Are home prices plunging yet in your city?

[Steely Dan]

Originally Posted by TWAK

^Highest estimate = my favorite real estate website .
For my place, Zillow is 50k more than Redfin.

totally.

What's funny is that while Zillow has us ~$125K too high, redfin has us about $25K too low, and realtor.com has us about $50K too low.

All of them are off target. Though I guess redfin is closest, so it "wins".



So again, bring some grains of salt with you whenever you're perusing these online real estate sites.

[homebucket]

Originally Posted by TWAK

That's quite normal in CA and my triple wide went up 100k. Do other markets not have this phenomena?

Yeah, my place went up by $900k in the same time frame.

[edale]

Originally Posted by homebucket

Yeah, my place went up by $900k in the same time frame.

Your place went up in value by $900k in a single year?

Where is your house and what's the valuation? That seems nearly impossible. Can't wait for the CA real estate bubble to burst. A lot of people will lose money, but that's too damn bad. The current situation is total lunacy, with young people (who don't have wealthy parents) damned to be renters their whole lives or forced to move out to the desert or Central Valley if they want to buy a house.

[Crawford]

I could see some areas in coastal CA going up by 900k in a year. My aunt lives in an area where I believe homes went for for $3-4 million right before the pandemic, and last I checked the recent sales were in the $6-7 million range. And these homes aren't particularly nice. And the boomer residents had normal jobs like nurse and teacher. And they're sitting on a $6 million home (really $6 million plot of land). Yes, it's insanity. This is Corona del Mar, for people who know coastal OC.

[Steely Dan]

Originally Posted by edale

bad. The current situation is total lunacy, with young people (who don't have wealthy parents) damned to be renters their whole lives or forced to move out to the desert or Central Valley if they want to buy a house.

If I were in your shoes, I'd be on the next plane back to Cincy pronto.

You could buy like 10 regular houses in Cincinnati for the cost of one regular house in California, LOL!

[TWAK]

Originally Posted by Steely Dan

If I were in your shoes, I'd be on the next plane back to Cincy pronto.

You could buy like 10 regular houses in Cincinnati for the cost of one regular house in California, LOL!

9 houses here or 20 trailers .
I live in the most affordable county! There's water too.

[homebucket]

Originally Posted by edale

Your place went up in value by $900k in a single year?

Where is your house and what's the valuation? That seems nearly impossible. Can't wait for the CA real estate bubble to burst. A lot of people will lose money, but that's too damn bad. The current situation is total lunacy, with young people (who don't have wealthy parents) damned to be renters their whole lives or forced to move out to the desert or Central Valley if they want to buy a house.

Yes.

[homebucket]

Originally Posted by Crawford

I could see some areas in coastal CA going up by 900k in a year. My aunt lives in an area where I believe homes went for for $3-4 million right before the pandemic, and last I checked the recent sales were in the $6-7 million range. And these homes aren't particularly nice. And the boomer residents had normal jobs like nurse and teacher. And they're sitting on a $6 million home (really $6 million plot of land). Yes, it's insanity. This is Corona del Mar, for people who know coastal OC.

Yeah, I'm not sure why edale is surprised...

[bossabreezes]

Good luck Austin, that's all I have to say. Most overrated and overhyped housing market in the world probably. Gonna be a rough adjustment to reality.

[TWAK]

Originally Posted by homebucket

Yeah, I'm not sure why edale is surprised...

This has been happening in CA since the 90's...
Buy a house = goes up hella.

[Steely Dan]

Originally Posted by TWAK

9 houses here or 20 trailers .
I live in the most affordable county! There's water too.

Well yeah, rural areas pretty much anywhere are gonna be considerably more affordable 9 times outta 10.

But reading between the lines of edale's post, I gather that moving out to the sticks wasn't a terribly enthralling proposition to him.

If the choice is between renting forever in urban LA or owning my own home in urban Cincinnati, i'm headed to the queen city every time, at least for settling down and raising a family purposes.

But I'm probably pretty atypical:

A. I have a very special fondness for Cincy.
B. The Midwest climate does not phase me.
C. I don't work in a geographically-special industry.

[homebucket]

Originally Posted by TWAK

9 houses here or 20 trailers .
I live in the most affordable county! There's water too.

Is the water clear and clean or is it full of toxic algae bloom though?

[homebucket]

For those unfamiliar/uninitiated with CA real estate. Not my place, but not too far from me. Edale will be submitting his two weeks notice in 3... 2...

[TWAK]

Originally Posted by homebucket

Is the water clear and clean or is it full of toxic algae bloom though?

Only in the summer and it's filterable! Apparently one or more bay area cities buys the water and some locals get charged "bay area" rates.
-"bay area" is a dirty word in some parts of CA, but not to me.

[galleyfox]

Originally Posted by SteveD

Interesting. Zillow consistently has my place low. Redfin currently about $50K higher and even that's low. I'm in a neighborhood that is rapidly transitioning and I don't think any of the national chains have a good handle on it. A smaller home a few doors down from me sold for more than either site currently has my place valued.

My Zillow is utterly f**king useless. It confuses my house with the condos nearby.

[edale]

Originally Posted by homebucket

Yeah, I'm not sure why edale is surprised...

I'm surprised because a house valuation increasing $900k in a single year is stupid. There's basically nothing that could justify such a huge increase in a single year. It's all a scam.

Also, most people don't live in $6 million homes. I guess you're a .1% type of person, but to the overwhelming majority of the population, a house increasing in value by almost a million dollars in a single year is absurd. Not sure why you're surprised by that...

[homebucket]

Did you just land in California?

Also that’s not a $6 million home…

[edale]

Originally Posted by Crawford

I could see some areas in coastal CA going up by 900k in a year. My aunt lives in an area where I believe homes went for for $3-4 million right before the pandemic, and last I checked the recent sales were in the $6-7 million range. And these homes aren't particularly nice. And the boomer residents had normal jobs like nurse and teacher. And they're sitting on a $6 million home (really $6 million plot of land). Yes, it's insanity. This is Corona del Mar, for people who know coastal OC.

Yeah, Prop 13 needs to be repealed yesterday. The only reason there isn't widespread outcry over the ridiculous housing market here is because of the normal, middle class people who've build vast sums of wealth because they were lucky enough to have bought a home when the housing market in CA wasn't fucked. Make them pay taxes at the rate their property is valued at and I guarantee we'd see some immediate changes. Valuations would probably plummet, for starters.

[galleyfox]

Sept Case Schiller SA


https://twitter.com/nicktimiraos/sta...usMavQeCneG4FA

[badrunner]

Housing prices spiked irrationally during the pandemic. A lot of that will be erased in the next couple of years.