Ticketmaster gets fined 4.5 Million USD for misleading ticket prices.

[nightlight]

Here's the story I've told a thousand times, tried to condense into a few sentences:

My wife and I before kids, growing weed in back room. Using ghetto rigged lights, one lamp fell and caught back room on fire. I call landlord who is a firefighter coincidentally, and he immediately asks if I want to buy the home, which I laugh and say no. We are sent to hotel via Red Cross and while we are there my wife says "I feel awful, we should go clean up that house for him [landlord]." We go back to the house and while cleaning up, we both look at each other and without hesitation we both stammer something along the lines of "Do not let that man back in this house." and "Dude the house looks fantastic for just going through a house fire" and yeah, we never let him back in the house, and got a $50-$75k house for $5k and put $5k into repairs and have been living rent free since about 2016.

Woah, $5k for a house. I don't even know how that makes sense, if you stripped the place, you'd probably come up with more than $5k for all the materials. Really weird.

Here in India, the house prices are sky high cause all the politicians have so much ill-gotten money that they have bought up the country. Like seriously, in the neighbourhood I'm currently living in, the house prices start at about $800,000. Unaffordable.

And I've heard of people buying three bedroom apartments in places like Mumbai - amid all the slums and filth - for millions of dollars. Literally more than the houses that are available in Beverly Hills, I just don't get that.

 

[neurosis]

Woah, $5k for a house. I don't even know how that makes sense, if you stripped the place, you'd probably come up with more than $5k for all the materials. Really weird.

Here in India, the house prices are sky high cause all the politicians have so much ill-gotten money that they have bought up the country. Like seriously, in the neighbourhood I'm currently living in, the house prices start at about $800,000. Unaffordable.

And I've heard of people buying three bedroom apartments in places like Mumbai - amid all the slums and filth - for millions of dollars. Literally more than the houses that are available in Beverly Hills, I just don't get that.

this is all going off topic but I'd be curious to know more about it. I always though housing prices climb based on perceived value for their area etc. So why would a house in a slum cost close to a million dollars? Is it an inventory vs demand thing? My mind was just blown.

 

[bostjan]

Woah, $5k for a house. I don't even know how that makes sense, if you stripped the place, you'd probably come up with more than $5k for all the materials. Really weird.

Here in India, the house prices are sky high cause all the politicians have so much ill-gotten money that they have bought up the country. Like seriously, in the neighbourhood I'm currently living in, the house prices start at about $800,000. Unaffordable.

And I've heard of people buying three bedroom apartments in places like Mumbai - amid all the slums and filth - for millions of dollars. Literally more than the houses that are available in Beverly Hills, I just don't get that.

Here's a $5k house in India - https://www.makaan.com/listings?pro...yId=1&templateId=MAKAAN_CITY_LISTING_BUY#lg=1

I'm not surprised Mumbai property values are that high. The competition is far more tilted toward demand. In other words, there are way more people who want a house in Mumbai than there are houses in Mumbai. In contrast to someplace like Detroit, Flint, Toledo, or Gary, where no one really wants to live there, but there are tons of houses, because people used to want to live there.

And if you think about Asia... like, what major city in Asia has the worst crime? Karachi? Dhaka? Kuala Lumpur? The crime indexes are: Karachi 62, Dhaka 70., Kuala Lumpur 68. ...Detroit is 94. So yeah, it might seem crazy, but a person living in Detroit is literally 25 times more likely to be murdered than someone living in the most dangerous part of Bangladesh. That's not to say Dhaka is safe, just that Detroit can be that much of a hellscape.

 

[nightlight]

Here's a $5k house in India - https://www.makaan.com/listings?pro...yId=1&templateId=MAKAAN_CITY_LISTING_BUY#lg=1

I'm not surprised Mumbai property values are that high. The competition is far more tilted toward demand. In other words, there are way more people who want a house in Mumbai than there are houses in Mumbai. In contrast to someplace like Detroit, Flint, Toledo, or Gary, where no one really wants to live there, but there are tons of houses, because people used to want to live there.

And if you think about Asia... like, what major city in Asia has the worst crime? Karachi? Dhaka? Kuala Lumpur? The crime indexes are: Karachi 62, Dhaka 70., Kuala Lumpur 68. ...Detroit is 94. So yeah, it might seem crazy, but a person living in Detroit is literally 25 times more likely to be murdered than someone living in the most dangerous part of Bangladesh. That's not to say Dhaka is safe, just that Detroit can be that much of a hellscape.

I just looked at that ad and the first one that popped up was for "INR 1.95 crore". A crore is a hundred lakhs. A lakh is INR 100,000. So, a crore is INR 10 million. So basically, it's a house for INR 19,500,0000. That's about USD 238,000.

I didn't look at the neighbourhood, but there are nice neighbourhoods in India, just like everywhere else. When I moved back to India from Singapore, I moved to a place that was very nice inside the condo, but when you stepped outside, you had to be very careful. Moved from there before a year was over.

USD 5000 is about INR 400k in India. That will get you a car, but not a house.

At any rate, for more families in India a "crore" for a house is an aspiration. It's a third world country, where (the last I checked) the per capita GDP was around 4k-5k USD.

That's why it's so baffling to me that people would sell a house for $5k. Why is it baffling? Because $5k is peanuts in India, just like it is in the USA.

After all, Springsteen tickets are selling for that much. So the question is not why the Indian property market is so elevated. Rather, why is the US market so depressed.

If property prices were like that here, I would have bought 20 houses, rented them out and retired.

Alas, my retirement plans are in peril, I make very little money and my assets are just gear. Ah me.

 

[bostjan]

I just looked at that ad and the first one that popped up was for "INR 1.95 crore". A crore is a hundred lakhs. A lakh is INR 100,000. So, a crore is INR 10 million. So basically, it's a house for INR 19,500,0000. That's about USD 238,000.

I didn't look at the neighbourhood, but there are nice neighbourhoods in India, just like everywhere else. When I moved back to India from Singapore, I moved to a place that was very nice inside the condo, but when you stepped outside, you had to be very careful. Moved from there before a year was over.

USD 5000 is about INR 400k in India. That will get you a car, but not a house.

At any rate, for more families in India a "crore" for a house is an aspiration. It's a third world country, where (the last I checked) the per capita GDP was around 4k-5k USD.

That's why it's so baffling to me that people would sell a house for $5k. Why is it baffling? Because $5k is peanuts in India, just like it is in the USA.

After all, Springsteen tickets are selling for that much. So the question is not why the Indian property market is so elevated. Rather, why is the US market so depressed.

If property prices were like that here, I would have bought 20 houses, rented them out and retired.

Alas, my retirement plans are in peril, I make very little money and my assets are just gear. Ah me.

Sorry, I thought that was a direct link, but I can't seem to get any direct links to work. For me, it's the third one down on most relevant. Or you can sort by price and see at least 40 houses for sale for under $5k USD.

So, yeah, if you are willing to live in Ahmedabad in a small home, you can totally find something for under $5k.

I think I already explained why buying a shit ton of $5k houses and then renting them out won't work. $5k houses are for sale in places where no one wants them. No one wants to own them, no one wants to rent them, no one wants anything to do with them. They are in poor condition and/or shit neighbourhoods. If you think you can earn a fortune by gobbling up a bunch of houses in Detroit and renting them out, go ahead. But no one wants to live in Detroit. The story related by @CanserDYI is similar, because so few people want to buy a house in Toledo that was in a fire.

But, if you think something will happen and the economy will boon in Ahmedabad, there you go, 40+ houses to choose from that you could buy for peanuts, fix them up to liveable condition, and try to rent them out to make your retirement. But Ahmedabad isn't Mumbai, so I don't think you'll get so much interest in those properties. Still, though, honestly, if you have the time to look at them (not sure if you mentioned before where you are located, but Mumbai is at least 10 hours drive from Ahmedabad), I'll bet you could find something worth the investment, but I doubt there is anything that will make you rich.

 

[tedtan]

Just to keep things in perspective, a $5K house in the US is a very rare phenomena.

I live in Houston, which has a much lower cost of living (and housing) than the east or west coast would have, and according to the Houston Association of Realtors, the average price of a house here is $404K and the median is $331K (both rounded up to the nearest thousand). And you would be hard pressed to find just a lot with no structure on it for under $100K.

So while those $5K houses exist, they’re both rare and somewhere you don’t want to live.

 

[CanserDYI]

Oh yeah, I am fully admitting $5k is not normal for buying a house, my circumstances are extremely fortunate, I'm not complaining, merely musing at nightlight saying it's a new Diezel or whatever, "hell it was my entire house" is essentially the gist of what I was getting at.

 

[tedtan]

^

Yeah, I was mainly clarifying for @nightlight since he isn’t local.

 

[BlackMastodon]

TIL people in India would need to give up their dreams and wealth to go see Bruce Springsteen once. This truly is the darkest timeline.

 

[nightlight]

Sorry, I thought that was a direct link, but I can't seem to get any direct links to work. For me, it's the third one down on most relevant. Or you can sort by price and see at least 40 houses for sale for under $5k USD.

So, yeah, if you are willing to live in Ahmedabad in a small home, you can totally find something for under $5k.

I think I already explained why buying a shit ton of $5k houses and then renting them out won't work. $5k houses are for sale in places where no one wants them. No one wants to own them, no one wants to rent them, no one wants anything to do with them. They are in poor condition and/or shit neighbourhoods. If you think you can earn a fortune by gobbling up a bunch of houses in Detroit and renting them out, go ahead. But no one wants to live in Detroit. The story related by @CanserDYI is similar, because so few people want to buy a house in Toledo that was in a fire.

But, if you think something will happen and the economy will boon in Ahmedabad, there you go, 40+ houses to choose from that you could buy for peanuts, fix them up to liveable condition, and try to rent them out to make your retirement. But Ahmedabad isn't Mumbai, so I don't think you'll get so much interest in those properties. Still, though, honestly, if you have the time to look at them (not sure if you mentioned before where you are located, but Mumbai is at least 10 hours drive from Ahmedabad), I'll bet you could find something worth the investment, but I doubt there is anything that will make you rich.

Being India, the whole place is a neighbourhood no one wants to live in.

TIL people in India would need to give up their dreams and wealth to go see Bruce Springsteen once. This truly is the darkest timeline.

I think the darkest part of the timeline is that Bruce Springsteen, my hero, is selling concert tickets for $5k. I think only wealthy people will be going, that's not easily disposable cash for a lot of people. It's like he sold his soul.

 

[bostjan]

Being India, the whole place is a neighbourhood no one wants to live in.

Heh.

Well, it's all relative. I'm sure that the nicest place to live in India is nicer than the nicest place to live in Detroit. But I'm also certain that the nicest place to live in Detroit is much nicer than the shittiest place to live in India.

But at least you don't live in any country that borders India. Pretty sure they are all worse.

 

[M.U.Y.A.]

Good. Considering they just charged me close to $400 in stupid nonsense fees on my 4 tickets I purchased. Fuck them lol

 

[Seabeast2000]

I just caught like a minute of some show about TM and realized I was busy and stopped caring.