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Things worked out differently for everyone. For many, the waiting game paid off–in a big way–for others, not so much, and, agree, a lot depended on where you were looking, and the type of property you were looking for (primary, investment, etc.)

It was another great chance to pick up investment properties in lots of areas, but many people we knew who were looking for a primary on or near the coast really didn’t care that they could get a better deal in other areas that took a bigger hit during the crash–because they weren’t going to buy there anyway–so waiting for what they wanted did pay off for quite a few of them.

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From what we’re seeing, there currently seems to be no shortage of foreign funds flowing in for coastal properties, which is bumping prices far beyond previous highs. Lots of things could derail this train, but what and when may be difficult to predict.

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And, per the current topic–from another recent housing blog:

“Living in a renter’s paradise: Renters now dominate over half of largest US cities. Between 2007 and 2016 approximately 7.8 million homes lost to foreclosure.”

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Having been in real estate investment most of my life, I had never seen anything like what we experienced during the years you mentioned sdgrrl–and that’s why I first joined this forum–to learn what other people were thinking–especially Rich who had the insight to sound the alarm when no one else would. Lots of very interesting posts during those years.

It’s true, some people lost their shirts during that period, and it was sad to witness the ridiculous (lending among other) policies, processes and mindsets that made that possible, as well as the apocalyptic aftermath, but some of us stepped back, took a breath, held on, and got through it–especially since many of us had purchased our properties many years prior to the meltdown.

Then, and in some ways, sadly, the crash did bring another round of great buying opportunities, so now, here we are, with real estate at new highs (for the moment) and hoping everyone is well positioned for the many economic challenges I believe still lie ahead.

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With our SFH’s and multi-family units, we pretty much conform to the going rates (or slightly lower) in the various areas at any given time, and we let our tenants know these increases or, unlikely, decreases will be evaluated on an annual or other basis (depending on the original terms) from the beginning, so there are no surprises going forward.

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“I often thought of the number of SFH occupied by retired persons was a risk but as I realize that many of them will live to be 80+ perhaps 90, the day of reckoning seems to be a bit further off than I’d thought a few years ago.”

Agree, and something I’ve mentioned on other threads is the fact that we, as well as everyone we know and talk to (especially in CA) plan to pass all of their properties on to their families.

Most have continued to acquire more property–especially during the
recession–but I know very few people who have sold any of their properties in at least the past 10 years, maybe longer, so we’ll also have to see what impact that aspect may have in years to come.

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Definitely better to realistically assess your kids abilities and interests and go from there. We tried to do that with all of our kids (two attended top tier, one, second) and, even though it took one of them a little longer to find his niche, he finally did.

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Good points, TS. It will be interesting to see if those issues can be solved or not.

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Everyone has a different concept of happiness, but, imo, regardless of what others choose, being happy with your own choices is what really matters. At least, that’s what’s working for us.

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no_such_reality wrote:

“My original basic point was that upper income group is growing dynamically and that housing build out isn’t. Leaving motivated high income people to fight or aging dated stock.”

Completely agree. With our rentals, etc., we see more and more people interested in living in SAN for jobs, retirement–you name it–and less and less buildable land, so it’s no wonder some are predicting a housing crisis here.

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Per the philosophical aspect of housing, here’s an article I forwarded to a friend a few years ago.

https://www.psychologytoday.com/blog/the-power-prime/201008/personal-growth-will-new-house-bring-you-happiness

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Have seen several boom and bust cycles, and it will be interesting to see what the future holds, but most people we know who are holding never plan to sell any of their properties because, like us, they plan to pass them along to their kids, and/or rent them out if they should have to leave for employment reasons, etc., regardless of market conditions, so that might have some affect on inventory going forward.

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Agree many of us don’t have to worry about a retirement crisis, and, hope that will be true for everyone, but the stats cited by experts concerning this issue are thought provoking. Guess only time will tell how it all plays out.

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If only it were that simple that would be great, but these indicators point to bigger problems like a retirement crisis across all generations, and other more serious concerns.

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Understand your thoughts, but whether people are educated or uneducated, dwell in the rustbelt or Silicon Valley, in the final analysis, imo, the survival of individuals and families boils down to net worth–regardless of political affiliation.

To that point, when you see stats that indicate only 9 percent of ALL US households have a net worth greater than $1M, and that the median net worth for ALL families in the US went from $102,500 in 1998 to $81,200 in 2014–and I won’t even get into the retirement savings stats–it’s crystal clear than far more than one particular demographic have some major life and financial challenges ahead.

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