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It’s Crazy That Someone Bought This House At That Price

It’s Friday desk clearing time for this blogger. “Bozeman, Montana, a small city of about 56,000 people, has seen home prices soar. A single-family home in the area rose by nearly 40 percent to more than $1.16 million as of February, according to the Bozeman Real Estate Group. In January, prices peaked at $1.85 million, according to data from Realtor.com. ‘In 2023 the rising interest rates brought some relief with prices decreasing slightly, but they are still high compared to national housing prices,’ Bozeman Real Estate Group said. ‘With the slowdown in the market, we aren’t seeing multiple offers and homes going for over asking as much. Prices are coming down as a result, but we have not seen a drastic drop.'”

“In 2020 and 2021, mortgage lenders lowered their rates in the wake of the economic crisis the pandemic spurred. Not shockingly, home buyer demand soared as a result, driving home prices upward. Back then, it was common for buyers to make offers well above sellers’ asking prices for the opportunity to lock in a mortgage at under or around 3%. And that’s precisely what friends of mine did when they attempted to upsize their home in 2021. They initially had a budget of $1.2 million but fell in love with a $1.3 million house. To outbid other buyers, they wound up paying $1.5 million. Over the past few years, they’ve become house poor — despite having a combined $300,000 income.”

“Since moving to their home, my friends have had to cut back on other spending to cover their costs. They haven’t taken a vacation in three years, and money is tight. My friends acknowledge that they went overboard because they’re not just giving up vacations — they’re stressed about paying their grocery bills. And now, despite earning $300,000, they’re looking at picking up side hustles to keep up with their housing expenses. Worse yet, there’s really no financial relief in sight.”

“Property records show that this modest house at 2190 North Deborah Road in the Desert Park Estates neighborhood of Palm Springs was bought for $611,000 in 2021 and then sold for $1.3 million on Feb. 2, 2023, to a limited-liability property-investment company based in Sacramento. Days on the market? Zero. That’s a 113% price increase in a market that had slowed down considerably from the pandemic-era frenzy. This mother of all house flips has now ended up in a bank-owned short sale less than one year later. It’s currently listed for $625,000. How is such a story possible?”

“Another house, 2002 North Whitewater Club Drive, in the same Desert Park Estates neighborhood that sold for $1.4 million in March 2023. It’s an almost identical story: The seller had purchased that property for $750,000 in 2022 and added a new pool, kitchen and bathroom. The buyer — coincidentally, the same limited-liability company that bought 2190 North Deborah Road house for $1.3 million — also defaulted on this property. It was subsequently offloaded in a short sale for $635,000 in January 2024.”

“For buyers, it’s the $1.3 million question: How do you — or your bank — avoid a similar real-estate disaster? Alex Dethier, the Palm Springs real-estate agent who sold the North Deborah Road property to an investor in 2021 for $611,000, said he believes that was a good price for the area. What would he say to the person who paid $1.3 million in 2023? ‘If they were my clients, I’d tell them, ‘Don’t pay $1.3 million in this neighborhood,’ he said. As Dethier noted: ‘It’s crazy that someone came in and bought this house at that price.'”

“The South Shore has seen yet another steeply discounted office sale just a few doors down from its last. FoxRock Properties acquired 1200 Crown Colony Drive in Quincy for $6M from Bridge Investment Group, according to deed records posted Wednesday. The seller bought the property in 2018 for $43M. The 236K SF property is located in the Crown Colony Office Park and is a half mile from Quincy Adams MBTA stop and near I-93.”

“It’s getting more difficult and more expensive for developers to complete projects as building costs reach levels ‘not seen in a generation.’ That’s according to Mark Holland, a representative of the Okanagan branch of the Urban Development Institute. He cited several developers who have been forced to pump the brakes on projects across the city. One of the biggest, One Varsity, a 35-storey tower on St. Paul across from the UBCO downtown campus has been paused. ‘The pre-sales of One Varsity are not good. They are so bad they’ve stopped Casorso (former Central Mobile Home Park) so those 1,000 or so units we’ve been gearing up for Casorso are paused and stopped because they can’t make it work with One Varsity in the pre-sales,’ said Holland.”

“The billionaire owner of the B&M discount store chain has sold his London mansion at a 30pc loss as demand weakens in the capital’s luxury property market. Bobby Arora, trading director of budget retailer, sold a townhouse in the exclusive Belgravia district for £23.5m in November. A separate filing showed the property – nestled between Hyde Park and Buckingham Palace – was bought by Mr Arora for £34m about a decade ago.”

“Troubled property lender Deutsche Pfandbriefbank on Thursday revealed it has billions of euros of loans outstanding for unfinished building sites in Germany as it halted lending in the U.S. and braced for a further drop in real estate prices. PBB is one of the biggest property financiers in Germany, where the country’s banks are among the continental Europe’s heaviest lenders for the troubled commercial property sector. ‘I don’t want to present 2023 in a flattering light,’ CEO Kay Wolf told journalists. ‘It not was not a good year,” he said, reiterating that the bank was ‘in great shape’ and could withstand further stress. PBB’s troubles have turned the spotlight on the deepening global property rout that has hammered U.S. office prices, as well as the value of homes and buildings in Germany.”

“After living in a rented apartment for 40 years, MK* dreamed of buying a property for his family. After much research and deliberation, the expat (who was born and raised in the UAE) finally chose a property at Falconcity of Wonders – Eastern Residence worth Dh4 million. But after investing Dh1.6 million into the property, he is now unsure if he will get his dream home or his money back. MK is not alone. Hundreds of other individuals in Dubai, who invested in the same project, are currently living in fear of losing their homes and life savings after the plots on which their homes have been built were auctioned off following a legal dispute between Falcon Properties and Dubailand (LLC).”

“More than 20 investors approached Khaleej Times in desperation, seeking to have their voices heard and to receive justice. ‘I have no answers for my family and children who keep asking me when we are moving into our new home,’ says an anguished MK. ‘We had no idea what was happening or when the property slipped out of our hands; we just kept paying.’ Living in UAE for more than 20 years, DK, 49, also invested all his savings in Falconcity. ‘I paid 50 per cent to the developer. However, my dreams turned into a nightmare when the sales team casually informed us that the project has been cancelled, with no definite solution or commitment from the developer to return my money.'”

“NK, who is not a UAE resident, booked a unit as his retirement home. To fund this, he sold a 3-bedroom villa in Villa Nova (by Dubai Properties). ‘My investment of Dh1.8 million is stuck with Falconcity and I have lost my Villa Nova property as well.’ Indian expat DG, 43, said, ‘I put everything I had at the time to buy the villa here. I have lost my trust and my money, and I am losing hope day by day. But I am fighting, holding on to a thread that maybe, someday, I will get my life savings back.'”

“Forty-two-year-old CD is heartbroken, she stated, ‘I am one of the buyers who invested Dh1.25 million with the hope of fulfilling my 10-year dream of living in my own house in Dubai. Buying this house is an emotional bond for us, as we had planned a surprise for our parents on the handover date. My dreams are shattered and, on top of that, I have to pay the lawyer Dh120,000 to fight my case for my own house. Dh120,000 is a lot of money for me, and I am scrambling to arrange that. For people like us who live a calculated life, it’s a huge amount of money.'”

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  1. ‘Property records show that this modest house at 2190 North Deborah Road in the Desert Park Estates neighborhood of Palm Springs was bought for $611,000 in 2021 and then sold for $1.3 million on Feb. 2, 2023, to a limited-liability property-investment company based in Sacramento. Days on the market? Zero. That’s a 113% price increase in a market that had slowed down considerably from the pandemic-era frenzy. This mother of all house flips has now ended up in a bank-owned short sale less than one year later. It’s currently listed for $625,000. How is such a story possible?’

    As I said repeatedly at the time: the only way prices go up that much and that fast on borrowed money is widespread appraisal and mortgage fraud. And it happened everywhere.

    2. and then sold for $1.3 million on Feb. 2, 2023, to a limited-liability property-investment company based in Sacramento. Days on the market? Zero. That’s a 113% price increase in a market
      I remember last bubble, we had a fair number of foreign entities buy lots in “luxury developments” mostly in South Carolina and Florida. Lots for $600K with 5-10% down. Then when things turned south and we made collection efforts they ignored us and we took the property back. We later sold sold some of the “luxury lots for 35-50K and the person in charge of foreclosure sales said he wouldn’t take one of those lots if they gave it to him. Too many HOA requirements.

  2. ‘‘I am one of the buyers who invested Dh1.25 million with the hope of fulfilling my 10-year dream of living in my own house in Dubai. Buying this house is an emotional bond for us, as we had planned a surprise for our parents on the handover date. My dreams are shattered and, on top of that, I have to pay the lawyer Dh120,000 to fight my case for my own house. Dh120,000 is a lot of money for me, and I am scrambling to arrange that. For people like us who live a calculated life, it’s a huge amount of money’

    This article is a carnival of FB little feet stamping.

  4. ‘They initially had a budget of $1.2 million but fell in love with a $1.3 million house. To outbid other buyers, they wound up paying $1.5 million. Over the past few years, they’ve become house poor — despite having a combined $300,000 income’

    ‘Since moving to their home, my friends have had to cut back on other spending to cover their costs. They haven’t taken a vacation in three years, and money is tight. My friends acknowledge that they went overboard because they’re not just giving up vacations — they’re stressed about paying their grocery bills. And now, despite earning $300,000, they’re looking at picking up side hustles to keep up with their housing expenses. Worse yet, there’s really no financial relief in sight’

    I bet yer friends are still eating expensive food. Probably more than once a day.

    2. “…had a budget of $1.2 million but fell in love with a $1.3 million house. To outbid other buyers, they wound up paying $1.5 million. Over the past few years, they’ve become house poor…”

      …but fell in love… When emotion usurps common sense

      Must be fun when the increased property tax, insurance, and maintenance bills come due…

    3. “My friends acknowledge that they went overboard because they’re not just giving up vacations — they’re stressed about paying their grocery bills.”

      Did they mention their dead bedroom?

  5. ‘FoxRock Properties acquired 1200 Crown Colony Drive in Quincy for $6M from Bridge Investment Group, according to deed records posted Wednesday. The seller bought the property in 2018 for $43M’

    Are we there yet?

    1. Bridge Investment Group
      https://www.bridgeig.com/
      “Bridge is a globally trusted investment manager offering value to our investors. It is a privilege to serve as stewards of our investors’ capital, and we pursue our duties with uncompromising principles.”

    1. The fence around the Capitol building is what unelected, illegitimate, occupation regimes do.

      The 2020 election was stolen.

    2. The most important thing I learned from the SOTU is how long those drug cocktails last. Looks like about an hour and 15 minutes. In the last 10 minutes of his speech, you could see the effect of the drugs visibly wearing off as Biden’s mind slipped back into la-la-land.

      And I bet they gave him an extra pump beforehand too.

      1. I watched a minute or two this morning. Apparently they think this angry old man thing is a winnah!

  8. “Prices are coming down as a result, but we have not seen a drastic drop.’”

    Patience, grasshopper.

  9. “To outbid other buyers, they wound up paying $1.5 million. Over the past few years, they’ve become house poor — despite having a combined $300,000 income.”

    3 x 300k = 900k. They overbought by 600k. Epic fail.

    1. Price is so much more important than the interest rate yet most people don’t get that.

  10. A letter to the editor:

    Newscasters are telling us that Citizens Insurance is “shedding” policy holders because there are a handful of new private insurance companies who have entered the state. Governor DeSantis is announcing that Citizens is insolvent. At the same time, the state is considering allowing Citizens to raise the cap on insuring homes from $700,000 to $1 million. This makes no sense to me. The U.S. Senate is investigating Citizens. If another catastrophic storm like Ian causes damage beyond Citizens’ ability to pay claims, the shortfall will land on the shoulders of all Floridians. With big storms increasing in the state, this is a real possibility and concern.

    The news this morning is focusing on all the condo owners who are unable to pay the steeply increasing condo fees due to the rise in insurance costs. There is a glut of condos now on the market and prices are falling. Some condo associations are having to place liens on condo owners’ property where the owners aren’t able to pay the fees. That means the other owners have to make up the shortfall. The politicians who have been interviewed regarding this crisis just shrug their shoulders and say that it takes time for the recently passed legislation to bring down costs. Didn’t they realize it would take time years ago as the crisis was building?

    The legislation was too late in coming. The only reason new companies are entering the market is because the legislation was a gift to them. One good thing the legislation did was to eliminate the assignment of insurance payouts to contractors who used it to price gouge to line their pockets. That should have been done years ago. I guess the governor and Legislature were too busy dealing with culture issues to deal with this crisis that is devastating Floridians financially.

    Michaeleen A. Mahan, Fort Myers

    https://www.msn.com/en-us/news/us/property-insurance-crisis-book-bans-florida-prison-system-letters/ar-BB1jq1ZA

    1. Have family in FL. Have nothing against it as a state. Can say firmly that in the future, there will be more people leaving Florida than coming. It might take another storm or two. But once the owning costs get prohibitive it’s going to happen.

    2. condo owners who are unable to pay the steeply increasing condo fees due to the rise in insurance costs. There is a glut of condos now on the market and prices are falling. Some condo associations are having to place liens on condo owners’ property where the owners aren’t able to pay the fees. That means the other owners have to make up the shortfall.
      If someone offered you a free condo in Florida and you asked me what I thought you should do I would tell you the exact same thing Scotty Kilmer and my Mechanic buddy would tell you if someone offered you a free 10+ year old German car. “Don’t take it you can’t afford it.” Way too much risk on the condo.

    3. The condo crisis is a perfect opportunity for the Biden administration to create a national re-insurance program to backstop the large property insurance companies from catastrophic losses for high risk residential areas of the country; just pull the D handle!

  11. As the vote count continues in San Francisco, the results are sparking a new debate about the city’s identity.

    Some say the local propositions that appear poised to pass are a sign that the city is getting more conservative. Others say it’s just a sign voters want a city that’s safer and gets things done.

    Just after the polls closed Tuesday night, Mayor London Breed waded into a packed victory party put together by a coalition of groups that backed her ballot measures and a slate of candidates on the local Democratic party committee.

    She was clearly happy about the direction of the early election results.

    “I’m going to officially call the results of [propositions] E and F as in our favor,” she said.

    On Wednesday, she said the message from the voters was both clear and simple.

    “We want results,” she said. “We don’t want to hear excuses. We don’t want to wait another year until another election to see progress. We want it now. And that’s what those ballot measures signify.”

    Local elections in San Francisco are not party affiliated, but it’s well known that San Francisco is a Democratic Party stronghold.

    With moderates in the party doing well Tuesday night, it’s the progressive wing that took a wallop.

    https://www.msn.com/en-us/news/world/is-san-francisco-getting-more-conservative-primary-election-results-spark-debate/ar-BB1jsfI5

  12. Funny how a liberal friend of mine called me telling me what a great energetic speech Biden gave.
    I refuse to watch that treasonous moron Biden talk about anything.
    I was thinking that Communism is a call for a insurrection against a Constitutional Republic, and a overthrow of the US government. Facism is a call for a partnership with private party industry with government, that would also be a insurrection against the US Constitutional Republic.
    Non vetted Invasion of our Borders is contrary to the Constitutional Republic and defense of Borders.
    Even statements that AI and Robots are going to take over is a form of insurrection because its Industry that is programming this technology to supersede humanity. Klaus Schwab said, ” Whoever controls technology control the World. ” That is a announcement of a insurrection by technology, and a overthrow by whoever owns the technology and programs the technology. Hal isn’t suppose to take over the ship.
    So the Bill of Rights regulations on AI by the Biden Administration is a joke because its just voluntary compliance by Industry.
    As I write, Canada, France, Ireland, and other Countries are trying to enact new laws that what they deem hate speech or dispute to what they consider misinformation will be punished by life in prison.
    So, the recent Davis WEF meeting in which they claim their objectives were to restore trust, as well as crack down on what they call disinformation is playing out in making free speech a crime.
    Life in prison is usual reserved for crimes like murder, but free speech opinion or dispute to what they say the truth is will be punishable by life in prison.
    So , how do you like the One World Order, which is a insurrection against the populations of the globe to implement a forced dictorship that infiltrated Governments collude with. And its ironic that they label any dispute to their great fraudulent narratives “hate speech”, because I can’t think of entities that are more hateful, genocidal , or fraudulent than the One World Order pre-planned
    dictorship enslavement of the global populations.

    1. Lol, He didn’t slip into a coma so its a big win. That’s the hurdle these days

  13. Do you find it reassuring that stock markets keep hitting new record highs in the face of higher-for-longer interest rates?

    2. Markets
      Markets are hitting record highs. And economists like El-Erian and Krugman can’t shake off their fears
      Published Fri, Mar 8 2024 6:40 AM EST
      Zahra Tayeb

      KEY POINTS

      – A fiery rally in tech stocks powered the Nasdaq 100 to a fresh record and helped the S&P 500 finish above the 5,000 mark for the first time ever last week.

      – AI ecstasy has also boosted individual tech stocks to historic levels, with Nvidia’s stock market value smashing a $2 trillion valuation for the first time ever.

      – In Asia, Japan’s Nikkei 225 has echoed an eye-popping performance with the country’s stock market index newly crossing 40,000 points on Monday.
      …
      https://www.cnbc.com/amp/2024/03/08/el-erian-and-krugman-cant-shake-off-their-market-fears.html

      2. Any thoughts on why Mr Market is so glum today? It’s Friday, the sun is shining, spring is in the air…occasion for celebration of life!

        Cheer up, HODLerz!

        1. Markets
          CNBC TV
          Updated Fri, Mar 8 20244:20 PM EST
          Nasdaq drops 1% Friday as Nvidia tumbles, Dow closes out worst week since October: Live updates
          Alex Harring
          Pia Singh
          Traders at the NYSE, March 8, 2022.
          Source: NYSE

          Stocks retreated on Friday, closing out a turbulent week as Nvidia’s incredible run took a breather.

          The S&P 500 lost 0.65% to 5,123.69, while the Nasdaq Composite slipped 1.16% to 16,085.11. Both swung into negative territory after rising to new all-time highs earlier in the session. The Dow Jones Industrial Average relinquished 68.66 points, or 0.18%, to end at 38,722.69.

          All three major indexes finished the choppy week lower. The broad S&P 500 pulled back by 0.26% this week, while the blue-chip Dow and tech-heavy Nasdaq fell 0.93% and 1.17%, respectively. That decline marked the worst week for the 30-stock Dow since October.
          …
          https://www.cnbc.com/2024/03/07/stock-market-today-live-updates.html

  15. Funny how nothing can be accomplished without free money. From the Dumver Post:

    First train rolls as Colorado leaders rally for passenger rail linking Denver, Boulder, Fort Collins by 2027

    “Hundreds of millions” in federal funding will be necessary, Gov. Jared Polis says

    Colorado leaders ramped up their efforts to launch a passenger train system linking Denver, Boulder, Longmont, Loveland, and Fort Collins within three years, riding a ceremonial first train on Thursday afternoon.

    “We’re going to get it done,” Gov. Jared Polis declared before boarding the Amtrak Superliner at Denver’s Union Station and rolling for 44 miles in about 90 minutes to Longmont.

    90 minutes to get to Longmont? You can go all the way to Cheyenne in 90 minutes in a car!

    Federal funding in the “hundreds of millions” will be necessary, Polis said on Thursday, sitting with Fenberg as the train approached Westminster and highway traffic thickened before rush hour.

    If lawmakers commit, “what I am looking at is about a three-year implementation” of the rail service linking Denver, Boulder, and Fort Collins, Polis said.

    Three years, huh? Sounds like a lot of politically connected “consultants” are going to rake in millions in fees doing “studies”, until the project quietly dies.

    1. Clownifornia “completed” the Bakersfield to Modesto segment of their boondoggle, behind schedule and over budget. How much more is it gonna cost to lay tracks to SF and LA?

      1. The tracks are already there and are used by Union Pacific. They will have to build some train stations. The old one in Loveland was converted into retail space decades ago. And that’s the thing, there used to be passenger train service between Ft. Collins and Denver, and it stopped.

        That they need free FedGov cash to do this shows that it can’t pay its own way and it needs lots of subsidies. But no problem, the Feds can borrow more.

  16. ‘If they were my clients, I’d tell them, ‘Don’t pay $1.3 million in this neighborhood,’ he said. As Dethier noted: ‘It’s crazy that someone came in and bought this house at that price.’”

    We all know Realtors are Liars!

  17. Date Event Price Price/Sqft Source
    03/01/2024 Price Changed $517,000 $186 Tallahassee
    01/29/2024 Price Changed $565,000 $203 Tallahassee
    01/03/2024 Listed $595,000 $214 Tallahassee
    12/22/2023 Listing Removed – – Tallahassee
    12/04/2023 Price Changed $599,000 $215 Tallahassee
    11/09/2023 Listed $650,000 $233 Tallahassee
    02/02/2009 Sold $55,000 – Public Record

    How the mighty are falling.

  20. Is the epic bitcoin rally strong evidence that risk asset gamblers remain unconvinced the Fed will keep at it until inflation is contained?

    1. Economy
      Bitcoin’s record-breaking run could postpone Fed rate cuts, JPMorgan says
      Matthew Fox
      Mar 7, 2024, 1:05 PM ET
      Fed Chair Jerome Powell
      Win McNamee/Getty Images

      – The soaring price of bitcoin could delay the Federal Reserve’s plans to cut interest rates, according to JPMorgan.

      – The bank said signs of froth in risk assets like bitcoin could lead to higher for longer interest rates.

      – “Premature rate-cutting risks further inflating asset prices or causing another leg up in inflation,” JPMorgan said.
      …
      https://www.businessinsider.com/bitcoin-price-record-impact-interest-rate-cuts-federal-reserve-outlook-2024-3

    2. High Interest Rate Era:
      Higher Rates Changed the World
      How Pros Misread the Economy
      Price of Money Is Going Up
      Shattered Housing Dreams

      Markets
      Summers Says Fed Is ‘Wrong’ on Neutral, Warns on Rate-Cut Bets
      Former Treasury chief says neutral rate more likely above 4%
      Fed officials have projected policy rate at 2.5% long term
      Lawrence Summers
      Photographer:
      Ting Shen/Bloomberg
      By Chris Anstey
      March 8, 2024 at 11:37 AM PST
      Former Treasury Secretary Lawrence Summers said that the Federal Reserve is well off on its estimate of a neutral setting for interest rates, and that there’s an increasing chance that policymakers don’t end up lowering their benchmark this year.

      “There’s something very fundamental that has happened, that I’m not sure that the Fed has fully realized,” Summers said on Bloomberg Television’s Wall Street Week with David Westin. “The neutral interest rate is way above the 2.5% that the Fed likes to talk about.”
      …
      https://www.bloomberg.com/news/articles/2024-03-08/summers-says-fed-is-wrong-on-neutral-warns-on-rate-cut-bets

    3. Markets
      Powell Is Scaring No One on Wall Street as Market Gains Broaden
      – Cross-asset weekly advance by one measure is best of the year
      – Equal-weight S&P 500 rises to record as more stocks join rally
      Jerome Powell,Photographer: Tierney L. Cross/Bloomberg
      By Lu Wang and Isabelle Lee
      March 8, 2024 at 1:18 PM PST

      Anyone betting that a hawked-up Jerome Powell would strike fear on Wall Street this week was left disappointed.

      Stubborn resilience in bonds, commodities and the broader universe of stocks — with a fresh surge in crypto — were the defining features of the trading landscape as the Federal Reserve chair delivered hours of congressional testimony.
      …
      https://www.bloomberg.com/news/articles/2024-03-08/powell-is-scaring-no-one-on-wall-street-as-market-gains-broaden?embedded-checkout=true

    5. I am having a hard time recalling another Fed punchbowl removal exercise with so much alcohol left behind for the revelers to enjoy.

  21. And now, despite earning $300,000, they’re looking at picking up side hustles to keep up with their housing expenses.

    Imagine having that household income, and looking for ‘side hustles’. At that level of apparent professional skill, you’d assume the person would be building a consultancy or small business for themselves.

  22. The title says it all. In a little college town on the very edges of LA county, most SFH listings are over $1m. Anything vaguely nice goes quickly. Everything eventually sells. The homes are nothing to write home about. Architecture was clearly not part of the vernacular. Seriously, you wouldn’t give these homes a second glance. Many have decades of deferred maintenance. Yet, people are still buying them. Actually, crazy doesn’t describe it.

    On an intrinsic level these homes are way over-valued. Add the higher mortgage rates, and throw in bidding wars, and you are throwing good money after bad, and then some. Are these buyers completely unaware of what they’re potentially getting themselves into? It beggars belief. The behavior reminds me so much of the last housing crisis. In some respects it’s worse. And nobody is talking about it. The LA Times is completely silent. And if things do eventually go pear-shaped, which seems very probable, those who behaved badly will get bailed out, while those who behaved sensibly will get punished. It is a very, very strange paradox.

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