Housing market is too far gone.

[Sp33dealer]

they are building entire subdivisions in some areas that are held by the builder or an investement group solely for the purpose of SFR

There’s one near me called The Mansions lmao

It makes sense in my area since there’s so much homebuilding going on. If people move to area but still need to decide where to live/build but want to live in a house short term

 

[Hisma]

Be safe, friend!
Parents had to venture out to help with selecting our slabs for the kitchen yesterday. They're hunkering down today!
Sister has snow on the Oregon coast, too. Kids having a snow day today!

yeah debated calling in but saving my days bc I got a verbal offer on my new job .
it's 95% done at this point, just some due diligence and I'll be officially moving on. Once I sign that offer letter I'm gonna start to slack harder .
That's cool you got boots on the ground here to help you out with everything. It probably isn't so bad for your parents but its gonna be snowing all the way until Saturday morning. It's worse for me bc I have to cut through washoe valley to get to work. Lovely drive when the weather is good so it sorta evens out

 

[stevezissou]

Because each of those houses is renting out for $3500/mo and they were all taken before they were even finished when a comparable mortgage, even now, for a house in that size range is less than half of that.

And because it's easier for them to monetize it.

Fuck, some of them are even building "tiny home SFR neighborhoods", all less than 900sqft houses, no yards, no shared walls, none of the downsides of an apartment, for 2x the cost of one for the renter.

straight up HAAS

 

[amalgamas]

straight up HAAS

Shit is fucking disgusting, and the marketing for it is tailor made for people who've only ever lived in apartments or are coming here from states like California, especially in the SFR neighborhoods where the houses are on the larger side and have a tiny yard and maybe even a garage.

Shit like "did you think you'd never escape apartment living?" or "for the same price of your apartment in X, you could have a full size house here"

The one hope is that when the market does drop out the management companies on these SFR subs start converting the houses to SFH's and selling them to the renters, but considering how many of them play the long game I don't see that happening.

The tiny home rentals are stuck, those are always going to be rentals and like you said before: in 10 years time they're going to be the next best thing to trailer parks.

 

[Mejnoon]

They build the houses and own the management company that lists them as rentals, there are entire neighborhoods of these here. They're called "single-family rental neighborhoods" and they're unfortunately gaining in popularity all over the fucking country. It's disgusting.

As for your next statement......that's not how that works.

Phoenix and the sunbelt in general are the one region of the country that is likely over built. There will be defaults as debt matures, and then you will likely see rents start to ease along with home prices eventually.

 

[amalgamas]

There’s one near me called The Mansions lmao

It makes sense in my area since there’s so much homebuilding going on. If people move to area but still need to decide where to live/build but want to live in a house short term

that'd be nice if that's what they were actually being used for, but they are definitely planning on these being long term, especially since the ones I've been seeing offer up to 4 year lease agreements.

 

[amalgamas]

Phoenix and the sunbelt in general are the one region of the country that is likely over built. There will be defaults as debt matures, and then you will likely see rents start to ease along with home prices eventually.

Maybe, but with some of the moves I'm seeing business and politicians making around here I have the feeling they're trying their best to make sure that doesn't happen.

I just need it to last long enough for my nieces to finish high school and then the wife and I have zero fucking reason to stay in this city, so we're out of here.

 

[Menger]

yeah debated calling in but saving my days bc I got a verbal offer on my new job .
it's 95% done at this point, just some due diligence and I'll be officially moving on. Once I sign that offer letter I'm gonna start to slack harder .
That's cool you got boots on the ground here to help you out with everything. It probably isn't so bad for your parents but its gonna be snowing all the way until Saturday morning. It's worse for me bc I have to cut through washoe valley to get to work. Lovely drive when the weather is good so it sorta evens out

Congrats man

 

[Hisma]

Congrats man

Thx bro. Hesitant to call it official but I spoke directly with the hiring manager and got all the deets. They're just doing some background checks now which is standard. Once I sign I'm gonna fucking celebrate

 

[aloe]

BTR SFR is just another product to bridge the gap between apt renters and the “feeling” of homeownership

 

[amalgamas]

BTR SFR is just another product to bridge the gap between apt renters and the “feeling” of homeownership

they're supposed to be a stepping stone, but more often than not these days they're becoming a permanent step.

I know families who've literally been in the same SFR house for years, one of them for over a decade at this point.

 

[aloe]

they're supposed to be a stepping stone, but more often than not these days they're becoming a permanent step.

I know families who've literally been in the same SFR house for years, one of them for over a decade at this point.

The same thing could be said for MFL units though.

My parents rental has had the same tenant for at least 10yrs

I will say however that BTR does takeaway from potential SFR land slated for individual home ownership in areas where individual home ownership inventory is desperately needed.

There definitely needs to be a balance and that begins with municipal planning committees so that BTR doesn’t overrun the opportunity for future individual home ownership inventory in areas that need supply.

 

[Mejnoon]

The same thing could be said for MFL units though.

My parents rental has had the same tenant for at least 10yrs

I will say however that BTR does takeaway from potential SFR land slated for individual home ownership in areas where individual home ownership inventory is desperately needed.

There definitely needs to be a balance and that begins with municipal planning committees so that BTR doesn’t overrun the opportunity for future individual home ownership inventory in areas that need supply.

Municipalities don’t really have any mechanism to control the disposition of built projects. They can define project parameters but they can’t condition approval on intent to sell rather than hold.

 

[Menger]

Opendoor Posts Heavy Losses After Losing Money on Home Sales

The online house-flipper said it had $2.9 billion in quarterly revenue from selling 7,512 homes in the fourth quarter, down 25% from a year ago.

www.wsj.com

 

[Boudreaux]

Opendoor Posts Heavy Losses After Losing Money on Home Sales

The online house-flipper said it had $2.9 billion in quarterly revenue from selling 7,512 homes in the fourth quarter, down 25% from a year ago.

www.wsj.com

Oh no.



Anyway

 

[aloe]

Municipalities don’t really have any mechanism to control the disposition of built projects. They can define project parameters but they can’t condition approval on intent to sell rather than hold.

How are BTR’s actually zoned? I’m actually unaware of that aspect since I don’t have any direct experience in them yet

If they are zoned as MFL, couldn’t they just not issue a MFL designation on land to control SFR development?

 

[Mejnoon]

How are BTR’s actually zoned? I’m actually unaware of that aspect since I don’t have any direct experience in them yet

If they are zoned as MFL, couldn’t they just not issue a MFL designation on land to control SFR development?

They’re developed in areas zoned for 1 du per parcel like any other single family neighborhood. Developer submits a subdivision map, planning authority approves and developer can build as per the specific development standards in that zone. Identical process whether they’re built to sell or built to rent.

 

[Hisma]

More white stuff. Told my boss I'm wfh today idgaf. Even schools are canceled.

 

[DasVWBabe]

More white stuff. Told my boss I'm wfh today idgaf. Even schools are canceled.

View attachment 307226

I am seriously looking forward to the weather, call me a weirdo.
My kiddo sweats when it gets above 75 and prefers the cold. I'm going to basically be living next to the fireplace.

 

[saabguy]

I am seriously looking forward to the weather, call me a weirdo.
My kiddo sweats when it gets above 75 and prefers the cold. I'm going to basically be living next to the fireplace.

People from cold climates: “this cold fucking sucks. I could live in a hot climate, I’d prefer it over the fucking cold.”

People from hot climates: “this heat is fucking bullshit, I hate it. I wish I lived where it’s cold. I could deal with that a lot better than this goddamn heat.”

 

[Hisma]

I am seriously looking forward to the weather, call me a weirdo.
My kiddo sweats when it gets above 75 and prefers the cold. I'm going to basically be living next to the fireplace.

dude I will legitimately miss this weather when I move. I love experiencing 4 seasons, along with having almost no humidity & no bugs. It's great. Since it's the still the desert, even in the winter it's sunny most of the time. So you get the cool weather but not the depressing dreariness folks in the north deal with.

 

[DasVWBabe]

People from cold climates: “this cold fucking sucks. I could live in a hot climate, I’d prefer it over the fucking cold.”

People from hot climates: “this heat is fucking bullshit, I hate it. I wish I lived where it’s cold. I could deal with that a lot better than this goddamn heat.”

Honestly. Perfectly succinct.
Las Vegas -> London -> DFW -> Reno
Hopefully we all stay in Reno longer than I was able to spend in London, though.

 

[Downset]

People from cold climates: “this cold fucking sucks. I could live in a hot climate, I’d prefer it over the fucking cold.”

People from hot climates: “this heat is fucking bullshit, I hate it. I wish I lived where it’s cold. I could deal with that a lot better than this goddamn heat.”

Seriously though. Fuck being cold.

 

[Boing]

Seriously though. Fuck being cold.

the three days of fall colorado gets are dope af, though

 

[americanwit]

People from cold climates: “this cold fucking sucks. I could live in a hot climate, I’d prefer it over the fucking cold.”

People from hot climates: “this heat is fucking bullshit, I hate it. I wish I lived where it’s cold. I could deal with that a lot better than this goddamn heat.”

having lived in both now - I would very much welcome a more temperate/cold climate. Summer here is miserably hot and humid.