Dislike ads? Remove them and support the forum:
Subscribe to Fastlane Insiders.
Upcoming Live Fastlane Calls (FREE!)
Inventors Virtual Meetup (FREE - All welcome!): Sunday, April, 21st 2024: 11 AM ESTJoin over 80,000 entrepreneurs who have rejected the paradigm of mediocrity and said "NO!" to underpaid jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence.
Free registration at the forum removes this block.It’s certainly a data point. Houses over 2 mil operate and sell a little differently than the 250-1m range. This seems outrageous from my perspective as a real estate listing broker because if I thought I could get 3.7 I would have never sold it for 2.7m. Sometimes there is the rare occasion where a house is almost negligently underpriced but I don’t think this is the case here.I think we put in a market top on Real Estate and here's my sign:
Two months ago I flew to Utah to look at this house. It was listed for $2.79M.
I liked it and considered making an offer, but had a few more houses to look at. Before I could make a decision, it went under contract and sold for list.
1689 N Chimney Rock Rd, Heber, UT 84032 | Zillow
1689 N Chimney Rock Rd, Heber UT, is a Single Family home that contains 2820 sq ft and was built in 2020. The Zestimate for this Single Family is $4,196,000, which has increased by $225,894 in the last 30 days.The Rent Zestimate for this Single Family is $15,560/mo, which has increased by...www.zillow.com
Fast forward to today and the new owners put it up at $3.79 -- in short, they want to make $1M for doing nothing other than buying a house, sitting on it for 45 days, and relisting it. They didn't even stage it or anything, just reposted the original pictures from the listing.
Uh, no.
Insanity like this is why we've reached a top.
I don't think people are this stupid, especially when they have $4M to blow.
Personally I’ve seen somewhat of a stalemate in the market in my area. The prices and sale prices are high but there is low to no inventory. I’ve talked to numerous clients who want to, and know they could sell their house at a large equity increase but they have no where to buy, or the houses they could buy are equally as inflated.
Not sure about BC, but Alberta just increased the taxes HARD on alcohol. We are apparently also at war with BC and they increased and stopped a bunch of imports from you guys.I just got back from the liquor store and they were selling 4-packs of beer (tall cans) asking $39 CAD. Not just one brand either there were a few. Some were still in the $16-$18 range (common price point I find).
Not sure about BC, but Alberta just increased the taxes HARD on alcohol. We are apparently also at war with BC and they increased and stopped a bunch of imports from you guys.
Makes me wonder why Canada is even a country. Perhaps we would be better off as a bunch of smaller governments/countries with less overarching control?
I have yet to meet anyone from Quebec, BC or Ontario that hates Alberta and doesn't want our products. And yet somehow the governments of each respective province is trying their hardest to screw over trade among all these areas. Seems like the common element with most issues is government.
At work we’re running 9-12 week lead times for solid core wood doors. Of course we’re trying to mitigate that by using up our stock (for the past year we’ve pushed a lot of the machining work out to our supplier, it’s stupid cheap). After a heavy lean on our supplier we were able to get them to ship us 600 doors in about 2 weeks. I’m not sure where they pulled those out of their a$$, they must have screwed someone else.Had to replace an interior door... did not want a hollow core, wanted solid wood. Would have been $300 or more AND wait 3-6 weeks! Went to Mom & Pop lumber yard, said "Would you let me look through your bullpen" (left over doors, screwed up orders, etc.) ...rummaged through several and found a solid wood one that measured right for $50 ...cash and carry.
Lesson 1: NEVER UNDERESTIMATE THE BULLPEN DURING INFLATION!
Lesson 2: Never forget Lesson 1 ...and solid wood doors are heavy
It doesn't work for everyone, but a great option to realize your equity is to sell your house and rent an apartment until the housing market goes back down.Yes, it's definitely an interesting quandry!
People can sell their homes for a huge gain, but then what? They get stuck in the same feeding frenzy and likely won't find a new place... they win on the exit, but lose on the entry.
I think we put in a market top on Real Estate and here's my sign:
Two months ago I flew to Utah to look at this house. It was listed for $2.79M.
I liked it and considered making an offer, but had a few more houses to look at. Before I could make a decision, it went under contract and sold for list.
1689 N Chimney Rock Rd, Heber, UT 84032 | Zillow
1689 N Chimney Rock Rd, Heber UT, is a Single Family home that contains 2820 sq ft and was built in 2020. The Zestimate for this Single Family is $4,196,000, which has increased by $225,894 in the last 30 days.The Rent Zestimate for this Single Family is $15,560/mo, which has increased by...www.zillow.com
Fast forward to today and the new owners put it up at $3.79 -- in short, they want to make $1M for doing nothing other than buying a house, sitting on it for 45 days, and relisting it. They didn't even stage it or anything, just reposted the original pictures from the listing.
Uh, no.
Insanity like this is why we've reached a top.
I don't think people are this stupid, especially when they have $4M to blow.
What’s a boat salesman without a boat?Went to BassPro the other day to buy a bay boat. The boat desk guy was thrilled to tell me “we got no boats, not any size, not till October and you can order one.”
Just in time for winter. Screw off.
The fact that they have a boat salesman that loves to shit on you isn’t really an inflation thing, he’s just a douche. I’d bring him into the back office and say “look bill, you are a boat salesman, and as you can see, “we got no boats” so go home and don’t come back, not even in October.”
It’s been like this with boats in Australia almost since the start of the pandemic.Went to BassPro the other day to buy a bay boat. The boat desk guy was thrilled to tell me “we got no boats, not any size, not till October and you can order one.”
Just in time for winter. Screw off.
The fact that they have a boat salesman that loves to shit on you isn’t really an inflation thing, he’s just a douche. I’d bring him into the back office and say “look bill, you are a boat salesman, and as you can see, “we got no boats” so go home and don’t come back, not even in October.”
Mark me down for a boat shortage though.
Relevant article by Dr. Ron Paul:
Paypal increased the flat fee from $0.3 to $0.5/transaction
The lockdowns were like a war on barbers. They need to make money somehow.Hair cut before lockdown €15
Hair cut after lockdown €20
The lockdowns were like a war on barbers. They need to make money somehow.
Join Fastlane Insiders.