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Monday, September 28, 1981

Thursday Open Thread

This is your open thread for today. Please post random links and off-topic discussions here.

16 comments:

synthetik said...

I've been enjoying reading Mish's Global Economic Trend Analysis

His post yesterday is a great read regarding "positive" RE and economic headlines from yesterday.

msrelo said...

I have not seen a post on this but thought I would have by now. I could not even imagine moving back in with my parents (I do like them) even to save a few bucks.

http://seattlepi.nwsource.com/local/286762_parents28.html

Nolaguy said...

I've been a regular bubble blog reader for about 7 months now.

In that time, I've seen many posts by home owners, renters, prospective buyers, agents and brokers.

But there is one group in the housing industry that I have not seen one post from in the bubble-sphere: appraisers.

Not one comment from an appraiser.

Why is that? Anyone have an idea?

plymster said...

Great article, msrelo. Moving in with the parents seems to jibe with Mish's coming deflation argument. Interesting how the savings thing is spawning a new thrift movement of sorts.

I agree, synthetik, Mish has some interesting arguments. Incedentally, I'm also a fan of The Mess That Greenspan Made, which had a recent piece on a couple that saves 50% of their ~$90K gross salary each year (Thrifty Couple).

I'm not a big, tree-hugging, whole-wheat-berry-eating thrift-nut, but I can certainly appreciate the whole "less is more" attitude, or at least living within one's means.

octopuswithafez said...

here my personal favorite blog

End of the World Blog

Mikhail said...

The idea of moving in with the parents just goes to further the point that real-estate demand is far more elastic than many industry pundits think. We keep hearing how population growth, in and of itself, drives real-estate. Hardly! Population is a relatively small factor in the real-estate market.

Heck, if a big population guaranteed a thriving market, then Cairo or Mexico real-estate should be the most profitable, and hard charging, in the world.

People will come up with all sorts of creative ways to cut housing costs if necessary. Aside from living with one's parents, I expect we will see it become far more prevalent to see multiple families living out of the same house. Many of today's McMansions will become nothing more than poorly designed appartment complexes.

Just look at all those old Victorian homes in Boston, and elsewhere, that wound up being split into multiple units.

redmondjp said...

You are right on the money, Mikhail, these 4000 sq. ft. McMansions would easily convert to a two-unit dwelling--just install a kitchenette adjacent to the master bath in one of the upstairs bedrooms, convert formal dining room (which nobody uses anyways) downstairs to a bedroom, add an exterior stairway to the second floor or wall in interior stairway and blammo!

Over in my neighborhood, I know that many immigrant families from all over the world pool their $ just to buy only one home, and they all live in it (their standard of living is probably much higher than where they came from, even when jammed into one house). I can look out my kitchen window and see the $750K house that some Polish immigrants live in--single guy who works for a cell phone company, lives with his parents in the main house, and his older brother lives in the MIL apt. above the detached garage. And they would appear to have no extra $, as they all drive 15-year-old Nissans. But they just may be really smart with their cash as well, who knows . . .

whatdouknow said...

An article on the housing blog http://thehousingbubbleblog.com/ sites an article from CNN Money about life partners that can not sell their house on the Eastside. I decided to look at what they did to get into the situation they are now in and it is a great example of the house of cards that is built in today's housing market.

1) bought a house for 332k in 2003, with an adjustable rate and prepayment penalty rider

2) refinanced the house in 2004 and got an equity loan for a total of $400k

3) bought another house in 2006 w/o a contingency (advice from the agent) with a second mortgage for a total loan balance of 715k

4) whining about how they got into this situation and having to make 2 mortgage payments now

crazy!!

Lake Hills Renter said...

I expect we will see it become far more prevalent to see multiple families living out of the same house.

The house that sold down the street back in May for way too much has a steady stream of cars coming and going, always a lot parked in front. From what I can tell, there's at least three young guys living there together, with a steady stream of friends. I wonder if that's the only way they could afford it. The all seem to have old beatup BMWs and Mercedes too, with out of state plates.

synthetik said...

If the local residential market, report on the booming commercial real estate market instead.

synthetik said...

+sucks

stephen said...

Just a word about the new user policy, not sure I see the point.

I check out the site daily and occasionally leave a comment. Under the new policy I was annoyed but figured what the hell.

Well, the sign up is anything but straight forward. First off it hung and after 5 minutes I blew it off and went to work and left the white box sitting on the screen. Got in a few minutes ago (11 hours later) and it had finally moved on at some point in the day. I would of just blown it but it was on the next screen so I started to finish it. It asked for the blog so I entered the name of this one and then continue. Got a screen saying that blog name was taken and moved me back on the original page. Then I realized it was asking me to set up my own blog. Hadn't given it any thoght but no, I didn't have anything in mind. I then looked (I think pretty throughly) for a check box for just setting up a posting account, didn't see it so I just axed the window.

Came over to the site to see if I clicked the wrong link and no it seemed that was the only link available. Then just for grins I put in the user name of the account I aborted midway through, and here I am.

Not sure many will wade through the muck but I, for now anyway, have the precious right to post and you guys can now hold me accountable for what I say :-)

cheers

4 Percent Realtor said...

I saw "open thread" and "random link" so I thought I would unabashedly (sp?) post a link to my Seattle - Tacoma Real Estate Blog

On the random comment side of things... I am digging this blog so far - great info, great responses.

Eleua said...

4%,

Welcome to Seattle Bubble. I hope you enjoy your stay.

What parts of the blog are you digging? It would seem strange that a Realtor would "dig" the comments on this blog.

plymster said...

Welcome 4 percent,

I've skimmed over your blog, and I like what I see. It's rare to find a realtor who actually seems concerned about his industry. I especially liked your posts on "Buyer's Bonus" and "Why are Realtors scared?".

Keep up the iconoclasm!

4 Percent Realtor said...

eleua & plymaster,

Thank you for your grand welcome! Here's my deal - I am all about reality. I don't care about being liked by the Real Estate Good ol boys who run most of the real estate brokerages in Seattle and Tacoma. I care about providing top notch real estate services and not ripping my clients off. As you can see by my username, I list homes for 4% commission. I believe in fair commissions and helping out the working class.

There it is - 4percentrealtor in a nutshell. Blessings, and hopefully many posts to come.

BTW: The Youtube video is one of the funniest things I have ever seen.