re: Vacation homes: Boomers may have finally out-boomered themselves in Palm Springs, CA

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They could do this to Ocean Springs, MS soon if they aren't careful.

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That's a lot of military folks, isn't it?

Dont worry Uncle Sam will bail them out for the 30th time

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Just because you buy it with an LLC doesn't mean you aren't the personal guarantor on the loan so it is likely on your personal credit.

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People get very confused and think an LLC can kill a hooker for you and no consequences.

Why would they want to sell?

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People are broke now thanks to Bidenomics.

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If you’re poor in this economy you really messed up. Most people are doing much better than they were pre-Covid. Sorry to hear you are poor.

That’s pretty much everywhere and not a “boomer” issue. Stupid article.

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Dont see any price cuts at all

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Because you didn't look

If you go to Zillow and look up Palm Springs there are major price cuts on houses once they hit the 60 day point of being on the market

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A cut of 20k on a $578k home or $50k on a 1.1 mil home is not 'major'. These are all time high prices even with minuscule cuts.

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If everyone would just be patient the boomers will start handing over the keys to the moron second generation most created (if we are speaking statistically) and they will have to sell dad and moms homes in order to pay off their own debt. Prices will come down, just give it some time. 

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If everyone would just be patient the boomers will start handing over the keys to the moron second generation most created (if we are speaking statistically) and they will have to sell dad and moms homes in order to pay off their own debt. Prices will come down, just give it some time. 

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That’s an interesting take on inheritance and demographics. There are a significant amount of people born in the 1960’s and 1970’s that are inheriting property and wealth. There was a bit of a middle class boom in those overlapping generations of parents and children.
You seem to think those children now in their 40’s-60’s aren’t in great financial health. What I’m seeing is the opposite as those people are keeping the houses for passive incomes, adding properties to their portfolios, and leaving the workforce earlier than expected.

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These are all time high prices and valuations. Supply is driving these high prices even in a 'high' interest rate situation. There is very little supply and that isn't changing anytime soon sans massive job losses

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^This. While prices rise and fall in different markets dependent upon local forces, nationally prices dipped from 2021-2022 highs, but are still way above 2018-2019 numbers. That’s at least the case for the markets I am in.