03.31.2007 - Weekend Open Thread
This is your open thread for the weekend of March 31-April 1, 2007. You may post random links and off-topic discussions here.
Be sure to also check out the forums, and get your word in the user-driven discussions there!
24 comments:
I posted this on the previous thread, but I thought I'd post it again. It's amazing how little human nature actually changes over the years. People will always look for the quick buck.
What year is that from?
Very interesting.
I'm not sure, but the blog I found it on put in the file name for the image "1875". So I think you could assume it's that old. Looks like it, anyway.
I see many houses listed on the market get pulled off if not sold in few weeks. looks like the RE agents are coordinating to reduce the inventory by convincing the sellers that wait if you can.
condos getting pulled without going STI also. I wouldn't have been surprised 2 years ago. When a unit came up in a good building it was snapped up. Now...with hardly anything moving...when they just "disappear" overnight...I know they'll be back.
REPOST
a bit of a reality check from detroit where the economy was pegged on automakers and nothing else... kinda scary if our economy is boeing and MSFT dependent...
http://tinyurl.com/2jl2ox
this is an amusing job post
http://eugene.craigslist.org/rej/303764204.html
Is the Seattle Condo Market finally slowing. As I peruse the listings over the past two months, I do not see the advance in prices, and it appears as if there are a lot of projects coming on board to be absorbed. There are some sellers who are lowering their prices as a result. Anyone care to comment.
https://www.ushmtg.com/contactus.aspx
I got a few laughs reading these bios of "home loan sales people".
yelli,
Interesting cartoon and I agree that there are always people looking for the quick / easy buck.
Charles MacKay's, "Tulipomania" in his book, published in 1852, "Extraordinary Popular Delusions and the Madness of Crowds" should be mandatory reading for anyone interested in investing in anything.
the condo market is def. slowing.
Countrywide execs abandon ship
Welcome to the Enron of Mortgaes...
All hands, abandon ship!!
Interesting it is- at the level of what appears small players building houses.. They are speckling these houses though the neighborhoods.
Ron -
I think you are spot on with this observation. And what these guys don't realize is that they are the marginal builders out on the high end of the cost curve. Things go south, they are the first to be underwater.
Case in point, my buddy w/whom I was having a discussion about the direction of Seattle's housing market. He is a small builder. He pointed out all the usual - seattle doesn't have any subprime, millions of people moving here, blah blah blah. End of the argument was "I have to be bullish, my family depends on it" - like wishing it was true was sufficient.
If you figure that all of these small builders have the same mentality about it - then you have some irrational behavior coming up that is just going to lead to more pain. I'm not gonna have a lot of schadenfruede about this, but I won't say I didn't try to open his eyes
lots of observations, but I prefer not to do the shuggy-style "here's what I saw last week" analysis
The small builders probably figure, might as well do something for the lot/property we bought. That way at least they can rent it.
Not sure if anyone posted this article from the PSBJ last week:
http://seattle.bizjournals.com/seattle/
stories/2007/03/26/story1.html?t=printable
Apparently the sales of lots to new construction has dropped alot in Seattle recently...
My 850 sqft condo in Texas cost around $100/month for power in the 100 degree summer. Power and water are much cheaper in Texas than they are here.
There are areas of Austin that have prices comparable to here, but prices fall off quickly as you get out of central Austin. The roads are great in Texas and commutes are not too bad. The cost to rent is about the same as the cost to buy.
Travis County property tax is 2%. Some neighboring counties have 3% (imagine paying $12k a year just to own that $400k POS on the Eastside). Property tax is a killer there, but housing prices were not bad at all when I left.
SEA's and PDX's (my market) may run out of steam soon if lending here becomes like that in NYC. http://www.nytimes.com/2007/04/01/realestate/01cov.html
Finally, a solution to the Viaduct question... Announcing the Viaduct Condominiums
http://www.needtoknowseattlecondos.com
I wanted to address Shug's post on the places with the most housing growth. Even I can spot that pattern.
Fort Stewart, GA: Army
Jacksonville, NC: Marines (Camp Lejeune)
Odessa, TX: Oil
Lafayette, LA: Oil
Kileen-Temple-Fort Hood, TX: Army
Lake Charles, LA: Oil
Midland, TX: Oil
Casper, WY: Natural Gas
Clarksville, TN: Army (Fort Campbell)
Fayetteville, NC: Army and Air Force (Fort Bragg, Pope AFB)
Follow the money, y'all. There's a reason the economy is growing, and it's either (a) oil prices are high, which makes the wildcatters happy or (b) the Long War (Orwell, anybody?) is enriching those areas with the federal dollars coming in. Somebody has to keep the families at home fed, clothed, and sheltered.
This castle just popped up close to where we are renting in Kirkland. For only $710k it is sure to catch the eye of the ex SoCal folks with the reference to Laguna Beach, CA.. The really appealing part is the "outdoor bedroom". Also noted in the description is that it was appraised for 730K in Sept 2006.
Truly a bargain.
http://www.redfin.com/stingray/do/printable-listing?listing-id=606212
lookie lou - Just FYI - that 1250 sq ft "bungalow" property was bought in 8/05 for $587,500. The prices in this area are just mind-boggling. I'm going to enjoy seeing them come back in line with financial reality.
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