My Son and his GF are both electrical engineers, each making six figures and no debt live and work in south Florida. They’re looking for a home to buy in Palm Beach County. They can’t find a home anywhere. They literally don’t exist. Every time they find a home, it is bought for cash by an investor before they can make a bid. It’s insane.

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Posted by Bass Tiger

Member since Oct 2014

53677 posts

Posted on 9/2/23 at 9:41 am to SDVTiger

quote:
quote:so before 2010 as we've talked about there was no meaningful Wall Street corporate institutional money in single the single family home market

Anyone who believes this is crazy

Beginning after the Financial Meltdown of 2008/2009 institutional real estate investors began buying distressed properties for 30-50% of the previous market price, currently upwards of 20% of all single family homes sales are institutional real estate companies buying single family homes.

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Posted by ItNeverRains

Offugeaux

Member since Oct 2007

28166 posts

Posted on 9/2/23 at 10:03 am to Mellow Drama

We are a small outfit, building 10-15 homes a year. This year we built 3. Luckily we shifted into the pool installation world in 2022 and that has been financial windfall. We have completely shifted to that as our priority and have reshuffled the new construction to renovations, outdoor kitchen/cabanas/pool houses in combination with pool installs.

Looking out a ways, my advice if you can is buy as much land as you can in wealthy rural homogenous areas. Make sure zoning laws allow you to parcel off land so you can help kids have a chance to have a home of their own.

Home ownership will be a boutique luxury in 20 years.

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Posted by Mellow Drama

Making Groceries

Member since Aug 2020

4656 posts

Posted on 9/2/23 at 11:35 am to ItNeverRains

quote:
Home ownership will be a boutique luxury in 20 years.

Very Scary.

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Posted by Mellow Drama

Making Groceries

Member since Aug 2020

4656 posts

Posted on 9/2/23 at 11:39 am to Mellow Drama

Here's the writeup from The Blaze's website. The other thing I don't like (besides corporations buying single family homes) is that the commie town criers are trying to turn public opinion against home ownership:

quote:
The idea that “you will own nothing and be happy” is coming to fruition.

Glenn Beck long warned that government elites have been planning to push people out of homeownership and into renting, and it seems their new American dream is finally coming true.

Not only are they attempting to rid Americans of all their earthly possessions, but they’re blaming them for wanting those possessions in the first place.

Glenn references a recent article from Axios, titled "The Problem With America’s High Homeownership Rate," which claims that “America’s decades-long love affair with home ownership is holding back the economy and hobbling the Federal Reserve and exacerbating a national housing crisis.”

So they're blaming the economy's difficulties on home owners.

quote:
“We got into the ‘08 crisis because the government was pushing home ownership. Everybody became overextended. Now, they’re pushing for you to get rid of your home,” Glenn says, adding, “I think this is the first shot of the government trying to get people out of their homes.”

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Former investment banker Carol Roth believes it's actually the “second shot.”

After the 2008 crisis, “Americans lost about 6 million homes to foreclosures and short sales,” Roth says.

“And then they went out because they had so much money, had to do something with it, they bought up homes,” Glenn says, finishing Roth’s point.

Roth notes that at the end of 2022, one in every five homes in America was being bought by a corporate entity.

“Now you have this gentleman from Axios, who is one of the economic media darlings, if you will, coming out and not only saying, ‘Oh, it’s really a problem that you own your home, it’s really a problem that you have this asset that’s creating legacy wealth for you and your family,’” Roth tells Glenn.

“The mental gymnastics it took for him to get there. ‘Oh, this is holding back the economy, and this is crippling the FED,’ as if it wasn’t FED policy and the government policy that got us here in the first place,” Roth adds.

“The idea that they’re blaming you for creating wealth instead of blaming the arsonists who burnt down the economy — the government and the FED — is absolutely despicable.”