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Has Achieved Nirvana |
https://www.politico.com/news/...-policymakers-474433
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| Pinta & the Santa Maria Has Achieved Nirvana  |
In our neck o' the woods, housing in the suburbs is going bananas. People want to move out of the city and have discovered they no longer need to be close to work in many cases. A lot of companies are rethinking the need to have expensive, large downtown buildings after a year of remote work. Many employees are pressuring their employers to let them work remotely at least part of the time when lockdowns are lifted. The result is less need to be close to work. The irony is that the move to the suburbs has traditionally been driven, in part, as an escape from high costs of living in "the city," but this portion of the equation is rapidly flipping. Look also for a glut of commercial properties in traditional "downtown," as companies contract their footprint. Lots of places are considering hotelling, etc. Why pay the square footage on an office that is only used 2 days a week? | |||
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| Serial origamist Has Achieved Nirvana  |
We are looking at houses. Prices are eye-watering and have been shooting up this year. Like doubling over this time last year. We were in Richland, Washington (near Hanford, the home of the Manhattan Project). A house I would think as a $100K - 200K was listed for $350K and the realtor expected there to be a bidding war. We looked at one house that was built in 1943 as part of the Manhattan raze-and-build. It was originally a 2 or 3 (small) bedroom house. It had been added on to, but the work was a bit shoddy. It had a tangle of the original electrical system and some rework (no grounded outlets). There was a spot of rot in the roof. All the windows were original single-pane metal frame windows. No garage. The yard had been nice at one time, but it looked like several years of no maintenance. So, really, it was a shell and needed a complete gut and remodel. It was listed for $330K. Jeebus. Closer to home, a house four blocks from me, a teardown (the listing euphemistically says "value is in the land"), a slightly larger lot than mine, right on the main arterial... just listed for $1.86M. For a teardown.
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Minor Deity |
Congratulations, you are RICH! 
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| Serial origamist Has Achieved Nirvana |
...Only if I sell. And then I gotta live somewhere else.
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Beatification Candidate |
Friends of ours are looking and it seems to be common to add some sort of escalation clause, essentially making every offer the start of a bidding war...
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Has Achieved Nirvana |
There is a boom here. Inventory is low. Prices are zooming. Two nearby places are on the market. One is probably under contract. The other is priced for Midas.
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| (self-titled) semi-posting lurker Minor Deity  |
Crazy stuff PJ! I remain incredibly grateful that we bought our house (and this piano) when we did! Ron,
What does that mean? I don't understand what an escalation clause is?
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| (self-titled) semi-posting lurker Minor Deity |
from the article:
What a funny way to word it! What does the author want it to be called? Also this:
Yikes!!
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Minor Deity |
Our realtor says that both the housing and rental markets have been incredibly hot here. He also says that it predates the pandemic, but the pandemic did nothing to slow it down. People are buying houses sight unseen. The university is hiring, so I guess that's some of it, but he says that it's at all price points. Things are still a lot cheaper here than elsewhere. The only thing I can figure is that people are getting out of cities.
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Has Achieved Nirvana |
Apparently, the real name is the Senate Committee on Banking, Housing, and Urban Affairs. (And I think securities is still within its mandate, too.) | |||
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| (self-titled) semi-posting lurker Minor Deity |
Ah, that makes sense. I just laughed at the wording "who insists on calling it"
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| Beatification Candidate |
https://www.fool.com/millionac...-best-practice-tips/
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Has Achieved Nirvana |
Prices are crazy here too - not a good time to be looking for a house!
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JodiHas Achieved Nirvana |
Only if you think prices are likely to drop. Aside from 2008, and areas affected by plant closings snd such, that’s pretty rare. 2008 was kind of a one shot deal and I’m not seeing conditions like that today. Perhaps Jon will correct me if I’m wrong.
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