01.22.2007 - Monday Open Thread
This is your open thread for Monday, January 22, 2007. Please post random links and off-topic discussions here.
Off-topic comment? Interesting link?
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11 comments:
I little bit of intersting news on how the housing market is begining to affect the job front....
Building materials supplier Wolseley has reacted to the slowing US housing market depressing its earnings by 14% by cutting 4,000 jobs in its American operations.
Full article link here.
http://www.citywire.co.uk/News/NewsArticle.aspx?VersionID=88459&MenuKey=News.Home
I noticed a number of sign twirlers out for Centex homes over the weekend. I have never seen them around here until lately, this is new. Centex is building lots of homes here in Marysville and I guess the latest homes are not selling as well as they thought they would.
I noticed that the President of Weyerhaeuser Real Estate just sold 25,200 shares in December. Qutie a chunk. Must think it's a high and time to sell.
deeplennon, is this what you're looking for?
Housing Tracker: Seattle
I've been scanning this blog for a while and thought I might add something to Kimsie's comment. We're currently renting a new house in the Renton Highlands. The neghborhood is still under construction and most of our neighbors are also renters. It appears that our landlords are all "investors." Yesterday I picked up a sales flyer for the unsold houses and compared the prices to a flyer from a couple months back. While many of the prices were the same, others had dropped from $5,000 to $20,000. That supports Kimsie's observation. Houses must not be selling as well as projected if prices are being adjusted downward.
Ouch~
Which community are you referring to? Do you know the name of the builder? I could probably shed some light on the issue if you give me a little info.
inventory back up again Week over week! Look out Shugster! Inventory at 12,000 and climbing!!!!!
Confused,
The development is Elmhurst, the builder is Dreamcraft Homes. For example: Lot #40 was $449,950 and is now $429,950; Lot #61 was $429,950 and is now $409,950. $20,000 less for each of these different models. Lot #61 has been finished, vacant and unsold for months. There are two things going on here 1) most of the homes are occupied by renters (not homeowners) along with 2) a drop in prices. If you've got explanations, I'd love to hear them.
Well, I know what shug would say, and he'd be right, Note the increase in Median price, and keep in mind that the 12,000 invenotry includes all the way down to Tacoma, not just king county.
Are boarding houses like this legal in Washington?
I guess it would be a long-term boarding house with 6 or 12 month term, not weekly. But, still, it would seem that the neighbors wouldn't like to have this situation. On the east coast, there are laws against this type of situation.
From craigslist http://seattle.craigslist.org/est/apa/266938442.html:
$750 / 1br - Master Bedroom on Eastside only a mile from Microsoft
Reply to: bearman442002@yahoo.com
Date: 2007-01-22, 8:14PM PST
I have a 2 bdr 1 3/4 bth Condo that is available for rent. The unit is 1080 Sq Ft that is perfect for someone who is looking for a very quiet and peaceful neighborhood. There are never any loud or disruptive noises. The complex is well maintained and cared for and was just freshly painted and the carpets were just shampood.
I am looking for 2 different renters to occupy the 2 rooms. Both rooms are 11' x 14' with lots of closet space. The master bedroom has a bathroom inside it.
It is very close to Hwy 520, grocery stores, restaurants, Sears, Fred Meyer, gas stations, and many other businesses. I am also about a mile away from the Microsoft Corporation so if you work for Microsoft and are looking for a very close commute, this would be perfect for you. I am also on the top floor of a 2 story unit so you will never have to hear people walking above you.
Amenities include:
Covered Parking
Fireplace (with a huge mirror above it)
Washer/Dryer inside the unit
Lots of closet space
Balcony for BBQ's
Cabana
Outdoor Swimming Pool
Bathroom inside Master Bedroom
Indoor Sauna
Recently Carpeted
Sliding Mirrored Doors
Rent for the unit monthly:
* Master Bedroom is $750.00 per month and a $450.00 damage deposit and a 1 year lease. No smoking, No pets, and no children.
I have a few other pictures as well I can email to you but Craigslist only allows 4. If you are interested in discussing further, you can email me at bearman442002@yahoo.com or you can call me at 425-444-5968.
The address is 14435 NE 40th St
Barry
Ouch-
He keeps a few rentals in every community he builds and currently has roughly 200 rentals that cash flow, in my estimation. So you could be seeing his rentals along with speculators waiting out the market. Dreamcrafts sales have slowed just like the rest of the new home market. Many builders used to build affordable homes for first time home buyer but with the escalation in lot prices they can't even make them affordable and is dealing with slow absoprtion rates along with the fact that the 2 communites I looked at, the other one in Maple Valley, he has over 40 spec houses sitting there. That is very expensive, thus the price drop, which is becoming more and more common. Wait until Spring, it will get interesting. Example: He paid 180k a lot in maple valley and lets say 120k to build each house, very very conservative, so 300k per homesite X 20 is 6 million add Elmhurst and he is over 10 million. So at a prevailing interst rate that is 100k per month in interest. Wouldn't you lower prices. I have heard he is a very good builder and very well financed but imagine the builders who aren't.
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