Real estate decline 2020

Cross-post from another thread*

Does anyone have any intel on the Jacksonville, Florida area?

It's the only major Florida city where the county went for Trump in 2016 (by a hair though). However, the surrounding counties are VERY pro-2016 Trump. One the surrounding counties for example (Clay County) is the one where the sheriff recently said he deputize all lawful gun owners if antifa/BLM and other scumbags showed up and acted like fools. Everyone should watch this video; we need more of this in America:


My understanding is that there is a decent jogger population present in parts of Jacksonville with some significant crime in certain sections of the city but outside of that it's pretty safe.

If anyone is familiar with with general region, please share your thoughts.
 

Troller

Kingfisher
With 54% discount is sold:




 
Slight tangent but anyone looking to buy an apartment abroad? Trying to think of a couple of affordable places in the world as crash pad type places that are sort of central for traveling. Like maybe Poland. Seems close to everything in Europe. Wondering if anyone has done it and costs involved. Thanks.
 

Pendleton

Kingfisher
If you are looking for a house in a non-diverse area with "good" schools, prices do not seem to have declined. Prices of rural land also aren't going down from what I've seen. IOW, the types of places where people flee for security are retaining their value.
 

gework

Ostrich
Gold Member
Slight tangent but anyone looking to buy an apartment abroad? Trying to think of a couple of affordable places in the world as crash pad type places that are sort of central for traveling. Like maybe Poland. Seems close to everything in Europe. Wondering if anyone has done it and costs involved. Thanks.

Ukraine or Russia have good apartments in major cities from about $70,000. Though I would look more at $140,000, particularly if you are looking to buy in the capital. You'll find the best deals in somewhat economicaly depressed places like Volgograd or Krasnodar. In the latter I saw a very good two floor four bedroom apartment for $80,000. For Russia use Yandex Realty. Not so familiar with Ukraine. The really depressed places don't offer good value as there is little good real estate it carries a premium.

I think one of the best places for apartments is Thailand. The Thais do them better than anyone else for the price. Asian apartments are typically superior to Europe and will often come with a gym and pool. In BKK you can get a well furnished one with shared gym and pool for $100,000 or less.

I believe Serbia has a low bar to entry residency by real estate, but the apartments are not that good. Quality at a premium.
 

Muscovite

Sparrow
Ukraine or Russia have good apartments in major cities from about $70,000. Though I would look more at $140,000, particularly if you are looking to buy in the capital. You'll find the best deals in somewhat economicaly depressed places like Volgograd or Krasnodar. In the latter I saw a very good two floor four bedroom apartment for $80,000. For Russia use Yandex Realty. Not so familiar with Ukraine. The really depressed places don't offer good value as there is little good real estate it carries a premium.

It's a good time to buy in Russia. The Gov recently announced they'll be offering permanent residency if you buy a property in Russia over a certain amount. I already have an apartment in Moscow, but we're looking at a piece of land to build a dacha on. It's 800m2 for about $23,500 (10 miles from the outer Moscow Ring Road).

Krasnodar is actually the fastest growing city in Russia at the moment, so I'd expect prices to creep up there soon.
 

Dr Mantis Toboggan

Kingfisher
Gold Member
I think one of the best places for apartments is Thailand. The Thais do them better than anyone else for the price. Asian apartments are typically superior to Europe and will often come with a gym and pool. In BKK you can get a well furnished one with shared gym and pool for $100,000 or less.

Is renting it out on AirBNB (during normal times) viable? Legally speaking as well as in terms of check-in/check-out and housekeeping support from the building management?

Also, is that 100k in Sukhumvit, Silom, etc?
 
It's a good time to buy in Russia. The Gov recently announced they'll be offering permanent residency if you buy a property in Russia over a certain amount. I already have an apartment in Moscow, but we're looking at a piece of land to build a dacha on. It's 800m2 for about $23,500 (10 miles from the outer Moscow Ring Road).

Krasnodar is actually the fastest growing city in Russia at the moment, so I'd expect prices to creep up there soon.
Do you know how much of an investment is needed for perm residency? Sounds pretty awesome to only be 10 miles away from the city and have a Dacha. thanks
 

Muscovite

Sparrow
Do you know how much of an investment is needed for perm residency?
The new law won't apply until July 2021 apparently, and there's no info on the minimum investment yet. I'd imagine for the bigger cities it would be quite high.

 

gework

Ostrich
Gold Member
Is renting it out on AirBNB (during normal times) viable? Legally speaking as well as in terms of check-in/check-out and housekeeping support from the building management?

Also, is that 100k in Sukhumvit, Silom, etc?

Moscow is 60% occupancy rate: https://www.airdna.co/vacation-rental-data/app/ru/central-federal-district/moscow/overview

Kazan only 36%: https://www.airdna.co/vacation-rental-data/app/ru/volga-federal-district/kazan/overview

I dont think youll get building management in Russia, at least not normal apartments.
 

Dr Mantis Toboggan

Kingfisher
Gold Member
Moscow is 60% occupancy rate: https://www.airdna.co/vacation-rental-data/app/ru/central-federal-district/moscow/overview

Kazan only 36%: https://www.airdna.co/vacation-rental-data/app/ru/volga-federal-district/kazan/overview

I dont think youll get building management in Russia, at least not normal apartments.

Meant BKK, I know nothing about Russia and certainly wouldn't buy anything there (nothing against it, just not my area of interest)!

My thinking--in normal times for tourism in Thailand--is that you could buy a place there and if it's in a central neighborhood like the ones I mentioned put it on AirBNB when not using it. I've never stayed at an AirBNB in BKK (never thought it was worth the hassle when you can get a decent hotel room for $30-50) but did one in Chiang Mai when I was there for around US$40/night in a nice managed apartment building with a rooftop pool. Thinking in BKK if you get an apartment, use it 2 weeks/year yourself, and average $40/night (after taxes/fees/etc) with 70% occupancy the rest of the time you're getting close to $10k/year plus a free play to stay in town and some assets out of the west. I know Thailand has laws about foreigners owning businesses though, not sure if that would apply to condos as well.
 

gework

Ostrich
Gold Member
Meant BKK, I know nothing about Russia and certainly wouldn't buy anything there (nothing against it, just not my area of interest)!

My thinking--in normal times for tourism in Thailand--is that you could buy a place there and if it's in a central neighborhood like the ones I mentioned put it on AirBNB when not using it. I've never stayed at an AirBNB in BKK (never thought it was worth the hassle when you can get a decent hotel room for $30-50) but did one in Chiang Mai when I was there for around US$40/night in a nice managed apartment building with a rooftop pool. Thinking in BKK if you get an apartment, use it 2 weeks/year yourself, and average $40/night (after taxes/fees/etc) with 70% occupancy the rest of the time you're getting close to $10k/year plus a free play to stay in town and some assets out of the west. I know Thailand has laws about foreigners owning businesses though, not sure if that would apply to condos as well.

Thailand is my main interest for a warm getaway apartment.

There are plenty with a pool for under $100,000:

https://www.thailand-property.com/p...=3500000&types=condo,apartment&facilities=SWI

They are cheaper in the other tourist hot spots and I imagine there wouldn't be much difference in rental income.

But I think you'd be looking at a less for rental income. The average rate for a apartment with pool in Bangkok is about $25-30. The good thing is there are plenty of rental management services in Bangkok.

Seems the typical yield is 5.5%: https://www.globalpropertyguide.com/Asia/Thailand/rent-yields

Another area that is interesting is Costa Rica. I've read of 15% yields on tourist rental properties. Yields are typically 7.5%:

https://www.globalpropertyguide.com/Latin-America/Costa-Rica/Rental-Yields
 

NoFunInAus

Woodpecker
My bank (may it die in hell) just denied me from an obvious investment loan "due to covid". I am totally capable to carry this loan, but no. Any of you had this? Am I rejected for what?
 

EndlessGravity

Kingfisher
My bank (may it die in hell) just denied me from an obvious investment loan "due to covid". I am totally capable to carry this loan, but no. Any of you had this? Am I rejected for what?

See above earlier. We have pristine credit and we even were able to get loans during the last crisis because of this. Yet our bank, one of the major ones, will not give out any home loans currently until into 2021. Smaller banks are, so you can still shop around. However, it's obvious the big banks are very spooked.
 

NoFunInAus

Woodpecker
See above earlier. We have pristine credit and we even were able to get loans during the last crisis because of this. Yet our bank, one of the major ones, will not give out any home loans currently until into 2021. Smaller banks are, so you can still shop around. However, it's obvious the big banks are very spooked.
Yes my broker said a few smaller ones had some interest but this is some real weirdo shit. Either the whole market will collapse, or they will release the credit and whoever bought through this plandemic has a payday.
 

barrythecyborg

Woodpecker
Such an interesting time in the UK right now...

I have a family member who just sold his city flat at pre-corona asking price...

In this window it looks like people know an economic crash is looming, but they're taking the risk to move now, whilst they can for sure get a mtg, and pre the surprise fall lockdown.

I also know someone that sold their house pre-corona and is sitting on 1.5MM GBP cash.

Potentially a good situation, BUT weimar style hyper inflation could be devastating...
 

NoFunInAus

Woodpecker
Such an interesting time in the UK right now...

I have a family member who just sold his city flat at pre-corona asking price...

In this window it looks like people know an economic crash is looming, but they're taking the risk to move now, whilst they can for sure get a mtg, and pre the surprise fall lockdown.

I also know someone that sold their house pre-corona and is sitting on 1.5MM GBP cash.

Potentially a good situation, BUT weimar style hyper inflation could be devastating...
Sorry man, but real estate is gonna go cookie jar in the country soon.
 
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