This! thisthisTHIS you guys!
Real estate & inflation ver. 2022.
- Thread starter imwjl
- Start date
The 2nd part, regarding corporations & what not? This has never been on the scene. It is new territory and doesn't do the general public much good.
Yeah, I missed my clip; I was trying to get just the second part. It’s a disaster in the making: pricing young people right out of the market, and when it pops, a lot of people are gonna be upside down.
bgmacaw
Poster Extraordinaire
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imwjl
Doctor of Teleocity
This is sell/close my mother in law's estate.
Still we know the problem. Our neighborhood has become VERY expensive for the state. We are either side of age 60 and eye a few single story houses near us thinking consider them for when we won't climb the stairs to go to bed some day.
I know some of the matters people are bringing up here but have some disagreements too.
It is true that we have a lot of real estate firms of different sizes moved from commercial to residential and they've concentrated on nicer rental units. It's also true there are places where local ordinances have aimed at some affordability. We regulate quite a few things to avoid chaos and trouble, and we have some metro areas with good planning that generally works so I'm not opposed to some development ideas.
Where I totally disagree with some is that the American dream as it's called - other places have it too - is dead. There's tremendous opportunity all over but not everyone has, and more important pursues skills where the whole world will pay a living wage. That's one where I don't ever think some sort of policy except education can solve the problems.
My transition to modern or more accurately, competitive skills in the 1980s wasn't any different than I see goes on now. Some people embrace change or hop on the train and some do not. After the learning part, some work out change and surviving more competitive scenarios and some not. I'm certain that stuff will always be the same. Even where it's not an aptitude or intellect matter to hold a job other matters still let someone fit or not.
Yup...education...real education. Being patient and understanding that one starts somewhere to work up to something better is also a big piece of this. An expectation of starting out with a salary/home/car/you name it... comparable to one's parents, who have worked 20-40 years to get there...is unrealistic.
Assess, improvise, adapt, overcome...reassess...
Education-wise, it floors me when my grandkids, nieces, nephews, etc etc spend their time and huge sums pursuing fluff degrees when becoming a welder, plumber, electrician, etc almost guarantees twice the income and steady work at the end of apprenticeship. I italicized "work" because that is what we all want to avoid, but the people that grind it out are more often than not the most successful. My lead grandson, completely tired of school, now drives for a leading outfit that sounds like the loop on the back of our amps. He started there at the bottom, slinging boxes...I told him "stay put" when he started talking about shiny pyramid schemes, etc. He may end up better off and more secure than the entire lot.
What were we talking about? Oh, real estate. Mrs noted our home value has officially (according to the all-powerful and knowing internet) bumped over the "twice what we paid for it mark". Wow. We are thankful we are in a paid for home and our kids each have homes. No doubt, when we step off for the next great adventure, our kids will sell this place to help the grandkids with down payments.
buster poser
Poster Extraordinaire
It's all good, we know from recent experience that when real estate is unhitched from fundamentals, things are generally going to be okay.
I live in a fairly typical suburban development, it was new construction in mid 2019 when we bought. It's unremarkable 'tract' housing, 'zero property line,' etc. A model in my 'hood cost $370k (base, no upgrades) in 2019. The builder now has a new development a couple miles from here and they're reusing this one model, base price of which is now $560k. Exact same home. Probably fine.
I live in a fairly typical suburban development, it was new construction in mid 2019 when we bought. It's unremarkable 'tract' housing, 'zero property line,' etc. A model in my 'hood cost $370k (base, no upgrades) in 2019. The builder now has a new development a couple miles from here and they're reusing this one model, base price of which is now $560k. Exact same home. Probably fine.
Good advice about trades. I'm a retired boilermaker (welder) living in a small village (200 pop.) in southeast Alberta. I'm 20 minutes from a town of 15-20,000 and less than an hour on a four-lane highway to a small city of 70,000 or so.
My work was mainly shutdown/maintenance turnarounds at oil refineries, pulp/paper mills coal-/natural gas-fired power plants and potash mines. I've worked in most Canadian provinces but mostly here in western Canada and northern Ontario. I never worked at home and was gone for sometimes 2-3 months at a time; 10-12 hour days and many 7-day work weeks.
However, six months of working like this was a year of 'middle/upper middle class' income. It sucked to be away from home and my wife was left holding down the fort and taking care of the four children while I was gone.
The upside was that there was about six months of 'home time' with the family and we lived comfortably. Plus, at the end, there was the pension and dental and drug benefits et cetera not covered by Medicare here.
My point: with this trade, I was able to escape the high real estate prices and the rampant (these days) drug-related crime of cities. Don't get me wrong: there's lots of rural crime going on in some areas. It's still possible in many rural area of Canada to buy cheap/reasonably-priced homes and acreages but the downside is being out in the boonies. Depends on how far one is willing to live from towns with amenities. But it's a personal choice. I've met a few trades people (men and women) who live outside Canada and this job provided that option for them. I have a retired friend who married a woman from Maine and moved there forty years ago. As a pipewelder, he was able to work all over the US and Canada.
Plumber, eh? Plumbers get to sleep in their own beds every night.
We purchased a new natural gas range before Christmas. I waited three weeks to get a self-employed plumber/gas fitter to hook it up to the existing gas line. I tried every plumbing outfit in the nearest town and couldn't get anyone to come out to the house. I was willing to pay the one hour return travel time as well.
I could have easily done it myself but here in Alberta, one has to be ticketed and I didn't want to risk any insurance problems if ever there was a house fire. The plumber was in the house less than thirty minutes and he charged me $150 CAD cash. The credit card price would have been more.
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Mike Tyson:
Everyone has a plan 'till they get punched in the mouth.
My daughter has been kicking around selling her house across town because she bought it new six years ago and could double her money on it. Her intent was to move closer to us since we are already six years older than dirt, and the kids think we might suddenly become invalids before our next round of golf.
She has a HUGE lot, which she would never be able to get again. It's all fenced and landscaped now, it's in a quiet neighborhood, and the taxes are reasonable. I told her if she carried out her plan, she could probably count on seeing a 100% increase in her taxes and insurance. Even the gardener will charge her more for doing less, because he knows she just bought the place for a high price! After kicking it around, she's decided we've been fending for ourselves for a pretty good bit, maybe we'll just be alight and she can just stay where she is.
I don't care what ANYONE says, I've seen this all happen several times in my lifetime. You can only stack bee bees so high, and eventually no matter how expert you are at the task, down they'll come. Property will never be cheap again, but eventually something will happen, (it always does) to cause the whole deck of cards to collapse. EVERY single one of these surges has collapsed in time. I remember a quote from a celebrity on tv during the boom in the early 2000s, I am getting rich staying home and letting my home make me a living! Well, around about November of 2006, that all came crashing down.
Everyone has a plan 'till they get punched in the mouth.
My daughter has been kicking around selling her house across town because she bought it new six years ago and could double her money on it. Her intent was to move closer to us since we are already six years older than dirt, and the kids think we might suddenly become invalids before our next round of golf.
She has a HUGE lot, which she would never be able to get again. It's all fenced and landscaped now, it's in a quiet neighborhood, and the taxes are reasonable. I told her if she carried out her plan, she could probably count on seeing a 100% increase in her taxes and insurance. Even the gardener will charge her more for doing less, because he knows she just bought the place for a high price! After kicking it around, she's decided we've been fending for ourselves for a pretty good bit, maybe we'll just be alight and she can just stay where she is.
I don't care what ANYONE says, I've seen this all happen several times in my lifetime. You can only stack bee bees so high, and eventually no matter how expert you are at the task, down they'll come. Property will never be cheap again, but eventually something will happen, (it always does) to cause the whole deck of cards to collapse. EVERY single one of these surges has collapsed in time. I remember a quote from a celebrity on tv during the boom in the early 2000s, I am getting rich staying home and letting my home make me a living! Well, around about November of 2006, that all came crashing down.
imwjl
Doctor of Teleocity
It does seem like we have firms reporting profits at times of much higher costs as a difference from other cycles my boomer self has seen.
The reason rich folks stay rich is no matter what the worker bees are doing, they're always one step ahead of them. Eighty percent of the money is always in the hands of, or under control of the same fifteen or twenty per cent group no matter what kind of system the worker bees serve under. It's a disgrace I know, but as sheriff Poole said, "that's just the way it is."
You are on the right track, but woefully understate the small number of the rich and the large amount that they hold overall.
https://www.bloomberg.com/news/arti...rs-hold-more-wealth-than-the-u-s-middle-class
What? You wanted me to cause a stampede.
Note:
Never have the expert opinions in ANY field been valued as low as they are today!
Those funky phone videos that allow people to broadcast as guests on news services being introduced as "experts" has brought expert opinion to heretofore unknown lows.
When I was but a wee lad in the eighth grade in grammar school, I was taught that a small percentage of the population, always controls the major part of whatever is being used for barter, and has been that way since people began to keep track of such things. Nothing has changed much.
imwjl
Doctor of Teleocity
That pre-dates the phone videos. Before the dot com to dot bomb days I did actual tech research for one of the CNBC morning Squawk Box guests, a newspaper financial columnist, and the angel investor of a VoIP start up I worked for.
The important part is not opinions where we always have to look deeper but using what's false as fact. The real modern problems you are probably upset about might be more than anything how willful ignorance has become too acceptable.
The history covered in the book Master Switch is really important for this topic news. That author Tim Wu and Yuval Noah Harari are always worth some time. The latter is probably one of the smartest worth listening to guys around in our time because of his tremendous grasp of the past and present added to his understanding of our species.
Thank you for the references. There is an abundance of what can best be described as Hazunga both in written and broadcast news and opinion today. So much so, I generally just figure the guy is lying, or misinformed, but needs the dough. I have all but given up on listening, watching, or reading opinion. I figure mine is about as good as the next guys.
This lady wants to be my tax accountant. I'm supposed to just tell her what the facts are, and she delivers the death prognosis. But 2022 is not over yet by a long shot. Tell me where to invest/spend this money, and on what, in the next 6 months and I'll do it.
If you're playing football, do you quit because you're down by 10 points? No. The ball can bounce back your way, just as easy as going against you.
But back to your point, no it isn't easy practicing in the Big Easy because if our courts don't work (and they don't) the insurance companies and big corporations just laugh at you if you assert a claim. South Louisiana (exception Lafayette) is a series of waves of disruption, crashing in and you can't tell your clients what to expect. And if you can't get results, then the people you signed up coming looking for you, the lawyer.
I think the big difference is, my grandfather personally knew the guys with the money, of his generation. My Dad knew of the guys of his, maybe got introduced once, to a few of them.
And I do not know the guys who own the stuff these days at all - at least not these last few years. Not even sure who they are.
I did business with the same insurance company for over thirty years. They'd send me a bill, I'd pay it. Now I buy insurance from somebody on the internet. Any time I call ANY business, I get a list of things I can punch a button for, but it's never what I'm actually calling about. The world has moved on, I haven't. I sure would like to buy a ticket to about 1995.
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