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The Economy

Discussion in 'Sports and News' started by TigerVols, May 14, 2020.

Page 255 of 455
  1. dixiehack

    dixiehack Well-Known Member

    That sounds more like the Uncle Slaton real estate plan from Choctaw Bingo.
     
    dixiehack, Jun 28, 2023
    #3049
    FileNotFound and 2muchcoffeeman like this.
  2. poindexter

    poindexter Well-Known Member

    Better the old farts out playing pickleball than staying home watching more Fox news.
     
    poindexter, Jun 28, 2023
    #3050
    OscarMadison and Driftwood like this.
  3. MileHigh

    MileHigh Moderator Staff Member

    Denver a few years ago started to require a short-term rental license -- and you can only STR out of your primary residence.
     
    MileHigh, Jun 28, 2023
    #3051
  4. dixiehack

    dixiehack Well-Known Member

    IMG_4421.png
     
    dixiehack, Jun 28, 2023
    #3052
  5. The Big Ragu

    The Big Ragu Moderator Staff Member

    Get used to housing inventory being limited. ... They blew a home bubble by buying up trillions of dollars of mortgage-backed securities and keeping the overnight rate at zero for so long. ... and it now has people trapped in their homes because they got an artificially low interest rate or they refinanced into one. For millions of people, the artificiality was the only thing making the home purchase possible in the first place. If they sell to try to move or trade up into a new home, depending on where they are they might lose money on the sale (the bubble has deflated at least a little in a lot of what were the "hotter markets" a few years ago), and on top of it, the current financing costs for a new home make it a no go for many people. Especially with the millenials who would like to be buying homes right now about to get hit with an average student loan payment of $300 or $400 a month kicking back in, in the fall.

    As long as that is the case, sales inventory is going to remain depressed.

    One effect of that (although it has leveled off and come down in recent months, so we'll see if it holds) was that the lack of homes for sale and the unaffordability, sent rent prices skyrocketing in 2020, 2021 and last year. So what some people are doing right now is arbitraging that to buy a home and make up the financing cost by renting out their old home they have a 3 percent mortgage on, even if they had never considered that it might become an income source for them. I wonder if we are starting to see the same thing with homes and apartments that people bought as short-term rental / AirBnB investments. ... with demand for that dropping off post pandemic, and the rental market in a lot of places having become strong, it would be a logical shift.
     
    Last edited: Jun 28, 2023
    The Big Ragu, Jun 28, 2023
    #3053
  6. FileNotFound

    FileNotFound Well-Known Member

    The AirBNB effect has been a major factor in the Sydney rental market going bonkers. I was told to expect SF/NY prices, but what I wasn’t told was that it would take weeks to find a place at all and that I’d be “competing” with 30 applicants. I ended up with a 1-bedroom flat on a heavily traveled road because I refused on principle to participate in a bidding war for a studio apartment.
     
    FileNotFound, Jun 28, 2023
    #3054
    Hermes and 2muchcoffeeman like this.
  7. justgladtobehere

    justgladtobehere Well-Known Member

    I was also wondering why the revenue is down if travel is otherwise up. The Twitter thread mentioned people not being able to work away from the office or no longer wanting to get away from people because of the pandemic.
     
    justgladtobehere, Jun 28, 2023
    #3055
  8. TigerVols

    TigerVols Well-Known Member

    A friend was looking for a new home in one of the fast growing areas in California -- Menifee -- and discovered May inventory was 110, vs. May 2022 which was 445.
     
    TigerVols, Jun 28, 2023
    #3056
  9. Driftwood

    Driftwood Well-Known Member

    I'm not intimately involved because it's the next street over, but the facts of the case are close enough for the point to be made.
    The street has an HOA. Six-eight-ten-a dozen houses rent out weekly during the summer, and that's how those folks pay for their beach houses the rest of the year. The HOA decided to pass a rule that said nobody on the street could rent for less than a month at a time. The owners in question politely told them to fuck the hell off.
     
    Driftwood, Jun 28, 2023
    #3057
    OscarMadison and Neutral Corner like this.
  10. MileHigh

    MileHigh Moderator Staff Member

    Kind of like season tickets. If I want to sell them, I should be able to.

    For Denver and STRs, having the license and you can only rent out your primary residence has seen a decrease in big parties, things getting torn up, shootings (though it happened recently, but those are rare), degrading neighborhoods with a glut of STRs and investors just moving in and making huge amounts of money.
     
    MileHigh, Jun 28, 2023
    #3058
  11. Twirling Time

    Twirling Time Well-Known Member

    I suspect I have an STR next door. Never met the new neighbors since the house sold, things are pretty quiet (too quiet?), occasionally there's a car in the driveway. No massive party yet.
     
    Twirling Time, Jun 28, 2023
    #3059
  12. Neutral Corner

    Neutral Corner Well-Known Member

    We have one three doors down in our quiet neighborhood. The old widow lady who lived there passed, and her son sold it to someone who fixed it up a bit. It's been an STR ever since, but there have been no issues, zero parties. Nonetheless, one of my neighbors has a big sign up in his front yard to the effect of "This is a residential neighborhood. Renting out houses to transients is unwelcome here."
     
    Neutral Corner, Jun 28, 2023
    #3060
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