Real estate rant..... ************!

[Spas-12 Owner]

Yep, pretty much the new normal…

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Both mountain and traditional "Vacation" spots have really had the biggest price increase of the market as more and more people are working from home permanently, so they can live in their Vacation spots.

I've seen well over 50% increase on SSI properties in the last two years and are starting to see some indicators that Brunswick will have a real estate BOOM upwards in the next 5 years. IMO anyway.

 

[Spas-12 Owner]

Yep, pretty much the new normal…

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But if you are looking for property around there here are several just across the cause way.

One of the better prices on SSI with decent SqFt and a pool!

And the bottom one is the best deal IMO on SSI right now per SqFt and central location on the island.

 

[lostchild]

Both mountain and traditional "Vacation" spots have really had the biggest price increase of the market as more and more people are working from home permanently, so they can live in their Vacation spots.

I've seen well over 50% increase on SSI properties in the last two years and are starting to see some indicators that Brunswick will have a real estate BOOM upwards in the next 5 years. IMO anyway.

Brunswick boom? It hasn’t happened in 250 years, pretty sure there’s no hope.
Certainly not much different from when I was a little ragamuffin roaming the projects on Bay street in the ‘50s.

 

[Spas-12 Owner]

Brunswick boom? It hasn’t happened in 250 years, pretty sure there’s no hope.
Certainly not much different from when I was a little ragamuffin roaming the projects on Bay street in the ‘50s.

Lot's changed in 70 years my friend. It's already starting to happen on some properties. I'm just as shocked as the next person who may or may not have done some pretty crazy things around Ellis and L st in the late 90's/early 00's myself.

 

[webicknell]

My parents sold their house for a quarter mil about 2 months ago. Now can’t afford to buy a new one. They had the same dream as you. Smaller house with some land in a rural area. Can’t afford what they want.

This is the biggest issue I see in this crazy market.... I have bee told we can get almost double what we built this home for about 6 years ago... But, where do you go.... Everything is up like this....
Would love to sell and rent somewhere (or travel) for a couple years until this bubble bursts..
And I am happy I am sitting on $700K+ in equity... Owe about $12K

 

[letusbuyyourcar]

Market I'm in you can't finance or your offer won't even be considered. The Kalifornians sell their dinky home on a postage stamp lot for a million and a half and realize they can buy a relative mansion (to them) for half that so waltz in with cash and throw an extra $100k on the table without batting an eye. They were already unlikable....

That bubble is way past the popping point. This county ( Houston ) is a perfect example of what you're talking about. I could qualify now but no way I could buy anything since the investors are throwing cash at everything.
Meanwhile the rent prices around here are insane. One be/one bath apartments going for a thousand a month. And everywhere you look they're building more apartments. Even better than that is storage units. They keep popping up everywhere because the older ones are all full. And THAT is the kinda rental property you want. No plumbing or electrical problems etc. Just take the money every month until they take their **** or leave it then you auction it for more money.
But as for the real estate market well it amazes and depresses me every time I look at Zillow.

 

[hozjo]

Honestly not sure the bubble is popping. Just remodeled a home and sold it for a number that would have been utterly ridiculous 4 years ago. At this point so many people would be underwater there's no way the govt lets the market crash and have a re-do of 2008. Honestly they never even addressed the root causes of that crash, just blamed it on liar's loans and the subprime market when that was a tiny fraction of the overall RE market. Monetary policy since the crash has been a ****ing joke, yea they needed to make capital cheaper after the crash, but once people and companies started sucking on that free money teat, it's hard to wean them off. Stock market might go down a bit which is bad for your re-election hopes.

No, we're gonna have nutty ass inflation for the next decade rather than an asset price correction. Everyone is always fighting the last demon instead of the next one.

 

[mustang12]

I've been attempting a relocation for the last 6 months. I assumed at the time the RE market had peaked. WRONG! It's gotten steadily worse.
Real kick in the gut this week. Put another offer in on a home. NOTHING like what we initially said we wanted (home on acreage in the boonies) but at this point, I'm just tired of it all and want to get there and get it done.
So we offered, all cash, $16k ABOVE asking, NO inspection/option period or inspection contingency, free leaseback, etc... etc.... I couldn't believe I was actually doing that but here is the stats from the listing agent.
We ended up with 35 showings and 17 offers in 3 days.
The lowest offer we received was $11k above asking.
11 offers were $xxx,xxx ($55k above asking) or more.
8 offers were cash.
Only 3 offers included a home warranty
The highest option fees were $500
Only 1 offer had a 10 day option period, the rest were 3-7 days.
4 offers waived the option period
10 offers included buyer paying title policy (expensive there)
all 17 offers included buyer paying for survey
4 offers had full appraisal waiver
3 offers had partial appraisal waiver
2 offers had no appraisal waiver.

Stuff I passed on 6 months ago because I thought it was too expensive is now another $100k. Insanity doesn't begin to describe it.

Real estate agent here......definitely no representing both sides going on in residential, as someone mentioned. Commercial deals happen a lot where one agent represents both sides, but that's disclosed and a different animal altogether.
Prices are sky high due to buyers from CA, NY, New England, etc coming here to escape high prices and taxes. I live in Brookhaven ..... a house just sold two streets over from me for 200k over asking price.

 

[dr9]

Those sold listings on St Simons were for the lot. They will tear those little old houses down and spend $700k on a mcmansion in its place. Same happening in the historic neighborhoods in Athens.

 

[dr9]

A word of unsolicited advice- this worked for my sister in law when they bought last year just outside ATL city limits in a very desirable "up and coming" area..

A Buyer's Letter.

They wrote a letter talking about their family and wanted to grow their family and included pictures and this was the perfect house and neighborhood for them, blah blah blah. And the little old lady who was selling decided to sell it to them, even though she had all-cash offers above list with no inspections etc. They ended up buying it for list price and went through all the inspections and whatnot, because they tugged on the heart strings of the lady selling it.