. There's none of this here in the Northeast, I think because states make it too difficult. Small building (and certainly SFH) landlords are overwhelmingly mom and pop locals.

Also, the U.S. has got to get off this push to force low income households to homeownership. It isn't for everyone, and it isn't automatically wealth-building. There are easier ways to build generational wealth. Also, poor folks in the U.S., if we're talking intergenerational poverty (and not temporary poverty of immigrants or young folks) often live very chaotic lives where homeownership is just another burden.

[jmecklenborg]

Originally Posted by Crawford

Also, the U.S. has got to get off this push to force low income households to homeownership. It isn't for everyone, and it isn't automatically wealth-building. There are easier ways to build generational wealth. Also, poor folks in the U.S., if we're talking intergenerational poverty (and not temporary poverty of immigrants or young folks) often live very chaotic lives where homeownership is just another burden.

^But the do-gooders will never recognize any of this. Unfortunately, Twitter has tricked people in cheap cities into thinking they're in expensive cities and that the same problems exist. They think that the lower class is the helpless victim of "systems". They think that wealthy people are wealthy because they own homes when in fact most wealth comes from ownership of public and private companies and then rental properties, not owner-occupied homes.

[lio45]

Originally Posted by Crawford

There's none of this here in the Northeast, I think because states make it too difficult. Small building (and certainly SFH) landlords are overwhelmingly mom and pop locals.

I think it's just free market forces at work. For example, cap rates for SFHs in my home city are so horribly low that I'd never keep one as a rental; should I ever happen to have one that I don't need (say, my own, if I buy another to move), it makes zero sense to not sell it immediately (obviously to an owner-occupier, who'll pay top dollar) and buy one more multiplex with the proceeds.

I do own a bunch of rental SFHs... but in a US Sunbelt state. Before I started that US project, the idea of operating rental SFHs here was just completely off the table.

As you yourself pointed out in another thread, in cities like Houston and Dallas, you have inner SFH belts of cheap 1920s boom-SFHs that make sense as rentals for investors. You won't find that housing type in NYC or Boston.

[subterranean]

Originally Posted by jmecklenborg

A government agency in my city with no history managing housing got a lot of free publicity last year by...getting into housing. The project has turned into a disaster:

https://www.bizjournals.com/cincinna..._6&cx_artPos=9


The last comment is really the most ridiculous. To backtrack, they are trying to get the old tenants to buy the homes after they fix them up. But few of these tenants were even thinking about buying the homes, and they have made little to no effort to work toward that end.

They'll probably get this to work with 10-20 families, but the rest are going to be endlessly frustrating. I mean - do you evict a renter because they don't want to buy the house you just spent $60,000 fixing up? If they stay in the house, they're going to wreck the new cosmetic improvements!

I used to work with federal funds, both loans and grants, for the development of housing. Worked with a lot of different agencies, from the state, local level, housing authorities, and many CDCs. One of the biggest mental hurdles for the industry is understanding that not everyone can own a home. It's difficult to manage life when you're struggling to make ends meet, and to add a home to maintain on top of that can be a disaster. There should absolutely be a path to ownership in certain circumstances, but it is a rare few that can do it. I've seen so many programs come and go trying to make this work and honestly the only organization that seems to do it with any consistency is Habitat for Humanity. They've got a model that works and they've got enough experience to know how to manage the challenges that inevitably arise.

[jmecklenborg]

Originally Posted by subterranean

I used to work with federal funds, both loans and grants, for the development of housing. Worked with a lot of different agencies, from the state, local level, housing authorities, and many CDCs. One of the biggest mental hurdles for the industry is understanding that not everyone can own a home. It's difficult to manage life when you're struggling to make ends meet, and to add a home to maintain on top of that can be a disaster. There should absolutely be a path to ownership in certain circumstances, but it is a rare few that can do it. I've seen so many programs come and go trying to make this work and honestly the only organization that seems to do it with any consistency is Habitat for Humanity. They've got a model that works and they've got enough experience to know how to manage the challenges that inevitably arise.

What do-gooders don't understand is that many people work enough to survive and refuse to do anything above that bare minimum. They not only will never have the ability to qualify for a conventional or FHA mortgage, but if they are given a home they will allow it to fall into disrepair.

The only way "generational wealth" is created by owner-occupancy is if the person is able to consistently maintain the home. A house that falls into disrepair sees its value tumble by a greater sum than the cost of the repairs.

[iheartthed]

Originally Posted by jmecklenborg

The only way "generational wealth" is created by owner-occupancy is if the person is able to consistently maintain the home. A house that falls into disrepair sees its value tumble by a greater sum than the cost of the repairs.

Hmm... I think the value of a home over time is largely out of hands of homeowners. It almost solely depends on macro issues. If the land that the home sits on is worthless, the house is worthless no matter how pristine it was kept. If the lands that the house sits on is worth millions but the house is uninhabitable, the house is still worth millions.

[jmecklenborg]

Originally Posted by iheartthed

Hmm... I think the value of a home over time is largely out of hands of homeowners.

I agree that the upward or downward trajectory of an area over the course of a "generation" is unpredictable. That's why the whole "owner-occupancy = generational wealth" thing is simply false.

[sopas ej]

From realtor.com:


(James Devaney/GC Images / Realtor.com)

Brad Pitt Is Making Moves in L.A. Again—This Time, With a $33M House Sale and a $5.5M Buy

By Jennifer Kelly Geddes
Apr 20, 2023

Hollywood A-listers buy and sell homes all the time. And when they do, it’s sometimes off market and rather discreet.

Oscar-winning actor Brad Pitt has had two such transactions recently. According to Mansion Global, he quietly parted ways with his longtime, two-acre compound in the Los Feliz neighborhood of Los Angeles for $33 million.

And he’s reported to have just snapped up a hip, 1960s, midcentury modern abode for $5.5 million.

Pitt’s real estate holdings are vast and varied, as he’s owned and sold properties all over Southern California, including in Goleta, Malibu, and Beverly Hills. Last year, he picked up a historic, coastal mansion in Carmel for $40 million, according to the Wall Street Journal. And he owns a winery in France—a $60 million villa, no less.

As for his latest purchase, the three-bedroom, three-bath, glass and steel dwelling is small by famous-people standards (it’s a little more than 2,000 square feet inside), but it exudes a kind of sexy coolness—much like Pitt himself. Here’s a look!


Built in 1960 (Realtor.com)


Pool (Realtor.com)


Living room (Realtor.com)


Shower and tub (Realtor.com)

Pitt’s eye for architecture is evident once more in his purchase of this sleek, contemporary space, teeming with windows and leafy-green views.

Nicknamed the “Steel House” and designed by noted architect Neil Johnson, it sits on a hill in Los Feliz—a coveted L.A. neighborhood.

The home got a refresh by Mark Haddawy, who’s known for his ability to restore architectural gems to their former glory. His work here yielded a light, bright showpiece with walls of glass in each room and a powder-blue palette in the kitchen and primary bathroom.

The space abounds with striking details, from the terrazzo floors and sliding doors to the main bath’s stone shower and tub.

A lush, backyard garden surrounds the patio, pool, sauna, and cold-plunge tub that appears to be crafted from an old barrel.

Pitt’s oeuvre is impressive, with such hits as “Once Upon a Time in Hollywood,” “Moneyball,” and “Thelma and Louise,” the movie that launched his career. Today he’s the CEO of Plan B Entertainment, which has produced award-winning features, including “Moonlight” and “Minari.”

Randy White contributed to this report.

Click the link for more pictures: https://www.realtor.com/news/celebri...home-for-5-5m/

[sopas ej]

From the Daily Mail:

Pasadena's most expensive home - a massive compound with museum-like entertainment center complete with a full TIKI BAR - formerly owned by televangelist Gene Scott hits the market for an eye-watering $38.5M

-The Knoll House features two buildings connected by an underground tunnel — a 12,300 square foot home and a 20,000 square foot entertainment center

-It includes a 46-seat movie theater, spa, putting green, pub and Tiki bar

-The estate, owned by philanthropist John Vidalakis, is listed for $38.5million

By MELISSA KOENIG FOR DAILYMAIL.COM
PUBLISHED: 21:39 EDT, 25 April 2023 | UPDATED: 13:32 EDT, 26 April 2023

Pasadena's most expensive home complete with its own Tiki bar and putting green has hit the market for a whopping $38.5million.

Known as the Knoll House, the sprawling property sits on two-and-a-half acres in an exclusive cul-de-sac featuring only eight homes next to the iconic Langham Huntington hotel.

It features two separate buildings connected by an underground tunnel - a 12,300-square-foot home and an adjoining 20,000-square-foot commercial-grade museum-like sculpture that has been converted into an entertainment center.


This is the most expensive home in the affluent Pasadena section of Los Angeles County. Agents George Penner of DPP Real Estate and Ernie Carswell of Douglas Elliman hold the listing


The marble floored entrance to the mansion home


The home is spread across more than 30,000 feet featuring two adjoining buildings, a main home and an entertainment center

The property is currently owned by philanthropist John Vidalakis, who is said to be moving out of the state.

Over the past decade, Vidalakis sought to restore the six-bedroom, 13-bathroom 1916 Colonial Revival, designed by Myron Hunt and Gordon Kaufman, and constructed by Peter Hall.

The home comes with five fireplaces and a furnished, 2,700-square-foot basement fitted with a temperature controlled wine cellar that has the capacity to hold 2,500 bottles.

Other amenities include a pub, breakfast room with its original marble floor, wood-paneled library and wood-paneled grand staircase that is illuminated by a custom chandelier.

A four-car garage is also attached with space with capacity to charge a Tesla, and the entire property is outfitted with a Crestron system —a system that automatically locks doors and uses high-tech surveillance and facial recognition cameras.

The home can be reached via a driveway made of over 13,000 square feet of hand-set reclaimed historic brick pavers from Chicago.

Adjoining the spacious mansion is a museum-like structure, designed by architects Ladd and Kelsey, who also designed the nearby Norton Simon Museum.

Vidalakis used the area as an entertainment center, with a 38-foot high atrium, movie theater, as well as an arcade and cardroom.

There is also a gym inside the structure, conference rooms, lounges, a catering kitchen, a separate guest apartment - and a Tiki bar.

'Our client utilized the foremost Tiki bar fabricator, and all the furnishings and décor have been sourced from different Tiki bars or museums with artifacts,' real estate agent George Penner, who is handling the sale, told Realtor.com. Ernie Carswell of Douglas Elliman also holds the listing.

He added that Vidalakis primarily uses the gallery as 'an event space for philanthropic events,' noting 'it can host hundreds of people.'

Vidalakis was keen to preserve the integrity of the home, Carol Chua previously told Mansion Global, describing his efforts as a 'labor of love' with 'no expense spared.'

'If original details could not be restored, they were duplicated because this was meant to be a forever home, but the sellers are relocating out of state.'

Her partner, Darrell Done also noted that the two structures are designed to complement each other, and added that the commercial-grade construction like the gallery is no longer allowed on residential property in the wealthy California city.

Vidalakis bought the enormous property in 2011 for $7.294million from the widow of Dr. Gene Scott, a popular televangelist who died in 2005 at the age of 75.

Scott, in turn, had purchased the property in 1985 from the estate of philanthropist and arts patron Virginia Steele Scott. The two were not related.

Virginia had first purchased the property in 1968, and in 1974 she completed the building of the private museum to house her collection of European modernist works, which are now in the Virginia Steele Scott Galleries of American Art at The Huntington Library, Art Collections and Botanical Gardens.

Now, Vidalakis is hoping to sell the property to another art or car collector.

'We're specifically targeting that avid collector,' Penner said. 'That may be a collector of fine paintings or even a car collector.'

And, along with the property, whomever buys the estate will be the proud owners of two sculptures believed to be from Virginia Steele Scott's original collection.


A Tiki bar is a feature of the mansion home, while the attached wine cellar can hold 2,500 bottles of vino

For the article and more pictures, click the link: https://www.dailymail.co.uk/news/art...5-MILLION.html

[jmecklenborg]

Here is the zestimate for a house owned by my college roommate. It's a typical little house (much of the square footage is in the attic, which isn't really finished or used for anything other than storage) with no basement, no driveway, no garage, and nothing remarkable about it. The house is about three miles east of Downtown Nashville. At the time (2011 or 2012) I thought he was an idiot for buying this thing.

[mrnyc]

meanwhile, here is real estate in my neck of the woods — it’s an income producea — and it would have been thee most staten thing ever if a turkey walked by —

https://www.instagram.com/reel/Crtlv...c4MTIwNjQ2YQ==

[iheartthed]

Originally Posted by jmecklenborg

Here is the zestimate for a house owned by my college roommate. It's a typical little house (much of the square footage is in the attic, which isn't really finished or used for anything other than storage) with no basement, no driveway, no garage, and nothing remarkable about it. The house is about three miles east of Downtown Nashville. At the time (2011 or 2012) I thought he was an idiot for buying this thing.

This doesn't seem that outrageous. The Zestimate for this house was a little below the US median of $269,800 in Jan 2014 and is somehwat above the $449,800 median as of March 2023, but not outrageously above i.

[jmecklenborg]

Originally Posted by iheartthed

This doesn't seem that outrageous. The Zestimate for this house was a little below the US median of $269,800 in Jan 2014 and is somehwat above the $449,800 median as of March 2023, but not outrageously above i.

The purchase price was $123,000 in 2010:


His down payment was very small, maybe $20,000, so after 13 years of ownership he's at a 30% annualized return.

If the current rate of appreciation continues for another 13 years, the house will be worth $2.4 million.

[SteveD]

We were the first owners of our in-town Atlanta home. It was built in 2005 and sat empty for two years. We bought it from a bank in foreclosure in 2007 for $351K. It's 5 bedrooms, 3-1/2 baths, 3,450 sf.

At it's peak a year or so ago before all the rate increases we could prob. list around $900K. Prob. low $8K's today.

We don't need all this room anymore. We want to downsize. But we can't find anything suitable at a reasonable price nearby. We want to buy in cash with the equity from this home. Over the 16 yrs we've owned it, we refinanced 3 times. Last time was a 20-year mortgage in 2016. We've got a rate in the low 3's. Still owe about $200K on it.

[iheartthed]

Originally Posted by jmecklenborg

The purchase price was $123,000 in 2010:


His down payment was very small, maybe $20,000, so after 13 years of ownership he's at a 30% annualized return.

If the current rate of appreciation continues for another 13 years, the house will be worth $2.4 million.

He bought when interest rates were rock bottom. That era is clearly over, so I wouldn't expect the trend to continue.

[Crawford]

Originally Posted by jmecklenborg

His down payment was very small, maybe $20,000, so after 13 years of ownership he's at a 30% annualized return.

If the current rate of appreciation continues for another 13 years, the house will be worth $2.4 million.

To be fair, that's extremely unlikely. Nashville has been white-hot, as hot as any city in the U.S. I think only Austin matches it. It would be really strange if it maintained this rate of growth indefinitely. It's already insanely big, expensive and overcrowded for the infrastructure and built form.

I remember, in college, staying in some hooker motel or something, off Trinity Lane, north of downtown? What a pit. I was tired and just picked the first motel off the exit. The whole North Side was a dump. Nashville had a pocket of weird WASPy Southern wealth south of downtown, a smallish black ghetto and a whole lot of dumpy white areas. That downtown tourist bar strip was established, but there wasn't much else.

[jmecklenborg]

Originally Posted by Crawford

To be fair, that's extremely unlikely. Nashville has been white-hot, as hot as any city in the U.S. I think only Austin matches it. It would be really strange if it maintained this rate of growth indefinitely. It's already insanely big, expensive and overcrowded for the infrastructure and built form.

That's the crazy thing about Nashville - it was very small when the interstate highway system was planned, but for lack of any alternative, new highways were made to converge there from six directions but no loop bypass was built. There probably is no greater example of such a dramatic underestimation of future traffic need than Nashville. Atlanta grew much larger than Nashville is now by 1980, but it always had the I-285 loop.

Now that the Nashville metro is surging past 2 million, growth has been forced into the downtown area like no other city. The sleepy downtown is now a forest of high-rises. Much bigger historic downtowns with rail systems continue to languish because they can't compete with the job centers clustered along their loop highways, but unbikeable and unwalkable and transit-hating Nashville is about to out-urbanize Portland, OR and other darlings of postwar New Urbanism.

I remember, in college, staying in some hooker motel or something, off Trinity Lane, north of downtown? What a pit. I was tired and just picked the first motel off the exit. The whole North Side was a dump. Nashville had a pocket of weird WASPy Southern wealth south of downtown, a smallish black ghetto and a whole lot of dumpy white areas. That downtown tourist bar strip was established, but there wasn't much else.

Yeah, Trinity Lane was where all of those vintage COPS episodes were filmed. This is Trinity Lane, now - it's yuppie central:
https://www.google.com/maps/@36.2039...7i16384!8i8192

[3rd&Brown]

Originally Posted by jmecklenborg

unbikeable and unwalkable and transit-hating Nashville is about to out-urbanize Portland, OR and other darlings of postwar New Urbanism.

How so? Is it just going to be a parking lot? Portland has an extensive light rail network (that actually functions and is not just for show). Nashville has? The Music City Express?

Yeah, Trinity Lane was where all of those vintage COPS episodes were filmed. This is Trinity Lane, now - it's yuppie central:
https://www.google.com/maps/@36.2039...7i16384!8i8192

This is still extremely unwalkable. Just a lot of MFH without anywhere to actually go. Sorta like much of Houston.

[Crawford]

Originally Posted by 3rd&Brown

This is still extremely unwalkable. Just a lot of MFH without anywhere to actually go. Sorta like much of Houston.

I recognize that these infill neighborhoods are extremely popular, but I don't get it. It's very weird to me.

There are real urban neighborhoods in thriving metros rotting away. It's not like you have to move to Youngstown or Gary. But people who espouse urbanist preferences often seem to choose living in some weird infill home in a sketchy shotgun shack neighborhood, often with no curbs or sidewalks and with rural-style drainage ditches.

[iheartthed]

Originally Posted by 3rd&Brown

This is still extremely unwalkable. Just a lot of MFH without anywhere to actually go. Sorta like much of Houston.

Yeah, lol. I guess you can walk to the nearby stroad to get some takeout from Checkers, Wendy's, or Popeyes. Maybe pick up a pack of tp from Dollar General, or pick up some wheels at the used car lot.