Thanks paintblot...
I agree that we're right about... there.
July 13, 2006
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A time capsule of the greatest financial mania in the history of mankind, told in real-time by regular folks and patriots. May future generations better understand the madness of crowds, and how power and money corrupt.
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25 comments:
Not quite right. The market has gone off the rails.
That picture is very telling because the passengers towards the back of the rollercoaster are waving their hands and having a good time while the passengers in the front are scared crapless.
Its all about visibility, some will see it comming and others won't know what hit them.
Love the "real" people that are feeling pain in the article. Puh-leeze. Retired school teacher looking to net 600K an a condo with no view? Lower the price 300K and put some crappy rental furniture will surely make it sell. Again, puh-leeze. She should hope to sell for her original purchase price plus closing costs. Again, no empathy for the ignorant and greedy.
the people in the back are the people in Seattle who think things are still GREAT.
That retired school teacher!
A 600K condo without a view!!!. ..what was she smoking. I can tell her that you can buy a nice two bedroom WITH a view right now for 500K!
The Thinker has it so "spot on" . . .the people in the back don't know what will hit them. . .speaking of that - now that WW III has started today (you were also spot on Keith) gas prices will be $4 by next week.
To The Thinker:
RIGHT ON!!!
Regards, Python.
To The Thinker:
RIGHT ON!!!
Regards, Python.
Guess I was so impressed by his comments that I sent my thoughts twice.
A friend of mine just entered escrow on her house last night in Riverside County in Ca. The buyer offered her a price 10k above what she was asking for.
Here is the hitch. They want the 10k taken out at closing and given to a contractor who they're going to use to do some work on the house.
Great for my friend who's getting out, but this deal will rig the comps in the area because the recorded sale price will show the higher amount.
Has anyone heard of this being done?
It seems to me that, if there is a lot of this going on, it will tweek the sales prices in the area.
the thinker is the smartest poster on the blog
Thinker - email me if you'd like to do some guest writing
Very cool pic. and commentary. Thinker and anon. 6:35:50 have nailed the current market conditions. The slide down will be fun to watch (from the ground, that is) but those on board will surely lose their lunch. Hey Keith, I'm smart too. Why don't you let me start an anti-semite thread or sumthin? (Just kidding;-)
"Great for my friend who's getting out, but this deal will rig the comps in the area because the recorded sale price will show the higher amount.
Has anyone heard of this being done?"
Hell that's standard proceedure in many RE transactions. Everything from cash back to the buyers at closing to "free" replacement of appliances or as you mentioned, work on the property.
Appraisals are a total joke these days so the "comps" mean almost nothing other than serving as a positive reinforcement for many really bad decisions.
Finally, a picture that is TRULY worth a 1000 words.
I think the thinkers a good thinker, dont ya think?
“We are seeing an increase of inventories to normal levels, but it has dramatically changed the psychology of the market,” said Leslie Appleton-Young, chief economist for the California Association of Realtors.
Keith, you missed the best part about the story. The SPIN/LIE coming from the CAR is that RECORD HIGH inventory is NORMAL!!!! I repeat: RECORD HIGH inventory is NORMAL!!!!
This is absolutely criminal!
I feel guilty having fun on the way down while others scream. Oh well.
Keith, I'm surprised you didn't post the Tampa Bay story about re-apartmenting the dot-condos???
panicearly:
I'm with you. Thanks for the positive post. Regards, python
Re: SLC
I have been there on business a few times, and for the '02 Olympics. Found it to be a beautiful area, reasonable housing prices, and a "surface" respectability/honor from the residents.
Drilling down, I found incomes to be lower overall, and family budgets stretched by their larger sizes, and 10% of total income tithing to the church, ignoring the time spent as well. I am not faulting this, but it brings up what will keep now higher house prices high? Who do you sell them to? The outside investors and equity locusts have now bid up prices since '02, but once they leave, its local incomes and families ability to afford the houses that will determine the market. In other words, I believe prices will be hurt when the investors pull back. I feel back for the locals currently being priced out.
If outsiders are going to migrate in like Phoenix, they will face a culture clash, since the culture is different their. Many aspects of this are good (limited alcohol licenses, limited "vice" businesses, less people being "flashy" striving for the latest empty consumer good), but someone from CA will be in for major culture shock, unless this is what they want.
Let me first apologize to "autofx in Phx" for my misspellings, past present and future.
I would also like to thank Keith and the readership for your kind words.
The thinker does have good ideas and is smart. He's a lawyer.
get to thinking, thinker!
ponder these figures
http://tinyurl.com/z6fzx
I think a picture of Wiley Coyote falling off a cliff is more appropriate
First I was transfered to Las Vegas in 2003 bought a house and sold it for double in 2004,because I was transfered to Phoenix so I bought a house there in 2004, just sold it this month. Now I am transfered to California Los Angeles. Should I by there also?????
ANY GOOD SUGGESTIONS APPRECIATED
I love your website. It has a lot of great pictures and is very informative.
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