[Coronita]

https://www.builderonline.com/design/consumer-trends/redfin-sees-big-cities-suffering-as-remote-work-drives-migration-elsewhere_o

REDFIN SEES BIG CITIES SUFFERING AS REMOTE WORK DRIVES MIGRATION ELSEWHERE
“The whole narrative of the past 200 years, of the young person moving to the big city, may turn a little upside down in the years ahead.”

Here’s the original Redfin article.

https://www.redfin.com/blog/wfh-leaving-new-york-san-francisco/

The sudden shift to remote work, brought on by the coronavirus shutdowns will accelerate a major migration away from expensive coastal cities. According to a new survey of homebuyers and sellers from Redfin, 1 in 4 newly-remote workers expect to continue to work remotely once shutdowns end, and over half of respondents would move if they never had to go into an office.

“Redfin is preparing for a seismic demographic shift toward smaller cities,” said Redfin CEO Glenn Kelman. “Prior to this pandemic, the housing affordability crisis was already driving people from large cities to small. Now, more permissive policies around remote work, and a rising wariness about close quarters, will likely accelerate that trend. We expect to see more people commuting once a week from Sacramento to San Francisco, from Tacoma to Seattle, from New Hampshire to Boston. Some won’t commute at all, choosing instead to work completely virtually from a small town, perhaps where their parents still live. The whole narrative of the past 200 years, of the young person moving to the big city, may turn a little upside down in the years ahead.”

About 4 in 10 survey respondents were not working remotely before the shutdowns but were able to during the shutdowns, and more than 28% of them said that they expect to continue to work remotely or have the option to work from home after the shutdown ends. In Seattle, 44% expect to work remotely indefinitely—by far the highest of any of the high-cost cities surveyed.

[Coronita]

[quote=svelte][quote=Coronita][quote=sdrealtor]

What I’d like to know is at what point do we ban people with 5 person companies from calling themselves CEOs[/quote]

Just as soon as we stop calling people addicted to social media “Influencers”[/quote]

lol agree with both these comments.

I watch youtube quite a bit come across channels that make me shake my head. They’ve put all their eggs in the YT basket. When the tide turns and interest wanes on their topic, they will have to pivot. Unfortunately, I’m not sure many of them can. Shoot, they’re not even very good at the topic they’ve chosen already![/quote]

Instagram is worse. It’s basically soft porn + product placement using amateur “models” err I mean “bloggers”

[Coronita]

[quote=sdrealtor][quote=Coronita]Add Karl to the list of Karens…

https://www.washingtonpost.com/nation/2020/07/08/lofthouse-racist-video-tech-ceo/

BTW: this is (was?) his shitty company

https://www.linkedin.com/company/solid8llc/

Looks like his shitty 2-10 person company went down…
https://solid8.io/

Like i said. People like him aren’t sorry and really apologizing because they are sorry.

They are sorry they got caught…

Adios![/quote]

What I’d like to know is at what point do we ban people with 5 person companies from calling themselves CEOs[/quote]

Just as soon as we stop calling people addicted to social media “Influencers”

[Coronita]

I don’t know, I’d say that while credit card debt might be down it doesn’t necessarily mean credit card or debit card usage is down. For instance, many of the places I go really discourage cash now, especially the small time eateries. I guess this is to try to remain as contactless as possible.

I haven’t had to use cash for the past few months.

And ordering things online hasn’t gone down.

Maybe what this means sis for some people , some expenses have gone down. For example, folks in my household are probably spending 1/10th what use to be spent on gas since we no longer need to drive everyday, and the few days we do drive, we aren’t stuck in traffic. Just an example.

Also, working from home, people probably are eatting out less during the day during work hours.

Some might have gotten rid of daycare expenses. Some might have cut out all the expenses associated with kids and kids activity since they are all closed.

My cash reserves have gone way up because many of the things I use to spend money on are not applicable during covid. But my credit card usage has gone quite up.

[Coronita]

Add Karl to the list of Karens…

https://www.washingtonpost.com/nation/2020/07/08/lofthouse-racist-video-tech-ceo/

BTW: this is (was?) his shitty company

https://www.linkedin.com/company/solid8llc/

Looks like his shitty 2-10 person company went down…
https://solid8.io/

Like i said. People like him aren’t sorry and really apologizing because they are sorry.

They are sorry they got caught…

Adios!

[Coronita]

I’ll offer $199,999.99

[Coronita]

Looks like as suspected rents in cities continue to slide:

https://www.bloomberg.com/news/articles/2020-07-09/manhattan-apartment-rents-slide-after-exodus-empties-buildings?srnd=premium

rent prices slid 6.6%

[Coronita]

I got it scardey. Do a $300k cash out refinance. And then make a $125k principle payment right after your loan is funded….. j/k

[Coronita]

[quote=scaredyclassic][quote=gzz]SDR: I didn’t see even a cost difference for going 20 instead of 30.

Scaredy: avoid the big interest rate penalty for cash-out by doing a normal no cash-out refi, and then getting a HELOC if you actually need money.[/quote]

Problem is i owe only 175k and its not enough for the lowest rate[/quote]

Well, like I said, normally one would need get a mortgage to pay for a new house.

But lately I’m thinking ….

I need to find a new house so I can get a brand new mortgage.

Lol, yeah I know that’s backwards…But interesting times we live in.

[Coronita]

I need to buy another house so I can take out a mortgage.

Wait, usually isn’t it I need to get a mortgage so I can buy a house?

Lol

[Coronita]

[quote=svelte]When my father owned rentals, he came to the conclusion it was more desirable to have a few higher end rentals than many low end rentals for a variety of reasons that basically boiled down to the quality of tenants.

People who are struggling to make ends meet are far more likely to leave you holding the bag and more apt to do more damage to the property. There were a few horror stories at my dad’s lower end rentals and I can still see the damage when I close my eyes. It was disgusting.[/quote]

I haven’t yet experienced a malicious tenant (knock on wood). But what particularly concerns me is all these moratoriums and all these movements to do a rental strike. On one hand, I can understand that there on a lot of people who are barely surviving and unable to pay for basic food and shelter. On the other hand, it’s unreasonable to expect the landlords to fix this issue. And seeing where the winds are blowing these days, I really want to try to stay in the higher tenant pools if I can. It’s still not a guarantee things will go well, but the way I look at it is that it increases the odds.

But to see what sort of tenants you possibly might get, I would try to list a fake for rent on Craigslist with as close to the real property stats as possible…. based on the response rate and the quality of the responses (or lack there of) it could provide a valuable preview of what to expect in that submarket.

One thing to keep in mind, I don’t think the entire San Diego rental market is at risk. We have a pretty diverse industry when it comes to industry and employment center, so that while parts will probably suffer, I don’t think it will be catastrophic. Other places like Orlando or Las Vegas that count significantly on leisure/ entertainment, that could a be a major problem. Personally, I wouldn’t want to venture into those geographies just yet. But that’s just me.

This isn’t criticism for those that want to try to get things to work in these higher risk areas, as the rewards could be much larger. It’s just for me, it’s not worth taking the extra risk.

[Coronita]

It’s a rougher neighborhood. The tenant quality probably won’t be great and it will probably take more work to find better tenants. That said, if that doesn’t bother you, it could work out. It just might be a lot more work for someone just starting out.

[Coronita]

Find a hobby. Breath…. Relax…

I’m on my 4th attempt at trying to paint my trunk lid of my old car. Now that’s stressful and frustrating….

I think i need to buy a better HVLP paint gun. I might do that this weekend at Harbor Freight.

[Coronita]

[quote=outtamojo]Cancel everything so kids can have some form of school in the fall.
Our adult “leaders” have f*cked sh@t up.

Who raised these losers?

https://people.com/health/alabama-teens-throw-coronavirus-themed-parties-with-payout-reward-for-anyone-who-gets-infected/%5B/quote%5D

The same sort of people that would try tik tok challenge to pass a penny between two prongs stuck in an electrical outlet and eventually accidentally setting fire to a house…

I call this Darwin at work 🙂

[Coronita]

Money can’t buy you happiness….
BUT…
It sure can come pretty darn close!

[Author]

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