I've been into so many houses they are basically all the same, the size of rooms and the exterior shell varies but everyone uses the same window cleaner. I wouldn't want a big or fancy house either, well except for a huge garage!
Huracan pricing bubble
I don’t know about anyone else, but these prices are getting out of control. Evos with 5k+ mileage asking for 350k plus?? Performantes in the high 300 low 400 range? 610s approaching 300? At some point this has to relax a little. I’m just some old guy venting that when he finally has enough to purchase the cars that the asking price keeps getting higher and higher.
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I’ll prob buy a piece of land and build a 4 car garage with an RV pad and have a little 2bed 2 bath 1200 sqft above its that’s perfect for my life and stores my cars nicely.
Alot of people took big risks thinking the market would keep going up and up, picking up massive loans to build their dream homes (at rock-bottom rates) and buying investment properties at almost 100% debt. They didn't expect rates to go up as fast as they did.I know it has been disscussed a few times in this thread, it's still strange someone with supposedly a lot of money needs to sell their house they just built, did they build a mansion with money they don't really have? I drive by brand new neighborhoods that look so luxurious and I wonder how the heck do they afford these when you go check out stats canada to see the population's income. When you look at the houses you wonder if the stats are on the low side or it's the other way around and a lot of them spend a fortune on housing.
Alot of people also don't report their full income, or they don't make the kind of income needed for these purchases but their mortgage brokers are helping them fake their applications in order to secure a loan that normally that buyer should never get.
Also a lot of people took our massive private mortgages at insane rates 7-15% to buy investment properties they hoped to do a quick flip on make a few hundred thousand and pay the loan back, now they're stuck holding the bag.
Was at the lambo dealer today in Scottsdale, and they are basically sold out. They're still moving inventory here in the USA.
Like a call option on a stock!What typically happens is people put a deposit on a home a builder puts for sale before it’s built. If market turns, buyers just walk away from the deal. Builder still needs to sell the house.
Same, huge garage over a big house lolI've been into so many houses they are basically all the same, the size of rooms and the exterior shell varies but everyone uses the same window cleaner. I wouldn't want a big or fancy house either, well except for a huge garage!
What I've noticed is most people will spend whatever their max mortgage approval is. So if you're approved for $4M, you're only shopping at the $4M range. I rarely see people approved for $4M and then saying "let me shop for a $2M house".
Problem with that is you end up being on the edge during good times - and when bad times hit you become really stretched. I know quite a few folks that went in on expensive homes at low interest rates thinking their income would keep growing and growing (lots of stock-based compensation) but now they're making 25-50% less as stock values tank - and basically can't get out of their homes because their $4M home at 2.5% interest is now a $3M home at 6% interest. I'd imagine many folks backing out of new home builds are in a similar spot - but at least they can back out.
Not universal obviously but I'm seeing lots of that.
Problem with that is you end up being on the edge during good times - and when bad times hit you become really stretched. I know quite a few folks that went in on expensive homes at low interest rates thinking their income would keep growing and growing (lots of stock-based compensation) but now they're making 25-50% less as stock values tank - and basically can't get out of their homes because their $4M home at 2.5% interest is now a $3M home at 6% interest. I'd imagine many folks backing out of new home builds are in a similar spot - but at least they can back out.
Not universal obviously but I'm seeing lots of that.
I would never want to stretch on a house. The taxes alone - but also the upkeep and frustration just isn't for me. It's easy to get out of cars, watches, etc. in bad times if you really need to, but good luck getting out of a house.Same, huge garage over a big house lol
I am considering a garage extension right now that would put my garage at 1600 sqft. My total house sqft (excl garage) is 2400 sqft...a 2:3 garage to house ratio feels about right 😁
So many forget about maintenance and taxes, but specifically maintenance. I spend easily $25k per year on maintenance on my two homes. My home on the water is especially bad with upkeep. Most do not budget for this and it kills them later.I would never want to stretch on a house. The taxes alone - but also the upkeep and frustration just isn't for me. It's easy to get out of cars, watches, etc. in bad times if you really need to, but good luck getting out of a house.
I am considering a garage extension right now that would put my garage at 1600 sqft. My total house sqft (excl garage) is 2400 sqft...a 2:3 garage to house ratio feels about right 😁
What I've noticed is most people will spend whatever their max mortgage approval is. So if you're approved for $4M, you're only shopping at the $4M range. I rarely see people approved for $4M and then saying "let me shop for a $2M house".
Problem with that is you end up being on the edge during good times - and when bad times hit you become really stretched. I know quite a few folks that went in on expensive homes at low interest rates thinking their income would keep growing and growing (lots of stock-based compensation) but now they're making 25-50% less as stock values tank - and basically can't get out of their homes because their $4M home at 2.5% interest is now a $3M home at 6% interest. I'd imagine many folks backing out of new home builds are in a similar spot - but at least they can back out.
Not universal obviously but I'm seeing lots of that.
I noticed when I was shopping for a house all the agents were pushing me towards houses over my budget, I dumped the first agent who brought me to 2 houses in a flood zone(a decade later were river flooded twice), the second house double my budget that had 6" of water in the corner of the house, the foundation wall buckling in and the pool cracked in half and filled with mud. That house was abandoned for another 3-4 years before they bulldozed it.
I’ve noticed a huge uptick of 1-5 million dollar homes up for sale and being built. It’s not a small amount either and I’ve always wondered who’s buying those up that the builder can state they’ve got 20+ lots for them. I know there’s money floating around but it seems like there’s been a lot more recently.
I spend a stupid amount on cars but when people tell me they’re spending around 30%-40% of their income for a mortgage, it makes me wonder how badly that can turn on them. Real estate has recently just gotta beyond nuts. The pricing and premiums are like car ADMs decided to do enough Tren and roids to make a gorilla into King Kong and took it as a line.
I spend a stupid amount on cars but when people tell me they’re spending around 30%-40% of their income for a mortgage, it makes me wonder how badly that can turn on them. Real estate has recently just gotta beyond nuts. The pricing and premiums are like car ADMs decided to do enough Tren and roids to make a gorilla into King Kong and took it as a line.
Which leads into thinking no one learned the lessons of the 2008 house crash?
Maybe. Depends on where the insane leverage and synthetics are. I’m sure real estate is in it, but I would be putting my money more in the commercial real estate space than traditional housing.
CRE and Auto Loans is where I’d say it’ll hit hardest. Agreed with Panda on CRE
Truth. Auto loans are gonna hurt. Some don’t realize the type of predatory loans out there that have people underwater before they even sign the papers. It’s nuts.
I've been looking at homes in south Florida, prices are over $1000ft and near $2000 a ft for what I want. 3 years ago they were in the $400 to $500 a ft. Insane
If you have other hobbies besides cars it helps to have a house with good amount of space. I can’t live in anything less than 3000 sqft.
Maybe this has something to do with the Lambo prices holding at a higher level. I still think it's just the buyer pool in general. It'll take a lot for that buyer pool to back off or even be in trouble.
I’m opposite, I like a dorm room to live in, and lots of land plus garage space for the lambo and toys. If I was married I’d change my position and want at least 3k sqft and if married with kids, let’s up that to 5k min sqft.If you have other hobbies besides cars it helps to have a house with good amount of space. I can’t live in anything less than 3000 sqft.
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