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re: The Housing Market - Boomers need to understand that they've waited too long
Posted on 5/31/25 at 9:37 am to HouseMom
Posted on 5/31/25 at 9:37 am to HouseMom
quote:
Two of these homes are enormous. $85/ft isn't exactly being stingy. The second one would be very cool with a full-home remodel. Call HGTV lol
The one that’s $85/ sq foot is a half million dollars away from being modern. Then you have a million dollar home in fricking Ellic.
That house is worth the lot it sits on and the frame. MAYBE $300k, maybe
This post was edited on 5/31/25 at 9:39 am
1
Posted on 5/31/25 at 9:41 am to OweO
quote:
Am I the only one who thinks the whole identifying people by their generation is annoying?
Yes - it is stupid and a 20th century novelty that should be put away. It is a tool for people to excuse their behavior and idiotic expectations.
Posted on 5/31/25 at 9:42 am to Mingo Was His NameO
quote:
The one that’s $85/ sq foot is a half million dollars away from being modern. Then you have a million dollar home in fricking Ellic. That house is worth the lot it sits on and the frame. MAYBE $300k, maybe
I think that’s what people are going to start realizing with homes that haven’t been renovated in half a century. For many of them, the lot is worth more empty and level than it’s worth with the house on it.
Posted on 5/31/25 at 9:53 am to Odysseus32
I think we’ve reached the 10 year peak for those houses. Some of them are very solid but need $100k worth of updates.
That makes them $400k-$500k houses from a buyer’s perspective. Not saying they aren’t worth that - they are usually big, spacious homes on nice lots. But I think we are reaching a point where the market for them is going to slow down for a bit. Younger buyers need smaller and cheaper - that hasn’t been built en masse since the post war boom. And most of those are also in neighborhoods that are now very hot or very bad.
I think we need to figure out how to build desirable 3 bedroom homes for $250k or so.
That makes them $400k-$500k houses from a buyer’s perspective. Not saying they aren’t worth that - they are usually big, spacious homes on nice lots. But I think we are reaching a point where the market for them is going to slow down for a bit. Younger buyers need smaller and cheaper - that hasn’t been built en masse since the post war boom. And most of those are also in neighborhoods that are now very hot or very bad.
I think we need to figure out how to build desirable 3 bedroom homes for $250k or so.
This post was edited on 5/31/25 at 10:08 am
Posted on 5/31/25 at 10:27 am to Odysseus32
There are lots of people who price their homes by sentimentality whether that's an emotional stake in the home itself or just an unwillingness to see that the property values in the area aren't what they once were, always believed they were, etc. They may also look at $/sqft, but they look at that through a vacuum. To sell a home you have to be able to take an objective view of what the house is versus what buyers are looking for.
Alexandria has been slowly bleeding population since England AFB closed in the early 90s.
Census:
1980 - ~51k
1990 - ~49k
2000 - ~46k
2010 - ~48k
2020 - ~45k
While many have left the region entirely, many just moved across the river or just outside of the central part of the town.
To add to this, when looking at population data we see the area has an aging population (average age is ~37) with a dropping annual income (~$47k household). This is an area that's been in decline for decades and seeing large homes being sold with what looks to be no real updates in over 20-30 years is indicative of that sort of drop.
Alexandria has been slowly bleeding population since England AFB closed in the early 90s.
Census:
1980 - ~51k
1990 - ~49k
2000 - ~46k
2010 - ~48k
2020 - ~45k
While many have left the region entirely, many just moved across the river or just outside of the central part of the town.
To add to this, when looking at population data we see the area has an aging population (average age is ~37) with a dropping annual income (~$47k household). This is an area that's been in decline for decades and seeing large homes being sold with what looks to be no real updates in over 20-30 years is indicative of that sort of drop.
Posted on 5/31/25 at 10:35 am to Odysseus32
Seems like nobody else noticed the utility room in the 3rd link. It just may be the angle of the photo, but it sure looks like the washer and dryer totally make the exterior door useless by blocking it completely from opening.
Posted on 5/31/25 at 10:37 am to Odysseus32
quote:
a few decades prior
Do you realize how long a "few decades" is?
quote:
These houses can sit for 6-12 months before they are eventually dropped to what they are worth.
Which is a hell of a lot more than a few decades prior.
Posted on 5/31/25 at 10:38 am to Y.A. Tittle
quote:
quote:
This is anecdotal observation in Ellick.
Your anecdote is likely more an issue of real estate in places where nobody really wants to live anymore than anything else.
Correct. There is and has always been a major factor with real estate....location, location, location and Alexandria, LA. is not on that list.
Posted on 5/31/25 at 10:38 am to Odysseus32
Another boomer hate thread?
What was I supposed to do, sell my house and live in a cardboard box until I die? You'd like that wouldn't you.
Age and condition of my house when I die will not concern me in any at all. I promise.
What was I supposed to do, sell my house and live in a cardboard box until I die? You'd like that wouldn't you.
Age and condition of my house when I die will not concern me in any at all. I promise.
Posted on 5/31/25 at 10:41 am to Redbone
quote:
Age and condition of my house when I die will not concern me in any at all. I promise.
If you plan to die in the house, it doesn’t matter. However, a huge portion of the population hasn’t saved enough for retirement and thinks they are going to sell their houses when it’s time to pay for assisted living, and those people are in for a bit of a rude awakening.
Posted on 5/31/25 at 10:45 am to Redbone
quote:
What was I supposed to do, sell my house and live in a cardboard box until I die? You'd like that wouldn't you.
I don't care what you do.
I just think it's comical that older folks who refused to keep their homes modern believe that they are worth all the other homes on the market.
Those houses listed in my OP should likely be dropped another $100-$125k to be worth buying in this area.
It just highlights the omnipresent delusion that epitomizes a not insignificant portion of people aged 65-85.
Posted on 5/31/25 at 10:47 am to duckblind56
quote:
Correct. There is and has always been a major factor with real estate....location, location, location and Alexandria, LA. is not on that list.
Right. There are limits because Alexandria’s metro isn’t growing. That’s providing downward pressure on housing prices. That also means there are less competitive production builders out there so renovations and fixer uppers may make more sense.
In Louisiana, the Baton Rouge and Northshore metros are growing. Lafayette and Lake Charles metros are growing. They are manageable - for the most part housing prices aren’t as crazy as in the hotter markets like Nashville or Houston. Housing prices are climbing but not rapidly. They seem to have leveled off recently.
I maintain that we need to figure out how to quickly revamp older post war housing stock or learn how to build desirable 3 bedroom homes for $250k or less in most southern cities. And I don’t mean DRHorton monopoly houses that will collapse in 10 years.
Decent homes in that $250k price range are fast movers even in slow growth markets.
Posted on 5/31/25 at 10:49 am to Tigerinasia
quote:Truer words were never spoken. Identify groups and then turn them against each other.
Yes - it is stupid and a 20th century novelty that should be put away. It is a tool for people to excuse their behavior and idiotic expectations.
What's funny is it's a slowly sliding thing. As an old "boomer" I can tell you that the last of the boomers are very different.
I lived amongst "the greatest generation". They deserve respect but wasn't perfect. My values are more like them than the younger boomers. Maybe someone needs to divide boomers so we can still have time to hate and blame each other before we croak.
Posted on 5/31/25 at 10:52 am to Odysseus32
They aren’t white and grey so the kids don’t want them.
Posted on 5/31/25 at 10:52 am to Redbone
quote:
Age and condition of my house when I die will not concern me in any at all. I promise.
I am downsizing soon and I am having an architect draw my new 2 bedroom home. We had the not enough bedrooms for resale discussion and determined since when it would be put up for sale my ashes will be rattling around in the trunk of my kids Toyota and not concerned with resale since I would have already downsized to a metal urn or if I know my kids a coffee can like Donny.
Posted on 5/31/25 at 10:53 am to Joshjrn
quote:Perhaps this is true. I don't know where. I haven't heard of one of my boomer acquaintances do that. Seems like I would have heard of one.
However, a huge portion of the population hasn’t saved enough for retirement and thinks they are going to sell their houses when it’s time to pay for assisted living, and those people are in for a bit of a rude awakening.
Hell, even the ones I've known to go into assisted living is paying their way out of money and investments.
Posted on 5/31/25 at 10:54 am to Redbone
quote:
Perhaps this is true. I don't know where.
The United States of America. Are you fricking retarded?
Posted on 5/31/25 at 10:56 am to RougeDawg
quote:
Average age of a baby boomer is 70. Average life span is 78.
Life expectancy for a 70 yr old is much higher than average lifespan. That said, many will need to move to assisted.living etc soon so point may stand.
Posted on 5/31/25 at 10:58 am to RougeDawg
quote:Average age of OT Lunch Thrayers is 74
Average age of a baby boomer is 70. Average life span is 78.
Posted on 5/31/25 at 11:00 am to Odysseus32
quote:That's your generational problem. Enjoying the possible problems your elders may face.
I just think it's comical
quote:Yep all them old bastards in the boomer group is delusional. They are about to get fricked. Whoopee!!! Let's all get drunk and celebrate.
It just highlights the omnipresent delusion that epitomizes a not insignificant portion of people aged 65-85
Hell, who knows... You may come down with stage 6 colon cancer before I die and us boomers can enjoy that.
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