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ad says
That is why there needs to be more innovation and productivity
Older societies don't produce that.
Biden is funneling $45 billion from clean energy incentives in the ridiculously named Inflation Reduction Act (IRA) into housing conversions.
Before there was Sam Bankman-Fried...there was WeWork!
WeWork Finally Files for Bankruptcy two Years after Going Public via SPAC. Office Landlords, CMBS Holders Face the Music, Stockholders Wiped Out
https://wolfstreet.com/2023/11/07/wework-finally-files-for-bankruptcy-2-years-after-going-public-via-spac-office-landlords-cmbs-holders-face-music-stockholders-wiped-out/
Its founder (https://en.wikipedia.org/wiki/Adam_Neumann) was paid at least $1.5 billion before being pushed out.
I bet he was happy he got pushed out and not holding the bag as far as worthless stock in WeWork. Who were the fools who bought WeWork when it was within $300 to $500 range ?
https://www.reddit.com/r/RealEstate/comments/17psis6/trouble_selling_socal_condo/
Trouble selling SoCal condo
The price is too damn high.
https://www.reddit.com/r/RealEstate/comments/17psis6/trouble_selling_socal_condo/
Trouble selling SoCal condo
Renting the place out is not an option; without selling we can’t buy another home, and the likelihood of selling is dwindling for the aforementioned reasons, not to mention insurance companies pulling out of California.
An aside: How come you never hear about housing coops having the same problems as condos in the news? Anyone know?
Housing coops do not allow renters and also buyers have to get approved by the board.
The move down buyer has tons of cash/equity. Middle class homes will stay unaffordable to the middle class. There will need to be government intervention. Does anyone find it interesting that the government helped when the financial system was fucked in 2008? Remember the $8,000(?) first time buyer credit?
Sell at a loss or Rent at a loss?
WHAT?????? Home prices might go down. Not with "free money" Joe running things. He's talking about another $25 billion in "free Money" to new home buyers. This is in addition to the $45 billion earmarked for converting commercial properties to residential. Of course this is in addition to the about $10k every new homebuyer already gets from the State and Local governments.
What's not to like??????
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A “silver tsunami” of baby boomers will start downsizing next year and 2025.
In terms of the housing market, baby boomers pretty much have it made. They own homes worth a whopping $18 trillion combined, compared to just about $5 trillion for millennials as of the first quarter of 2023, according to a Redfin report released in August.
The ‘silver tsunami’ is about to hit the housing market—but millennials and Gen Zers may not come out any better in the wash
https://fortune.com/2023/11/09/housing-market-affordability-silver-tsunami-home-prices-baby-boomers-millennials-gen-z/
.
In terms of the housing market, baby boomers pretty much have it made. They own homes worth a whopping $18 trillion combined, compared to just about $5 trillion for millennials as of the first quarter of 2023, according to a Redfin report released in August.
ad says
Biden is funneling $45 billion from clean energy incentives in the ridiculously named Inflation Reduction Act (IRA) into housing conversions.
Translation - Warehouse accommodations for mass illegals.
Here in California, these old folks have dirt cheap property tax due to Prop 13. They either stay put and die in situ so their kids can inherit tax free or they leave, but rent out their place until death so their kids can inherit tax free. Fortunately, now, the kinds can't get the dirt cheap tax unless they themselves live in the house.
You know, housing is just like Bitcoin in a way. Those who already hodl Bitcoin are motivated to pump up its value by that fact alone. Same with housing.
SunnyvaleCA says
Here in California, these old folks have dirt cheap property tax due to Prop 13. They either stay put and die in situ so their kids can inherit tax free or they leave, but rent out their place until death so their kids can inherit tax free. Fortunately, now, the kinds can't get the dirt cheap tax unless they themselves live in the house.
I guess you don't know what a living trust is.
Sunnyvale seems to be right, you may want to check Prop 19.
Prop 19 does make a narrow exception for primary residences transferred only to your child, during your lifetime or after your death—but then your child must themselves live on the property as the owner.
HeadSet says
Sunnyvale seems to be right, you may want to check Prop 19.
Prop 19 does make a narrow exception for primary residences transferred only to your child, during your lifetime or after your death—but then your child must themselves live on the property as the owner.
If the house is in a living trust.they don't have to live there.
Does it mean, after Prop 19 changes, that they can inherit the house and continue getting the Prop 13 tax assessment without having to live in the house?
Should I rip the bandaid off and sell my condo?
Quite the opposite. Prop 19 removed the former ability of a homeowner to pass Prop 13 tax advantages to the kids via a Living Trust, unless the kid actually lives in that property. You may be interested in this:
ability of a homeowner to pass Prop 13 tax advantages to the kids via a Living Trust, unless the kid actually lives in that property. You may be interested in this:
https://www.bubbleinfo.com/2020/12/07/prop-19-will-trust-protect-reassessment/
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https://finance.yahoo.com/news/pimco-kiesel-called-housing-top-160339396.html?source=patrick.net
Bond manager Mark Kiesel sold his California home in 2006, when he presciently predicted the housing bubble would pop. He bought again in 2012, after U.S. prices fell more than 30% and found a floor.
Now, after a record surge in prices, Kiesel says the time to sell is once again at hand.