It's official, homes are like ammo

[MoKelly]

When you divorce work from earnings you get a bubble.

But —- only if leverage is involved.

Selling stock is a little different.

MoKelly

 

[3gunr]

We do a lot of work for a local realtor that deals mostly in high dollar homes. Last week a home went on the market on saturday, they had over 70 lookers and got an offer of 100,ooo over asking. The average here is 20 to 30 grand over asking price. There is very little inventory out there.

 

[groundcover]

$3,650,000 , 95 acres , indoor pool, private eight tenths of a mile paved drive.
Thousand a week in property taxes though !

https://photos.zillowstatic.com/fp/b0be4b91418e53960b55b2b64baff3c3-uncropped_scaled_within_1536_1152.webp

 

[Jstpssng]

Just before the shutdown last year I bought a 2 1/2 acre lot as an investment planning to cut what wood was on it, clean it up over time; maybe bring in power, built a trailer pad, and sink a well; then sell it when I retire. Given current conditions I put it on the market; today I signed a purchase agreement and will clear 25% over my costs.

Should I invest that money in ammo?

 

[MoKelly]

Just before the shutdown last year I bought a 2 1/2 acre lot as an investment planning to cut what wood was on it, clean it up over time; maybe bring in power, built a trailer pad, and sink a well; then sell it when I retire. Given current conditions I put it on the market; today I signed a purchase agreement and will clear 25% over my costs.

Should I invest that money in ammo?

I wonder if you had invested that money last year in ammo v land, would have done even better?

MoKelly

 

[WVH1977]

Bought a 10' salt treated 2x4 yesterday for 15 bucks. Lumber pricing is insane.

 

[Sigarms]

Bought a 10' salt treated 2x4 yesterday for 15 bucks. Lumber pricing is insane.

From what I've seen per homes being sold and the prices, the quotes I've gotten to put up a 1,100 sq ft home for my MIL actually sound reasonable where as last year I would of thought myself crazy to even consider it. The only added issue is subdividing the land in front of the house, which we aren't certain we want to do.

 

[tradosaurus]

Around here - 9 acres with a livable house for 200K. You could be prosecuted for stealing.

We bought our house and 42 acres for $250K about 4 yrs ago out in a very rural area. Glad we did.

 

[grsthegreat]

Just before the shutdown last year I bought a 2 1/2 acre lot as an investment planning to cut what wood was on it, clean it up over time; maybe bring in power, built a trailer pad, and sink a well; then sell it when I retire. Given current conditions I put it on the market; today I signed a purchase agreement and will clear 25% over my costs.

Should I invest that money in ammo?

I hope you waited until it qualifies for long term capital gain, not short time.

 

[Frankenkubota]

Doesn't seem like that long ago we had a real estate boom that led to a recession and market adjustment.

I lost my azz on that one. Among other things......I Bought a condo in Scottsdale, in 6 months it's lost 50% of its value and ended up selling on the courthouse steps.

I always thought that courthouse steps deal was a thing from the past, just an old saying. Nope

I went to the courthouse and there were hundreds of folks there just scraping up the remains.

It's never a bubble until you look back.