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Started By
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re: Homebuilders cancelling contracts to sell for more on market
Posted on 3/28/22 at 3:04 pm to LSUFanHouston
Posted on 3/28/22 at 3:04 pm to LSUFanHouston
quote:
But now the third and fourth and fifth generations of wealth are here, they haven't worked a day in their life, they don't understand the social contract the rich have with everyone else, and they just want to do whatever they can to add another zero or two to their wealth.
Only way I see this stopping is... well... cutting off some heads again.
In minds such as yours, anyone who is more successful than you has never worked a day in their life and is simply drawing from a trust fund and laughing at your misfortunes. You are such a victim, you just have to believe in your manufactured boogeymen hard enough and rock that "tax the rich" t-shirt long enough, and things will ultimately change for you, I'm sure of it.
Posted on 3/28/22 at 3:04 pm to NYNolaguy1
quote:
Most contractors can't just unilaterally walk away after signing and demand more money once stuff starts getting more expensive.
If you are doing anything under contract right now, and there is no language to account for the wild fluctuations in material cost, then you won't be in business for much longer.
Posted on 3/28/22 at 3:05 pm to Scruffy
quote:i'm buying it myself so i don't have that issue, but i only have my income
I think the wife has expectations outside of reality and will be incredibly surprised.
probably offsetting penalties at the end of the day
Posted on 3/28/22 at 3:06 pm to LSUFanHouston
I wonder what the penalties were for being four months late on the original build contract?
Posted on 3/28/22 at 3:11 pm to Areddishfish
quote:
At this point you'd do better just to buy your own lot and build your own house versus buying in a development.
Yes but in many cities even finding a lot is out of range for most people and you will more than likely need cash to move on it. That is if builders don't snatch it up before you do since they usually know about it before the general public. Then throw in subcontracting your own house for people that can't even build a house out of legos. There are a ton of people that are not nearly liquid or resourceful enough.
Posted on 3/28/22 at 3:17 pm to Meauxjeaux
quote:
I wonder what the penalties were for being four months late on the original build contract?
They either had language to account for supply change issues or extensions were signed. Possibly both.
Posted on 3/28/22 at 3:22 pm to LSUFanHouston
House being built near me was about $385k a year ago on contract. All of a sudden it’s no longer on contract and listed as a spec home for $479k with offers in days. It’s nothing special either.
Posted on 3/28/22 at 3:24 pm to Vlatket
quote:
Houston market
My aunt and uncle bought their house in 1996 for $132k. About to sell for over $600k.
Posted on 3/28/22 at 3:33 pm to Chucktown_Badger
(no message)
This post was edited on 4/15/23 at 8:02 am
Posted on 3/28/22 at 3:39 pm to Chucktown_Badger
quote:
In minds such as yours, anyone who is more successful than you has never worked a day in their life and is simply drawing from a trust fund and laughing at your misfortunes. You are such a victim, you just have to believe in your manufactured boogeymen hard enough and rock that "tax the rich" t-shirt long enough, and things will ultimately change for you, I'm sure of it.
Except, I work with a lot of these people. I see their finances. I see what they do. I sit in meeting with their parents and grandparents, the ones who started the companies, where the parents and grandparents spend an hour complaining about how lazy, spoiled and entitled their kids are.
I've sat in meeting with successful business owners who are in tears as they decide to sell their businesses because they do not trust their kids and grandkids to run it.
I've sat in meetings with the grandkids and the great grandkids where they state that the 20K a month tax free they are getting is "just not enough to live on" while the family patriarch is cursing under his breath.
I've consulted with companies that had annual net profit over $1M and two years after the grandkids take over, the company is bankrupt, because they first thing they did is fire a bunch of employees in an attempt to increase owner cash flow, and it backfires.
So... no... I don't have a "tax the rich" shirt, but I see what is happening. I'm sorry you do not.
Posted on 3/28/22 at 3:40 pm to Meauxjeaux
quote:
I wonder what the penalties were for being four months late on the original build contract?
Probably about the same as Bluto's GPA
Posted on 3/28/22 at 3:43 pm to LSUFanHouston
I’ve had it happen to more than one client. They require NDA’s being signed as well so buyer can’t go on social media and put them on blast. It’s straight up ransom.
Posted on 3/28/22 at 3:45 pm to Meauxjeaux
quote:
I wonder what the penalties were for being four months late on the original build contract?
We bought a lot and signed our contract with a homebuilder in December 2020. Slab poured in March of 2021 and the house is still not complete. We had to sign a 6-month extension of our construction loan earlier this month and, of course, are paying interest on the draws that have been made to-date. Original completion date was December 2021, then January, then March, and now TBD April according to them. I showed up at the builder's office, demanded a conversation with the owner, and we had a very clear conversation about the events that have taken place and how unethical this entire process has been. We are now on our third different "site superintendent" because the other two have quit and gone to work for another builder.
The contract we signed is brutally one-sided to the builder and has all sorts of ambiguous language that allows them reprieves for taking longer than the 240 day completion timeline they themselves outline in the same contract. It's extremely frustrating to say the least. The builders have taken on an extraordinary amount of business to take advantage of the high home prices but have sacrificed quality and customer-service in that vain.
This post was edited on 3/28/22 at 3:48 pm
Posted on 3/28/22 at 3:51 pm to Chucktown_Badger
4th and 5th generations of wealth accumulation don’t exist
It takes an average of 2 to destroy generational wealth in the US.
It takes an average of 2 to destroy generational wealth in the US.
Posted on 3/28/22 at 3:53 pm to msutiger
quote:
Investment groups accounted for 23% of all purchased homes in Houston in the past year. That number only increases when you filter down to desirable, up and coming neighborhoods that traditional middle class families targeted.
Let's see a link then. What I posted was supported by a bunch of other articles too.
You tinfoil hat people are something else. Everyone is out to get you and you specifically, ESPECIALLY the government
I'd also love to hear how this business makes sense for them. They're paying more than market (allegedly), not flipping them...just holding and paying the note (allegedly) and we're heading into a raising rate environment so home price growth will slow down. And as more inventory comes online there will be further downward pressure.
Do we hate capitalism in general now, or only when it doesn't work to our benefit?
This post was edited on 3/28/22 at 3:55 pm
Posted on 3/28/22 at 3:55 pm to LSUFanHouston
quote:
So... no... I don't have a "tax the rich" shirt, but I see what is happening. I'm sorry you do not.
The difference is you think those types of people are the norm and not the exception. And are you suggesting that you have more of a right to that "generational wealth" than the relatives of the people who generated it?
This post was edited on 3/28/22 at 4:01 pm
Posted on 3/28/22 at 4:03 pm to Chucktown_Badger
quote:
Let's see a link then. What I posted was supported by a bunch of other articles too.
Here is where he got the black rock story
LINK
quote:
“You now have permanent capital competing with a young couple trying to buy a house,” said John Burns, whose eponymous real estate consulting firm estimates that in many of the nation’s top markets, roughly one in every five houses sold is bought by someone who never moves in. “That’s going to make U.S. housing permanently more expensive,” he said. The consulting firm found Houston to be a favorite haunt of investors who have lately accounted for 24% of home purchases there. Investors’ slice of the housing market grows—as it does in other boomtowns, such as Miami, Phoenix and Las Vegas—among properties priced below $300,000 and in decent school districts. “Limited housing supply, low rates, a global reach for yield, and what we’re calling the institutionalization of real-estate investors has set the stage for another speculative investor-driven home price bubble,” the firm concluded
Posted on 3/28/22 at 4:04 pm to LSUFanHouston
quote:
Blackrock has directors and investors from the right and the left...
And they have young people too. You should keep
That in mind while you’re assigning blame for all the ills you see in the world. None of this is solely on one party or one generation.
Posted on 3/28/22 at 4:06 pm to Chucktown_Badger
quote:
Let's see a link then. What I posted was supported by a bunch of other articles too.
LINK
quote:
Institutional investors have accounted for 24% of home purchases in Houston, according to John Burns Real Estate Consulting.
5 second Google search found at least one article discussing it.
Posted on 3/28/22 at 4:08 pm to Scruffy
quote:
Scruffy was shite on by a bunch of people on here by pointing out the absolute absurdity of the current economy and how nearly all of life is becoming unaffordable.
This shite is insane.
The “American Dream” isn’t affordable anymore.
I've noticed a huge shift on this board. Five years ago, this board would overwhelmingly shite on any poster complaining about prices, finding a job, etc. Now, that type of "shite on the poster" comes from one or two posters in these types of threads.
And you're absolutely right about the unaffordable American Dream. I make a good middle class white collar income. With these housing prices in basic middle class neighborhoods...I don't see how people are able to sleep at night with the financial stress.
This post was edited on 3/28/22 at 4:10 pm
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