You might remember a few months back that Johnny Gray sold his waterfront house in Jupiter, Fla. for 24 million dollars. I talked to a realtor friend and she told me he let it go for cheap. Well guess what, the buyer has put it back on the market for 30 million. Not a bad flip huh?
Johnny Gray (1 Viewer)
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Chili
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He bought it for $7.3 million in 2013 and sold it for $24 million. Not a bad profit. I doubt the new owner gets $30 million for it.
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The real estate market has skyrocketed. We just had our house painted and the contractor told us we were lucky to get the paint. He went to 3 different Sherwin Williams stores to get it. Supplies for building new homes are scarce, everything from paint to steel for big buildings. This falls in the same category as chips for electronics.
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Not to mention, the price of lumber is ridiculous.
The local lumber yard charges close to $3.00 for a 1 x 6 fence picket and almost $8.00 for a treated 2 x 4.
Before the Wuhan virus was unleashed on the world, the fence pickets were under $2 and the treated 2 x 4s were around $3.
**Edit** I am just now leaving my local Lowe’s. Treated 2” x 4” x 8’ boards are $9.98 each!
The local lumber yard charges close to $3.00 for a 1 x 6 fence picket and almost $8.00 for a treated 2 x 4.
Before the Wuhan virus was unleashed on the world, the fence pickets were under $2 and the treated 2 x 4s were around $3.
**Edit** I am just now leaving my local Lowe’s. Treated 2” x 4” x 8’ boards are $9.98 each!
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Without turning this thread into a political issue, I've been told by my accountant this what's happened and it should be obvious to anyone with half a brain.
A lot of businesses/corporations were shut down last year and they're raising prices to make up for lost profit for that year. As for shortages, maybe, just maybe, companies are sitting on their inventory
to help raise prices. Of course, you can factor in the China situation.
Once things get back to normal (if ever) the public has been "conditioned" to accept these new prices.
That's it, I'm done!
A lot of businesses/corporations were shut down last year and they're raising prices to make up for lost profit for that year. As for shortages, maybe, just maybe, companies are sitting on their inventory
to help raise prices. Of course, you can factor in the China situation.
Once things get back to normal (if ever) the public has been "conditioned" to accept these new prices.
That's it, I'm done!
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There is a lumber treating facility on I-40 about 40 miles west of Little Rock. I have driven past that place countless times over the years and have never, ever, seen as much lumber there as they have right now. The place is overflowing with boards.
I think Jimi is onto something. It reminds me of the so-called gas crisis of the early ‘70s. There was no shortage of oil. The tankers were held off the coast until the prices sky rocketed.
Consumers needed gasoline and started paying ever-higher prices.
I’m afraid we’d better get used to outrageous lumber prices. Thankfully, I’m not planning on building another house.
I think Jimi is onto something. It reminds me of the so-called gas crisis of the early ‘70s. There was no shortage of oil. The tankers were held off the coast until the prices sky rocketed.
Consumers needed gasoline and started paying ever-higher prices.
I’m afraid we’d better get used to outrageous lumber prices. Thankfully, I’m not planning on building another house.
mole
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I have worked in the lumber business for the past 48 years..I currently and will retire with the oldest union millwork company west of the Mississippi 152 years in business, 6 generations family owned and still strong. .Lumber px's are a simple supply and demand for commodities...doug fir framing lumber, shear and sheeting panel products, engineered products and yes simple fencing products ...The problem was and is mills are only running about 3-4 days a week....at least that's what we experience for upper species and grades of redwood, cedar, doug fir and domestic hardwoods ...I was looking for western red cedar clear vertical grain for a project and the prices I was quoted went up 3 times in one week...I called a vendor of ours Thursday for a product they would typically have on the ground and ship to us in a day....none in stock for 5 weeks and of course could not quote me a cost........We currently cannot hold quotes for longer than 2 days which before pandemic we could honor for 10 days...that's how bad we see it too.....Lumber forecast and brokers say it's going to be like this at least till the end of the year or maybe thru first quarter of next year....We hear nightmare stories from our trade customers like the cost of osb is now 70 bucks a sheet...pre pandemic it was maybe 12 bucks.....I think housing prices are ridiculous as well as rent prices...I feel very sorry for people who are struggling with it...not everyone makes a 120k a year........
sorry to ramble.......
sorry to ramble.......
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glofria
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Great question about lumber, so I posed it on Google and picked the least likely bias source to read. Seems that between the COVID shutdown and speculators missing their mark, the demand is far greater than the supply. But change is coming.
fortune.com
Why are lumber prices still up 288% even with U.S. wood production at its highest levels since 2007?
While the lumber shortage has improved in recent weeks, high demand has put the entire wood supply chain under distress.
Cliff
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How is the recycled wood market? Guy in my 'hood built a shed outta recycle. Looks pretty good.
The homeless have been using re-cycled wood for years...
Cliff, I hope you don't have wood siding on your house! Might look good on someone's New shed! Just kidding.
Polish Hammer
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People would read through the rambling if the CAPSLOCK weren’t on…
Randy
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In before the collapse happens. And it'll happen.
Randy
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Here's the price history. Maybe the new seller (flipper) knows something Johnny's agents didn't.
06/23/2021 | Listed | $30,000,000 | $1,677 | BeachesMLSFlex |
| 06/21/2021 | Sold | $24,000,000 | $808 | PalmBeachFL |
| 02/23/2021 | Price Changed | $29,500,000 | $994 | PalmBeachFL |
| 02/19/2021 | Price Changed | $29,500,000 | $1,649 | BeachesMLSFlex |
| 01/19/2021 | Listed | $32,500,000 | $1,095 | PalmBeachFL |
| 01/14/2021 | Listed | $32,500,000 | $1,937 | BeachesMLSFlex |
Jim
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Hey Larry - I've been under the impression the Canadian Covid situation may have had a significant effect on prices (Never heard any experts discussing it) I don't know but it seems logical that the border crossing restrictions MIGHT increase the cost of logistics. Am I fanning moobeams?
Polish Hammer
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Thanks Larry but you don’t have to be so sour about it, just explaining that some people don’t want to read through a lengthy paragraph of shouting (CAPSLOCK).
mole
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Ok...Ok...I fixed it....Just easier to type in caps and no I was not yelling...I apologize if I was a jerk....which my wife said I was.....
Polish Hammer
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Thanks Larry, it’s all good and thanks for that insight. You didn’t have to correct it, I just know some tune it out and won’t even try to read it.
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