Speculation: And yet again...the Off-Topic Thread
- Thread starter Winger98
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TCNorthstars
Registered User
The right time to buy has always been and will always be when you can afford to. We have been spoiled by historically low rates recently.
Gniwder
Registered User
I don't regret my move, but it's time to move on I think. 12 years in the same job is a bit much. Prior to this, the longest I've stayed in one position was 3 years.
Stuck in time, just look at a satellite photo on Google Maps.
I agree. Some people are expecting another 2008-like collapse, and it's not gonna happen. In 2013 I actually paid less for my house than the previous owner paid in 2007.
Historically low rates were made possible by no inflation. The Fed pumped so much money into the economy during COVID that they're gonna have keep rates up until those treasuries and MBS expire. They can't sell because all of that stuff is so far under water.... Anyways, Fed balance sheet plot:
Recent balance sheet trends
The Federal Reserve Board of Governors in Washington DC.
www.federalreserve.gov
FabricDetails
HF still in need of automated text analytics
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I agree with this, haha. It was hilarious to me. I can see some people getting overly sensitive about all the trigger words but whatever. The breaking of the 4th wall might be my most favorite low key part.
You beachin' someone off? (Barbie movie reference)Well, if you introduce the Brazilian to the beaches in Chicagoland you will definitely stand out from the wookies that roamed about when I lived there.
heyfolks
Registered User
- Apr 30, 2007
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Real Estate: I've made good money, and stupid money in this sector, but damn this is an odd market these days. Builds are slowing, sales are slowing, days on market are longer and homes are no longer selling for over list. That said, year over year values are still rising.
I sold two ocean view homes in 20 (bought in 12 and 17). Made a killing. Invested in Texas land and bought a retirement lot in Costa Rica. Those prices are skyrocketing (but so are build costs).
Sounds good, and is good (at least for me). The missus isn't thrilled with renting since 20. It's made worse by my annual spring time robin song of ... we'll build next year, when the market tanks. LOL!
I sold two ocean view homes in 20 (bought in 12 and 17). Made a killing. Invested in Texas land and bought a retirement lot in Costa Rica. Those prices are skyrocketing (but so are build costs).
Sounds good, and is good (at least for me). The missus isn't thrilled with renting since 20. It's made worse by my annual spring time robin song of ... we'll build next year, when the market tanks. LOL!
Axel Sandy Pelikan
Sugar-free Rock Star
- May 11, 2023
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So I am looking to move on from my job. The people above me are lifers and I cannot pass them in the chain. Anyone got some remote work from their company I may be able to do? I use to manage resorts in Northern Michigan in guest services and since moving to Florida I have been working in inside sales (top producer for the company). DM for any opportunities if possible. (sorry if this is against the rules).
Ed Ned and Leddy
Brokering the Bally Sports + Corncob TV Merger
Less time to play vidja games these days, but I’m hearing really good things about Baldur’s Gate 3. Any thoughts from those who have played a bit of the pre-release?
jkutswings
hot piss hockey
- Jul 10, 2014
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On a serious note, good luck and I hope you find some great opportunities soon.
On a less serious note, I think @Bench might need a collaborator with his new fan fiction enterprise...
Axel Sandy Pelikan
Sugar-free Rock Star
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House is progressing well, we have gotten a hell of a lot done. The “partially finished” basement was finished very poorly. There were a couple wet spots which will necessitate bleaching and sealing with Kilz, but overall it’s quite solid. I’ve just never seen so much f***in dust
Previous owner had about eight cable splitters. Replacing one worn floor with LVP, refinishing the other hardwood floors. Repainting all main floor rooms. Light gray on most, a dark red (burgundy) for kitchen, basically Pistons turquoise for my rooom and a gray with a bit more blue for my sister’s who is renting from me
Previous owner had about eight cable splitters. Replacing one worn floor with LVP, refinishing the other hardwood floors. Repainting all main floor rooms. Light gray on most, a dark red (burgundy) for kitchen, basically Pistons turquoise for my rooom and a gray with a bit more blue for my sister’s who is renting from me
Bondurant
Registered User
Barstool Sportsbook app has not been working for days and their customer service stinks. Immaculate Grid Hockey does not work.
Terrible day. But I got some reading out of the way!
Terrible day. But I got some reading out of the way!
jaster
I am become woke, destroyer of ignorance.
- Jun 8, 2007
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I went and saw Barbie with my wife. I sat next to a little girl. Before it started I said to her, “we’re here to see Oppenheimer, right?” She didn’t know what that meant, but after a couple women nearby laughed, the little girl laughed, and I was like hell yeah, kid, let’s watch this Barbie movie.
She didn’t get the jokes about genitals, but I think she enjoyed it anyway. Good flick.
She didn’t get the jokes about genitals, but I think she enjoyed it anyway. Good flick.
FabricDetails
HF still in need of automated text analytics
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jaster
I am become woke, destroyer of ignorance.
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If I weren't behind a keyboard, I would beach you off right now, @FabricDetails.
FabricDetails
HF still in need of automated text analytics
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FabricDetails
HF still in need of automated text analytics
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At the risk of getting deleted (and/or SPAM-ed), if anyone is willing to DM me comprehensive articles about the modern history of Detroit and how we got to where we are today, please do. Like how people see the images of abandoned buildings but don't understand the ownership underneath that real estate, tax implications, etc. Really not trying to start shit. It's just been a while since I've explored the topic.
...To say that I'm nervous about the feedback I'm going to get is an understatement. I have no interest in engaging in a never ending blame game but am curious about perspectives.
...To say that I'm nervous about the feedback I'm going to get is an understatement. I have no interest in engaging in a never ending blame game but am curious about perspectives.
Gniwder
Registered User
I don't think you can discuss any history of Detroit without it getting political, Wiki has a nice summary though.
As for taxes, Detroit has some of the highest property tax rates in order to make up for low valuations. It's a vicious cycle, since high taxes is a deterrent to buying. I lived in Fairlane Woods on the edge of Dearborn for a year back in the early 90's, the houses across Ford Rd have always been under $100k, and still are. There's no appreciation in home value because of taxes. Here's a good article on Detroit's tax rates:
Detroit’s High Property Tax Burden Stands as an Obstacle to Economic Growth - Citizens Research Council of Michigan
Detroit’s property taxes are among the highest in the nation. Property taxpayers in the city pay some of the highest rates in the state. In 2020, Detroit’s 2.83 percent effective tax rate on a median valued home was more than twice the national average of 1.38 percent. Even at twice the rate...
crcmich.org
Anyways, the owners of abandoned buildings are still liable for the taxes on the property. Usually what happens is that they stop paying taxes and the city puts a lien on the house. Eventually they foreclose on the property, and the lot becomes city owned. There is a process for buying these homes:
Buy Publicly Owned Property | City of Detroit
The City of Detroit owns property across the City, including both properties used to support services (such as parks and police stations) and properties that are not serving a public purpose. With the approval of the City Council, the City sells surplus property to residents, community...
It's a long list:
The list is long because there's no money to be made buying property in Detroit with the high taxes. Even without the other issues that the city has, that lone will keep property values in check. Michigan is a bit weird because every little city has it's own tax rate, in other states, it's usually done by county. The county also runs the public schools, having each city running schools is very inefficient. For example, here are the tax rates of Oakland County cities:
Resolving the issue involves politics, so I'm not going there.
Axel Sandy Pelikan
Sugar-free Rock Star
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I don't think you can discuss any history of Detroit without it getting political, Wiki has a nice summary though.
As for taxes, Detroit has some of the highest property tax rates in order to make up for low valuations. It's a vicious cycle, since high taxes is a deterrent to buying. I lived in Fairlane Woods on the edge of Dearborn for a year back in the early 90's, the houses across Ford Rd have always been under $100k, and still are. There's no appreciation in home value because of taxes. Here's a good article on Detroit's tax rates:
Detroit’s High Property Tax Burden Stands as an Obstacle to Economic Growth - Citizens Research Council of Michigan
Detroit’s property taxes are among the highest in the nation. Property taxpayers in the city pay some of the highest rates in the state. In 2020, Detroit’s 2.83 percent effective tax rate on a median valued home was more than twice the national average of 1.38 percent. Even at twice the rate...
Anyways, the owners of abandoned buildings are still liable for the taxes on the property. Usually what happens is that they stop paying taxes and the city puts a lien on the house. Eventually they foreclose on the property, and the lot becomes city owned. There is a process for buying these homes:
Buy Publicly Owned Property | City of Detroit
The City of Detroit owns property across the City, including both properties used to support services (such as parks and police stations) and properties that are not serving a public purpose. With the approval of the City Council, the City sells surplus property to residents, community...detroitmi.gov
It's a long list:
The list is long because there's no money to be made buying property in Detroit with the high taxes. Even without the other issues that the city has, that lone will keep property values in check. Michigan is a bit weird because every little city has it's own tax rate, in other states, it's usually done by county. The county also runs the public schools, having each city running schools is very inefficient. For example, here are the tax rates of Oakland County cities:
Resolving the issue involves politics, so I'm not going there.
Further, and stay away from the thorny issues... one of Detroit's largest issues was poor city planning as the massive automotive plants that drove so much prosperity aged into obsolescence, the city and the auto companies did not plan forward for their refurbishment, upgrade, or replacement in any substantive way. So, you had the massive facilities like the Packard Plant that employed thousands and provided loads of cash in property tax now sit entirely vacant.
Further, a portion of the urban sprawl in the 60s-90s out to the suburbs was the wage boom for the average auto worker through overtime. You had line workers that wanted land that you couldn't get in the postage stamp lots in Detroit. There were big government subsidies on building SFHs (which is why when you look at the SE Mich real estate market, you're incredibly likely to see ranches in the Metro Detroit area built in 1956-1968 en masse in neighborhoods. It's part of why the inventory will be shitty for awhile currently. Builders aren't being incentivized in the way they were 60 years ago.
To follow Gniwder's point... Ypsilanti City has a big property tax/valuation problem too. Detroit's is much more massive because the city is f***in huge but basically, there are huge chunks of Ypsi that are completely non-taxable (Eastern is the biggest but also several churches) and therefore, to make up the revenue, the taxes have to be higher on the property owned by the populace per capita. Detroit's problem is multiple-fold. Same as Ypsi, there are non-taxable plots due to schools, churches, and similar. However, the many vacant lots also do not provide tax revenue. And so often, the City would have to abate taxes to get more lucrative industries to come in. Like when Hollywood was using Detroit for a hot minute, the City accomplished that by kicking in huge tax breaks to make it appealing. That falls apart when the industry hops town for the next locale that will give them a pretty package instead of sticking around to pay the full freight on taxes when the abatements end.
There are certainly many reasons... but a good chunk of Detroit's problems can be drilled directly down to the flow of cash.
Gniwder
Registered User
The Packard Plant is a good example of what happens to these abandoned properties, at one point the city owned the whole thing through tax foreclosure, and ownership has been a CF ever since they auctioned it.
Packard Automotive Plant - Wikipedia
Given the cost of demolition, it makes more sense to buy property AFTER the city demolishes whatever is on the property, whether it's a factory or a house.
Bondurant
Registered User
Is anyone else going to Sweden for the Wings games? Thought I was going to find good deals traveling offseason. I thought wrong. Finalized all my bookings. Lodging is expensive. Even the hostels I was seeing were quoting $75 per night and had no availability. Ah, well. Expensive as hell but a rare occasion.
Bondurant
Registered User
Violence in the Model City by Sidney Fine. The summer of '67 is the primary focus but it digs deep into the political and economic factors of Detroit beginning a decade prior. One of my all-time favorite books.
Gniwder
Registered User
I'm looking at Zillow right now because I'm contemplating applying for a transfer to Novi, I see decent inventory of houses on Zillow. I think the bigger factor for new construction is that the population in Michigan isn't increasing so there's no reason to build new houses.
Real Estate & Homes For Sale - 335 Homes For Sale | Zillow
Zillow has 335 homes for sale. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place.
www.zillow.com
I'm tempted to buy a smaller house and some property up north. I don't really think property is that good of an investment in Michigan, because I think more people will move out as the auto companies switch over to EV.
ManwithNoIdentity
Registered User
I sank wayyyy too many into Balder's Gate 3 this weekend. My GF is not happy, but our level 6 Wizard, Paladin, and Sorcerer were happy my level 6 Battlemaster Fighter was able to join.
