my wife’s uncle has a place there. He purchased it like 15 years ago, ocean front view. My guess is he made a killing on in. Such a cool area.
Most expenisve house in America I wonder who’s getting this commission?
[100 Bay Rd, Naples, FL 34102 | MLS# 225006043 | Trulia]
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Yea i moved to st petersburg 1.5 yrs ago… honestly not much cheaper than nyc/chi-town…considering insurance hikes and needing to find private schools for newborn… do save a touch on income tax though… went from 38% nyc (w2) to about 23% (1099)
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Graduated Univ of Scranton in '06… PA is filled with hobunk cheap areas… but not many white collar workers willing to live in those areas.
I moved to st pete fl 1.5yrs ago… I’m from Brooklyn and left there about 3 years ago… huge gentrification happening in St Pete that’s just reminding me of Brooklyn. I gotta find way to buy in cheap area now and just sit on it for my fam
Yep my neice lives in a high rise there and I was floored by what her and her bf pay for a 1br. Like 3700. You can get an amazing 1br and even 2brs in Miami for that as there’s a lot more inventory here. Seems absurd to pay that in st Pete but agreed it’s so much nicer then it was just 2-3 years ago…the bar and restaurant scene is booming and lots to do in addition to that. Dali museum is fantastic
A friend of mine had a similar price history near where I live in SoCal.
Bought a new 1800sft SFR on a small lot for $300k in the late 90s, could have sold it for $600k in 2005 frenzy (based on neighbor sales but held on), sold it for $750k in 2013 (I think) and whoever bought it from him just sold it for almost $1.4m.
That’s minimum 440% increase in about 20 years. Luckily the home he bought in 2013 has also almost doubled but it’s still crazy. I’ve visited their old home a few times and I would not pay over $1m for it.
If we ever sold, we would probably have to move out of state just to downsize. 
Is it this one?
I’m going to arbitrarily say it’s only worth 7 million.
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I’m inclined to agree. Who do we tell to ratify this price change?
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its the hot new area for the WFH tech workers looking to move down here. interesting reading from the old timers and generational families there. the comments basically say all the fly-by-nighters have turned the place into a high priced dump.
Well all they do is complain when change comes. They should be happy their 1930 bungalow is worth 850k vs 250 4 years ago
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Miami waterfront property was like winning the lottery if you bought before Covid. It’s absolutely bonkers here. This house is unrenovated and sold for 2.6 in 2009, 28 mill recently.
Been looking at SFH investments in the DC region and you are fighting to cover your carrying costs based on rental value. Even with 30% down there is simply no return right now. As a whole the DC region (close to beltway) has been a relatively secure housing market so long-term you will likely end up ahead but its hard to justify parking capital at 0% return (even before expenses). What has really surprised me is despite these prices it does not appear as though SFH rents have gone up much in the area.
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This is true in pretty much every market that has a steady or growing population right now with current rates. With 30% down near the beltway (at least on the VA side), you’re going to be negative cashflow even before accounting for vacancies and repairs. PG County side probably has better returns, followed by Montgomery County, and then VA.
On the Virginia side of the beltway, rents have gone up quite a bit pre and post covid. TH’s that regularly rented out for $2100-$2200 are now around $2700-$2900. SFH rents have increased similarly as well. High rises didn’t do as well from what I can tell.
Looking on Montco side primarily (a few specific markets in PG as well). Makes sense that VA has seen the growth with it being a more business friendly state.
We’re at a point where rents and sales can only go up so much. Incomes just don’t support it being any higher. At least in that area it’s mostly high paid govt workers who are guaranteed raises each year, usually higher than the official inflation rate too.
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For those saying we are near the 2008 RE market crash, a few points to consider.
Lending practices have changed dramatically since then. I work as a realtor part time in southern California. When we receive offers, most if not all offers we have are with a minimum of 20% down, our brokerage leans against offers with 50%+ down). most buyers have over 750+ credit scores with well over 200k incomes. This is very different from the 2008 crash where they would give a loan to anyone with a pulse.
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Just to add on to your points as fellow realtor/RE investor/former flipper:
The foreclosure market is completely different than it was just 4 years ago. Without foreclosures, prices will continue to raise or stay steady. Banks, government agencies and other stakeholders are way more willing to work with homeowners in default. For example, many banks are allowing loan modifications to 40 years instead of foreclosing. Another way, housing values are supported is by banks “flipping” their own foreclosures. They’re fixing them up and selling them as move in ready so that the market value of other homes in the neighborhood are supported. There’s no longer any firesales of foreclosures like 2008. On the governmental side, you’re seeing laws and memorandums supporting the housing market. You have multiple government agencies refusing and unwilling to foreclose (VA,USDA, HUD, etc). You also have states like NJ changing the laws which make it easier to get financing for foreclosures which then helps prop the overall market up.
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In short, those priced out of the market are effectively subsidizing those who got in before them as well as institutional investors.
Isn’t wealth redistribution grand?
Eh, a lot of it is. Renters always scream I WANT A HOUSING CRASH NOW!11!! BUILD MORE HOUSING!1!!. Yet the second they become homeowners they start shrieking NIMBY! PRESERVE THE CHARACTER OF THE NEIGHBORHOOD, SUPPORT OUR INVESTMENTS!11!! It’s crazy how people are hypocrites.
Institutional investors/airbnb/etc aren’t really a problem. The biggest problem is NIMBY, zoning, and builder costs.
For the record, I personally don’t care if prices go up or down. I’m going to be fine no matter what since, if prices go up, I make “fake” equity money and if prices go down, I make more money by buying more properties.
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