Western Land Prices

[BrokenArrow]

I believe this will end badly for the land that is bought with a loan.
I do think there is properties being bought with cash that will buffer the coming market crash around here in SW CO.
We have 80% or so public land in our county. There is only so much available. That is my technical take on things.

My personal take is this:
A quick story. So I bartend at a ski resort. Rough winters. Covid crazy busy.
At least 15 customers this season said, “I just bought a house done the road”
“What do you like about durango?” I said.
“not sure. Never been here before the close”
My retorted advice, “leave whatever life you thought you had back at your old place. Be completely open minded and learn what this place has to offer you. Basically, no one wants to deal with whatever you’re running from.”
Saying all that, I could care less if they thought I was rude and never come back to my bar again. They are making the average working person just that much more behind the curve by pricing living out of our range.

 

[jmez]

Same in SD. Prices are stupid high. Friend of mine decided to test the waters. Didn't list his house, just had a realtor do an open house last weekend. 130 people looked at it and realtor called him Monday am, said we need to sit down and sort through all these offers.

Bought mine out of foreclosure in 08. If I listed it tomorrow would be well over twice what I paid.

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[dreamingbig]

This is like Deja Vu. Coming off 9/11 interest rates were near zero, stimulus checks, commodity price went up hard, houses sold site unseen and for more than listed for, vacant land skyrocket, then all those crazy purchases on huge loans had to pay the piper. '07-'12 i got some awesome deals of foreclosed houses.
Just can't imagine we don't end up there again.

Mortgage Interest rates were not near zero. We bought our first house in 2002 at 6.25% 30 yr fixed. Yes interest only and option arms materialized but we didn’t get to historical lows until after the 2008 crisis.


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[Laramie]

Small midwest town here... No jobs within 45 miles paying anything significant. Houses have almost triples in value in the last year. I had my house looked at by a realtor. It would list for 4x what I bought it for 10 years ago.... Tempting.

 

[JeffRaines]

We bought a house here outside Seattle/Tacoma area(well outside) this past September only because we were tired of throwing money away on rent. We’re already over 75k in equity not counting our down payment. It’s stupid.

 

[Billy Goat]

I believe this will end badly for the land that is bought with a loan.
I do think there is properties being bought with cash that will buffer the coming market crash around here in SW CO.
We have 80% or so public land in our county. There is only so much available. That is my technical take on things.

My personal take is this:
A quick story. So I bartend at a ski resort. Rough winters. Covid crazy busy.
At least 15 customers this season said, “I just bought a house done the road”
“What do you like about durango?” I said.
“not sure. Never been here before the close”
My retorted advice, “leave whatever life you thought you had back at your old place. Be completely open minded and learn what this place has to offer you. Basically, no one wants to deal with whatever you’re running from.”
Saying all that, I could care less if they thought I was rude and never come back to my bar again. They are making the average working person just that much more behind the curve by pricing living out of our range.

Cost of living has been stupid there for a while, can't imagine what it is now.

I can live alright here, I'd be lucky to afford a cardboard box there.

 

[Deplorable77]

Kinda related, I live on the west coast and have been actively looking to relocate to the other side. Prices are egregiously inflated, especially in TN,KY,NC, and AL. The market will self correct eventually and there will be ample foreclosures and short sales to go around. The massive influx of in invaders coming over the southern border are going to end up in the Carolina's and Tennessee for the most part, which will cause an interesting shift in the real estate market.

 

[Gutshotem]

I’m in Missoula, MT. We purchased our home in 2016 for about 230k. We’ve done some light remodeling and bet we could sell it for inbetween 460-495 today. There’s no way in hell I’d pay that for our home today but someone probably would

I remember during the housing crisis when homes down the bitterroot valley in Corvallis, victor, stevi, Darby, etc. you couldn’t give them away and there was a lot of foreclosures. Now it’s the place to be since the Yellowstone TV show has brought in a lot of commotion

A friend who bartends in Stevi said she has a couple clients who moved here from California were in and complaining about how there’s no Uber and you can’t get a good sit down meal around here past 8pm. Her response was “well welcome to small town Montana” bet they will be gone in a couple years. I Hope next winter is a doozy


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I wouldn't hold my breath if I were you. I remember meeting a US Senator at an event in DC about 15 years ago and mentioning how I needed to get out and visit his state. His response, "you better hurry up because all of these c__ksuckers from CA are ruining it. We need a couple good winters to push them the hell out."

 

[Scorpion]

Some see home and land prices skyrocketing, others see the buying power of the US dollar plummeting.

There is absolutely zero justification for much of these increases, especially with the massive loss of jobs due to COVID-19 and overall stagnation of wages amongst average Americans.

If people are truly fleeing the cities, who is buying the homes they are leaving behind? Homes in suburban Pittsburgh are selling for 15-25% over asking price with multiple cash offers. Guy I know just sold his house in a great neighborhood for 25% over asking in less than three days. He’s fleeing back to New Zealand.

Buddy lived outside Cody, WY and they’re seeing a huge influx of people from outside. He mentioned most do not last after a good, old fashioned Wyoming winter.

I fear we are going to see another huge bubble.

 

[4rcgoat]

Pride is at its its highest........right before a great fall.

 

[Wrench]

I'm driving an old truck and living in a paid off house while saving my shekels. Here in the near future I am going to buy that river property that you bought out from under me....and your neighbors place with cash for less than you paid.....and never break a sweat through this whole mess.

The thing about moving to rural areas is being able to afford to buy and own.....they ain't the same.

 

[EastMT]

I wouldn't hold my breath if I were you. I remember meeting a US Senator at an event in DC about 15 years ago and mentioning how I needed to get out and visit his state. His response, "you better hurry up because all of these c__ksuckers from CA are ruining it. We need a couple good winters to push them the hell out."

We were dragging the Cali folks in 1991 in the Flathead. Funny thing is 2 of my best friends from high school are from N Cal. Good solid citizens, hunt, fish.

For the last 50 years people have been piling in big cities and small town dying, now small town folks can’t afford a house. Sure would be nice if there was a happy medium

 

[CorbLand]

Northern Utah is crazy right now. Most houses are going for 10-15% over asking. My wife and I put an offer in on a house a month ago for 25,000 over asking and didn't get it. Its crazy hard to be competitive with all the cash and equity people are rolling into new places.

There's a lot of people coming from Salt Lake up this way along with California and Washington. The parents of a kid I work with moved here from S. Cal and bought a house for 750,000 in cash which was 80,000 over asking.

 

[zion zig zag]

Almost bought a plot in Victor, ID but backed out for something else. It’s now worth 3X in only 6 months...

That's where the land I sold was. Maybe you were looking at my lot! Yep, little over 3x what I sold it for in 6 months.

 

[CorbLand]

That's where the land I sold was. Maybe you were looking at my lot! Yep, little over 3x what I sold it for in 6 months.

My uncle sold his house in Idaho Falls area last year. It sat on the market for 4 months and he finally got rid of it. He figures if he would have waited 6-8 weeks he could have gotten 100,000 more for it.

 

[SURVEYOR]

I wouldn't hold my breath if I were you. I remember meeting a US Senator at an event in DC about 15 years ago and mentioning how I needed to get out and visit his state. His response, "you better hurry up because all of these c__ksuckers from CA are ruining it. We need a couple good winters to push them the hell out."

I refuse service to Democrats and Californians. I will not contribute to ruining where I live.

 

[Beendare]

It makes sense. Many People can work from anywhere now due to Covid.

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[The Ri Guy]

We bought a house here outside Seattle/Tacoma area(well outside) this past September only because we were tired of throwing money away on rent. We’re already over 75k in equity not counting our down payment. It’s stupid.

Bought my house in Kirkland for $750k in the summer of 19', sold it in January 21' for over $1M. No remodel, no additions, no anything.

Bought 5 acres of land + same size house + 3K SQ/FT barn/shop/arena an hour North of Seattle for ~$880k in January, already up over $1M again.

It's wild in Washington, unreal amount of Californians and Chinese Nationals buying stuff cash-on-hand for over asking.

 

[MTN BUM]

Another MT input- going WAYY up. We bought in 2019 and values are up around 25-30% since then. Agree that all the rush to borrow on this stuff will eventually collapse, better have some cash available when that happens.

 

[MuleyFever]

Prices are crazy high here in central utah. Houses and land are only up for sale for a couple hours before they're under contract

Utah median price is up 20% in the last 12 months.