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Sellers Holding Out For Lofty Prices Are Seeing Their Ambitions Crumble

A report from the Indianapolis Star. “A single-family house in central Indiana sold at an average of $315,000 in May, according to Annie Caruso, president of the MIBOR Realtor Association. Active inventory in central Indiana has increased nearly 17% from 2023. Indiana Association of Realtors president Jennifer Parham believes the market has shifted in homebuyers’ favor despite the increased cost. ‘Property values and housing prices continue to rise across much of Indiana,’ Parham said. ‘But with more inventory, we’re also seeing more homes with price adjustments and final sale prices further below their original listing price – signs of buyers gaining a little more leverage.'”

The Star Tribune in Minnesota. “Home sellers in the Twin Cities still have a substantial advantage over buyers, but buyers gained considerable ground last month as listings increased and the competition eased slightly. Last month there was a nearly 16% annual increase in the number of homes for sale across the metro — the most for any May in at least four years, according to the Minneapolis Area Realtors. At the same time, buyers signed 5% fewer purchase agreements than they did a year ago, giving buyers more choices than they’ve had in many months. ‘While the market is undergoing corrections, it is not a balanced market yet,’ said Amy Peterson, president of the Saint Paul Area Association of Realtors.”

“The Twin Cities mirrors national trends. A U.S. report from Zillow shows that house listings in the Twin Cities increased 18% from April to May — the eighth largest bump among major metros. ‘While it’s true that each area and even market segment is unique, there are still some common threads,’ said Jamar Hardy, president of Minneapolis Area Realtors. ‘Rising inventory is one of those themes, yet those shopping for homes shouldn’t assume we’re suddenly in a buyer’s market because we’re not.'”

WJHL in Tennessee. “Losing tens of thousands of dollars and having their lives turned upside down when Wood Construction and Remodeling took their money and didn’t perform major remodeling jobs isn’t the only thing Sarah Fogle and Jacci Wallace have in common. Both women are also insistent that a proposed federal wire fraud plea deal for former owner Leighton ‘Joe’ Wood — even though it includes restitution for a number of victims — also include a jail sentence. ‘It is infuriating to think that someone could do this to so many individuals and deliberately know that’s their plan and walk or possibly get probation,’ said Fogle, who paid Wood $78,000 for a contract to rebuild a home gutted in a fire and lost it all. ”I’ve thought about this for so long and in a perfect world, it would be great if Joe Wood could get me my life back, give me that peace of not having to worry about things that (back) then I didn’t have to worry about. But I know that’s not feasible.'”

“News Channel 11 broke a series of investigative stories on the Johnson City-based company in the fall of 2021 as dozens of customers from multiple states were filing complaints. ‘If he does not have some kind of jail sentence, that’s not justice,’ said Wallace, who paid about $80,000 for Wood to renovate two homes after her family and her parents moved from Oregon in 2021. ‘He hurt way too many people to be let off with probation. Way too many people.'”

The Denver Post in Colorado. “Denver housing officials finally have zeroed in on how much they expect Mayor Mike Johnston’s All In Mile High homelessness initiative to cost the city on an ongoing basis: $57.5 million a year. It’s taken the Johnston administration almost a year to arrive at that budget estimate — which doesn’t include one-time start-up costs — much to the chagrin of some City Council members. ‘If we serve 2,000 people, which is what we anticipate serving, that is about a per-person cost of $28,750 per person. And this includes services, the temporary housing (and) the wraparound supports,’ Jamie Rife, executive director of the city’s Department of Housing Stability, told City Council members during a committee meeting.”

“Even during Tuesday’s presentation, Amanda Sawyer — who chairs the council’s Finance and Governance Committee — grew impatient with how administration officials presented the numbers. By her math, Denver is on pace to spend close to $155 million on the program before the end of the year. Stephanie Adams, the city’s deputy chief financial officer, told Sawyer she believes the total is slightly lower, but acknowledged the councilwoman’s estimate was close. ‘The total is not listed anywhere and that’s what I’m asking about,’ Sawyer said.”

KTLA in California. “Wednesday marks the grand opening of a new homeless housing tower in downtown Los Angeles‘ Skid Row that is drawing praise for its ambition while taking flack for its price tag. Weingart Tower contains 278 units, though it’s just the start for the Weingart Center Association. While the number of new units is large, so, too, is the 19-story high rise’s amenities list, which includes a gym, art room, music room, TV lounge and balconies with views of the L.A. skyline. While some are celebrating a new tool in the fight against homelessness in L.A., others are bemoaning the cost: about $600,000 per unit. While that figure may be eye-popping, it’s below the price of $837,000 for some units, as reported by the Los Angeles Times.”

The Union Tribune. “California saw some of the biggest rent declines year-over-year, Zumper said. Oakland was down 9.1 percent, Sacramento down 8.1 percent, Los Angeles down 5 percent and San Jose down 2.3 percent. Some of San Diego’s costliest markets saw the biggest drops: Coronado’s one-bedroom median was down 14.7 percent, and Encinitas down 13.8 percent. Alan Nevin, a San Diego real estate analyst said lower cost rental prices aren’t dropping because there is too much demand and not enough of them. He said the region has done a good job of pumping out moderate and luxury rooms, just not much below that. ‘We have a sufficient number of units to satisfy the needs of the market in all rent categories, except for the low rents,’ Nevin said. Nevin said rents are likely to be affected by more apartments being built, including roughly 3,000 units under construction downtown that he said are due to open in the next 12 months.”

The Los Angeles Times in California. “It was the graffiti that made the abandoned skyscrapers of Oceanwide Plaza in downtown Los Angeles infamous. But the illicit work is low on the list of problems facing the bankrupt, billion-dollar development. With a potential fire sale of the residential, hotel and retail project approaching, a far more complex and expensive question looms over one of the region’s all-time real estate catastrophes: Can it be saved from the wrecking ball? Some potential buyers and construction experts say that doing so is financially untenable, in large part because tenants would be scarce for the expansive retail space on the project’s bottom floors and a redesign would be very difficult for the oversized residential spaces in the towers above.”

“Instead, they say, the structures should be torn down to make way for something new. ‘Believe me, somebody would have jumped forward with a viable plan if there really was one,’ said developer Bill Witte, chief executive of Related California. Witte said he believes Oceanwide has ‘negative value because of the scale and the indeterminate amount of work that would have to be done to complete it.”

“Stuart Morkun, vice president of development at Mitsui Fudosan America, was one of several developers who tried to figure out how to acquire and complete Oceanwide Plaza profitably but concluded it wasn’t feasible. He finds the project mesmerizing. ‘It’s literally like walking into ‘Blade Runner,’ he said, referring to the 1982 film set in a dystopian future Los Angeles. ‘This postapocalyptic environment that could be from now or who-knows-when. It’s horrifying and thrilling to see at the same time. It would be daunting, as if you decided to pick up a pile of cards in a card game. You could be saying, ‘Holy smokes, what have I gotten myself into?”’

“Challenges for using the property as designed go well beyond construction issues, real estate observers say, largely because there is so much space that would need to be leased or sold. Oceanwide came to L.A. with a plan on a scale more commonly found in China, where developments often dwarf projects in the West. ‘The sheer scope of the project … was unprecedented,’ said Witte of Related California. He described Oceanwide in its current state as ‘a carcass of an overscale development.'”

The Globe and Mail in Canada. “Sellers holding out for lofty prices in real estate markets around Ontario are seeing their ambitions crumble in many cases as listings continue to swell. Shawn Lackie, real estate agent with Our Neighbourhood Realty in Oshawa says some homeowners hold out for the price they want while spurning all offers below that amount. But if they have received a few offers around the same mark, the sellers should grasp that that’s the amount buyers have deemed the home is worth. ‘It becomes obvious that it’s not worth $1.5-million, it’s worth $1.2-million, because that’s what all the offers are coming in at,’ he says.”

“A little farther north, real estate agent Alexis Victor of Royal LePage Signature Realty has been seeing price reductions on year-round residences and cottages in the area around Washago, Ont., which is positioned between Lake Simcoe to the south and the Muskoka region to the north. Ms. Victor points to the example of a four-bedroom cottage on Lake Muskoka which traded hands for $3.65-million in 2021. In 2022, the property came back on the market with an asking price of $4.65-million, followed by a series of price cuts. In 2023, the cottage was relisted with an asking price of $4.179-million and another set of trims followed. In March, the property was relisted with an asking price of $3.695-million and recently sold conditionally for $3.2-million. ‘Seven out of 10 times, people always want to try at the higher price,’ she says.”

The Negotiator in the UK. “More than 60% of sold properties in South Kensington are being reduced prior to a deal being agreed, compared to 37% in Mayfair & St James’s says LonRes. Price reductions continued to blight the London prime sales market last month as house price growth in the capital remained negative with sales values in May 2.8% lower than a year earlier, latest data from LonRes reveals. Transactions were also 14.8% lower than a year earlier with the fewest sales in the month of May since 2017. Nick Gregori, Head of Research at LonRes, says: ‘Demand for homes is still out there but is tending to be price sensitive. Motivated vendors understand this and we are seeing asking prices being reduced in greater numbers than usual.'”

ABC News in Australia. “More than 700 Victorians have waited more than a year for their claim to be resolved by the state-run insurer after their builder went bust, adding to emotional and financial pain for distressed families. The state’s ombudsman is being urged to investigate the Victorian Managed Insurance Authority’s (VMIA) behaviour, following this week’s ABC Stateline report that detailed allegations that the authority was forcing low and unrealistic building quotes onto desperate families. In some cases the offer would not cover the completion of construction or a full remedy of defects.”

“A swag of builders — including Porter Davis — have folded in the past two years resulting in a surge of Victorians making claims with the VMIA. ‘You can’t image how bad and mismanaged, and untrustworthy, the VMIA is,’ Porter Davis customer Suzi Ralph said. When Porter Davis went under Ms Ralph was left with an unfinished home riddled with defects. Ms Ralph said the process was so bad she took on finishing the works herself by hiring tradesmen directly to avoid bleeding more money. The soaring cost of building materials and labour means delays to payouts can result in additional out-of-pocket expenses. ‘I’m still fighting to get the defects all fixed and paid for,’ she said. ‘I feel that they are dragging out the process to pay me less money.'”

From Nikkei Asia. “China has moved to bar housing construction in some areas in its latest attempt to shrink a mountain of unsold homes that is weighing on prices. The new restrictions stop local authorities from selling land usage rights to developers in cities with unsold housing inventories that would take three years or more to clear—a criterion that more than 40% of major cities meet. This is part of China’s efforts to deal with a property slump that has slowed the world’s second-largest economy.”

“Cities can resume selling once inventories drop below the three-year threshold. In cases where the clearance period is between 2–3 years, sales are capped based on the amount of existing housing that has been sold to buyers. Nationwide housing inventories were up 24% by floor area at the end of April compared with a year earlier, according to data from the National Bureau of Statistics. As of March, more than 40% of China’s 100 largest cities would need more than three years to clear their stock of new housing, the threshold for the land auction ban, Caixin reported. This is up from less than 20% at the end of 2022 and around 30% at the end of 2023. At least one city would need more than a decade to clear its inventory at the current pace.”

“Sales of newly built housing during the Labor Day holiday in early May tumbled more than 40% on the year by floor area, according to the China Index Academy think tank. The figure is around 30% lower than in 2019, before the Covid-19 pandemic.”

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This Post Has 46 Comments

  1. ‘Rising inventory is one of those themes, yet those shopping for homes shouldn’t assume we’re suddenly in a buyer’s market because we’re not’

    You tell em Jamar, end of story!

  2. ‘If we serve 2,000 people, which is what we anticipate serving, that is about a per-person cost of $28,750 per person.

    Padded expenses are a feature, not a bug, of Democrat Compassion, Inc. patronage & graft rackets.

        1. Responded to a guy on X/Twitter about this saying it’s ridiculous that they’ll be living in nicer digs than people who work hard and pay taxes.

          He replied that *I* should be working harder for a nicer place.

          Wait… but the homeless guy isn’t working AT ALL.

  3. If house prices went up 40% under CCP Flu, how much will they go up under bird flu?

    Asking for a friend…

      1. In many cases they were tripping over each other to get their jab first, then bragged on social media about how they had done their part to save the world.

  4. Witte said he believes Oceanwide has ‘negative value because of the scale and the indeterminate amount of work that would have to be done to complete it.”

    Oh ye of little faith! Under Gavin Newsom’s economic stewardship, California’s doom loop cities will rise from the ashes like mythical phoenix birds to become new beacons of prosperity and models for the rest of the nation to emulate.

    I slay me….

    1. Kidding aside, this is just depressing. All that wasted time, money, materials, and labor. It would have been better to dig holes and fill them in again. Why can’t we humans do anything right?

      Better yet, why not just stuff the homeless into this building instead of building them something special at $600K/unit? Seemed like a match. Even if the building isn’t up to code, well, the streets aren’t up to code either.

    2. Oceanwide has ‘negative value
      There it is, negative value of a property.

      First time I have seen “negative value” mentioned but I am sure it won’t be the last time

      1. The structure is worthless, so the demolition costs make it negative. I strongly suspect that unfinished eyesore will be gracing the LA skyline for decades.

  6. “California saw some of the biggest rent declines year-over-year, Zumper said. Oakland was down 9.1 percent, Sacramento down 8.1 percent, Los Angeles down 5 percent and San Jose down 2.3 percent. Some of San Diego’s costliest markets saw the biggest drops: Coronado’s one-bedroom median was down 14.7 percent, and Encinitas down 13.8 percent.”

    Households and businesses leaving California in droves can’t help keep rents sky high.

    The San Diego County home purchase market is also as dead as a doornail. Good luck at maintaining those lofty pandemic era Zestimates!

    1. The building even looks schizophrenic! It will look destroyed inside in less than a year, it is amazing how fast a bunch of urchins can soil a nest.

  10. ‘Ms. Victor points to the example of a four-bedroom cottage on Lake Muskoka which traded hands for $3.65-million in 2021. In 2022, the property came back on the market with an asking price of $4.65-million, followed by a series of price cuts. In 2023, the cottage was relisted with an asking price of $4.179-million and another set of trims followed. In March, the property was relisted with an asking price of $3.695-million and recently sold conditionally for $3.2-million’

    That’s a mighty a$$ pounding right there Alexis.

  12. How do you take over the World and create a One World Order dictorship , without firing a shot.

    First for decades they infiltrate Global Governments, Institutions, Science, government agencies, Media, etc , to surrender to a One World Order Dictorship ,embodied in the United Nations and World Health Organization.
    The UN/WHO is a international unelected Organization that’s infiltrated and corrupt and is the puppet of the WEF,(Monopoly Corporations) Rich Elites, Banks, Big Pharma, probably China , and other co conspirators in the take over of World.

    The plan is for the 195 Global Countries Governments to transfer by Treaties all governance to United Nations , that would supersede all sovereign states, freedoms, constitutional protections , standing law ,for UN resolutions and global dictates under Global Health Policy that includes just about everything .

    So the 195 Governments were extorted, bribed , threatened , etc, to surrender to the United Nations being the overriding global Government.

    Monopoly Corporations and other co conspirators are in collusion with the United Nations to partner with the bulk of Governments in this power grab.
    That is why John Kerry said no government can stop the “market forces.”That is why mRNA killer vaccines aren’t being taken off market by governments , but put in more product. That is why our Government isn’t stopping invasion of our borders by non vetted illegals, using tax payer funds to finance the invasion
    The Governments have already been captured, so that is why outrageous crimes against humanity are occurring, with Governments partnering in this insurrection by these Entities.

    So they rigged the 2020 election to put puppet Joe Biden in to advance the One World Order Agenda.
    So this is a power grab to destroy all Countries and than control all resources and consumption. To subject billions of humans to enslavement, famine, deprivation of energy, hacking and mandated genocide vaccines, you will eat bugs and own nothing.
    The Blueprint for the Agenda, is the 2030 UN Sustainable Earth Agenda. Its based on fraudulent narratives of Doomsday Climate Change and Panademics, and zero carbon emissions by 2050 , and depopulation of billions.
    These are fraudulent solutions to fraudulent global emergencies , and its just a scheme for these Entities to take all earthly resources and enslave , control and genocide world populations.
    So, my point is the Governments have been captured by these Entities to partner in this power grab by Entities that are psychopaths, fraudsters, insane power mongers, who want to reek destruction on earth and literally kill billions of people. Their pretense is they are saving the World from Climate Change and Panademics, and many other made up emergencies.
    They are dangerous and are absolutely nuts in their intent to enslave by a technocratic control grid with forced hacking and altering humans into a new species.

    IMHO, its not going to work in the final analysis because Hal didn’t take over the spaceship, because the human dismantled HAL.
    Humans can dismantle this ridiculous plot by evil misfit criminals, by first not complying with their dictates. Than we dismantle their hideous pre planned agenda by any means that becomes necessary.

    1. They’ve been expelled from 100’s of countries but I think what you’re saying is we should send them into space next. Maybe Elon can make this happen. Send them all to Mars.

    2. Kelly’s Heroes – Oddball takes a rest, best scene of the movie

      123Mister321

      7 years ago

      Great scene from Kelly’s Heroes. when Big Joe asks why Oddball is not helping his buddies.

      Oddball: Hi, man.
      Big Joe: What are you doing?
      Oddball: I’m drinking wine and eating cheese, and catching some rays, you know.
      Big Joe: What’s happening?
      Oddball: Well, the tank’s broke and they’re trying to fix it.
      Big Joe: Well, then, why the hell aren’t you up there helping them?
      Oddball: Oh man! I only ride ’em, I don’t know what makes ’em work.
      Big Joe: Oh creeps!
      Oddball: Definitely an antisocial type. Woof, woof, woof! That’s my other dog imitation.

      https://www.youtube.com/watch?v=TzsNh3-FnHQ

      1:11.

  15. A reader sent these in:

    The Federal Reserve has published it’s mortgage asset transactions data yet again. For Q1, overall, we’re continuing the deceleration path as is typical for recessionary periods by most accounts. A 🧵on mortgage asset transaction values by property type.

    https://x.com/MrAwsumb/status/1803219880495485190

    DotCom era headline vs today’s

    https://x.com/menlobear/status/1803181025985699978

    Global government debt has risen 40% in the past four years to $97 trillion: Bank of America’s Michael Hartnett. That compares with $86 trillion in corporate debt and $55 trillion for households.

    https://x.com/lisaabramowicz1/status/1802434530680459563

    Three years.

    $42.5 billion.

    And not a single home or business has been connected to new broadband networks (and no project will break ground until next year).

    Why didn’t we just mail people Starlink terminals?

    https://x.com/AlecStapp/status/1803444325197418703

    If the liberal economic establishment stalwarts are crying for rate cuts when equity market is at ATH does that mean they will go on hunger strikes when it’s down 5%?

    https://x.com/INArteCarloDoss/status/1803307423253356863

    Major British Bank NatWest is eliminating 1,600 jobs

    https://x.com/MacroEdgeRes/status/1803492037427413257

    History is a sometimes a fascinating look into the future…

    https://x.com/MacroEdgeRes/status/1803492741709541635

    In a combined $50 billion of taxpayer infrastructure spend on ‘EV chargers and high speed internet connection’ – just 7 EV stations have been constructed and 0 homes have been connected to the internet.

    https://x.com/MacroEdgeRes/status/1803492428856357292

    1. Why didn’t we just mail people Starlink terminals?

      Because that would work and it makes sense.

    2. In a combined $50 billion of taxpayer infrastructure spend on ‘EV chargers and high speed internet connection’ – just 7 EV stations have been constructed and 0 homes have been connected to the internet.

      And our unelected government is laughing all the way to the bank. There is zero doubt in my mind that those funds and others have been grifted and embezzled. The number of bucks being laundered around the globe has to be staggering.

  18. Well the craziness goes on here in the middle of nowhere.
    House down the block, on sale for what I consider crazy price, bad location (nice house), up 25% from last time it sold (pre covid). under contract in 4 hours

    other direction: house sold in ’21, foreclosed on in march, put on the market and under contract (and now sold) for CASH for 50 grand more than the foreclosure amount and 20k more than it sold for in ’21 (when it was in nice shape, now it’s beat to crap)

    other direction: house bought at top of bubble, June 22, crazy price. They decide to move on (middle of nowhere, happens), price it at 10% more than what they bought it for (and they have done nothing and I”m sure it now smells like curry. IYKWIM) under contract in 4 days.

    What in the blue hippie futz?????????
    Has everyone completely forgotten how to bargain?
    has no one noticed that rates are DOUBLE what they were 2 and 3 years ago?
    idiots.

    There’s a LOT of inventory in the valley. In 20 and 21 it was 30 to 50 houses total, now its around 150. And these people are buying for full price in 2 hours? It is a small area, so if you like the house there aren’t many more, but still this is just ridiculous. it’s a small town, 10 minutes edge to edge. 30 minutes edge to edge of the whole valley.

  19. The Phoenix Real Estate Market Is Changing | Phoenix Real Estate Market Update
    Caitlin McKeague – Your Phoenix Real Estate Agent

    1 day ago

    The Phoenix Real Estate Market Is Changing and we are seeing flashbacks to some years we do not want to repeat! Is this bad news for the market, or does this signal some opportunity? Today we’ll discuss mortgage rates, the fed meeting and the pulse of the Phoenix real estate market.

    https://www.youtube.com/watch?v=NKoNuDX0rQ8

    13:33. From the comments:

    Without a doubt, this year will be worse than the last. I lost a lot of money last year as a result of bad investment choices that I would not have made if I hadn’t been so worried about my portfolio. I kept investing, but I couldn’t determine whether to start paying for a house. In the end, I sold my positions, and the house needed more work than I had planned. I’m not sure how long I can keep going like this

    People always say that while it’s not going to be like that until it is like that.

    My neighbor in Peoria put his house up for rent about 3 months ago for $2,400 per month. Dropped the price to $2,300 and later to $2,200. Still no takers. He took it off the market about a week ago but the lock box is still on the door. I expect it go back on the market at some point. Zillow estimates the value at $500,000. The PITI on that plus HOA and 1% annual maintenance is nearly $4,000 per month.

    I had no idea that seller financing were making a come back. This is good news !!

    On the total residential homes in Phoenix, the “under contract” chart for now may be worse than 2007 when expressed as a percentage of total homes in Phoenix. For example, if there were 1 million total homes in Phoenix in 2007 and there are 1.3 million now, the current “under contract” figure as a percentage of total may be lower than it was in 2007. If that’s true, then the current decline is happening faster than it did in 2007.

    Thats one data point. Inventory to demand is still way way too low. My house is up 6 percent this year. Supply and demand

    Thanks Caitlin for the great information. A friend of mine (West Palm Beach, Fl) just got a contract on her home after having her house on the market for two months and ONLY had ONE showing (who was the buyer). Crazy how things have changed. I’d think twice before buying a house right now (don’t want buy on the way down).

    I’m seeing more and more existing houses with for sale signs. I’ve been in Phoenix for 7 years and have never seen anything remotely close to this, but I’m sure those of you who were here in 2008 know this “look.”

    Wait until Buyer Agent commissions disappear from mls in mid August

    Can you please talk about new constructions? Builders are selling tiny houses with tiny lots with skyrocketing prices! And people are buying those as there are very less houses available in the market. I see AZ outdoor living is being diminished by these profit making builders. Is this the right time to buy new builds??

    Lower your prices, or eat your property. Demand massive haircuts to the price.

    False! Just ask any real estate agent and they will tell you prices will continue to rise 10 to 20% every year, if you don’t buy now, you’ll never be able to. You have to trust real estate agents, they never lie to you.

    Housing bubble?

    It’s finally happening. I dont think the housing market will crash.. but there’s definitely a correction going on. I’m guessing 8-12%… Unless, the interest rates drop at least 1% which doesn’t appear to be anytime soon.

    There needs to be a massive amount of distressed sellers to compare with 07. That’s not gonna happen.

    1. ‘On the total residential homes in Phoenix, the “under contract” chart for now may be worse than 2007 when expressed as a percentage of total homes in Phoenix. For example, if there were 1 million total homes in Phoenix in 2007 and there are 1.3 million now, the current “under contract” figure as a percentage of total may be lower than it was in 2007. If that’s true, then the current decline is happening faster than it did in 2007’

      This is a good comment on an interesting part of the video, a few minutes in I think. I skip everything but when she has the Cromford screens up.

    2. ‘Lower your prices, or eat your property. Demand massive haircuts to the price’

      That’s the spirit!

  20. ‘It is infuriating to think that someone could do this to so many individuals and deliberately know that’s their plan and walk or possibly get probation,’ said Fogle, who paid Wood $78,000 for a contract to rebuild a home gutted in a fire and lost it all. ”I’ve thought about this for so long and in a perfect world, it would be great if Joe Wood could get me my life back, give me that peace of not having to worry about things that (back) then I didn’t have to worry about. But I know that’s not feasible’

    I know yer a little down right now Sarah, but chest out, cuz you are a winnah!

  21. ‘While some are celebrating a new tool in the fight against homelessness in L.A., others are bemoaning the cost: about $600,000 per unit. While that figure may be eye-popping, it’s below the price of $837,000 for some units’

    Interesting that they talk about the Oceanwide Plaza being dystopian, but not this.

  22. ‘He said the region has done a good job of pumping out moderate and luxury rooms, just not much below that. ‘We have a sufficient number of units to satisfy the needs of the market in all rent categories, except for the low rents,’ Nevin said. Nevin said rents are likely to be affected by more apartments being built, including roughly 3,000 units under construction downtown that he said are due to open in the next 12 months’

    I can see what’s going on here Alan. Rents are sinking like a turd in a well. There are thousands of airboxes coming. And the large majority of what you have to offer, most people can’t afford. For a sh$thole full of real estate experts, you really flubbed this one.

  23. ‘Instead, they say, the structures should be torn down to make way for something new. ‘Believe me, somebody would have jumped forward with a viable plan if there really was one,’ said developer Bill Witte, chief executive of Related California. Witte said he believes Oceanwide has ‘negative value because of the scale and the indeterminate amount of work that would have to be done to complete it’

    I’ve been saying, we need to start knocking this junk down. Good money after bad.

  24. ‘says some homeowners hold out for the price they want while spurning all offers below that amount. But if they have received a few offers around the same mark, the sellers should grasp that that’s the amount buyers have deemed the home is worth. ‘It becomes obvious that it’s not worth $1.5-million, it’s worth $1.2-million, because that’s what all the offers are coming in at’

    They aren’t going to give it away Shawn, despite yer far right taunts!

  25. ‘A swag of builders — including Porter Davis — have folded in the past two years resulting in a surge of Victorians making claims with the VMIA. ‘You can’t image how bad and mismanaged, and untrustworthy, the VMIA is,’ Porter Davis customer Suzi Ralph said. When Porter Davis went under Ms Ralph was left with an unfinished home riddled with defects. Ms Ralph said the process was so bad she took on finishing the works herself by hiring tradesmen directly to avoid bleeding more money’

    Yer doing the right thing Suzi. Rest assured it was cheaper than renting!

  26. ‘China has moved to bar housing construction in some areas in its latest attempt to shrink a mountain of unsold homes that is weighing on prices. The new restrictions stop local authorities from selling land usage rights to developers in cities with unsold housing inventories that would take three years or more to clear—a criterion that more than 40% of major cities meet’

    These guys are the model for central planning. There’s no resistance, what they say goes. I’m sure it will work this time.

  27. You’re Not Going To Get Your Money Back (York Region Real Estate Market Update)

    Team Sessa Real Estate

    59 minutes ago VAUGHAN

    In this episode we take a look at the current Vaughan Home Prices, Richmond Hill Home Prices & Markham Home Prices and real estate market trends for week ending June 12, 2024. We also discuss how some people try to do some small refreshes to their home but expect full renovation pricing.

    https://www.youtube.com/watch?v=S_9nEDIajg4

    10:52.

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