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Random fashion thoughts - Page 7084  

post #106246 of 109053

Another place where things are getting completely crazy is London, where I lived for a while (I still work for a London based company).

post #106247 of 109053

London isn't getting crazy, it's already insane. Forget about owning an apartment there, it just won't happen unless you earn 100k GBP p/y or win the lottery.

 

http://www.zoopla.co.uk/house-prices/london/?search_source=top_nav

post #106248 of 109053
Quote:
Originally Posted by iamacyborg View Post
 

London isn't getting crazy, it's already insane. Forget about owning an apartment there, it just won't happen unless you earn 100k GBP p/y or win the lottery.

 

http://www.zoopla.co.uk/house-prices/london/?search_source=top_nav

 

When I first moved there I was paying 250 per week for what it was basically an old garage which had been refurbished into a studio in zone 3. So when even renting a place is that expensive, buying is definitely not an option for most people unless as you say make well above 100k per year (and hope it will last).

post #106249 of 109053
I still own the small house I lived in before I got married, and renting is a pain in the ass. Now, I rent it to my Mom, which could turn out to be an even greater pain in the ass. But, it's a much better (i.e., cheaper) option for her than a retirement home.
post #106250 of 109053
Anybody know anything about the Lisbon market? Been thinking about buying a place since I might be here awhile. Friends have been looking and seem pretty dejected about their prospects.
post #106251 of 109053
Quote:
Originally Posted by gdl203 View Post

 

As I said above, you rent it out until the market is better for your property, at which point you can consider listing it again.   So (1) take it off the market, (2) rent it out for a year, (3) re-assess.  This is the normal MO when trying to sell a place one is looking to vacate and pulling it because the market isn't there.   Gotta make decisions in life, letting a piece of property on the market empty for 2 years because a buyer may show up next week is bad decision-making.  Changing course towards a lower risk path and re-assessing later is good decision-making.   Any trustworthy RE broker (not an oxymoron) would tell you to pull it off the market and rent it out. 

 

Renting out one apartment is not a full-time job...  

 

Generally, renting a place out for a year is not a full time job, but it can be, depending on the tenants, and it's a mistake to think that you'll get model tenants.

 

A house is a wierd ass investment, in that it is tied inextricably to where you are physically located and your means.  

 

Also, the possible rate of return is wired into your your interest rate.  For fifteen or thirty years.   Even with a really good rate, and assuming a good deal of money down so that you are not paying mortgage insurance, and assuming that you can do a 10 or 15 year mortgage so that you pay the bank the least amount of mortgage possible, you are lucky to break even.  The one good thing is that yes, you have built equity.  But it's not like, you've hit the jackpot, unless you and flipping in some crazy place in San Francisco or Vancouver.

post #106252 of 109053

BTW I'm 100% against buying houses for pure speculation. It just makes owning a house way more difficult for those actually planning to live in it instead of speculate and it creates zero real value.

post #106253 of 109053
Quote:
Originally Posted by sinnedk View Post

i think sleep train does that...

I actually did mattress shopping this weekend as well and idk. Just doesn't feel right o pay over 1k on a mattress but then again i just never needed to shop for one.

I liked the spring mattresses more than memory foam...

$1k is what you should be paying for a queen mattress (adjust $ slightly for size). I wouldn't pay a dollar more. Get a firm mattress. No pillow top. No doodads, "sleep number" whatevers.
post #106254 of 109053
Quote:
Originally Posted by MickeyPunch View Post
 

 

When I first moved there I was paying 250 per week for what it was basically an old garage which had been refurbished into a studio in zone 3. So when even renting a place is that expensive, buying is definitely not an option for most people unless as you say make well above 100k per year (and hope it will last).

 

 

I was paying 799 GBP a month for a room in zone 1. That was in a 4 bedroom flat with a single bathroom. A 1 bed flat is easily ~1800+ per month in a non-central location.

 

I'm noticing a lot of people my age either move back in with their parents or leave London altogether because it's just too expensive.

post #106255 of 109053
Quote:
Originally Posted by iamacyborg View Post

 

I was paying 799 GBP a month for a room in zone 1. That was in a 4 bedroom flat with a single bathroom. A 1 bed flat is easily ~1800+ per month in a non-central location.

 

I'm noticing a lot of people my age either move back in with their parents or leave London altogether because it's just too expensive.

Maybe stop making the poor life choices that make you poor (or not affluent enough.)

post #106256 of 109053
London is crazy, I've seen studios in new developments go for £800k and they get sold on day zero, most of the units get sold to foreign investors and stay empty for 364 days a year.


The Battersea Powerstation development has sales offices in Kuala Lumpur and London, the £100.000.000 penthouse in 1 Hype Park has been sold 4 or 5 times now overtime to foreign investors.

The Qatari sovereign wealth fund is one of the largest land owners in London, they among other things own 95% of the Shard, the olympic village and Harrods.
post #106257 of 109053
it is ridiculous, a two bedroom house around the trendy (still fairly rundown) areas of east london is easily over a million GBP now. Estate agents are so lazy, they only do group viewings where like 40+ people show up, then it goes to sealed bids and invariably over the asking price for anything that looks good.
People have been saying the market will crash since at least the late 90s, hasn't happened so far. And with SWFs etc underpinning it doesn't seem likely.
post #106258 of 109053
Quote:
Originally Posted by LA Guy View Post

Maybe stop making the poor life choices that make you poor (or not affluent enough.)

yeah but this would cover pretty much anything at all 'creative'/academic, and indeed most things except financier or big time corporate dude. all of my friends who are senior/chief curators at major galleries, artists, fashion designers are being pushed out, it's pretty grim
post #106259 of 109053
p sure that was joke
post #106260 of 109053
Quote:
Originally Posted by MickeyPunch View Post

Housing bubble in my country (Spain) was huge, freaking huge. At some point in 2007 more houses were being built in Spain than in the UK, France and Germany together. Entire new cities were being built in the middle of nowhere. 16 year old guys were leaving school and working as construction workers for a salary that people with University degrees could only dream of. People were buying houses and selling them in a few days for a very good profit. It obviously all crashed.
Warning: Spoiler! (Click to show)
I don't know how it is in other places, but the mantras here were:

- Renting a place is throwing money away.
- Prices will never decrease.
- You can sell whenever you want. Or at least rent it.
- Inflation will make it easier in time to pay off the debt.

Obviously all of them were blatantly wrong. Now prices have fallen a 50% or more, there's hundreds of evictions every week because people can't pay their mortgages (some commit suicide when it happens), unemployment rate has risen from 8-9% in 2007 to 25% and obviously those school drop outs blew all their money in cars and such because they thought it would last forever. There's true deflation so debt is growing and not getting smaller... a true disaster.

I could comfortably buy a house with no mortgage now. But I won't, simply because a) I don't know where I'll be living in a couple of years. I've lived in 4 different places in 3 years. b) I haven't really found a place where I'd like to settle. Buying and selling, even if it was relatively easy (and it isn't here right now as I've stated above), is a huge hassle compared to just calling your landlord/lady.

So for me paying a rent is definitely not throwing my money away. Now ask whoever bought a place for, say, 300k euro, in the peak of the housing bubble, and that is unable now to sell their place for 150k, what throwing money away is, they probably know.

And it's not just old houses in not-so-great locations that have fallen, also 5-6-7 million euro mansions in the coast (say Mallorca) for rich people (many from abroad, european or russian) are selling for half the price or less.

And beware the 'housing bubble is a thing of the past, it happened and it recovered' statement. It might be very well true, if the housing bubble in those areas was not as huge as in here. But where housing bubble has been big (like in Japan a few years ago or here), they follow a pattern:




So watch out for 'bull traps'.


The spanish market is a bit of a special case, which you can't compare to everywhere else, southern Spain (Malaga), was grocery overly developed from the 90's until the rescission hit, due to greedy investors and fraud and bribery on a government level, which resulted in a very large amount of vacant homes, including entire towns, the abandoned airport doesn't help either.

The spanish economy also crashed harder than most others, I heard that only one new production business was started in Q3 '13 in the entire country, that just shows how hard it was hit, I think the only countries hit harder was Ireland, Portugal and Greece.

I my opinion all of those countries had/has a grossly unsustainable economic policy and it's largely their own fault they are where they are, the fact that the pension age in Greece is 50 and you pretty much can't get fired from a government job is insane.



Quote:
Originally Posted by gdl203 View Post


As I said above, you rent it out until the market is better for your property, at which point you can consider listing it again.   So (1) take it off the market, (2) rent it out for a year, (3) re-assess.  This is the normal MO when trying to sell a place one is looking to vacate and pulling it because the market isn't there.   Gotta make decisions in life, letting a piece of property on the market empty for 2 years because a buyer may show up next week is bad decision-making.  Changing course towards a lower risk path and re-assessing later is good decision-making.   Any trustworthy RE broker (not an oxymoron) would tell you to pull it off the market and rent it out. 

Renting out one apartment is not a full-time job...  


Around here you can see how long a house has been listed and how the pricing has changed over the period, but yeah if doesn't sell, take it off or figure out what is wrong and why it isn't moving.

There are a lot of business who cater to people who want to rent out their homes and will handle everything for you, so you don't have to deal with the hassle.


Quote:
Originally Posted by LA Guy View Post

An extremely long term investment and generally highly non-liquid asset.

Not necessarily I work in real estate and you can make a lot of money, if you do it full time in a short periode of time, if you know what you are doing.
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