Fogbow

Hoffymawn wrote: ↑Fri Jan 21, 2022 4:28 am Yes, it's a pretty strange approach to selling houses. I don't think that this house is worth a lot of money, there isn't even a second floor.

Hoffymawn wrote: ↑Fri Jan 21, 2022 4:28 am Yes, it's a pretty strange approach to selling houses. I don't think that this house is worth a lot of money, there isn't even a second floor.

pipistrelle wrote: ↑Fri Jan 21, 2022 5:50 am

Hoffymawn wrote: ↑Fri Jan 21, 2022 4:28 am Yes, it's a pretty strange approach to selling houses. I don't think that this house is worth a lot of money, there isn't even a second floor.

That’s a positive for an older demographic.

neonzx wrote: ↑Fri Jan 21, 2022 5:14 am The Florida housing market is very volatile so this is not unsurprising at all. That's why I am liquidating and leaving.

Foggy wrote: ↑Fri Jan 21, 2022 8:31 am

neonzx wrote: ↑Fri Jan 21, 2022 5:14 am The Florida housing market is very volatile so this is not unsurprising at all. That's why I am liquidating and leaving.

SRSLY?

Where are you going next?

I know a guy, calls himself the Mighty Spork, he's an expert on planning to go places.

neonzx wrote: ↑Fri Jan 21, 2022 9:03 am

Foggy wrote: ↑Fri Jan 21, 2022 8:31 am

neonzx wrote: ↑Fri Jan 21, 2022 5:14 am The Florida housing market is very volatile so this is not unsurprising at all. That's why I am liquidating and leaving.

SRSLY?

Where are you going next?

I know a guy, calls himself the Mighty Spork, he's an expert on planning to go places.

I think I will take a pass on the wisdom of the Mighty Spork. Looking to New Mexico. realist may have some advice...

Foggy wrote: ↑Fri Jan 21, 2022 11:48 am I don't think I could live in New Mexico, too far from any oceans. I'm a beach rat at heart, I'm living 2 hours drive time from the beach here, and it's too far but I do manage to get a lot of beach time every summer. From New Mexico I'd have to fly, rent a hotel room, yadda yadda.

If I was on my own, I'd live within a mile of a beach somewhere. If you get much closer, the salt air is brutal on your car finish.

California investor buys Tucson seniors complex, raises rents by 50%

Self-styled wealth guru Kevin Easterly of San Diego would be breaking the law in his home state if he bought an apartment building and imposed a huge rent hike on tenants.

But it’s perfectly legal in Tucson, where he and his partners have been playing a sort of real-life Monopoly game: buying and repainting aging apartment buildings, and raising rents 50% or more to boost the property’s value and refinance for more than they paid, public records and Easterly’s social media posts show.

“An older person may have less of a chance to recover from something like this. A younger person might have the ability to go out and earn some more money,” he said.

Flipping senior citizen apartments “may be legal, but it’s certainly not moral,” he said.

Even so, he now co-owns four Tucson apartment complexes with nearly 160 units between them, all purchased in less than five years through four limited liability companies he registered in Arizona. In each case, he used a system he described in the apartment-flipping video as “rehab, kick the tenants out and raise the rents.”

Danraft wrote: ↑Fri Jan 21, 2022 12:44 pmIf the business real estate market (I'm trying to refer to commercial office space) starts to lose large amounts of value because of virtual work spaces (accelerated by the Covid lockdowns), would have potential to affect other real estate markets?

bob wrote: ↑Mon Jan 24, 2022 6:10 pm

Danraft wrote: ↑Fri Jan 21, 2022 12:44 pmIf the business real estate market (I'm trying to refer to commercial office space) starts to lose large amounts of value because of virtual work spaces (accelerated by the Covid lockdowns), would have potential to affect other real estate markets?

The short answer is: not really.

Empty offices means fewer workers, which mean less foot traffic for lunch spots, etc. So empty office space may affect the value of nearby commercial properties reliant on foot traffic.

As for the office space themselves, they're a rather inelastic good. In other words, what's their other use?

There will always be some demand for office space, so (for example) government entities might see the value in a long-term lease versus buying and developing their own spaces.

Some cities have been looking at emergency conversions, e.g., retooling unused office space into temporary shelters for the homeless. But that hasn't caught on, and probably never will.


In the more macro sense, if remote work becomes more prevalent, workers will move to places that are cheaper. Which will increase housing prices in those markets.