marimoose
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Post by marimoose on Aug 13, 2015 19:33:07 GMT
We have been deemed unaffordable for anyone - renters or buyers. This market has gotten ridiculous and it all has happened since we legalized pot. I know we are also supposed to be great for businesses in general right now but how do the employees live? I know of several young couple who have had to pack upi their roots, leaving their families to move to states where they could afford to buy homes and start their own families.
Anyone else living in an area where the housing market has gone sky high?
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Post by ntsf on Aug 13, 2015 19:52:18 GMT
well..san francisco fits that description--rents going up 20-30% in a year...the almost tear down house around the corner from me was sold for 1.3 million...they have jacked it up...tore out foundation, torn off all stucco siding, and will gut and rebuild it...and sell it for 2.4 million...1800 square feet. rentals start at $3000--for a studio. and there just are very few places available to buy even if you can afford it.
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georgiapea
Drama Llama
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Post by georgiapea on Aug 13, 2015 19:52:40 GMT
That's a sad reflection on your pot legalization move. Was this predicted? I don't keep up with projections.
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AnotherPea
Pearl Clutcher
Posts: 2,969
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Post by AnotherPea on Aug 13, 2015 19:54:01 GMT
I didn't see that coming either.
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Post by shanniebananie on Aug 13, 2015 19:57:25 GMT
I was watching House Hunters last night and I was surprised by the prices in Minot, ND. The prices were around $500,000 and it was due to the oil boom in the area.
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Post by pierogi on Aug 13, 2015 20:00:17 GMT
I'm in Denver. People were moving here in droves before legalization. The job market is pretty robust, and there's a lively culture and sports scene. Pot being legal is just the icing on the cake.
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marimoose
Pearl Clutcher
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Post by marimoose on Aug 13, 2015 20:06:22 GMT
I was watching House Hunters last night and I was surprised by the prices in Minot, ND. The prices were around $500,000 and it was due to the oil boom in the area. Who would ever predict that one??? |
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marimoose
Pearl Clutcher
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Post by marimoose on Aug 13, 2015 20:13:03 GMT
I'm in Denver. People were moving here in droves before legalization. The job market is pretty robust, and there's a lively culture and sports scene. Pot being legal is just the icing on the cake. The job market is robust but how can people come here for the jobs if they have no place to live? I am not hearing that the companies are paying more. The apartments that are being built are on the higher end, with dog washes built in, wine cellars and such when what we need are some reasonable places for people who are just trying to survive. We do have sports and lots of things to do but if you are fighting to survive and afford food, what is left over to enjoy all these things. A 1950's, in need of a remodel, 1000 square foot home just sold for $450,000 last month at the end of my block. Who can afford that? The markets always turn around and I can't wait until ours slows down. |
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Deleted
Posts: 0
Oct 6, 2024 8:17:51 GMT
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Post by Deleted on Aug 13, 2015 20:14:23 GMT
I was watching the news last night and they were showing a 1 bedroom top floor apartment in a so so neighborhood in SF. The apartment has a private deck. The monthly rent is $6,500 and the deposit is $13,000. Oh they throw in cleaning services as part of the rent.
In Oakland, Ca I read the rent has gone up by 20% in one year.
Just crazy!
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marimoose
Pearl Clutcher
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Post by marimoose on Aug 13, 2015 20:16:02 GMT
How much do people get paid in San Francisco?  Wow. Just wow. |
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Post by freecharlie on Aug 13, 2015 20:22:19 GMT
In my area of colorado, the boom is due to the oil and gas industry. This state partially lives by oIL and gas. I think the current housing situation has little to do with pot, but it is out of control
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Deleted
Posts: 0
Oct 6, 2024 8:17:51 GMT
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Post by Deleted on Aug 13, 2015 20:25:27 GMT
How much do people get paid in San Francisco? Wow. Just wow. Crazy amounts (in some industries). I have several friends who work in tech in the Bay Area and SF proper and their income is quite high. I work for a national bank. I have a friend at Facebook and he makes almost 4x what the same (non-technical but professional) role makes at my bank, even with the market adjustment for the Bay Area. And... We pay above average for that role. (Also, I'm not including bonuses and the like there, and while I don't know *exactly* what those are for my friend, I know a ballpark and it's WAY more than our average 15-20% of salary.) It is so competitive amongst the tech companies for top talent that wages get a little nuts. |
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marimoose
Pearl Clutcher
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Post by marimoose on Aug 13, 2015 20:27:53 GMT
freecharlie - is your market booming too? The sister of my daughter's bf moved up to Loveland a couple years ago, selling her condo here, and expected that she could afford it more. I think I am missing the good ole days of affordability and far less traffic. If I had to drive the highway everyday I would be crazy and avoid it as much as I can.
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Post by freecharlie on Aug 13, 2015 20:39:57 GMT
Oh my gosh, yes. Fort collins is out of control, loveland is getting there as is parts of greeley. They are building houses left and right in the small towns bordering those cities, johnstown, milikin, eaton, ault, severance, he'll even pierce which has a post office, bar, and a small grocery store/ liquor store as its only businesses. They don't even have a gas station, but the houses are running 200,000
Which may not seem like much, but it is pierce for goodness sake.
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Post by *leslie* on Aug 13, 2015 20:56:02 GMT
I know a number of people, (or their kids), that are thinking of moving to or haved moved to Colorado. It didn't even occur to me that it could be from the legalization of pot. Interesting.
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Post by leannec on Aug 13, 2015 21:22:00 GMT
Here in Calgary the rental vacancy rate sits at about 1% ... there is really nothing affordable available for anyone in that market  If you have a lot to spend there are lot's of options but not otherwise ... For buyers it is a better scene ... dh is a realtor and is quite busy so I'm a happy camper  |
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LeaP
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Location: Los Angeles, CA where 405 meets 101
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Post by LeaP on Aug 13, 2015 21:37:35 GMT
We live in Vancouver, BC moved from Los Angeles where we still own our home. The prices here in Vancouver are so insane it make Los Angeles look reasonable. If the Fed raises interest rates in September it might calm real estate in the U.S. a little. Here in Vancouver, there is speculation that 40% of luxury homes are owned by millionairea from China so they don't know if/when/how the bubble will burst. They think that 1/4 of condos in downtown are vacant.
Canadians, if you could explain why real estate is so pricey in Canada compared to the U.S., I would be very grateful. You have a smaller population and more land...I'm so confused!
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Post by Merge on Aug 13, 2015 21:39:56 GMT
We left Colorado in 1996 because we couldn't afford to live there. I don't think the relative unaffordability of the area is entirely new or can be laid at the feet of any one event.
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Post by auntkelly on Aug 13, 2015 21:50:58 GMT
I live in a suburb of Houston and the housing market was very hot a year ago. I had realtors cold calling all the time asking if we would be interested in selling our house. It has really slowed down due to the drop in oil prices. If the price of oil stays where it is at now, I think housing prices will begin to plummet in my area.
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Post by freecharlie on Aug 13, 2015 22:05:38 GMT
I live in a suburb of Houston and the housing market was very hot a year ago. I had realtors cold calling all the time asking if we would be interested in selling our house. It has really slowed down due to the drop in oil prices. If the price of oil stays where it is at now, I think housing prices will begin to plummet in my area. mine too and really, that would me them normal. They are inflated right now due to the Fracking boom |
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caro
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Post by caro on Aug 13, 2015 22:06:47 GMT
Our housing market is off the charts in my area. I wonder where all the people are coming from and what do they do for a living. Many families in these new homes are single income. Every mom and pop horse farm where the original families have passed, are sold off and huge new home subdivisions going in.
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Post by freecharlie on Aug 13, 2015 22:08:46 GMT
Our housing market is off the charts in my area. I wonder where all the people are coming from and what do they do for a living. Many families in these new homes are single income. Every mom and pop horse farm where the original families have passed, are sold off and huge new home subdivisions going in. we keep having an influx of people from California. Their houses sell there for so much more than what our houses used to go for, so they could buy huge houses here. |
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breetheflea
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Post by breetheflea on Aug 13, 2015 22:12:35 GMT
Pot is legal here (WA) and the housing market has not gone insane. My house value has gone up since we bought two years ago but not a crazy amount.
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Post by holly on Aug 13, 2015 22:22:45 GMT
I don't think it's the legalization of pot causing the boom. It's legal in WA too and I think it's back firing for all the sellers and the state for that matter. Sales are way down. No big boom in WA. Seattle has always had high housing prices. And we get our fair share of CA people coming up here. I can say that because I was one, lived in CA for many years and wanted out of the rat race. We didn't own a house in CA (couldn't afford it) but do now.
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Post by 950nancy on Aug 13, 2015 22:58:28 GMT
So glad we bought our Colorado house in the 80's. The housing market really didn't take off here until recently. There were ebbs and flows, but now it is crazy. The taxi drivers interviewed since the pot legalization say a majority of the people ask to be taken to a dispensary before their hotel. It is a popular place for pot for sure.
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Post by mirabelleswalker on Aug 13, 2015 23:22:44 GMT
We live in Vancouver, BC moved from Los Angeles where we still own our home. The prices here in Vancouver are so insane it make Los Angeles look reasonable. If the Fed raises interest rates in September it might calm real estate in the U.S. a little. Here in Vancouver, there is speculation that 40% of luxury homes are owned by millionairea from China so they don't know if/when/how the bubble will burst. They think that 1/4 of condos in downtown are vacant. Canadians, if you could explain why real estate is so pricey in Canada compared to the U.S., I would be very grateful. You have a smaller population and more land...I'm so confused! San Francisco has a similar situation happening. A lot of offshore buyers, a lot of empty real estate, and a high housing demand. As mentioned, Oakland is starting to go crazy. I saw pictures of a complete dump, one bedroom, bad neighborhood...$2,700/month. |
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Post by rebelyelle on Aug 13, 2015 23:54:54 GMT
I'm in Denver. People were moving here in droves before legalization. The job market is pretty robust, and there's a lively culture and sports scene. Pot being legal is just the icing on the cake. The job market is robust but how can people come here for the jobs if they have no place to live? I am not hearing that the companies are paying more. The apartments that are being built are on the higher end, with dog washes built in, wine cellars and such when what we need are some reasonable places for people who are just trying to survive. We do have sports and lots of things to do but if you are fighting to survive and afford food, what is left over to enjoy all these things. A 1950's, in need of a remodel, 1000 square foot home just sold for $450,000 last month at the end of my block. Who can afford that? The markets always turn around and I can't wait until ours slows down. We are in Northern Virginia and rent a similar-sized house, also in need of a remodel, and it would cost us $700k to buy this house. Housing prices here are nuts. The bubble didn't burst much in the DC metro area and has recovered well and then some. We could never, ever afford to buy in this market. I honestly wonder what our neighbors do for a living because DH and I both have well-paying jobs and we feel pretty darn poor in comparison. The house next door sold for $1.4mil a few months ago and I was gobsmacked to see a very young family move in next door. It's crazy-town. |
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caro
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Post by caro on Aug 14, 2015 0:37:22 GMT
Our housing market is off the charts in my area. I wonder where all the people are coming from and what do they do for a living. Many families in these new homes are single income. Every mom and pop horse farm where the original families have passed, are sold off and huge new home subdivisions going in. we keep having an influx of people from California. Their houses sell there for so much more than what our houses used to go for, so they could buy huge houses here. I know that is part of it moving from other places but some are people moving up. Now, of course, I don't know every situation but I know a few people and my people know people, etc and it's big talk in my social circles. |
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happymomma
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Post by happymomma on Aug 14, 2015 1:01:15 GMT
My son lives in Montana, about an hour away from where he works across the border into N. Dakota. It has been insane there for a long time but now that the boom is falling out it might be better.
It's the law of supply and demand.
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Post by honeyb on Aug 14, 2015 1:27:44 GMT
Another from Washington here. I live in a suburb of Seattle and since the legalization of pot, have not seen any real difference in real estate. I'm thinking it must be for a different reason.
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Wow. Just wow.
