patrick.net

MolotovCocktail says

WookieMan says

Don't understand bonds, but they'll just raise property taxes. That's what they did in Chicago when pensions were on the verge of collapse.

Can't do that in LA or even the rest of the cities. Prop 13.

I did say property taxes, so I own that. I know of prop 13. That said they'll just jack up the gas tax, registration on vehicles, permits, sales tax you name it. Hell parking in the city they could double. EV since there's a high amount of them out there will be taxed higher.

Lived it in Chicago. They sold the Skyway to Indiana to cover debt. Parking meters for 100 years to a private company. Parking enforcement and fees. It's coming your way. I don't wish it upon you guys, but it's coming. For those that own great, but for the average citizen or renter, they will get a 10-20% hit somehow through random taxes.

Oh ffs!

https://www.msn.com/en-us/money/realestate/housing-market-set-for-the-worst-year-in-decades-says-meredith-whitney/ar-AA1HowHU

EBGuy says

The City of Los Angeles has a $1 billion+ city budget deficit,
San Diego is over $300 million in debt.
The City of Sacramento has a $66 million budget deficit.
San Francisco has a $876 million budget deficit.

.

https://www.usdebtclock.org/state-debt-clocks/state-of-california-debt-clock.html

.

Sure, glad they all operate with a balanced budget amendment. - Good luck holding them accountable.

MolotovCocktail says

Oh ffs!

Yeah, but now they'll have to disclose information on their bitcoin and will likely need to keep it in an exchange. Complete opposite of what everyone claims that it is safe and secure. You'll have to give access in my opinion for them to take it as collateral.

Stupid though by Fannie and Freddie, but I might make a nice dime as word gets out. I've got a decent amount of shares of FNMA at $1.20ish and it's at $10 now.

There's no stoppage if coins crash is the problem. With stocks they'll shut down the exchanges to minimize the loses with a big crash and let people think about what is going on. A few bitcoin whales could sell $2B worth of it and that would crash the market. Now you bring exchanges in that have been hacked and it's ballgame over. Hopefully I get a bounce and will dump half of FNMA.

Two things come to mind.
1. Since bitcoin can literally go to infinity, this means home prices could as well? Although not enough people own bitcoin for that to happen.
2. If bitcoin is used as collateral, will banks have some type of margin calls on the dips?

All this financial foolishness seems to have no end. They can keep bullshit going forever it seems.

MolotovCocktail says

Oh ffs!

is this scam real? our own government is openly scamming us?

WookieMan says

Yeah, but now they'll have to disclose information on their bitcoin and will likely need to keep it in an exchange. Complete opposite of what everyone claims that it is safe and secure. You'll have to give access in my opinion for them to take it as collateral.

Doesn't say it is to be used as collateral, just for risk assessment.

But that will probably come next.

WookieMan says

Stupid though by Fannie and Freddie,

It's 100% political. To help the Whales who can't liquidate their crypto holdings w/o crashing the price.

Glock-n-Load says

If bitcoin is used as collateral, will banks have some type of margin calls on the dips

Again, doesn't say that it will be used as collateral. Not yet.

Fortwaye says

is this scam real? our own government is openly scamming us?

Why you acting surprised.

https://www.cnbc.com/2025/06/25/may-2025-new-home-sales.html

Real Estate Sales of new homes tanked in May, pushing supply up to a 3-year high

https://www.dailymail.co.uk/real-estate/article-14839107/florida-condo-law-home-values-hoa.html

Condo owners wake up to grim reality that their homes are worthless

In Boynton Beach for example, a two-bedroom, two-bathroom condo at Hunters Run Country Club with access to a resort-style pool and high-end amenities is selling for just $10,000. The owner paid $60,000 for it in 2001. It's now worth $3 per square-foot.

On Marco Island, a one-bedroom, two-bathroom condo complete with water access at Sunrise Bay Resort is listed for $9,000.

I want to know the monthly fee on those units.

zzyzzx says

https://www.dailymail.co.uk/real-estate/article-14839107/florida-condo-law-home-values-hoa.html

Condo owners wake up to grim reality that their homes are worthless

In Boynton Beach for example, a two-bedroom, two-bathroom condo at Hunters Run Country Club with access to a resort-style pool and high-end amenities is selling for just $10,000. The owner paid $60,000 for it in 2001. It's now worth $3 per square-foot.

On Marco Island, a one-bedroom, two-bathroom condo complete with water access at Sunrise Bay Resort is listed for $9,000.

I want to know the monthly fee on those units.

You can assume it’s about $1,000/month AND there’s probably a special assessment coming up on it.

zzyzzx says

https://www.dailymail.co.uk/real-estate/article-14839107/florida-condo-law-home-values-hoa.html

Condo owners wake up to grim reality that their homes are worthless

In Boynton Beach for example, a two-bedroom, two-bathroom condo at Hunters Run Country Club with access to a resort-style pool and high-end amenities is selling for just $10,000. The owner paid $60,000 for it in 2001. It's now worth $3 per square-foot.

On Marco Island, a one-bedroom, two-bathroom condo complete with water access at Sunrise Bay Resort is listed for $9,000.

I want to know the monthly fee on those units.

You do know these are trailer park type communities? I wouldn't touch a condo in FL unless it has a view on the beach. Most are trash.

WookieMan says

You do know these are trailer park type communities? I wouldn't touch a condo in FL unless it has a view on the beach. Most are trash.

No, there are no trailers in Hunters Run ( https://www.huntersrun.net/real-estate ).

I've never seen trashy condos in Florida since they are run by an HOA. Its upscale apartment living such as Harbour Villas at Bay Point in Panama City Beach, which is not on the beach.

.

WookieMan says

You do know these are trailer park type communities? I wouldn't touch a condo in FL unless it has a view on the beach. Most are trash.

Article specifically states that they are condos.
From the pictures they don't look like trailers either:
https://www.realtor.com/realestateandhomes-search/Hunters-Run_Boynton-Beach_FL/pnd-hide

Here is one:
https://www.realtor.com/realestateandhomes-detail/17-Stratford-Dr-E-Apt-F_Boynton-Beach_FL_33436_M56375-95335?from=srp-list-card
$1,425/mo condo fee
https://www.realtor.com/realestateandhomes-detail/23-Westgate-Ln-Apt-B_Boynton-Beach_FL_33436_M95175-63742?from=srp-list-card
$1,631/mo condo fee

Not trailers, but condo fees that are basically apartment rent,

Trailer park TYPE. One word there that is important. Condos can be trashy buildings.

I get frustrated in this thread. I've been in thousands of houses and condos NOT including friends and family. Working in Chicago about 30% of our sales were condos. There are trailer park TYPE condos out there. Not well kept, crime, drugs, drunks, etc. I've seen it all.

I also have looked at condos with my dad when younger in the Panhandle of FL. There are shit condo complexes. Your typical mid rise 2-3 story building with prices the white trash can afford or ghetto blacks. That area is also off 95. Those are people going to the south for service jobs, that likely are doing meth and other stuff. Easy to keep the grounds clean in FL as the grass species they use barely grows. Perennial plants need work maybe 2 times a year.

This should have been my main point. The condo fee is likely high because they have to maintain a building no one wants to live in. Or there's a special assessment they passing on to the potential new owner. That generally means it's a shit hole.

https://finance.yahoo.com/news/housing-red-flag-data-show-161851084.html

Data show increase in cancellations of home purchase agreements versus a year ago

WookieMan says

I get frustrated in this thread. I've been in thousands of houses and condos NOT including friends and family. Working in Chicago about 30% of our sales were condos. There are trailer park TYPE condos out there. Not well kept, crime, drugs, drunks, etc. I've seen it all.

Maybe if you would stop using personally made up nomenclature after insisting you are a RE expert. That confuses ppl at best. At worse, it pushes ppl to believe you are full of it.

WookieMan says

Trailer park TYPE. One word there that is important. Condos can be trashy buildings.

I get frustrated in this thread. I've been in thousands of houses and condos NOT including friends and family. Working in Chicago about 30% of our sales were condos. There are trailer park TYPE condos out there. Not well kept, crime, drugs, drunks, etc. I've seen it all.

Please refer to my comment #6579 above.

I even gave the website to the condo community (and other homes), which clearly shows its not a "trailer park type community". This refutes your comment that it was a trailer park type community.

Even the "cheapest" condos in Bay County / Panama City are well operated and maintained because any condo in Florida will have a proactive HOA, and even some Karens on the board to make sure that is the case.

.

AD says

I even gave the website to the condo community (and other homes), which clearly shows its not a "trailer park type community". This refutes your comment that it was a trailer park type community.

@AD see my post here https://patrick.net/comment?comment_id=2186182 to unravel the confusion.

He uses "trailer park type community" as a completely different term of his own personal choosing that isn't the same meaning as the literal words "trailer park type community" that you, me and that guy behind the tree do.

Then he bitches when the rest of us don't understand his meaning.

But hey. You all jump on me when I call him out for his communication BS. So I am just going to sit back with some popcorn and watch you all thrash over this one yourselves. Not my fight.

MolotovCocktail says

AD says

I even gave the website to the condo community (and other homes), which clearly shows its not a "trailer park type community". This refutes your comment that it was a trailer park type community.

AD see my post here https://patrick.net/comment?comment_id=2186182 to unravel the confusion.

He uses "trailer park type community" as a completely different term of his own personal choosing that isn't the same meaning as the literal words "trailer park type community" that you, me and that guy behind the tree do.

Then he bitches when the rest of us don't understand his meaning.

I understand as I knew Wookie means it is a trashy community or neighborhood and I disagree with him based on my own experiences of living throughout Florida in townhome and condo HOAs like Panama City Beach, Cocoa Beach, South Florida / Palm Beach County, etc

.

.

https://www.axios.com/2025/06/27/ice-trump-tariffs-home-sales

article states the housing market is in the dumps

.

WookieMan says

That generally means it's a shit hole.

Wookie, tell me about your home state of Illinois :-/

Illinois' Disastrous Demographics: Fewer Youth, A Drop In Working-Age Residents And A Jump In Elderly

https://www.zerohedge.com/political/illinois-disastrous-demographics-fewer-youth-drop-working-age-residents-and-jump-elderly

Here’s what the latest demographic data shows for Illinois:

Nation’s worst drop in number of residents age 18 and under. Illinois had 184,000 fewer residents aged 18 and under in 2024 vs 2020. That’s a 6% drop, the biggest percentage loss in the country.

To be sure, much of Illinois’ decline can be attributed to the national trend of declining births. In all, just 11 states increased their youth population over the same period. But having the worst decline shows Illinois is in special trouble. Every one of Illinois’ neighbors had a far smaller decline than we did.

Florida, in contrast, had its age 18 and under population grow by 5.5%, or nearly 250,000, over the same period.

,

I can't believe how cheap apartments have become vs. COVID era in Florida. Hearing similar in Tennessee

Free Month(s), $1400 for 2 beds they wanted $1900+ for.

The overbuilding and the completion bond worked together and speculative builders and investors getting their ass handed to them.

Professor Larry Sabato says demographics is destiny

AmericanKulakMaximumTrumper says

I can't believe how cheap apartments have become vs. COVID era in Florida. Hearing similar in Tennessee

Free Month(s), $1400 for 2 beds they wanted $1900+ for.

The overbuilding and the completion bond worked together and speculative builders and investors getting their ass handed to them.

Yeah RD Offutt Farms owns Hathaway Luxury Apartments in Panama City Beach Florida. They stopped construction last year on the 226 unit development after they broke ground.

.

AmericanKulakMaximumTrumper says

I can't believe how cheap apartments have become vs. COVID era in Florida. Hearing similar in Tennessee

Free Month(s), $1400 for 2 beds they wanted $1900+ for.

The overbuilding and the completion bond worked together and speculative builders and investors getting their ass handed to them.

Mass/self deportations having the desired effect?

PeopleUnited says

Mass/self deportations having the desired effect?

Part of it. The other major factors I think is back to in-person and flat out overexpansion.

AD says

Professor Larry Sabato says demographics is destiny

Has nothing to do with real estate. People either buy or sell. People are buying in IL. Can't unsee what I see daily.

And yes there are shitty trailer park condos everywhere. How many condos have you been in? No online. Physically.

WookieMan says

AD says

Professor Larry Sabato says demographics is destiny

Has nothing to do with real estate. People either buy or sell. People are buying in IL. Can't unsee what I see daily.

And yes there are shitty trailer park condos everywhere. How many condos have you been in? No online. Physically.

I have lived in condos in Cocoa Beach, South Florida and Panama City Beach. I've lived in about 7 condo HOAs in Florida.

Demographics has a lot to do with commerce like real estate.

If Illinois is dying off which is a demographics matter then there is less new housing starts for example.

I have no idea why you claim demographic trends have nothing to do with real estate. Have another drink and keep posting like this.

.

AD says

Professor Larry Sabato says demographics is destiny

Good to see South Carolina on the list. Personal observation - lots of young families with multiple kids in the areas I’ve been. Best license plate -
“Procreate"

AD says

I have lived in condos in Cocoa Beach, South Florida and Panama City Beach. I've lived in about 7 condo HOAs in Florida.

Not a knock. Sold over 300 condos at least. Common spaces, maintenance, etc. I get to see the entire building during inspections and showings. I'd walk past units (pre-legal) that smelled like a bong. Bitching and yelling at 9am. Drunks in the hallway carrying beer and booze.

This isn't zillow telling what a building is like. I saw it. I went through it. You seem like a guy that doesn't want to live in a shitty spot. Problem is there are a TON of shit spots. You just won't go to them which is fine. I had to for work and not purchase.

I think maybe 2-3 times that someone could argue I was fudging on this site. I own it. I don't lie about my real estate experience. Fact is most on this thread go on links and photos a realtor or hired. You think they're going to make it look bad and not get a commission? You have to physically see it. And I'm talking 300 SALES, not showings and walk throughs.

AD says

Florida, in contrast, had its age 18 and under population grow by 5.5%, or nearly 250,000, over the same period.

Yeah. But they have too many retirees.

The number of home sellers has returned to levels not seen since March 2020, and the number of buyers is at the lowest level in their limited dataset, which goes back to 2013.

NAHB Housing Market Index
above 50 means favorable conditions for housing builders

WookieMan says

AD says
I have lived in condos in Cocoa Beach, South Florida and Panama City Beach. I've lived in about 7 condo HOAs in Florida.

Not a knock. Sold over 300 condos at least. Common spaces, maintenance, etc. I get to see the entire building during inspections and showings. I'd walk past units (pre-legal) that smelled like a bong. Bitching and yelling at 9am. Drunks in the hallway carrying beer and booze.

This isn't zillow telling what a building is like. I saw it. I went through it. You seem like a guy that doesn't want to live in a shitty spot. Problem is there are a TON of shit spots. You just won't go to them which is fine. I had to for work and not purchase.

I also look around like go to the condos at Bay Point like Harbour Villas, and on the beach as well as cross the bridge to go to Panama City and I don't see slums or ghetto condos.

The HOA boards won't allow it in Florida.

How many of those 300 condos you sold were in Illinois ?

.

AD says

The number of home sellers has returned to levels not seen since March 2020, and the number of buyers is at the lowest level in their limited dataset, which goes back to 2013.

NAHB Housing Market Index
above 50 means favorable conditions for housing builders

Its 34 now but not as dismal as back in 2010
.



.

Or the early 90s, which was a decent R/E slump in most markets.

AD says

How many of those 300 condos you sold were in Illinois ?

Ahem, he's an expert on everything. Like Aviation, Aerospace, Manufacturing, and day-to-day living in California.

https://x.com/EricDLombardi/status/1937161155849449641

Patrick says

https://x.com/EricDLombardi/status/1937161155849449641

I don't have a problem with some areas being "too expensive" as long as there are places where it is not too expensive. This includes work/life balance issues. You can have your expensive areas as long as others can live also.