From Wikipedia:
Empathy is one's ability to recognize and understand the emotion of another. Empathy is often characterized as the ability to "put oneself into another's shoes", or experiencing the outlook or emotions of another being within oneself, a sort of emotional resonance.
From ABC News:
Doctors Patricia Sheiner and Michael Silver and their three young children loved their $2½ million dream house in New York's suburban Westchester County. But they're not living the dream anymore. The family put the 7,000-square-foot home up for sale and moved to a smaller house in December to save on their mortgage payment, utilities and taxes. Now, it's an albatross they can't sell despite dropping the price.
"We bought our other house feeling our other house would sell quickly," Patricia Sheiner said. "And then the market suddenly died. It died."
"It's tough on a daily basis," Michael Sheiner said. "It's a hardship for anybody to pay two mortgages," Patricia added.
They didn't believe one of the hottest real estate markets in the country would cool off so quickly. "I'm completely blown away," he said. "We're totally surprised," she added. "It's a really beautiful house."
It's the worst market in a decade.
"A year and a half ago I could list it, hit enter and I'd have three showings within ten to fifteen minutes," said J.P. Endres, president of the Westchester Board of Realtors. "Now I hit enter and I wait."
There is one bright spot in the real estate market. With big houses now out of the reach of many buyers, there is a growing demand for small homes.
August 01, 2006
Get out your hankies: 'McMansion' Owners Caught in a Housing Bubble - the "Worst Market in a Decade"
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62 comments:
I could have bought a larger house further away from work, but I choose something easly within our means. The bank tryed to get us to buy a larger house by pre-approve us for way more money. Smaller houses are great, a lot less to spend and they are usually located inside the cities and don't have that long commute with ever increasing traffic and gas prices. There will be a over population of barn owls all using empty or unfinished homes to live in.
Wow.
7000sq ft.
That's 1400 sq ft each, and three of them are half-pints.
No wonder they're having problems selling it. Unless the buyers are thinking of converting it into a Bed and Breakfast...
when did americans become pigs?
Of course at the height of the buying frenzy, these would be the same people who are too good to talk to people who live in modest, small houses. They are the same ones who lord their way around on the roads, bullying small cars off the road with their hugh Hummers and SUVs. They are the same ones who move to the country and then leave 15 lights on at night so they are not frightened by the night sky. They are the ones who have more than two kids because their genes are better and they don't care about the future of our environment. They are the same type of people who move next to a farmer like me and give me the finger when my tractor won't do 60 MPH down a unpaved country road.
They are the same type of people who think they can trespass on my property and fish in my lake without even asking. They are the same type of people who think I shouldn't spread manure on the same day they are having a wedding party on their property. They are so smug about everything they do, that they buy the smaller house before they sell the huge one they just had to have that they now no longer want.
I will cry no tears for these types of people. They all need to spend some time doing some hard physical labor. Maybe in debtors prison.
where can I get one of those buttons? actually would prefer a "Die Boomer Scum" one..
I grew up in a small town out in the country. People from the city would come out wine tasting or touring in cars. Then they started buying places and brag about living it the country. Then they start bitching about tractor noise, roosters, and kids shooting. Its the country take as is or leave. I go to the city and I expect traffic, smog, crime and fast paced life.
There is one bright spot in the real estate market. With big houses now out of the reach of many buyers, there is a growing demand for small homes.
No, no there isn't. There is no "growing demand" for any kind of house. Demand for all types of residential property is plummeting.
Once, we had journalists. Now, we have PR hacks who obediently transcribe any corporate talking point, no matter how patently ridiculous.
you stole this from ben
page 2 or the article...
Patrick and Barbara Connolly, with a floating rate mortgage, were looking for a smaller house. They want one half the size of their 6,000-square-foot home.
Patrick Connolly looks forward to "lower operating costs, lower maintenance … lower taxes, lower price."
There are now more people trying to sell houses 5,000 square feet or bigger than there are buyers.
"Reality is coming back," Endres said, "and they are looking for smaller homes. And that's what they're focusing on. … I certainly see more of an increase in inventory, and that might continue."
As for doctors Sheiner and Silver, realtors say their empty house may be on the market for months more, even if they drop the price again.
This story originally aired July 29, 2006 on "World News."
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so there IS a demand for smaller houses.... it's just that it's coming from the owners of big houses!
They still have to sell their McNightmare first.... or pay two mortgages like the other 2 Dr. Stoopantakit's.
It's going to be fun to watch them trying to find a bigger idiot who wants their multi-thousands of square foot anchors!
Haha.... may want to turn some of those lights off. ;)
=)
No offense, but I think doctors should start learning the basics of economics and listen to Keith and not David: David Lereah that is.
Small house will still sell, what else can people afford with higher interest rates and high energy costs. They can still be bought, and yes people still what to own a house not a house owning them.
Word of the Day:
SCHADENFREUDE (from German):
Pleasure and malicious satisfaction derived from the misfortune of others".
Post your sentence, here's mine:
As I witness the narcissistic
over-extended house worshippers despair over the collapsing real estate market,I am seized by a rapture of schadenfreude.
Or if your prefer, "man on the street", quote:
Eat shit and financially die you greedy F**KS!!
"you stole this from ben"
weirdo - ben doesn't own the internet or all of the media. heck, he doesn't even own an entertaining blog. housingbubble2 or whatever it's called today couldn't carry the jock strap of housing panic or bubble meter
"Then they start bitching about tractor noise, roosters, and kids shooting. Its the country take as is or leave. I go to the city and I expect traffic, smog, crime and fast paced life."
They want the city in the country, that way they are away from everyone else. Until the country is the city.
"They are the ones who have more than two kids because their genes are better and they don't care about the future of our environment. They are the same type of people who move next to a farmer like me and give me the finger when my tractor won't do 60 MPH down a unpaved country road."
The BS detector is HIGH. You are a farmer who thinks two kids is a big family???
"you stole this from ben"
The Bubble Bloggers need to have a unified message just like politicians and real estate agents do.
Many of the locals that read my blog don't have a clue that this or other blogs even exist and vice versa, not to mention if any of us does a search for housing news articles, the same stuff shows up...
Anyone with a Bubble Blog is welcome to any content I post on my blog to help spread the word about the crash that is taking place before the non-believers eyes...
where can I get one of those buttons? actually would prefer a "Die Boomer Scum" one..
u will be old sooner than u want or think, or, there is the only other one option u can choose if age offends you so much, A. H.
u are a sad pitiful soul.
I believe the anonymous farmers reference to the selfishness of a family >2 was in reference to 'zero population growth' and, as mentioned, the lack of concern for the environment due to the fact that the good doctors may think they have superior genetic offerings for the world. It would be silly to think that just because someone operates a farm they still need a dozen chill'un to muck stalls, pick rocks, and throw hay.
I don't hate boomers because they are old, I hate them because they are BOOMERS
Did you have to sit thru endless Cialis commercials when you were young? No, the world has always revolved around you.
You're so vain, you probably thought my post was about you.
I pray to Jesus that there is some kind of federal subsidy/tax break/handout to help these poor unfortunates weather this downturn in mcmansion sales.
You obviously have communication skill challenges, as well as deductive reasoning problems, what we do, buy, or what air we breathe has nothing to do with you as an individual.
What do you want a Boomer Jihad?
Why don't you sign your identity?
see u soon at boomerjihad.com
must stay anonymous to stay one step ahead of the boomer shock troops
PS Fair warning: The social contract I signed does not include funding your retirement/monthly Cialis refill.
I am funding my own retirement, as I believer SS will NOT be there and I will move forward accordingly, thank you very much.
I feel that your notions are swept with a very broad brush.
Boomers range in age from early 40’s and up to the late 50’s. It is a very diverse and young demographic, fool.
No BS here, I have no kids and my husband has 2 from a previous marrage. One of his daughters lives here on the farm with us with her boyfriend. They are 30 sometime and have no kids. They help us run the farm. We all work fulltime jobs and run the farm. Your meter is broken.
then why defend your piss-poor peers?
Young boomers are the most screwed - when the old boomers finally die, gen x and myspace generation will take revenge on y'all through the voting box.
That is if the boomers don't spark a civil war with their welfare demands.
boy it's a good thing boomers aren't whiny and humorless
or self-absorbed
then why defend your piss-poor peers?
I do not intend to get into the fray. SS will be gone long before I retire.
Young boomers are the most screwed
True. Therefore;
My car gets 40 miles per gallon, is is an 07, paid for. My mortgage is less than rent would be. Live close to everything. I am taking care of my business. No welfare demands here, and what happens, happens.
I am so disgusted I do not even vote anymore.
...will take revenge on y'all through the voting box.
Have at it. All you Gen. X, Y, and Zers will probably do a better job than the current quid pro quo. It cannot get worse, and to answer you previous question, I did take your statement personally.
I think I will change my blog name……….
He's dead Jim.
This boomer scum will die. I just hope to keep you waiting, and paying my SS and medicare, as long as possible.
Bubblesitter said:
"My mortgage is less than rent would be....I think I will change my blog name………. "
Yup, that sounds like it's needed.
Smaller homes? At big home prices? That is part of the problem. In most major metro areas you can pay more for a 1,000 sq ft house, maybe in need of work, than to buy a new built home in the burbs that is up to three times the size.
Sort of like McDonalds, cheaper to by the Value meal and over eat than to just buy the sandwich and soda. Americans, and humans in general, go for what the percieve to be the better deal.
Also when home prices are rising, more sq ft seems logical as the return can be larger. When we bought our home in Phoenix (and sold in March 2005) in the burbs we choose a house 500 sq ft smaller and put in all the amenities we wanted so we could enjoy the home. Most the other buyers went with the larger sq footage and no upgrades. When we sold, our home was used to help set the new appraisals per sq ft (we got top dollar because of all the upgrades) and then they could sell their larger homes for even more even though the homes had nothing to offer and they had paid considerably less for their boxes than we had but ended up making considerably more.
That is why people buy bigger houses. Smaller with better ammenities makes sense but no one wants to pay more for what they percieve as less. When I moved to Austin I had that dilema. I could buy a 1200 sq ft house or a 3400 sq ft house, same price, one loaded (the bigger) and all I gave up was a 8 mile drive closer to downtown. What else can we do?
I dub thee non-boomerish boomer.
You are the exception that proves the rule, and may go in peace.
Thanks. And I still look like a Gen Xer. (:
TTFN
can't any of these modern bitches take their husband's last name?
Years and years ago I was with a friend visiting her uncle just outside of London somewhere - I was a teenager and didn't pay attention - we drove up to this huge mansion and I thought her uncle was loaded until I found out it was subdivided into several smaller units because no one could afford the whole house. I thought it was so strange but leveling those suckers and/or subdividing is the only way anyone will be able to heat/cool/pay taxes on one of those eyesores
Just think how many of these McMansions will become boarding houses for a few hundred a month per BR so the debt-laden mortgagees can avoid foreclosure, just like the depressions in the 1930s-40s and the late Victorian Era.
You'll see this happening as boomers face "retirement" by the tens of millions with not enough Wal-Mart and McJobs and SS checks will be too small to live on.
There might even arise competition among boarding house proprietors as to who has the most upscale boarders with BMWs, Audi TTs, and Minis parked in the driveway. What to offer, Starbucks coffee or Folgers? Orange-cranberry scones for breakfast or Cherrios? Italian leather upholstery or Target polyester?
Pray, what will they think of, Watson . . .?
Nice button. It just proves that you are a bitter, jealous, loser, liberal democrat who hates anyone who is getting it done. You f"ing suck bitch! Taste it. Bush 08' sucka
PS Fair warning: The social contract I signed does not include funding your retirement/monthly Cialis refill.
A couple of points-
Firstly, the so-called "boomers" have been paying around $5000+ per year our whole lives for the care of the WW2 generation. That adds up to about $150,000 each that we have paid out over our working lives for the care of the oldsters. So we pay all our lives and then get nothing back?
Secondly, if SS and medicare are not there, guess what happens? Your elderly Mom and Dad are going to be living with you in your house? Think about the wheelchairs and bedpans and doctor bills because you will have to pay them yourself...not to mention burial expenses at $15,000 a funeral.
I hate the boomers most for their restless leg syndrome. How is it that all these aging decrepit boomers have restless legs?
Its a subconcious urge to kick the younger generation..
right. up. the. jacksie...
Anyway, yellow toenails are a much more serious problem. According to the TV ads...
"Maybe in debtors prison"!
Hilarious.
"Did you have to sit thru endless Cialis commercials when you were young? No, the world has always revolved around you."
I agree. Please save us from the endless Cialis (and what not) commercials. I don't want to be thinking about sexual dysfuction of people in their 60's every 15 minutes!
"could buy a 1200 sq ft house or a 3400 sq ft house, same price, one loaded (the bigger) and all I gave up was a 8 mile drive closer to downtown. What else can we do?"
This is from the manfag who gave up a fucking army pension, and now you expect us to believe that you bought a 3400 sq ft house because it's worth more in the long run? Ever heard of energy prices?
I'm not sure why this couple merit the scorn.
They're both doctors and earn an honest living - it's not like they're flippers. It seems they tried to downsize their lifestyle and simply got caught out.
Though it does seem an outrageously large 'family' home...
Cheers, Haggis
I hate the boomers most for their restless leg syndrome. How is it that all these aging decrepit boomers have restless legs?
Don't be a friggin idiot. All this drug business and restless leg syndrome is an advertising ploy. These are not real people.
And don't forget that the media focuses on the extreme images. The really disgusting boomer images are extreme. Just as those of younger people are extreme.
The real impetus for intergenerational hatred is the conservative media because all they know how to do is spark up group hatred. Why? because the conservatives have no solutions to any of our problems as a nation.
Name one USA problem that the GOP has solved in the last 5 years. There is not one solution. All the problems- energy dependency, health care, middle-east, federal deficit, housing bubble, public education, environment. Every single one has gotten worse since the GOP has been in power
All they can do is roust up hatred so that their wealthy constituents can benefit from the social chaos.
Don't be chumps...
>can't any of these modern bitches take their husband's last name?
so much hatred...did you ever think that her practice may have suffered if she changed her name? anyway, taking your husband's name is kind of like giving up your individuality, oh wait, that must be what you expect from your wife - to become your property
"Name one USA problem that the GOP has solved in the last 5 years. There is not one solution. All the problems- energy dependency, health care, middle-east, federal deficit, housing bubble, public education, environment. Every single one has gotten worse since the GOP has been in power"
Get out of your liberal induced trance.
Energy Dependence - And Clinton helped this how? Not one new refinery built, nothing for nuclear power, no new drilling, nothing.
Health Care - Besides the failed socialist takover of the health care industry (which would have put you and your doctor in jail if you went "outside" the system), just what was done?
Middle East - Clinton sucked up to Arafat (except when he was getting blowjobs) and it only got worse.
Federal Deficit - Actually got 33% worse under Clinton
Housing Bubble - I guess the dot.com bubble doesn't count...
Public Education - Just what did Clinton do - except pander to the NEA?
Environment - Yeah - we all drove Neons and suburban sprawl stopped...
Of course at the height of the buying frenzy, these would be the same people who are too good to talk to people who live in modest, small houses. They are the same ones who lord their way around on the roads, bullying small cars off the road with their hugh Hummers and SUVs. They are the same ones who move to the country and then leave 15 lights on at night so they are not frightened by the night sky. They are the ones who have more than two kids because their genes are better and they don't care about the future of our environment. They are the same type of people who move next to a farmer like me and give me the finger when my tractor won't do 60 MPH down a unpaved country road.
They are the same type of people who think they can trespass on my property and fish in my lake without even asking. They are the same type of people who think I shouldn't spread manure on the same day they are having a wedding party on their property. They are so smug about everything they do, that they buy the smaller house before they sell the huge one they just had to have that they now no longer want.
I will cry no tears for these types of people. They all need to spend some time doing some hard physical labor. Maybe in debtors prison.
Tuesday, August 01, 2006 7:25:06 PM
__________________________________
Great rant. I dated on of these pompous a-holes. She was a pharmacist, lived in a huge McMansion she couldn't afford, and had disdain for common people who lived in small homes. One comment she made to me (a person living in a small home was) "How can these people be happy living in these little mushrooms." Whatever C, eff yourself.
Of course at the height of the buying frenzy, these would be the same people who are too good to talk to people who live in modest, small houses. They are the same ones who lord their way around on the roads, bullying small cars off the road with their hugh Hummers and SUVs. They are the same ones who move to the country and then leave 15 lights on at night so they are not frightened by the night sky. They are the ones who have more than two kids because their genes are better and they don't care about the future of our environment. They are the same type of people who move next to a farmer like me and give me the finger when my tractor won't do 60 MPH down a unpaved country road.
They are the same type of people who think they can trespass on my property and fish in my lake without even asking. They are the same type of people who think I shouldn't spread manure on the same day they are having a wedding party on their property. They are so smug about everything they do, that they buy the smaller house before they sell the huge one they just had to have that they now no longer want.
I will cry no tears for these types of people. They all need to spend some time doing some hard physical labor. Maybe in debtors prison.
Tuesday, August 01, 2006 7:25:06 PM
___________________________________
I feel bad for you farmers. You had a real nice thing going out there in the farms, no in looks like a patch-work of tract housing. It's just sickening what these greedy phucks did to all the nice farmland.
You feel bad for the farmers?
Are you kidding me?
for the last 100 years, did'nt the farmers have 5 kids multiply that by 5 generations each.
Did they divide up the farm 25 times?
Where were the children of all these farmers going to live? bumfuck?
There is 6 1/2 billion people on this planet, where should they all live?
Just because a farmers great great grandpa bought the farm from some indian back in the 1800's for 2 dollars and a goat, does'nt mean the land should ever be bulit on.
p.s. Do you feel sorry for the farmer when he now sells the farm to some developer for 3 million?
"How can these people be happy living in these little mushrooms."
That was pre bubble, now, no one can afford even a mushroom.
"could buy a 1200 sq ft house or a 3400 sq ft house, same price, one loaded (the bigger) and all I gave up was a 8 mile drive closer to downtown. What else can we do?"
This is from the manfag who gave up a fucking army pension, and now you expect us to believe that you bought a 3400 sq ft house because it's worth more in the long run? Ever heard of energy prices?
Ah, the famous Mr Anonymous who can never find anything good to say but calling people Manfag? Married to a woman, wonderful gal and I don't understand all these woman haters who then call happy married men gay?
My highest utility bill was $300 and that included electric, water, sewer, garbage and all the taxes that go with the charges. What is that about energy prices? My parents pay more than that in California on their million dollar 1700 sq ft box. I have no bills, cars paid for, currently on sabbatical but if I choose to go back to work I bought a house 2 miles from the hospital where I will eventually work.
If I bought a small 30s-50s house in Central Austin it would be less energy efficient (not to mention all those ugly overhead power lines that go out when the storms knock over trees) and the cost to replace the windows, insulate, more efficient A/C, just for starters would cost me a lot more than a couple hundred a month in TOTAL utility bills. Hmmm, I think not having two car payments will cover the bill as well?
If you think smaller is better than I guess you are quite happy with your manhood.
Life in Austin is good. People here are actually nice, I guess because they love where they live. If you are so unhappy being a renter than maybe you better go back to school, get an education, and move to a city you can afford to live in and maybe where it isn't too hot? Apparently you are an unemployed, low-wage labourer living in Phoenix and taking the bus to work (when you work) in the 118 degree heat. No wonder you are so unhappy.
A little professional empathy is needed here ! I am in Anesthesia and work with doctors every day.
Most of the doctors I know are very nice people. That said, they still need at least 3-4000 Individual sq feet apiece ...JUST to house their inflated EGO'S !
"anyway, taking your husband's name is kind of like giving up your individuality, oh wait, that must be what you expect from your wife - to become your property"
Ha. I am a modern "bitch" (yeah, nice terminology pal) - have a BA and JD. I took my husband's name. While I think it's stupid to call someone "bitch" it's equally stupid to imply that taking someone's name equates to a loss of individuality or becoming someone's property. If a name change means to you that you've lost your individuality and become property, I would argue that you never had any individuality anyway.
who cares if a wife takes her husband's name or not? it's a choice - to each their own. get over it. now, back to the housing bubble please.
The boomer generation worked hard and deserve their retirement just as I see some kids now working hard and getting ahead in life. If you are on this blog on your work time then you are a loser to start with. You should be working hard to get ahead and get financially independent. The sense of entitlement amonger the younger generation is so high it is sickening. I own Cellular PHone stores and try to hire Americans with a package that can add up to 100k per annum for college dropouts. Guess what nobody want sthe jo as they dont want to work more than 40 hours a week. Heaven forbid they have to work weekends. My niece just got a job and is shocked at the amount of work she has to do for $10/hour. Ameercans need a good trashing and they are getting it on tghe world stage as they are not able to compete against anybody. Get ready for a declining standard of living for years to come!
Americans became fat, stupid, and lazy because the boomers sold us out. Now the rest of the world is hungry and coming to eat our lunch. I agree we will see declining standards of living for years to come. It is the stupid boomers fault for outsourcing everything and losing our manufacturing base to China because they could get better dividends and returns on their stocks that way.
A house divided can not stand. So now it is X generation against Y generation, baby boomers against who? Everybody? What ever happened to personal responsiblity. Sounds like a lot of victims on this site.
History shows there are always the "haves" and the "have nots", "winners" and "losers". You have a lot of control on which group you fit into. You can have a great college degree and be a loser or a high school dropout and own a million dollar company. A work ethic, living within or below your means, taking risks without being foolish (droping $10,000 in a casino is risk but not smart), and taking advantage of all the opportunities this country offers, that is the path.
So many come to this country and make it and think this is the greatest place on earth and others born here just whine and cry the victim line. Pick ourselves up and get a life.
Guys, I’m all set if I get laid off during the next downturn.
Thanks to the downpayment which I didn’t use on an overpriced property, and the fact that my landlord has absolutely no pricing power over me (my rents have been flat for years and will continue to be so during the next renewal period), and that RE mortgages in my area average 2x that of rent, I have three years of rent money (in revolving CDs) saved for the downturn. I don’t even need to touch the brokerage and multicurrency accounts.
And thanks to my perfect on time payment history, I get VIP treatment as far as the management company fixing stuff quickly which breaks in my apartment (sinks, tiles, fixtures, AC ducts) for both retention and since they don’t want me to complain to the housing board, which could get me around 6 months of free rent.
I’m sure I can find a job within two (nevermind three) years and even if the full time job market goes soft, I can consult part-time to put some extra cash in the bank and food on the table.
Ok, so where’s all this benefit from being a homeowner? All I see is a bunch of people on the verge of being foreclosed on within a few months of getting laid off whereas I can actually look forward to some time off, though I’d prefer to bring home a paycheck. And if I decide not to pay rent, I still get six months of free housing (though an irate/fuming landlord) whereas how many times does “the check’s in the mail” excuse work on mortgage lenders before they throw you out on the streets? I say two months and the gag’s up.
I 'm usually very empathetic, but i can't feel too sorry for someone who willingly or knowingly got themselves in too deep! Like grandpa said, " if you can't afford it, Don't Buy It"! Or when your up to your nose in S--t, Keep your mouth shut!
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