OT: February home prices see the biggest gain in 15 years

[bigbill]

Originally Posted by BobbyJones

OT...



Hi Bill. Can you tell me where the $31k is coming from? I keep seeing all these types of job reports and numbers, but looking at NY the numbers don't add up to that. Curious how AZ is handling it.

$600/week X 52 weeks. Very few UI claims have been challenged so the state UI plus the stimulus kicker is right at $600.

[rallizes]

Originally Posted by bigbill

$600/week X 52 weeks. Very few UI claims have been challenged so the state UI plus the stimulus kicker is right at $600.

so is 13/hour a living wage in AZ?

[Ken Robb]

Originally Posted by Matt92037

Hey Karl, I am in Bird Rock. Been here for 23 years or so.

My first week as a Realtor in 1972 I sold 5445 Waverly. 3br and 2ba, 1300 square feet on a typical 40x125 foot lot for----------wait for it---------$45,000. 6 months later the next door neighbor asked me if I could get them as much as $45,000 for their identical home. I told them "NO!" They were upset until I told them we could get $48,000--------and we did. You may get more when you sell your Bird Rock palace.

[BobbyJones]

Originally Posted by bigbill

$600/week X 52 weeks. Very few UI claims have been challenged so the state UI plus the stimulus kicker is right at $600.

Thanks for the answer. Have you seen an increase in material cost for manufacturing? Or just a supply squeeze?

[Hilltopperny]

Prices have skyrocketed even out here in the sticks! I have sold three properties the first day they were listed over the past year.


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[eak12]

Originally Posted by zap

Little longer than that.

We (and many others) left Montreal in ‘84. I to the US and my mom to Toronto.......her office moved from Montreal to Toronto. Been back repeatedly to GTA and was always impressed with the amount of homes being built around GTA since ‘86. My mom worked part time as an agent for a home builder north of Toronto. Yes, prices have been going up for quite some time.

By the way, some awesome bricklayers in GTA.

Small world, I also left Montreal and ended up in Toronto. It's true that Toronto has been growing steadily since the 80's, but it really was the mid-nineties when the Quebec separatist movement started to gain steam yet again that Toronto really started building like crazy, in particular the condos. Heaps of English speaking Quebecois moved down the 401. Lots and lots of money moved with them.

But even these days, Montreal real estate is crazy from what I hear. That might thwart my plans of cashing in on Toronto real estate and living out my retirement in Montreal eating poutine and smoked meat

[54ny77]

yes the recent rate of appreciation is shocking, but what's lost on a lot of folks is that median prices have finally gotten back to where they were....15 years ago!

so for those who bought their home circa '06 or so....congrats on being around breakeven....before subtracting costs of ownership and transaction costs. yippee....

imagine if you plopped that $100k investment down in an s&p index fund instead, or even more comical, invested in amazon. the latter would enable you to go into a dollar store and buy about 9 million items +/-.

[EDS]

Originally Posted by fiamme red

Meanwhile, in NYC: https://streeteasy.com/blog/nyc-rents-hit-record-lows/.

Oops. Guess I should not have green lighted my wife asking the renters of our NYC apartment for a rent increase.

[zap]

Originally Posted by eak12

Small world, I also left Montreal and ended up in Toronto. It's true that Toronto has been growing steadily since the 80's, but it really was the mid-nineties when the Quebec separatist movement started to gain steam yet again that Toronto really started building like crazy, in particular the condos. Heaps of English speaking Quebecois moved down the 401. Lots and lots of money moved with them.

Did anyone study how much the separatist movement cost Quebec......especially Montreal?

[peanutgallery]

Bought my place in 07, late last summer was the first time it was worth more than we paid for it. Never thought that would happen when we purchased

I'm staying put, you'd have to be crazy to get involved in the market unless you had to

Bubbles pop and we never really seem to learn

Originally Posted by 54ny77

yes the recent rate of appreciation is shocking, but what's lost on a lot of folks is that median prices have finally gotten back to where they were....15 years ago!

so for those who bought their home circa '06 or so....congrats on being around breakeven....before subtracting costs of ownership and transaction costs. yippee....

imagine if you plopped that $100k investment down in an s&p index fund instead, or even more comical, invested in amazon. the latter would enable you to go into a dollar store and buy about 9 million items +/-.

[oldpotatoe]

My house has gone up 300%+ in the last 20 years...

Bubbles pop and we never really seem to learn

Agree but I think any economic anything is a result of the unprecedented events of the last 16 month or so. Who knows what will happen. In the next 2-3 years we are gonna sell, pack away the profit, rent somewhere closer to grand kids.

[54ny77]

Before HGTV, housing generally matched the rate of appreciation of the 30 yr treasury. For a LONG time.

[el cheapo]

Sold my 900 sq ft 2 bedroom 1 bath house that was built in 1983 last week in FIFTEEN minutes. All cash deal and no realtor fees. Gave the buyer a walk thru and disclosed all the bugaboos. To my amazement, he didn't turn anything on. He made an offer and came in low so I showed him the new county tax appraisal that arrived two days earlier and gave him my price. Sold at $ 1,000 less than asking which in my opinion was WAY overpriced for a fixer upper. Closed in TWO days and the cashier's check is in the bank. Never in my wildest dreams! Anybody planning to sell look closely at the comps and go from there.

[pdonk]

The really weird thing is that in the Toronto market, rental prices are decreasing even though purchase prices are going up. It is a combo of Airbnb regulation (near prohibition on "ghost hotels") and units that have been in the pipeline for the past 6-8 years finally being delivered. So supply is up just as demand is temporarily leveling off or decreasing. There also appears to be many people trying to sell their condos to move into ground related housing.

Proof of these are difficult, as CMHC says one thing, while other sources (realtors, private think tanks are saying the opposite). Media reposts lean towards rental decreases.

CMHC Report on rental housing - https://assets.cmhc-schl.gc.ca/sites...7-d29b1d63cc14

Private report - https://rentals.ca/national-rent-report

Media report from last year, which still seems relevant - https://www.cbc.ca/news/canada/toron...irus-1.5616272

[AngryScientist]

Originally Posted by el cheapo

Sold my 900 sq ft 2 bedroom 1 bath house that was built in 1983 last week in FIFTEEN minutes. All cash deal and no realtor fees. Gave the buyer a walk thru and disclosed all the bugaboos. To my amazement, he didn't turn anything on. He made an offer and came in low so I showed him the new county tax appraisal that arrived two days earlier and gave him my price. Sold at $ 1,000 less than asking which in my opinion was WAY overpriced for a fixer upper. Closed in TWO days and the cashier's check is in the bank. Never in my wildest dreams!

that's great. where was this?