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Post by downriver on May 11, 2021 14:46:33 GMT -8
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zeke
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Post by zeke on May 11, 2021 15:01:01 GMT -8
Some states are more appealing than others. Montana and Colorado for their mountain beauty. Florida for it's warm Winters. Wa, NH, Tx and some others for their lack of a state income tax. If we all had the required $$, wouldn't most of this group rather live in a forested mountain environ?
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davesenesac
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Post by davesenesac on May 11, 2021 17:24:00 GMT -8
Although it may indeed be a frenzy in popular mountain towns, coastal shores, and resort areas, it has now also greatly increased in many relatively remote rural areas as corporate real estate including foreign REIT's are rapidly buying up real estate they expect will be in demand as long as population continues to explode. Any foreigners with money to buy in and their extended families are welcome here in the USA no questions asked. Given enormous media and political power, the last thing in news stories one is likely to read about causes for high housing prices is the influence of banks and Wall Street. Over decades I've been condemning our Western worlds myopic attitude of endless growth and development with overpopulation. Given recently released census data showing slowing USA birthrate population growth, many prominent newspapers under their Wall Street masters are now releasing stories urging greatly increased immigration as though it isn't obvious such has been extremely disruptive to our society, only benefiting short term economic and political interests. Short sighted interests of those myriads chasing wealth that will never be satisfied until our human world is like a can of sardines.
www.weforum.org/agenda/2019/01/why-housing-appreciation-is-killing-housing/
The two institutions with the most to gain from housing appreciation - banks and the government - have fueled the private housing market since mortgage terms were rewritten following the Great Depression. Banks have adeptly parlayed the human need for a stable home into trillions of dollars worth of profits...
For banks, the monopoly of the mortgage 9 market has allowed them to create a home-value arms race - the higher the value of the property, the higher the interest payments and potential profit. Even after the collapse of housing bubbles, government bailouts and favourable bankruptcy rules have limited the risk that banks face from limitless home value appreciation.
Improving renter protections, expanding social housing and more tightly regulating the mortgage market would slow down housing appreciation. Cutting down on short-term rentals and vacation homes also has a dramatic impact on housing affordability...
Another solution would be to limit foreign investment and speculation. When Vancouver passed a 15% tax on all sales to foreign home buyers, the price of single family property dropped 20% before rebounding, giving housing appreciation a short-term respite.
A more dramatic intervention would be to reverse the trend of corporations [as in REITs] getting into the housing market and reintroduce public land ownership. From 2013 to 2015, corporations purchased almost $2 trillion worth of land and buildings in the world’s top 100 cities. Middle and lower-class families aren’t able to compete with corporate property investors...
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Post by burntfoot on May 11, 2021 19:52:56 GMT -8
We just got our tax valuation, and the value of our home in Colorado went up about 25 percent.
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Post by tallgrass on May 11, 2021 20:30:09 GMT -8
It ain't just mountain towns. We were thinking of upgrading our to another home here...we're totally priced out. No way we could afford anything bigger/nicer than what we have.
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Post by marmotstew on May 12, 2021 5:28:45 GMT -8
Hey they way I see it: all these super rich losers won’t be crowding the trailhead near me.
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Post by swmtnbackpacker on May 12, 2021 6:02:54 GMT -8
People need to figure out where they want to live, I guess, with all the pros vs. cons. Colorado is indeed beautiful but I’m no longer enjoying daily cold weather. Also, if older, there’s medical ambulance services outside the greater urban areas/ski lodges.
A buddy of mine living in a desert city inherited a cabin on the outskirts of RMNP and has to go up there for maintenance depending on the season. Hope he teaches his kids and grandkids how to repair, but he now has part-time neighbors from various parts of the country bringing their regional “idiosyncrasies” with them.
Neighbors are increasingly getting problematic regardless of zip code. Thinking of a houseboat...
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Post by bradmacmt on May 12, 2021 6:03:08 GMT -8
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walkswithblackflies
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Post by walkswithblackflies on May 12, 2021 6:08:49 GMT -8
davesenesac - Part of the reason for the requirement of endless growth is our ballooning debt. The Federal debt per taxpayer is now over $225,000 (https://www.usdebtclock.org/). There are 3 ways to decrease that. The first two are decrease spending and increase revenue (taxes)*... which are politically unpopular. The third way is to just increase the number of taxpayers (workers). Double the number and the debt load is halved by default. Add in the boost to the GDP and it further decreases. But stop that stream of constant growth and the house of cards collapses. *over-simplified, but validBTW, our assessment in a little village outside of (the non-destination of) Syracuse, NY also jumped... primarily due to city-dwellers (NYC, Philly, etc.) fleeing COVID.
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walkswithblackflies
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Post by walkswithblackflies on May 12, 2021 6:43:48 GMT -8
A town like Bozeman needs all sort of service industry workers to make it run, but if folks can't afford to live here who's going to make your soy latte? A few years ago, I was part-way through a 10-day backpack and stopped in Aspen on a September weekday. Everything was closed. I finally found a restaurant and I asked why nothing was open. They said real estate had driven out the workers. Most of their employees had been commuting from Glenwood Springs (an hour each way).
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rebeccad
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Post by rebeccad on May 12, 2021 7:01:33 GMT -8
Those CO (or CA) mountain towns are beautiful. I would love to live in one. But I won’t, because recent events suggest they will all burn eventually, and you don’t know if “eventually” is in 20 years or next week. That’s particularly true of the expansions into the forests around the towns.
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reuben
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Post by reuben on May 12, 2021 7:55:25 GMT -8
Hey they way I see it: all these super rich losers won’t be crowding the trailhead near me. They never did. They helo in and out to restricted lands without permits. There have been threads on the subject, but reading them just pisses me off, so I'm not going to search for them.
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sarbar
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Post by sarbar on May 12, 2021 10:55:31 GMT -8
If we all had the required $$, wouldn't most of this group rather live in a forested mountain environ? Nah. I like island living in the PNW. It rarely snows and is usually 10* cooler than the mainland in summer. And I can drive easily to the mountains! :D Having said that....it's now red hot here for real estate.
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Travis
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Post by Travis on May 12, 2021 18:48:44 GMT -8
This movement toward the mountain areas (and elsewhere) has been going on for decades and is not likely to be halted by some burst in the economic bubble. Not all places are as extreme as Telluride, but the trend is widespread. From north of Kalispell, Montana to south of Santa Fe, New Mexico, it is difficult to find a location unaffected.
As Zeke suggested, many of us would like similar living conditions, but the effects make me think twice. To get some work done on a tooth today, I had to travel 160 miles. It took all day. So naturally I have an interest in being closer to good healthcare as well as to wildlife and good mountain scenery. But to have both I have to find a place in a persistently crowding area with rising real estate prices. I don't think it is any coincidence that thousands of other people have similar goals.
Someday I may find the compromise that suits me. But chances are I'll settle for far less than I had dreamed of. Maybe my youthful rebellion will make a last appearance and take me toward a very different direction. But I don't see much of anything that will stop the trend. The last big economic collapse barely slowed it in the long term.
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Post by Lamebeaver on May 13, 2021 4:42:52 GMT -8
The real estate market in Denver is also rather insane.
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