Trying to buy a ski condo, completely priced out

[Anonymous]

I'm trying to buy a condo in one of the small mountain times and completely priced out. It's so frustrating. You would think it would be impossible for the market to go up this much. 3 identical condos sold for 400-600k this fall. Now they are on the market for 900-1mil. Two different units! You would think with everything going on some of the resort towns would cool a lot. This is really just a dream. As most of you know it doesn't really make sense financially to buy a ski condo with the fees and high price compared to the rental market (we plan to airbnb). Anyone else dealing with this in resort towns right now. You would think with everything going on with the market and Europe things would have cooled a bit, not doubled in 3 months.

[Anonymous]

Nope. If anything three months ago there was a slightly lull, but in a lot of markets things have picked back up. None of the things you mentioned mean that people who have money and free time, suddenly don't. Short of that, prices won't come down.

[Anonymous]

Anonymous wrote:I'm trying to buy a condo in one of the small mountain times and completely priced out. It's so frustrating. You would think it would be impossible for the market to go up this much. 3 identical condos sold for 400-600k this fall. Now they are on the market for 900-1mil. Two different units! You would think with everything going on some of the resort towns would cool a lot. This is really just a dream. As most of you know it doesn't really make sense financially to buy a ski condo with the fees and high price compared to the rental market (we plan to airbnb). Anyone else dealing with this in resort towns right now. You would think with everything going on with the market and Europe things would have cooled a bit, not doubled in 3 months.

100% my experience OP.

We bought vacation home #1 in 2020 Colonial Beach, VA it's gone up at least 100% in value (but we also put 100K into it)

We started looking for ski vacation home #2 in September 2021. Bid on 5 or 6 houses, outbid on everything. Typically houses were going for 30% over list price. Then no inventory. Looking from Bryce, Ski Liberty and less so in Massanutten. We finally went under contract just outside of Charles Town WV. Not a ski town, but lots of outdoors activities.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm trying to buy a condo in one of the small mountain times and completely priced out. It's so frustrating. You would think it would be impossible for the market to go up this much. 3 identical condos sold for 400-600k this fall. Now they are on the market for 900-1mil. Two different units! You would think with everything going on some of the resort towns would cool a lot. This is really just a dream. As most of you know it doesn't really make sense financially to buy a ski condo with the fees and high price compared to the rental market (we plan to airbnb). Anyone else dealing with this in resort towns right now. You would think with everything going on with the market and Europe things would have cooled a bit, not doubled in 3 months.

100% my experience OP.

We bought vacation home #1 in 2020 Colonial Beach, VA it's gone up at least 100% in value (but we also put 100K into it)

We started looking for ski vacation home #2 in September 2021. Bid on 5 or 6 houses, outbid on everything. Typically houses were going for 30% over list price. Then no inventory. Looking from Bryce, Ski Liberty and less so in Massanutten. We finally went under contract just outside of Charles Town WV. Not a ski town, but lots of outdoors activities.

Yes we bid over asking on 4 places as well. Very frustrating to have gone up that much though in 3 months.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm trying to buy a condo in one of the small mountain times and completely priced out. It's so frustrating. You would think it would be impossible for the market to go up this much. 3 identical condos sold for 400-600k this fall. Now they are on the market for 900-1mil. Two different units! You would think with everything going on some of the resort towns would cool a lot. This is really just a dream. As most of you know it doesn't really make sense financially to buy a ski condo with the fees and high price compared to the rental market (we plan to airbnb). Anyone else dealing with this in resort towns right now. You would think with everything going on with the market and Europe things would have cooled a bit, not doubled in 3 months.

100% my experience OP.

We bought vacation home #1 in 2020 Colonial Beach, VA it's gone up at least 100% in value (but we also put 100K into it)

We started looking for ski vacation home #2 in September 2021. Bid on 5 or 6 houses, outbid on everything. Typically houses were going for 30% over list price. Then no inventory. Looking from Bryce, Ski Liberty and less so in Massanutten. We finally went under contract just outside of Charles Town WV. Not a ski town, but lots of outdoors activities.

I made this similar comment a couple of months ago about our main residence that we also purchased in 2020, and got absolutely slammed for it. No one believed that our home had jumped in value that much in just one year's time. Anyhow PP - good for you. Mazel.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm trying to buy a condo in one of the small mountain times and completely priced out. It's so frustrating. You would think it would be impossible for the market to go up this much. 3 identical condos sold for 400-600k this fall. Now they are on the market for 900-1mil. Two different units! You would think with everything going on some of the resort towns would cool a lot. This is really just a dream. As most of you know it doesn't really make sense financially to buy a ski condo with the fees and high price compared to the rental market (we plan to airbnb). Anyone else dealing with this in resort towns right now. You would think with everything going on with the market and Europe things would have cooled a bit, not doubled in 3 months.

100% my experience OP.

We bought vacation home #1 in 2020 Colonial Beach, VA it's gone up at least 100% in value (but we also put 100K into it)

We started looking for ski vacation home #2 in September 2021. Bid on 5 or 6 houses, outbid on everything. Typically houses were going for 30% over list price. Then no inventory. Looking from Bryce, Ski Liberty and less so in Massanutten. We finally went under contract just outside of Charles Town WV. Not a ski town, but lots of outdoors activities.

I made this similar comment a couple of months ago about our main residence that we also purchased in 2020, and got absolutely slammed for it. No one believed that our home had jumped in value that much in just one year's time. Anyhow PP - good for you. Mazel.

I think it's shocking to me too. I think the prices are going up so fast you don't see it until the final sale number posts.

[Anonymous]

It really is amazing how good covid was for the upper class: so much money flowed into the economy, huge stock market gains, large pay increases (not experienced by the middle and lower classes) -- all of it is on display with what is being described here. Every asset class for the rich -- from art to vacation homes -- has experienced dramatic gains in the past two years.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm trying to buy a condo in one of the small mountain times and completely priced out. It's so frustrating. You would think it would be impossible for the market to go up this much. 3 identical condos sold for 400-600k this fall. Now they are on the market for 900-1mil. Two different units! You would think with everything going on some of the resort towns would cool a lot. This is really just a dream. As most of you know it doesn't really make sense financially to buy a ski condo with the fees and high price compared to the rental market (we plan to airbnb). Anyone else dealing with this in resort towns right now. You would think with everything going on with the market and Europe things would have cooled a bit, not doubled in 3 months.

100% my experience OP.

We bought vacation home #1 in 2020 Colonial Beach, VA it's gone up at least 100% in value (but we also put 100K into it)

We started looking for ski vacation home #2 in September 2021. Bid on 5 or 6 houses, outbid on everything. Typically houses were going for 30% over list price. Then no inventory. Looking from Bryce, Ski Liberty and less so in Massanutten. We finally went under contract just outside of Charles Town WV. Not a ski town, but lots of outdoors activities.

I made this similar comment a couple of months ago about our main residence that we also purchased in 2020, and got absolutely slammed for it. No one believed that our home had jumped in value that much in just one year's time. Anyhow PP - good for you. Mazel.

I think it's shocking to me too. I think the prices are going up so fast you don't see it until the final sale number posts.

First PP here. Yep. And the home we sold in 2020 ($1.35M) is now worth about $2.2M - I know this because a similar home in my old neighborhood with one less bedroom and not at all updated (ours was fully updated) just closed at $1.7M. It's absolutely nuts!

[Anonymous]

Anonymous wrote:It really is amazing how good covid was for the upper class: so much money flowed into the economy, huge stock market gains, large pay increases (not experienced by the middle and lower classes) -- all of it is on display with what is being described here. Every asset class for the rich -- from art to vacation homes -- has experienced dramatic gains in the past two years.

What do you consider "upper class"? Not being snarky, I'm truly curious because I think there are a few misconceptions about this floating around.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It really is amazing how good covid was for the upper class: so much money flowed into the economy, huge stock market gains, large pay increases (not experienced by the middle and lower classes) -- all of it is on display with what is being described here. Every asset class for the rich -- from art to vacation homes -- has experienced dramatic gains in the past two years.

What do you consider "upper class"? Not being snarky, I'm truly curious because I think there are a few misconceptions about this floating around.

If you're buying a vacation condo for at least $400,000, you're probably in the upper class. It might not feel that way (I get it, it always feels like I am barely getting by), but it's true. Anyways, I don't want to turn this thread into a debate over terminology -- my simple point is that the crazy price appreciation in vacation homes didn't come out of nowhere; it began during covid for a reason. So when someone says that they had 100% appreciation on a vacation home during covid, I believe it because that's what happened for many asset classes that are discretionary purchases.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It really is amazing how good covid was for the upper class: so much money flowed into the economy, huge stock market gains, large pay increases (not experienced by the middle and lower classes) -- all of it is on display with what is being described here. Every asset class for the rich -- from art to vacation homes -- has experienced dramatic gains in the past two years.

What do you consider "upper class"? Not being snarky, I'm truly curious because I think there are a few misconceptions about this floating around.

If you own a 2nd home that you do not have to rent out, you are definitely "upper class".

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It really is amazing how good covid was for the upper class: so much money flowed into the economy, huge stock market gains, large pay increases (not experienced by the middle and lower classes) -- all of it is on display with what is being described here. Every asset class for the rich -- from art to vacation homes -- has experienced dramatic gains in the past two years.

What do you consider "upper class"? Not being snarky, I'm truly curious because I think there are a few misconceptions about this floating around.

If you own a 2nd home that you do not have to rent out, you are definitely "upper class".

Pretty sure "upper class" is legally defined as 1.8x where x is how much money the poster makes

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It really is amazing how good covid was for the upper class: so much money flowed into the economy, huge stock market gains, large pay increases (not experienced by the middle and lower classes) -- all of it is on display with what is being described here. Every asset class for the rich -- from art to vacation homes -- has experienced dramatic gains in the past two years.

What do you consider "upper class"? Not being snarky, I'm truly curious because I think there are a few misconceptions about this floating around.

If you own a 2nd home that you do not have to rent out, you are definitely "upper class".

Pretty sure "upper class" is legally defined as 1.8x where x is how much money the poster makes

English please? What does that even mean.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It really is amazing how good covid was for the upper class: so much money flowed into the economy, huge stock market gains, large pay increases (not experienced by the middle and lower classes) -- all of it is on display with what is being described here. Every asset class for the rich -- from art to vacation homes -- has experienced dramatic gains in the past two years.

What do you consider "upper class"? Not being snarky, I'm truly curious because I think there are a few misconceptions about this floating around.

If you own a 2nd home that you do not have to rent out, you are definitely "upper class".

Pretty sure "upper class" is legally defined as 1.8x where x is how much money the poster makes

English please? What does that even mean.

I did not post it, but I think it's a sarcastic way of saying that most people who are doing well think that upper class is some multiple of what they currently make/have ("I'm not in the upper class, I only make $250K and have $4 million in assets. Upper class means double that"), when in fact the actual truth is that they are already in the upper class.

[Anonymous]

Probably a blessing for you in disguise.