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MoodyP's avatar

1st! LOL. Great read. Inventory has ticked up a bit in Wexford County. More interesting to me is that I put in the 5 months we will be off the boat. Over 100 STRs came up with all 5 months still open. VRBO says that reps 28% of available properties. Likely suspect data. But, to the extent it is even marginally reliable, having 28% of available properties without a single date booked during a 5 month period doesn’t seem good. And the quoted prices for a large % of them are just laughable. One has to wonder, come spring, what % of those are up for sale after a very dark winter. And what % will it take to reset the entire county.

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kylepmyers's avatar

Great read. I live in San Diego. In 2017 we were battling for a SFR in Poway, CA and I put a bid in on house. We could not take a tour..just had to bid. There were 24 offers and 16 all cash... can you say speculation. It's crazy how the Media barely reports on how the investor classes have pushed prices into bubbles. They often say there's not the speculation/house flipping like there was in '06 - '08 so there's no bubble. You'll hear the local realtors claim that there's not enough supply and this type of investor demand is part of normal functioning housing market. On the west coast I reckon there were three types of investors and these are in order from the earliest to the most recent. 1. institutional investors like Blackstone 2. Foreign Investors. Berkshire Hathaway was marketing West Coast properties in China. 3. AirBnB investors. The most tired thing you'll hear from realtors is that the Real Estate Market is local. They often forget that the money and financing is not local, but it is out of state and international.

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