I'm the opposite. These prices are absolutely insane!
It's not just LC's but everything old! A Chevy K20 square body that would be 3500 bucks in years past is now 10,000. Same can be said for all things at this point.
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- Thread starter Hulk
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It's not just LC's but everything old! A Chevy K20 square body that would be 3500 bucks in years past is now 10,000. Same can be said for all things at this point.
I hope so! Been wanting to buy a house for a while now, but can't afford to when people are paying 20,000+ over asking w/ cash.
mcgaskins
Rising Sun Member
I hope so! Been wanting to buy a house for a while now, but can't afford to when people are paying 20,000+ over asking w/ cash.
I have loved this house below for many years, and every time we drive past it I tell my wife if it's ever for sale we're going for it. Well, one day I saw a PODS out front, and I got really excited until I saw the listing price. It sold in 2014 for $500k (listed at $525k), and even though the owners didn't appear to do any upgrades or updates, it listed for $930k last month. The sale CLOSED 13 days later, all cash, for $1,326,000 - yes ~$400k over ask and recorded in under 2 weeks. Spoiler alert - it wasn't us who bought it
It's an unbelievable market, but it's not a bubble like in 2008 because there is truly no inventory (under 1,200 homes in Denver metro when it was 10x that 3 decades ago before) and buyers are extremely qualified with more wealth than ever. I had the dubious honor of working for a homebuilder in Las Vegas in 2005-2008, and what we're seeing now is nothing like back then where the entire industry was predicated upon bad loans and very complex structured finance. An explosion of concentrated wealth in the last decade, record low inventory, migration and demographic shifts including people moving from places that will be impacted by climate change (this is a very real but underreported reason for people moving from the coasts and away from places with extreme weather/fire risk) and lots of highly compensated people now free to live wherever they want due to remote work are all factors leading to this unprecedented increase in real estate values.
There may be some localized valuation adjustments coming in the future as interest rates rise (an argument could made that is unlikely as well due to the potential of an inverted yield curve and fallout from global conflict), but even if prices fall 10% or 20%, we are still far behind affordability for most people. It's a complex, frustrating issue, and I worry about the ability for anyone but the wealthiest to be able to attain home ownership which has historically been one of the main paths to generational wealth and financial freedom.
HDavis
Hard Core 4+
- Joined
- Feb 13, 2019
- Messages
- 1,135
I hate to tell you this but myself and my wife also lusted over that house since it was listed for 525k and also tried to buy it then but just couldn’t make it work. They literally did nothing but do some accent painting to it.I have loved this house below for many years, and every time we drive past it I tell my wife if it's ever for sale we're going for it. Well, one day I saw a PODS out front, and I got really excited until I saw the listing price. It sold in 2014 for $500k (listed at $525k), and even though the owners didn't appear to do any upgrades or updates, it listed for $930k last month. The sale CLOSED 13 days later, all cash, for $1,326,000 - yes ~$400k over ask and recorded in under 2 weeks. Spoiler alert - it wasn't us who bought it
It's an unbelievable market, but it's not a bubble like in 2008 because there is truly no inventory (under 1,200 homes in Denver metro when it was 10x that 3 decades ago before) and buyers are extremely qualified with more wealth than ever. I had the dubious honor of working for a homebuilder in Las Vegas in 2005-2008, and what we're seeing now is nothing like back then where the entire industry was predicated upon bad loans and very complex structured finance. An explosion of concentrated wealth in the last decade, record low inventory, migration and demographic shifts including people moving from places that will be impacted by climate change (this is a very real but underreported reason for people moving from the coasts and away from places with extreme weather/fire risk) and lots of highly compensated people now free to live wherever they want due to remote work are all factors leading to this unprecedented increase in real estate values.
There may be some localized valuation adjustments coming in the future as interest rates rise (an argument could made that is unlikely as well due to the potential of an inverted yield curve and fallout from global conflict), but even if prices fall 10% or 20%, we are still far behind affordability for most people. It's a complex, frustrating issue, and I worry about the ability for anyone but the wealthiest to be able to attain home ownership which has historically been one of the main paths to generational wealth and financial freedom.
The difference for me now is I’ll be a licensed Architect soon and will just design and build our next house.
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Haha, hell of a typo there dude... I think. Prices yo, I hear it!
ScaldedDog
Hard Core 4+
Where is this underreported activity happening? I can tell you it is not coastal Florida, where the market is crazy hot, and building is occurring everywhere. We are waiting 'till after a big storm to look seriously, as FL real estate tanks for awhile after one.
Mark
mcgaskins
Rising Sun Member
That's really funny and coincidental! There was also a house on Dudley about 2 blocks away we were looking at around the same time, but back then we just couldn't there either. $500k seemed so expensive for an "old house" 6-7 years ago, but it's amazing to think they made an $836k gain by just living in it. Funny how so many people are firmly convinced millennials are poor because of avocado toast though
DanInDenver
Trail Ready
One of the reasons I moved back to IL. Priced out of the market, shoulda coulda in 2020 but life was chaotic.
I’m on an 80x180 lot well and septic but am in one of the best school districts in the state. 1600sqft at $325k
No way could I find that this past summer when I needed to buy, and renting seemed stupid given the rates on buying.
I’m on an 80x180 lot well and septic but am in one of the best school districts in the state. 1600sqft at $325k
No way could I find that this past summer when I needed to buy, and renting seemed stupid given the rates on buying.
There's a mediocre/crappy house across the street from me listed at 600,000! My next door neighbor bought his 3-4 years ago for 295,000. Mine appraised for 260 two years ago...housing market is rough! It's always some investor who pays cash. I'm not looking forward to house taxes where "they"re going to try and claim my house has all the sudden doubled it's value all because of a single ridiculous sale in the area.
On a personal note I'm hoping the LC/used car bubble didn't pop because I'm trying to sell a Toyota because I just bought a Toyota...it would give me the worst of both worlds, where I'd get the least amount incoming while paying way too much 🤣
In case you're curious, 2008 LC200 with 202k $30,000, and I've seen better listed since...this has nothin to do with FB and should really be its own post haha
On a personal note I'm hoping the LC/used car bubble didn't pop because I'm trying to sell a Toyota because I just bought a Toyota...it would give me the worst of both worlds, where I'd get the least amount incoming while paying way too much 🤣
In case you're curious, 2008 LC200 with 202k $30,000, and I've seen better listed since...this has nothin to do with FB and should really be its own post haha
ScaldedDog
Hard Core 4+
According to Zillow, our home, purchased in 2020, appreciated $64000. In the last 30 days.
Of course, it did no such thing. What did happen is buyers dollars depreciated, very quickly. "Bubble" prices may come down, but inflationary ones don't, so a lot of what we are seeing is permanent. Time will tell.
Mark
Of course, it did no such thing. What did happen is buyers dollars depreciated, very quickly. "Bubble" prices may come down, but inflationary ones don't, so a lot of what we are seeing is permanent. Time will tell.
Mark
M12000 $500
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That's a good deal for a Warn M12000. That's what I've been running on my 80 since 2008 or so. I purchased mine used from @Mendocino and it's still going strong.M12000 $500
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Yeah at that price I’m tempted to pick up my third M12000, unfortunately I don’t think it’s local, which is a bummer. Still getting used to FB Marketplace. This one is the newer version too that I think is contractor controlled instead of solenoid controlled
Unfortunately it's in Buffalo, NY. Shipping won't be cheap.
Cruisertrash
Rising Sun Member
$2000 3FE 80 in Michigan, open to offers. Needs front knuckles and brakes rebuilt. Surprisingly little undercarriage rust for a Michigan truck. Talk the guy down to $1500, pay $1200 to ship it, $300 in parts, a weekend worth of time, and have a not-very-rusty running and driving 80 for $3000.
https://www.facebook.com/groups/LCMarket/permalink/3171721353072026/?sale_post_id=3171721353072026
https://www.facebook.com/groups/LCMarket/permalink/3171721353072026/?sale_post_id=3171721353072026
Not mine but maybe someone could use vintage warn winch:
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I mean, it’s a nice 3FE rig, but is it $20000 nice?
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Just sent the link to a buddy in Buffalo. That’s a hell of a deal.
2fpower
Rock Stacker
anyone in loveland that could pick this up for me? Got a friend driving through next week that can grab it from you.Not mine but maybe someone could use vintage warn winch:
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