Does anyone have $13500 they want to spend on rent a month for a newly built crappy house in Asheville?

[jayboogieman]

Quote

$13,500/mo

5 bd3.5 ba2,052 sqft

105 Remi Ln, Asheville, NC 28803

Zillow listing

[Lame Duck]

Are this the rent prices these days?

[jayboogieman]

11 hours ago, Lame Duck said:

Are this the rent prices these days?

Maybe is parts of LA and NYC. I've never seen anyone ask for this high of a price in NC before.

[Brooklyn 3.0]

That has to be a misprint. The inside looks nice but the outside looks cheap as hell. That much for rent gets you a smaller of course but VERY VERY nice place here in the city in a luxury building. Or, here at the beach a huge house I'd imagine.

[jayboogieman]

41 minutes ago, Brooklyn 3.0 said:

That has to be a misprint. The inside looks nice but the outside looks cheap as hell. That much for rent gets you a smaller of course but VERY VERY nice place here in the city in a luxury building. Or, here at the beach a huge house I'd imagine.

I don't think it's a misprint. They repeated 13500 several times in the listing and even list wanting 15500 for two months or less.

Quote

Rent (all inclusive) if leased for 3+ months = $13,500 Rent (all inclusive) if leased for 1-2 months = $15,500

This is just someone or some company that is totally out of touch with the market.

[Khyber53]

Or it works out to $450 per night, in other words, AirBnB rates for that area. This is probably some kind of dodge to get around local regulations on person to person short term rentals, but I can't say for sure.

We've allowed our housing market to be ruined by massive investment groups, foreign investment companies, Ramada Inn conference room seminar attendees and poorly trained flippers who think they are contractors. Oh yeah, and having massively low interest rates for a three decades running. 

When the bubble bursts, and they always do, it's going to be a hog slaughtering day. And then maybe things will get back in proper alignment again.

 

[jayboogieman]

55 minutes ago, Khyber53 said:

Or it works out to $450 per night, in other words, AirBnB rates for that area. This is probably some kind of dodge to get around local regulations on person to person short term rentals, but I can't say for sure.

We've allowed our housing market to be ruined by massive investment groups, foreign investment companies, Ramada Inn conference room seminar attendees and poorly trained flippers who think they are contractors. Oh yeah, and having massively low interest rates for a three decades running. 

When the bubble bursts, and they always do, it's going to be a hog slaughtering day. And then maybe things will get back in proper alignment again.

 

I agree with most of what you've posted, but I don't think things will return to a proper alignment again. The investors are too heavily invested in the housing market now for it to return to families buying homes.

[Khyber53]

18 hours ago, jayboogieman said:

I agree with most of what you've posted, but I don't think things will return to a proper alignment again. The investors are too heavily invested in the housing market now for it to return to families buying homes.

Like I said, all bubbles burst. Real estate ones just take longer. Look at how many years it took for it to break loose in 2008. More than a decade of rabidly refinancing mortgages and leveraging poorly vetted borrowers versus Freddie Mac's marching orders to buy up every mortgage that hit the secondary market and then the bundling of subprime mortgages with the intent of them failing to get the mortgage insurance payoff. So many pieces in place, so long to crumble completely... much like a house with termites slowly, slowly weakening here and there before finally it just falls into a pile of sawdust. 

Yeah, this bubble is about two years from bursting. Sell while the buyer's market is in play and then wait for the collapse, Of course, do it too soon and you find yourself floundering in the renters' market. It's a mess, isn't it?

 

[jayboogieman]

14 minutes ago, Khyber53 said:

Like I said, all bubbles burst. Real estate ones just take longer. Look at how many years it took for it to break loose in 2008. More than a decade of rabidly refinancing mortgages and leveraging poorly vetted borrowers versus Freddie Mac's marching orders to buy up every mortgage that hit the secondary market and then the bundling of subprime mortgages with the intent of them failing to get the mortgage insurance payoff. So many pieces in place, so long to crumble completely... much like a house with termites slowly, slowly weakening here and there before finally it just falls into a pile of sawdust. 

Yeah, this bubble is about two years from bursting. Sell while the buyer's market is in play and then wait for the collapse, Of course, do it too soon and you find yourself floundering in the renters' market. It's a mess, isn't it?

 

Things are definitely a mess. And looking at the way things are trending, it's not going to get better. Rent, utilities, food, etc. Everything just keeps going up and outpacing inflation except for wages.

[Khyber53]

33 minutes ago, jayboogieman said:

Things are definitely a mess. And looking at the way things are trending, it's not going to get better. Rent, utilities, food, etc. Everything just keeps going up and outpacing inflation except for wages.

I think the economy outside of housing is actually the strongest it has been in a couple of decades, but housing hits everyone. If a person is already on a mortgage or has a long-term lease locked in, they need to just stay the course and ride this out. 

And make the most out of the job market... if there isn't more money for you where you are, move on and move up. Job loyalty sure is taking on a new appearance.

[LinvilleGorge]

21 hours ago, Khyber53 said:

 

When the bubble bursts, and they always do, it's going to be a hog slaughtering day. And then maybe things will get back in proper alignment again.

 

Yeah, that's what everyone thought back in the '08-'09 mortgage crisis housing crash. Fast forward 15 years and it's magnitudes worse. If it crashes those same capital ghouls are just gonna snatch up even more of the housing and have even more control over pricing.

[toldozer]

On 4/17/2024 at 5:22 PM, jayboogieman said:

I agree with most of what you've posted, but I don't think things will return to a proper alignment again. The investors are too heavily invested in the housing market now for it to return to families buying homes.

The only possible thing to be done to get investors to sell is to bring in rent control or have all hoas ban rental properties. If you want to keep them from buying you could put into effect a waiting period for investors on all properties so they're only available to residential buyers for a set period. These things aren't capitalistic but would make lives better for 95% of Americans but that 5% will never allow it.