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(Fox Business)   After more than 14 months of a pandemic, it seems only the wealthy can buy property. Wait, scratch that, only the wealthy ARE buying properties. In fact, they're buying everything   (foxbusiness.com) divider line
    More: Scary, Real estate, prolific home builder, rental firms, U.S. housing market, single suburban house, rise of big investors, home price bubble, John Burns  
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3077 clicks; posted to Main » and Politics » on 11 Jun 2021 at 5:30 AM (5 days ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



215 Comments     (+0 »)
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5 days ago  
Easy fix is to prevent any company from buying a house or individual condo/apartment/townhome by law

Or to simply enact fixed ceilings on what any of the above can be sold for
 
5 days ago  
Because interest rates are so low and demand so high the housing market has been a feeding frenzy for the past decade. Capitalism at its finest.
 
5 days ago  
Duh.  Times are tough, prices go down as few people can afford to buy, rich farks hoard even more then whine about how persecuted they are because they totes EARNED their wealth and deserve to own all the things.

Invest in stocks.
propfactory.co.ukView Full Size


And guillotines.
 
5 days ago  
This will not end well. It will unwind slowly, not pop, but it will unwind an revert to the norm.
 
5 days ago  
My brother is a realtor.  He actually had a very good year in 2020, even though he had to record virtual walk-throughs on the houses.  But in 2021, I'm hearing that demand is far outstripping supply.
 
5 days ago  
We owe our souls to the company store
 
5 days ago  
This does make sense, my parents were offered 1.2 million for their house, I was offered $750,00 for my house and dumb ass people offered to buy my trailer for 50,000 dollars.  I am not sure what is going on, but I could not buy in California right now.
 
5 days ago  
No shiat Sherlock.

That's why the last 3 years of my life in HVAC and construction is retirement homes and condos.

I farking hate retirement homes and condos.
 
5 days ago  
Do people not remember 2008? People's 401Ks were heavily invested in tranches of real estate. Many saw their retirement money go up in smoke.
 
5 days ago  
Whats that line about, "When the streets are lined with blood, buy property." ?
 
5 days ago  
So I get it.
It is beautiful but still sucks for the pricing and people trying to get away from Los Angeles.
This is my backyard.

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5 days ago  
I bought a new townhouse in 2016 for $30k in deposit money. It took until this year to get built. In the meantime, the value doubled.

I unloaded that sucker as soon as I could.

I figure that this is how the rich get rich.
 
5 days ago  

Ragin' Asian: Do people not remember 2008? People's 401Ks were heavily invested in tranches of real estate. Many saw their retirement money go up in smoke.


This isn't investment, perse

This is companies trying to buy up all available housing so that no one has ANY choice but to rent.
 
5 days ago  
* lights pitchfork *

What are we protesting fellas?

(crowd) REIFs buying up assets!!!

Down with The Man!  This is... wait.

* checks portfolios of mutual funds... sees real estate ETFs *

Yeah, I've got to go see a man about a dog...

*extinguishes pitch fork and slinks away.
 
5 days ago  
I am high enough it does snow up here.

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5 days ago  
Tranch means level right?
 
5 days ago  
The Deutsche Bank issues an inflation warning to the US economy this week...

I've gotta say, they're right. The consumer price index is out of control thanks to money printing for the trumpbux/bidenbux.

If you have the $, put some aside in inflation-proof investments. Gold, palladium, hell even silver. And I've heard it all before, "what's gold gonna do if the economy crashes?!" More than your toilet paper benjamins, buddy.
 
5 days ago  

Ragin' Asian: Do people not remember 2008? People's 401Ks were heavily invested in tranches of real estate. Many saw their retirement money go up in smoke.


But it's DIFFERENT THIS TIMETM
 
5 days ago  
Communist theory always predicted that capitalism would burn itself out. Here we see unchecked capitalism a burning itself out. This will not end well for anyone.
 
5 days ago  

lifeslammer: Easy fix is to prevent any company from buying a house or individual condo/apartment/townhome by law

Or to simply enact fixed ceilings on what any of the above can be sold for


Walk with me through two scenarios*...
Scenario one:
These companies buy out houses, condos and townhomes, make a decent buck renting them (as do the people who had invested in those homes and now sell them also make a decent amount). Other investors realize there's money to be made in this market, so they build more homes, more people can rent, because of quantity, the market stabilizes at a certain price AND demand is met.

Second scenario:
Companies/funds can't buy these houses, the people who own them can't sell them or sell them for lower rates especially since rent is capped. New investors aren't interested in the market since it will take them much longer to get a return on their investment, so while prices are reasonable since they have a ceiling, demand will NOT be met, people will have illegal sublets in garages and (non-purposed) attics.  The market will figure out other ways to make money such paying people to vacate a lease. Maintenance will suck big time, because hey, you don't like it, go live somewhere else...oh, wait, there isn't somewhere else...


/*I am assuming you have the basic understanding of supply and demand curves here
//height caps should be removed where possible to allow cities to naturally grow upwards.
///especially downtowns where everything is close and public transportation is available
 
5 days ago  

Felgraf: Ragin' Asian: Do people not remember 2008? People's 401Ks were heavily invested in tranches of real estate. Many saw their retirement money go up in smoke.

This isn't investment, perse

This is companies trying to buy up all available housing so that no one has ANY choice but to rent.


Just so that I understand you...companies are putting money into projects NOT expecting a return on their money?
 
5 days ago  

tuxq: The Deutsche Bank issues an inflation warning to the US economy this week...

I've gotta say, they're right. The consumer price index is out of control thanks to money printing for the trumpbux/bidenbux.

If you have the $, put some aside in inflation-proof investments. Gold, palladium, hell even silver. And I've heard it all before, "what's gold gonna do if the economy crashes?!" More than your toilet paper benjamins, buddy.


Sounds just like the late Seventies.
Everything old is new again.
Especially snake oil.
 
5 days ago  
So when do we go back to paying workers in scrip, and truly making them corporate slaves?
 
5 days ago  
Reason number one zillion why I am doomed to rent until I run out of money. My retirement plan then is fighting with stray dogs for scraps out of the grocery store dumpster.
 
5 days ago  
My 20 year old just had his offer accepted on a 2br 1ba 1 mile from his work in the largest city in VA. 12% down from his years of savings from working at waffle house, Walmart, and now his apprentice program.  Home ownership isn't out of your reach.
 
5 days ago  

jso2897: Ragin' Asian: Do people not remember 2008? People's 401Ks were heavily invested in tranches of real estate. Many saw their retirement money go up in smoke.

But it's DIFFERENT THIS TIMETM


It actually is, for one important reason.  The 2008 bubble was fueled off of 0% down, "sign here for your loan" mortgages to high risk buyers.  The banks were throwing loans around like candy.

This bubble is being fueled by real money. 100% cash transactions are far more prevalent.  20% down is the floor.  The reason for that is complicated:  the stimulus programs, people not buying lattes for a year, stonks to the moon, and bitcoin have the economy awash with cash.   That cash is being plowed into real estate.
That's different from the 2008 paper mortgage bubble.
 
5 days ago  

lifeslammer: Easy fix is to prevent any company from buying a house or individual condo/apartment/townhome by law

Or to simply enact fixed ceilings on what any of the above can be sold for


You do know the first thing these entities bought was lawmakers, right?
 
5 days ago  
I thought the market was crazy 3 years ago when the Mrs and I bought our current house. You still had to view the house within 24 hours of listing but at least you could bargain on price a bit. For example we purchased ours for 40k below asking price but still had to pull the trigger quick on making the offer.

Now we're just hoping material prices normalize by the time we build our forever home on the 10 acre lot we purchased years ago.
 
5 days ago  

DigitalDirt: I am high enough it does snow up here.

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Damn. That's beautiful. What part of California (not an exact address. Just a general vicinity)?  The snow and mountains make me miss Flagstaff, AZ.
Now I'm stuck in hot, humid, flat Florida.
 
5 days ago  
We started building our home in early (pre-pandemic) 2020 for $150/sqft. A home just came on the market in our neighborhood for $230/sqft. Prices are crazy and nothing is staying on the market for long. I told Mrs. Fool that if it gets to $250/sqft around here we can sell and move farther out of the city.
 
5 days ago  

DigitalDirt: I am high enough it does snow up here.

[Fark user image image 850x413]
[Fark user image image 729x1500]


Somewhere in the High Desert, I'm going to guess.  Maybe Apple Valley?
 
5 days ago  

TuckFrump: So when do we go back to paying workers in scrip, and truly making them corporate slaves?


Ever since corporate personhood was gifted through SCOTUS on a technicality, the US dollar became corporate scrip.
 
5 days ago  

Bovine Diarrhea Virus: DigitalDirt: I am high enough it does snow up here.

[Fark user image 850x413]
[Fark user image 729x1500]

Damn. That's beautiful. What part of California (not an exact address. Just a general vicinity)?  The snow and mountains make me miss Flagstaff, AZ.
Now I'm stuck in hot, humid, flat Florida.


Looks like Joshua Tree/High Desert
 
5 days ago  
Bought a vacation (eventually retirement) home in Oct 2019. Worth 25% more already, I couldn't afford it now if I had waited.
Sold Raleigh home bought in 2005 and made enough profit that I essentially lived there free for 16 years (excluding utilities).
Home I'm building in Wake forest was signed before Apple RTP campus announcement, value of that up 20% and I don't move in until September.
It's insane.
 
5 days ago  
PCCP LLC, which typically invests in apartment buildings and office towers, said it bought rental-home communities in the Southeast, the start of a $1 billion pact with Calstrs, California's $286.9 billion teachers' retirement system.

Are the teachers aware that their retirement funds are being used in this way? Or how speculative real estate can be?
 
5 days ago  
In a few years....""yes, sure you can work from home, as long as home is this corporate owned location complete with orwellian security cameras, internet control, and drug-testing toilets. The ankle monitor can be removed 30 minutes after your nominal shift ends."""
 
5 days ago  
A state rep pointed out why when she revealed that Tampa Bay area businesses alone received 10 Billion in PPV money.   Biggest wealth transfer in history
 
5 days ago  
Well either there will be a crash and prices will go back to normal or once no one can afford housing they riot and burn it all to the ground. Or not, maybe everyone becomes homeless and the country is forced to change how we treat the homeless because they now have all the voting power.
 
5 days ago  

ImmutableTenderloin: Because interest rates are so low and demand so high the housing market has been a feeding frenzy for the past decade. Capitalism at its finest.


The current market is not like the past decade.
 
5 days ago  

Turbo Cojones: A state rep pointed out why when she revealed that Tampa Bay area businesses alone received 10 Billion in PPV money.   Biggest wealth transfer in history

That may be a factor, but it isn't the sole reason. People with top 5% incomes can generally work from home with no interruption in their cash flow. And since they're spending more time at home, they are upsizing.
 
5 days ago  

Avigdore: My 20 year old just had his offer accepted on a 2br 1ba 1 mile from his work in the largest city in VA. 12% down from his years of savings from working at waffle house, Walmart, and now his apprentice program.  Home ownership isn't out of your reach.


This is just poor effort, please do better. You almost copied (and changed slightly) the usual shtick we find in these discussions. Maybe in your next post you'll tell us his one weird trick of having a rich daddy that paid for it all.

Or you're lying, could be both.
 
5 days ago  
Oh goody, a place where I can share my experience. Just bought a house in March, 3% down. Fixed rate mortgage. It's not out of reach for everyone, its about location.  Apparently not everyone wants to live in the same state as Drew.  I've made my peace with it.
 
5 days ago  

Ragin' Asian: Do people not remember 2008? People's 401Ks were heavily invested in tranches of real estate. Many saw their retirement money go up in smoke.


It was tranches of mortgages, not real estate.
 
5 days ago  

DigitalDirt: So I get it.
It is beautiful but still sucks for the pricing and people trying to get away from Los Angeles.
This is my backyard.

[Fark user image 807x1500]


why the fark do you have a lawn in the middle of a farking desert?
 
5 days ago  

DigitalDirt: So I get it.
It is beautiful but still sucks for the pricing and people trying to get away from Los Angeles.
This is my backyard.

[Fark user image 807x1500]


Look at that guy.  Growing grass in the desert.  Why don't you just put a bullet through the planet's skull, bro/broette?

/sacarstic /\
// Not sarcastic: Nice
 
5 days ago  

Leader O'Cola: TuckFrump: So when do we go back to paying workers in scrip, and truly making them corporate slaves?

Ever since corporate personhood was gifted through SCOTUS on a technicality, the US dollar became corporate scrip.


Ever since 1886, eh?
 
5 days ago  

NutWrench: PCCP LLC, which typically invests in apartment buildings and office towers, said it bought rental-home communities in the Southeast, the start of a $1 billion pact with Calstrs, California's $286.9 billion teachers' retirement system.

Are the teachers aware that their retirement funds are being used in this way? Or how speculative real estate can be?


It's .35% of the portfolio.
You need some speculating.
 
5 days ago  

Felgraf: Ragin' Asian: Do people not remember 2008? People's 401Ks were heavily invested in tranches of real estate. Many saw their retirement money go up in smoke.

This isn't investment, perse

This is companies trying to buy up all available housing so that no one has ANY choice but to rent.


Exactly: It's a calculated campaign to widen the gulf between the haves and the have nots by forcing a huge swath of the population to rent, because there is no alternative, putting people at the mercy of an absent, corporate landlord, price fixing in the rental market, and annual increases in the cost of shelter.
 
5 days ago  

Ragin' Asian: Do people not remember 2008? People's 401Ks were heavily invested in tranches of real estate. Many saw their retirement money go up in smoke.


That was completely different. The "hottest" real estate market city in the country just lacks inventory. It's not a bubble. High demand low inventory. Homes bought for cash at 125K over asking within 48 hours of listing only to then have a FOR RENT sign out front a week later.

House I was renting 2 years ago was worth about 325K. Today it's up for 425K. The place across the street was nicer and went for a million. My old place was kind of crappy too.
 
5 days ago  

Bruscar: Felgraf: Ragin' Asian: Do people not remember 2008? People's 401Ks were heavily invested in tranches of real estate. Many saw their retirement money go up in smoke.

This isn't investment, perse

This is companies trying to buy up all available housing so that no one has ANY choice but to rent.

Exactly: It's a calculated campaign to widen the gulf between the haves and the have nots by forcing a huge swath of the population to rent, because there is no alternative, putting people at the mercy of an absent, corporate landlord, price fixing in the rental market, and annual increases in the cost of shelter.


Or as rich people call them: opportunity zones.

/also easy way to make sure *those* people don't move in
//welcome to the new redlining
 
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