This is Strange...

Beatle Bum

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I believe in free markets. But the housing stock being snapped up by investors is bad, downright dangerous. When young people have no hope of getting a starter home, they become detached from the system, and soon become enemies of the system.
Apartment complexes are popping up everywhere in Louisville. Is the city population growing that fast or are more people renting?
 

Beatle Bum

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I’m not surprised. Of the total nationally, most of them may be in smalltowns.

Kentucky passed House Bill 422 just 5 years ago, which gave small towns a constitutional framework to issue citations for neglected and abandoned properties.

One community with which I work has demolished twenty old houses, most of which were completely abandoned by owners/creditors. The total demolished is about 2 percent of the private homes within the city.

The biggest cause?

The economic crises of 2008-10 left many houses abandoned and in foreclosure . . . and then many of the “banks” holding the notes vanished completely, or were merged into other banking institutions, many failing to complete the foreclosure procedures, leaving empty houses in limbo.

Another main driver has been the abandonment of smaller, older houses by those who have moved up and out of dilapidated neighborhoods. As the neighborhood was rough to begin with, the first ten years a house was abandoned mattered little to anyone: then 15/20 years down the road, the abandoned house starts to lean or collapse into itself, creating an obvious public nuisance.

My largest municipal client was taken all the way to the 6th Circuit Court of Appeals in one case where we demolished a house that was causing “imminent danger” to the neighborhood. We won in Lexington Federal Court and in the 6th Circuit last Fall, establishing the first federal test case of the application of House Bill 422.

Dozens of intermediate and small towns are now considering adopting House Bill 422 in their communities, to deal with a problem that appears to be universal to small towns.

Drive through about any town of less than 20K people in Kentucky, and head to the poorer neighborhoods. You won’t have much problem finding abandoned houses, or houses that should be abandoned.

Our 2% rate of demolishment is well below the national average rate of 11/12 percent unoccupied, but we have many that are in limbo: unoccupied, but with vacant owners or neighbors keeping the grass mowed and the doors/windows shut, hence no public nuisance (yet).
The case about the one room log cabin?

“some of the tree-rings dated back to 1640”
 

LineSkiCat14

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There is. Multi-family and Residential can't be built fast enough right now. Most of the apartments we do work on in new construction are fully booked before they even have CO. That used to be unheard of now you expect it. Granted these are in the hottest markets in the US so that should be taken into account as well. But even then, places like Montana and Idaho are having their own booms with multi-family right now. They're getting the folks that can't afford to live in Cali or Washington from the incredibly high real estate prices combined with the incredibly high taxes.

Since the housing market collapsed, apartment rents have been going up. Now that single family has basically rebounded from the collapse of the housing market, apartment rents have increased to the point where it's not necessarily the less expensive alternative it once was.

Then you have trends and the trend of younger people is more to live, work, play instead of house with a big yard/maintenance. So multi-family is stuck in a perpetual shortage right now because they can't build fast enough to keep up with demand and the renter is out of options because they can't buy or rent a house for the asking price, either.

I don't know what this means going forward. We work with a lot of developers and they aren't showing any signs of slowing down. MOF- most tell us to be ready because they are buying more.


We're going through the pre-approval process on a multi-generational/multi-family home. Already spoke with a few builders. The prices is going to be astronomical, but so is buying a pre-existing home. Many sellers have stated that homes with in-law suites are in highest demand. It sounds crazy, but I just cant fathom buying a first/second "size" home, for the prices now, only to inevitable grow out of it in 5-10 years. Makes sense to spend another 35-40%, sell my moms house, build her an inlaw suite, and that way we can take care of her as she ages, we get some childcare out of it, and we have a home that we never have to leave. It's insane to even write this and think about it.. but that's where we are in 2022.

The crazy part is that builders are charging more for lots that are just one or two towns over, and it isn't like one area is noticeable "better" than the other. One of their developments is $50k added onto the base cost of the house, right off the bat. They've had to resort to a lottery system, as potential buyers were showing up to the lots a day in advanced, and sleeping in their cars overnight just to secure the lot they wanted first thing in the am.
 
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LineSkiCat14

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Albany NY, which is really considered the "Capital District", comprises of 3 cities about 20 minutes from each other. and the suburbs between them and around them.. Median homes are showing as $220,000.. but that's including a heck of a lot of urban housing and duplexes. There is no way a family of four is getting a house in the suburbs for under $400,000.. and from my searches, it's more like $450 to $500k if you want the good school district/house with no work needed/ etc.

Just dont know how this is sustaniable. Is this the new norm for society? More corporations and investors buying property, while the middle class is stuck renting for life as their salaries struggle to cover rising rents? As someone alluded to above, you're going to put the middle/lower class in a tough spot where they might eventually say "enough is enough".
 
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The-Hack

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The case about the one room log cabin?

“some of the tree-rings dated back to 1640”
Yes

They were large logs felled in September of 1839, hence 200 year old trees.

The cabin was about 400 yards from Logan’s Fort.

The hope was (independent of the litigation) that they were logs recycled from Logan’s Fort, of 1775.

No cigar on that one !!

Curiously, did you see this in the press, or given your occupation, encounter it through work/Court appearance(s)?
 
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Fact_Checker

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This was from the lending tree article linked and what my guess is why there are high vacancies in FL. One of my biggest customers just got into buying up single family homes. The vacation rental market in FL is insane and only getting bigger.

On the flip side, high vacancy rates and high home prices can suggest that an area has unique characteristics, such as being a vacation hot spot or targeted by investors. Meanwhile, high vacancy rates and low home prices might mean an area is experiencing socioeconomic hardships.
Yeah I would be interested in what they define as vacant for this count before I analyze it. I hate articles like this that throw a bunch of numbers around without defining what they are counting. As a data analyst it is very frustrating.
 
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I've said it before, but LordEgg.... is one of the most underappreciated posters on this entire board. Dude stays under the radar, but is a hidden gem. LOL
 
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notFromhere

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...and strangely.....overlooked?

Tampa News - Empty Houses

apparently a phenomena across the US with other cities showing similar statistics etc

i get the vague feeling this is actually pretty important - but i’m not sure why

It is important, but I was surprised to see Florida was higher than Texas. The reo bubble in Texas has been ready to burst for years, but the banks haven't been putting them on the market.

I think the banks are driving the available housing shortage that has driven the prices up everywhere so they can get more for what they do slowly release. When people tried to do this with metals (hoarding to create a perceived shortage) they were arrested and their stockpiles confiscated. No one does this with banks or the diamond industry, however.

To be fair, if they did dump them all onto the market, values would plummet and banks all over the big cities would have reo and mortgaged houses that weren't worth what was loaned against them.
 

notFromhere

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It IS driving us toward feudalism if something isn't done about it. No way anyone will be able to afford a decent sized home soon unless they are making 250k per year as a family. We're at Jimmy Carter levels of inflation and effective cost of living vs wages
 

Rebelfreedomeagle

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Had someone show me a TikTok guy who does daily videos showing the most expensive and least expensive homes sold in Los Angeles county that day.
The typical high is a few million for a Mcmansion, about what you would expect.
The cheapest is the interesting one. I looked at several, and most were either way east in the hills or in the absolute worst crime area possible and are actual crack houses. None are in livable condition, all look like the best option is to demo and rebuild. The lowest I saw was 310k with most pushing half a million.
I know it’s a pricey area at any time, but that bottom rung of the ladder is way up there.
 

P19978

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We're getting ready to sell my father's house in Alexandria (Campbell County).

When we first met with the realtor back in Dec, she made some suggestions to make it more marketable... and she thought it might sell for $305m.

It will be listed next week at $380m... thats how much the market has moved.
 

notFromhere

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We're getting ready to sell my father's house in Alexandria (Campbell County).

When we first met with the realtor back in Dec, she made some suggestions to make it more marketable... and she thought it might sell for $305m.

It will be listed next week at $380m... thats how much the market has moved.

Just saw comps on a property today that blew my mind. Cost per square ft on a house I was looking to possibly buy last year went from $140-150/Sq ft to $175-215/Sq ft. In just 9 mos
 
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CastleRubric

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thank y’all for commenting -

we’re trying to face up and manage mommas health care bills for alzheimer’s vs caring for her ourselves at her house—- vs possibly selling the home in some way that possibly protects it

i’m learning that there are no good options