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Friday, October 02, 1981

Monday Open Thread

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

10 comments:

Grivetti said...

An absoltue howler of a Condo article in yesterday's Times

Yep, selling downtown's commodity, but I especially enjoy the candor in such quotes as...

"Smack dab on the corner of Stravinsky + Sockeye," says the ad for the Second + Pine condos. (And you thought that was the corner of Discount Fashions + Cheap Heroin.)

Cheap Herion? Hehehe... I actually recall walking down 2nd from Pike's just a few months ago dodging some guy with a weird curb-inflicted headwound mumbling to himself about how he was "wronged!" while carring a not-so-discrete baggy of pariphenalia...

Oh, but the elegance of it all!

City Hall's emphasis on living downtown has led to a housing boom

Uhmm... gotta disagree there. Led to the housing boom? No Stu, sorry to say that was Mr. Greenspan (aka Mr. Bubbles) that led to the credit/asset/housing boom. City Hall's merely enabled and aggrevated the situation on the promise of lucrative property taxes they can bilk for wild-eyed hackneyed boondoggles like monorails to nowhere...

About 40 percent of 5th and Madison's 126 units, the majority of which sell from $500,000 to $700,000, have been bought in the first three months of sales. First occupancy is targeted for September 2007.

Yeah, I'm guessing this is going to be an experiment in logarithmic growth, can you say 44.5% by May 2007? First 3 months? What about the heady days of out-of-state investors purchasing sight unseen over the internet? What happened? I thought we're in a "Green Curry Hot" market?

We like the vibrancy during the day with all the banks and hotels and the office workers walking around

.... awesome! too bad there's no grocery stores to shop at!

Chiew said people in Sydney also were once skeptical about living in a financial district.

"And now, it's very expensive to own a home in downtown Sydney,"


Sweet, a comparison to Sydney, Australia! Yes! Oh, and what a grand experiment in housing that little gem Down Under's been.

Hurry up people, get on those neg-am/no-docs before the gig is up and lender's get reigned in, get in before the promise of cramped 700K downtown living passes you buy. Come on down, the heroin's great!

Richard said...

I'd like to know what percent of downtown condo owners are registered to vote in Seattle.

It's more like a permanent hotel room than a "home" for most I'd guess. The Bothell couple seems to consider their condo an informal business office rather than a place to live.

Shame (as usual) that the Times strings together anecdotes rather than providing any analysis.

The high priced downtown condos seem to be nothing more than a tax revenue stream that requires little city resources to support.

synthetik said...

Nice post grivetti...

I have to admit, there is a certain allure to the idea of living in a downtown environment.

Down here near 1st and Seneca I am besieged by homeless, drug addicts and tourists on a daily basis. It's certainly nice to walk to everything (other than a groc story), however we plan on moving to an area with more of a neighborhood appeal. (Top of Cap Hill, Queen Anne; possibly Fremont, etc)

This morning I checked my bubblicious condo rental in San Diego. The Penthouse units are almost coming within my reach.

Friday a 1286sq foot 17th floor penthouse went up for sale for $760K, the lowest I've seen yet. (Now 2 at that price!) It appears that all the penthouse units in that building might be up for sale -- all at prices that have been drastically reduced.

I'd walk by the sales office on the ground floor each morning and often gawk at the sale prices for these 17th floor units... all between $1M to $1.5M, now going for $769-1.2M.

No way I'm moving back to San Diego - OR buying a condo, but it's nice to see some semblance of reality returning.

By the way, my old specuvestor realtor landlord has removed his listing (5th floor unit) and posted it on Craigslist. That's the second time he's removed it from the MLS.

"But it has GRANITE mommy! Why won't it sell?? Waaaaaa...."

synthetik said...

I'm assuming that many of you have a ziprealty.com account.

Check out the ROFLMFAO e-mail I just rec'd from Drew Ellenberger, the San Diego Zip Realty representative...


---

Hi Chad,

Here is an article from David Lereah, NAR's chief economist. It is interesting reading and tends to paint a rosy picture of the national housing market. Fortunatly this is backed up by the data and not a "crystal ball". This news is one of the most direct results of the Fed pausing on interest rates. Most economists, Mr. Lereah included, believe the Fed is done with it's rate tightening cycle and will start to ease in early 2007. This is based on current economic data with the assumption that no adverse stress is placed on the U.S. economy (inflation, natural disaster, energy costs, geo-political issues).

Daily Real Estate News | October 2, 2006

Pending home sales have increased, showing that the housing market continues to stabilize, according to the NATIONAL ASSOCIATION OF REALTORS(R).

NAR's Pending Home Sales Index, based on contracts signed in August, rose 4.3 percent to a level of 110.1 from a reading of 105.6 in July, but is 14.1 percent lower than August 2005."

.....blah blah blah, etc

Evidently your lack of spelling accuracy can be directly attributed to your anxiety level.

Neither interest rates nor the FED will save you.

Matthew said...

I love how people can turn an economic slowdown or recession into a positive by saying that "the Fed is going to cut rates". The only way the FED is going to cut rates is if we are in a recession. Obviously if we are in a recession, the economy is taking a turn for the worse, consumer spending will be down, and disposable income will be dropping. But hey, you'll have a .25 rate cut!

synthetik said...

Had to post this hellarious post over at housing panic about Kendra Todd's new book.

Oddleif said...

synthetik:

My RE Agent just sent that article to my wife and I noting that it's "Fair and Balanced"... She wasn't joking. I may need a new agent.

I mean, WOW.

BizNiz said...

Synthetik-
What pisses me off is that these real estate 'experts' cannot get beyond the word "bubble". Smug little fools. How infuriating is it that they want to argue that technically we are not in a bubble b/c housing cannot correct instantaneously. Never do they attempt to talk about fundamentals.
BTW – As a U of A alumni, I can attest that Tucson is not a feeder community to Phoenix! What type of due diligence is this ‘Apprentice’ eye candy conducting?

synthetik said...

oddleif:

just a question, are you really buying a home now, and if so, in which market and why?

SeattleMoose said...

Kendra Todd....job history.

1999-2001 - dancer @ Joe's Jug Shack
2001-2004 - Realtor
2005- Author
2005- Trump's "friend"
2006- Talk show circuit
2007- dancer @ Joe's Jug Shack

During good economic times education, training, and substance becomes secondary to flash, good looks, cunning, lying, etc.

Bad economic times restore the "natural order" and the "flash in the pan" crowd gets flushed.

In Kendra's case, it all depends on how good a "friend" she is with "the Donald".