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Property Prices - USA iBubble


No One
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I just came across this video whilst researching the second-hand car market bubble.

If the guys from TOS saw this they'd have an instant aneurism.

 

 

tl;dw Some venture captial idiots have created a BOT that auto buys home Without Viewing and Above Asking and paying instant cash and they loose money in each transaction.

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HousePriceMania
On 27/08/2021 at 23:54, No One said:

I just came across this video whilst researching the second-hand car market bubble.

If the guys from TOS saw this they'd have an instant aneurism.

 

 

tl;dw Some venture captial idiots have created a BOT that auto buys home Without Viewing and Above Asking and paying instant cash and they loose money in each transaction.

I had a watch at that and have posted it on ToS.  it's pretty crazy that:

 

a) Anyone would think this is a good idea

b) Your data is that valuable

 

This mania will destroy so much.

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Frank Hovis
1 hour ago, HousePriceMania said:

This mania will destroy so much.

Including wealth.

I have seen decent detached family homes, nothing at all palatial, going for over a million in Cornish coastal towns.

That's something like 40x average annual wage so obviously there is no local 'purchased from salary' market to support that.

It seems to be the Lockdown / work from home bubble on top of a long run of decent summers.

People have very short memories on both interest rates and the weather.

In the 80s there were several "non-summers" in Cornwall plus one around 2008 IIRC where there were few tourists and on the one sunny day in July and August, a Sunday in August, the beaches were packed with locals.

Sitting in a million pound house watching the rain drip down the windows all summer is going to make you think that it possibly wasn't the A1 best purchase as you sip your hot cocoa and wish you'd bought a villa in the Algarve for half the price instead.

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HousePriceMania
20 minutes ago, Frank Hovis said:

Including wealth.

I have seen decent detached family homes, nothing at all palatial, going for over a million in Cornish coastal towns.

That's something like 40x average annual wage so obviously there is no local 'purchased from salary' market to support that.

It seems to be the Lockdown / work from home bubble on top of a long run of decent summers.

People have very short memories on both interest rates and the weather.

In the 80s there were several "non-summers" in Cornwall plus one around 2008 IIRC where there were few tourists and on the one sunny day in July and August, a Sunday in August, the beaches were packed with locals.

Sitting in a million pound house watching the rain drip down the windows all summer is going to make you think that it possibly wasn't the A1 best purchase as you sip your hot cocoa and wish you'd bought a villa in the Algarve for half the price instead.

I've spoken to a few people recently who will never holiday in the UK again after being fleeced/ripped off for a small fortune to stay in a damp squalid dirty place with crap weather.  One friend on the south coast spend £4K and said they'd never felt more ripped off in their life.

I suspect many of the profiteering British holiday providers are going to see a massive hole in their bookings next year.

I for one will be holidaying in the UK next year as it'll be quiet and cheap. 

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Frank Hovis
6 minutes ago, HousePriceMania said:

I've spoken to a few people recently who will never holiday in the UK again after being fleeced/ripped off for a small fortune to stay in a damp squalid dirty place with crap weather.  One friend on the south coast spend £4K and said they'd never felt more ripped off in their life.

I suspect many of the profiteering British holiday providers are going to see a massive hole in their bookings next year.

I for one will be holidaying in the UK next year as it'll be quiet and cheap. 

 

I think it great that so many of them were horrendously greedy because that will mean a holiday in Cornwall will not be a consideration in the future.

And for all the money paid they struggled to find somewhere to park, eat, and drink and the traffic jams were horrendous to out the cap on it.

In other years I have encouraged friends to come down but this summer I didn't because it was always going to be a poor yet horrendously overpriced experience.

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Wight Flight
1 hour ago, HousePriceMania said:

I've spoken to a few people recently who will never holiday in the UK again after being fleeced/ripped off for a small fortune to stay in a damp squalid dirty place with crap weather.  One friend on the south coast spend £4K and said they'd never felt more ripped off in their life.

I suspect many of the profiteering British holiday providers are going to see a massive hole in their bookings next year.

I for one will be holidaying in the UK next year as it'll be quiet and cheap. 

Many of ours are boasting that they are fully booked for next summer already.

I have a feeling these are 'backup' bookings.

If Spain or Italy is accepting us next year, I think these bookings will get cancelled en masse.

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Frank Hovis
2 minutes ago, Wight Flight said:

Many of ours are boasting that they are fully booked for next summer already.

I have a feeling these are 'backup' bookings.

If Spain or Italy is accepting us next year, I think these bookings will get cancelled en masse.

I have no doubt that that is the case.

Nobody who has been to Cornwall this summer will have any desire to return and I imagine that the IoW is exactly the same.

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Stinky Wizzleteats
2 hours ago, Frank Hovis said:

I have no doubt that that is the case.

Nobody who has been to Cornwall this summer will have any desire to return and I imagine that the IoW is exactly the same.

I went and had a great, very reasonably priced time! It was a rollover booking from last year though so not a total price gouge.

If our day out in St Ives was anything to go by we were lucky though. Carnage 

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Frank Hovis
3 minutes ago, Stinky Wizzleteats said:

I went and had a great, very reasonably priced time! It was a rollover booking from last year though so not a total price gouge.

If our day out in St Ives was anything to go by we were lucky though. Carnage 

Well done.

I know some quiet beaches that don't attract tourists so go to those.

Perranporth was ridiculous this summer with 12k on it; I can't imagine where they all park.

It's a big old beach, three miles, and very nice but generally to be avoided in high season because it's a small town with limited car parking.

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JoeDavola
On 31/08/2021 at 11:11, Frank Hovis said:

Sitting in a million pound house watching the rain drip down the windows all summer is going to make you think that it possibly wasn't the A1 best purchase as you sip your hot cocoa and wish you'd bought a villa in the Algarve for half the price instead.

See this is exactly the way I feel about the semi-detached houses that I see in Belfast at the moment - latest few on at approaching £350K, which I know doesn't seem a lot to some of you lot down south but to me it seems utterly mental.

And I think, as you put it above, are there better things that one could do with £350K than use it to pay for the dubious privelege of watching the rain fall for most of the year in an East Belfast street.

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Frank Hovis
2 minutes ago, JoeDavola said:

See this is exactly the way I feel about the semi-detached houses that I see in Belfast at the moment - latest few on at approaching £350K, which I know doesn't seem a lot to some of you lot down south but to me it seems utterly mental.

And I think, as you put it above, are there better things that one could do with £350K than use it to pay for the dubious privelege of watching the rain fall for most of the year in an East Belfast street.

Yes.

I will visit NI one day for the countryside, mountains and lakes but I simply would not consider moving to somewhere colder and wetter than where I am now. Maybe Menorca or the Canaries.

I think we've finally hit "peak Cornwall" and with people sick of TV programmes about it, of paying for overpriced holidays here, slowly realising that they can't work from home all year forever, and that the last few decent summers are the exception rather than the norm there are going to be some big falls in Cornwall house prices, localised to the seaside towns and villages.

I mean £680k for a tiny terrace in Mousehole?  Pfffft. Maybe they want to buy some magic beans as well.

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