Author Topic: Real Estate Culture  (Read 1261 times)

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Offline kimmy

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Re: Real Estate Culture
« on: September 14, 2021, 11:45:26 pm »
I think it'll be just as bad in smaller cities.  They already are unaffordable and with more demand, the prices will increase even more.  I've given up on the idea of a correction, the laws of economics are completely gone when it comes to real estate.

The millenials can cry about boomers (and the lucky x'ers) who got to buy real estate, but zoomers and alpha will have it even worse.  At least millenials got to experience what job market is like. 

Things are fantastic for people who were able to buy in at the right time. Even me, I bought here 10 years ago, my "net worth" has gone up by 6 figures just because I was able to buy in before housing prices went insane.  At the time, I was guided more or less by some advice from a member here-- "msj"-- who said that buying didn't necessarily make sense unless rents were high relative to mortgages. Well, in 2011 housing prices were down (in the aftermath of the 2008 housing bubble) so the rent vs mortgage calculus made sense. I bought in. At the time, it seemed to be slightly in my favor because I had the means to do it and the economics were favorable.  In the time since, it has been pretty much a windfall.  Home sales prices have gone through the roof, while the cost of actually financing my purchase has decreased significantly.  I renewed my mortgage in 2016 at a lower rate than I initially borrowed at.  In 2020 I renewed my mortgage again at an even lower rate... during the Covid response/recovery phase, financing was as close to free as we'll ever see, and I was positioned to take advantage.


I arrived in Kim City in 2007 with little more than the clothes on my back and a persnickety cat.  Just a few years later I was able to buy a condo. And in the 10 years since I bought, my property has doubled in value and I'm half-way to being a millionaire.  And as much as I would love to be able to say it's because I'm a brilliant person and was able to "pull myself up by the bootstraps" and similar BS, that's all a load of dogshit.  It's not because I'm brilliant, it's not because I did anything particularly smart, it's all because I was in the right place at the right time.

And I think that everybody my age or older was "at the right place at the right time", and I think that everybody younger than me was "at the wrong time" whichever place they happened to be in. And that's why I have a deep anxiety for young people today who are preparing themselves for a place in this world.  I feel guilty even talking about this, because for me personally the best possible thing would be for things to continue exactly as they are. I bought in soon enough, I got mine, and the best possible outcome would be for this disaster to just keep on going the way it is until I cash out.  It makes me feel guilty to know that the best possible thing for me, personally, would be for this socially destructive insanity to just keep going on the way it is.

By the time my kids are grown up most jobs will be automated AND there will be no housing.

By the time your kids are old enough to work, most jobs available for young humans will be "gig economy" jobs. Deliver 12 Amazon packages for $1 apiece, or whatever the going rate is. Deliver 5 SkipTheDishes meals for $2 apiece or whatever the going rate is.  Sell 6 pictures of your snatch or your anus this month on OnlyFans for $6 apiece or whatever the going rate is. We are witnessing the destruction of the labor market.

 -k
Paris - London - New York - Kim City
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