Kinja reply list

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The Once and Future KingHamilton Nolan
3/21/16 5:19pm
I’m not sure if there is even a point to building a house under 4,000 sf. I mean once you account for a small quarry load of tasteful and totally not tacky granite, several walk in closets, mud room, formal foyer, powder room, master suite, game room and library, you’re barely left with enough space for several people to completely ignore each other.
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  Walt_CartThe Once and Future King
  3/21/16 5:26pm
  that actually made me laugh out loud.
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  whirlawayThe Once and Future King
  3/21/16 6:02pm
  I just want to know where this guy is planning to move?
  
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bourbon.p.millerHamilton Nolan
3/21/16 5:44pm
Our house has increased in value from $350k to $490k since we bought it 3 years ago but the next level homes (size wise) are selling for $700-1 million, which essentially means we can't afford to trade up. Most people we know who bought $250-400k homes in the area are in the same boat, which explains why we can't find a contractor with availability to pop the top.
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  Doofenschmirtz, Inc.bourbon.p.miller
  3/21/16 6:57pm
  What’s the matter with your home as it is?
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  bourbon.p.millerDoofenschmirtz, Inc.
  3/21/16 8:04pm
  1700 sq ft and only two bedrooms. We plan to start a family in a year or two and that configuration will need to be adjusted soon.
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fgdjyr76ur657iurtHamilton Nolan
3/21/16 5:26pm
The funny thing is how little square footage of a mcmansion is really used on a daily basis...
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  dothedewfgdjyr76ur657iurt
  3/21/16 5:35pm
  Um, that’s a feature not a bug. If you used all the available sq. footage every day, then you would need a bigger house. How else will your neighbors know you have “made it” unless you have parts of your house that you heat and cool but never use.
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  fgdjyr76ur657iurtdothedew
  3/21/16 5:47pm
  I don’t doubt it, although I don’t see the allure - but maybe I would if I could afford it!
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Demon!Hamilton Nolan
3/21/16 5:29pm
Okay. This is my area of actual expertise.

From one of the linked articles:

Also, a large share of entry-level homes are off the market because they’re owned by either investors or so-called “underwater” homeowners who effectively can’t sell, the study says.

This is huge. At the mid-end of the crisis banks figured out people would agree to anything long-term to keep their home short-term. Modification agreements became common, then, with a “split equity” clause where the bank basically forces you to hand over your equity for short term assistance. Between that, arrears being capitalized onto loans including compounded interest, and especially lost values way too many people are underwater and remain there by design.

That was about when I got disgusted and just quit my jump-to-corporate job (I was always in community non-profit housing prior for the majority of my career). Burned a lot of bridges leaving there, because they were just a light-touch burglary outfit by then.
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  clickSuckaDemon!
  3/21/16 6:14pm
  “We’re getting the money from you one way or another”
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  SJDubyaDemon!
  3/21/16 7:06pm
  While that certainly happened, it was a very small slice of the market. The main reason there are so few entry level homes is that most of the builders of them went out of business or scaled way back during the downturn. Since inventories remained low until 2015, it’s most likely that the combination has kept first time homeowners from buying, but it appears to be easing some. So far, 2016 is shaping up to have more sales but not a ton of median price movement, which should start to alleviate both the lack of first homes and the gap on move up houses.
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tito_swinefluHamilton Nolan
3/21/16 6:17pm
It is mildly frustrating. I live in SF, and I have a young child. I’d like to be able to let him walk around outside, but my street is littered with human feces and hypodermic needles.

My house is worth ~$700k more than it was when I bought it six years ago. This makes me technically very wealthy by normal standards. However, if I wanted to move to a slightly better street, there is no way I could buy a house as nice as the one I have now. I could, however, move to New Orleans and buy Lenny Kravitz’ old house, which I’m considering.
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  SJDubyatito_swineflu
  3/21/16 7:10pm
  That’s why so many California people do well when they move. Here in Austin, they come with that 700k in equity and can buy a big house or get a regular house and put half of it in the bank.
  
  It’s amazing how many people come here from CA and NY, especially if they can transfer with their existing companies because it gives them a leg up on salary too.
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  upsidaisySJDubya
  3/21/16 7:26pm
  Ya, but. Texas.
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crayoneaterHamilton Nolan
3/21/16 7:27pm
A few years back Philadelphia built a ‘market value’ development just south of center city off broad. They were modest town homes, 3 bed 2 bath places with off street parking, that sold for $250-300k.

The terms were:

1 you had to within a income threshold to qualify

2 you had to have the house as your primary residence (which means city taxes) and absolutely no renting

3 you couldn’t sell within 10 years without splitting the gains with the city

I’m pretty sure they sold out overnight. The problem is that no private developer is going to price a home/condo for less than the maximum value that the market will allow. They could price at $350, only to watch people flip it for $450 the next month.

If they had a longer term thought process maybe they could put in terms similar to the cities, and consider the held properties as investments. I'm just not sure what would compel them to give up certain money now for potential money in the future.
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Pegguy ArphexadHamilton Nolan
3/21/16 5:30pm
Do you ever get bored of writing this drivel?
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  Emerald D.V.Pegguy Arphexad
  3/21/16 5:32pm
  He’s getting paid. Do you ever get bored of asking these questions for free?
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DisMyBurnerBaeHamilton Nolan
3/21/16 5:43pm
Wut wut? Wealthy to the left of me, poorz to DA RITE!

/opens trap door on the right

/problem solved? ONLY BOOSTRAHPPERS LEFT!
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TwoscoopsofbutterHamilton Nolan
3/21/16 5:35pm
First you’re worried about being able to pick up cans off the street. Now you’re worried about housing. You gonna be alright HamNo?? Can’t you ask big daddy Denton for a raise. I heard he still has 121 million. Key word “still”. Better get in before " the one that shall not be named" gets his cut.
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  Cyrils-cashmere-sweater-vestTwoscoopsofbutter
  3/21/16 5:40pm
  Stocks aren't going down. Hes got to write about something!
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  PoodletimeTwoscoopsofbutter
  3/21/16 11:35pm
  Ronald Reagan? He’s my Voldemort.
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55_mercuryHamilton Nolan
3/21/16 6:09pm
Its 2004-2007 all over again. At least here in the Bay Area. Back then my wife and I were totally priced out. Then the market crashed and we bought a few years later. And now prices are nuts again and there is no way we could afford now. Its sad because my brother is now exactly as old as I was back during the last bubble, is engaged and can’t afford anything. I just tell him to wait and it’ll eventually crash again ( trust me: it will ). Since buying 5 years ago I kind of stopped paying attention to prices. But recently a friend of mine said he and his wife were looking. We looked around a bit. Holy shit. It is totally crazy how expensive it is. I fail to see how prices as of late are at all supportable.
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