Stupid question

[Opti]

Jun 16, 2023 22:18:11 GMT -5 Pink Cashmere said:

Jun 16, 2023 22:12:45 GMT -5 Opti said:

Wow, that's a 30+% increase, which is like Florida rents last year. I thought mine was bad, and it is, but that's crazy. 

I thought it was crazy too. 

I expressed concern when I was told that a lot of people had moved out, and there were a lot of empty apartments. This person is a single female. She asked why I thought it was a concern and I didn’t have a good answer other than I felt like a lot of empty apartments are an invitation for trouble, and I still couldn’t really explain why I felt like that.

Depends too on the goal of the landlord. Some do rent hikes because they really want more rent, some do it to drive people out so they can sell or renovate the property. If it is advertised on several apartment websites at the new rate, they are probably just rent greedy. Otherwise, she might get an unexpected notice to vacate from the landlord in prep for the sale of the property or letting her know the new owner is kicking everyone out.

[Opti]

This has not opened yet, but I found it by accident and decided to post it as an example. I no longer live in the county containing Plainfield but it is in the second largest town in the county, and it has considerable crime in parts of town.


www.apartments.com/citivillage-at-plainfield-station-plainfield-nj/6sp078s/

I'm thinking this was approved as a train commuter type building as the rents are way too high for any area in Plainfield IMO except the historic nice area. 

Crap, developers are gentrifying Plainfield. Found this because I decided to look.


www.forrent.com/nj/plainfield/frontier-flats/sbhm285

Property Details

Frontier Flats is proud to offer a unique living experience for everyone. Our three-story building is newly restored to its former glory, and is conveniently located close to public transportation, including the Plainfield train station.



The first floor of the building offers retail spaces, while the upper two floors contain studios, 1 & 2 bedroom luxury apartments. Each apartment features spacious bedrooms, full kitchens, and a variety of amenities. All of this is available in a prime downtown location.

[tallguy]

Funniest (weirdest?) unwanted solicitation I got was a full-page letter I got from a woman a few blocks outside my neighborhood telling me how much she loved the neighborhood and wanted to be in it, and wanting to know if I was interested in selling my house.  I'm not sure whether I even emailed or phoned back a response saying that I was never selling, but the very next day an agent showed up at my door with a fully written-up purchase agreement from the woman...for $50,000 less than she offered to pay in the letter!  Woman, please!  Even a million more than you offered would not have tempted me, but to offer less than you wrote the day before?  Really?   

[countrygirl2]

In the last few weeks in this little podunk town I have seen 3 houses sold. All in very poor condition. 1 was bought by a couple from Michigan, sight unseen. It's in terrible condition, don't know how they didn't realize, the pictures of it were horrible. But had been for sale as a foreclosure for a long time so likely got it really cheap. They have cleaned the outside all up. The guy told hubs it didn't have electric, plumbing, or heat.  And he had an engineer look at wants $40k to fix the foundation, wow.

Another has been empty for years, they reroofed it and now its being gutted, so someone spending a lot on it.  Another they are putting new windows in and looks like other work. But it sure is welcome here, this town needs that. And about 3 years ago another was bought that was a and redone, so things are looking up.

Hubs keeps saying you won't get what you want out of the one he is fixing, I said watch me. He has underestimated every place I have sold. Hope he doesn't put it up for sale while I am gone. I keep telling him its because of a housing shortage that the tornado really caused to be much, much worse. People want to move here. They are putting fiber optic in the whole town near us, so really going to help.

[wvugurl26]

My brother and I both got letters offering to buy our grandma's house. They were from one of those we buy houses for cash groups. The letter was hand written which surprised me.

The funny part is our dad and uncle were the ones on the deed and the now 50-50 owners. They were generically addressed to our last name family.

I did forwarding for anything I hadn't changed since I got married and for my grandma's stuff.

I dropped the envelope and letter in the shredder. I'm sure they were reading obituaries because she's never got such an offer before. The house is in a very desirable area and great school district.

[Knee Deep in Water Chloe]

I can't even comprehend making a cash offer. 
I'll forever be real estate traumatized by the Great Recession, so this housing price increase is not of interest to me. 
I'm still nervous about the house we purchased a year ago. Experience dictates that the house will drop in value by at least half. 
Then I have to remind myself that the house we bought in 2012, we sold in 2022 for twice our purchase price.  

[Opti]

Jun 16, 2023 23:46:07 GMT -5 tallguy said:

Funniest (weirdest?) unwanted solicitation I got was a full-page letter I got from a woman a few blocks outside my neighborhood telling me how much she loved the neighborhood and wanted to be in it, and wanting to know if I was interested in selling my house.  I'm not sure whether I even emailed or phoned back a response saying that I was never selling, but the very next day an agent showed up at my door with a fully written-up purchase agreement from the woman...for $50,000 less than she offered to pay in the letter!  Woman, please!  Even a million more than you offered would not have tempted me, but to offer less than you wrote the day before?  Really?   

I'll bet the realtor told her to go lower, which is never a good idea if you've already mailed a letter. 

[Ava]

I'm grateful my condo is no longer underwater.
There's a big housing shortage in this area.
I feel bad for the people looking to buy or rent right now.

There were moments in the past where I wondered if I had made a huge mistake buying this condo.
But now, with the high prices to buy or rent, I congratulate myself for becoming a homeowner back then. My housing cost is very affordable and it has allowed me to save a ton in retirement accounts.

According to Zillow, my condo is worth $105,000. Per Realtor it's worth $75,000.

I suspect the actual value is somewhere in between.
My current mortgage balance is a hair below 50k

[NoNamePerson]

Jun 16, 2023 23:46:07 GMT -5 tallguy said:

Funniest (weirdest?) unwanted solicitation I got was a full-page letter I got from a woman a few blocks outside my neighborhood telling me how much she loved the neighborhood and wanted to be in it, and wanting to know if I was interested in selling my house.  I'm not sure whether I even emailed or phoned back a response saying that I was never selling, but the very next day an agent showed up at my door with a fully written-up purchase agreement from the woman...for $50,000 less than she offered to pay in the letter!  Woman, please!  Even a million more than you offered would not have tempted me, but to offer less than you wrote the day before?  Really?   

I would have asked her if she wanted to share some of what she was smoking.