I think Parker Brothers would have a hit on their hands here...

November 05, 2006

I think Parker Brothers would have a hit on their hands here...

Hat-tip to HP'er Aaron - nice photoshop!

15 comments:

blogger said...: Tired of the drumbeat of negative news about the housing market, the nation's real estate brokers are trying to change the tune.

This weekend and next, the National Assn. of Realtors is spending $40 million on full-page ads in the nation's biggest newspapers, including The Times, to convince people that the market is A-OK.

http://tinyurl.com/yzdcoc; November 05, 2006 11:43 PM
Anonymous said...: Gee, what a concept!

A game where you buy everything and go bust!

Hooda thunk it!; November 06, 2006 1:28 AM
David in JAX said...: That pic is fantastic!; November 06, 2006 1:28 AM
Anonymous said...: Real estate always goes up:

http://bakersfieldbubble.blogspot.com

crispy&cole; November 06, 2006 1:29 AM
Anonymous said...: New rules to the game:

You have to disclose your income before you can play!; November 06, 2006 1:34 AM
Anonymous said...: Or you also have to have a lawyer on retainer!; November 06, 2006 1:35 AM
Anonymous said...: You also have the right to sue other players!; November 06, 2006 1:36 AM
Anonymous said...: I can just imagine the new playing pieces, a rolex, H2, BMW, yacht, helicopter, bizjet, gucci handbag...yada yada!
Feel free to add more!; November 06, 2006 1:40 AM
Anonymous said...: I think some realtors should sue Keith for this blog, because it caused the bubble and deprived realtors nationwide of their livelihoods.; November 06, 2006 1:51 AM
Anonymous said...: "The Good Life, and Its Discontents"
Yep, there was overpricing in the the
housing market, in LOTS of places. and
the price is coming down. It's
surprising how many posts you've
wrung out of that concept. Again I'll
say, you folks have an orthodoxy all
your own here, and you're starting
to believe everything you
(collectively) say; November 06, 2006 2:06 AM
Anonymous said...: Housing market strong
By JAMES E. LARCOMBE Tribune Business Editor

Bobby Young looks at the headlines and TV talk about a significant slowdown in the real estate market and shakes his head.

Is it happening in Great Falls? No way, says Young, a real estate broker with ReMax of Great Falls.

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The local home market's best days are likely in the future, not the past, he figures.

"Our market, in my opinion, is not slowing down like it is nationally," Young said.

Still, the national market has been an attention-grabber.

Nationally, median sales price of new homes in September were 9.7 percent below year-ago levels, the biggest drop in 35 years. In the same period, existing home sales were 14.2 percent below September 2005 nationally.

But sales numbers and median-price comparisons between June 1 and Nov. 1 show little sign of big changes in the Great Falls market.

There were 429 sales of single-family homes in the five-month period this year, up slightly from 414 in the same period a year ago.

The median selling price in the same period of 2006 was about $140,000, according to Great Falls Association of Realtors figures. The median last year? $129,000.

The numbers paint a picture of healthy, sustainable growth, said David Munroe, president of the Great Falls Association of Realtors.

While real estate activity often slows as the holidays and winter approach, "I don't expect any real slowdown," Munroe said. "We didn't get a big rise like everybody else did. We don't get any crashes.

"I don't see any kind of a bubble, any kind of a dip at all," he added.

The numbers for Great Falls and Cascade County also look solid in terms of residential construction.

The Montana Building Industry Association, a trade group, reports that housing starts in the county totaled 223 in the first nine months of 2006, just one shy of the 224 in the same period last year.

"If that's any indication, Great Falls has not slowed down," said Byron Roberts, the MBIA executive director, noting that last year was a record year for housing starts in Cascade County.

What does the future hold? Opinions vary.

Paul Polzin, director of the Bureau of Business and Economic Research at the University of Montana, says there is evidence that the real estate market statewide is slowing.

Polzin notes that increases in real estate prices in several cities, including Missoula and Bozeman, along with parts of the Flathead Valley, have kept pace with a national run-up in recent years. Those markets may be vulnerable to a softening market.

"I don't see any reason why we shouldn't be part of what's going on in the rest of the nation," he said. "I think there was some kind of bubble in Montana."

In recent years, Bozeman has had a red-hot real estate market, driven by parents buying homes for students at Montana State University, retirees looking for a relaxed lifestyle and former residents returning to their home state, said Donna Kostelecky, president of the Gallatin Valley Association of Realtors.

"With the Internet, people can live anywhere," and places with great scenery and outdoor recreational opportunities provide plenty of appeal, she said.

How's that market holding up?

"Things have slowed down in comparison with a year ago," Kostelecky said. "But the market is still very good. Buyers have a larger selection today than they had a year ago."

In the Flathead, there are more homes on the market than in recent years, a sign of a changing market.

"I think (the market) has done some adjusting, there's no question about that," Doug Gawe, a Realtor with Sotheby's International in Whitefish, told a Kalispell newspaper recently. "Maybe even correcting. It has sort of leveled out a bit, but it's certainly still moving."

What happens with interest rates, which have creeped up a little bit from historic lows in recent years, could have significant impact in the real estate market across Montana.

"As long as we can keep interest rates down, we will be in good shape," said Kostelecky.

Young, the Great Falls Realtor, agrees. Rates last week ranged from about 5.9 to 6.25 on 30-year mortgages, with rates on 15-year loans slightly lower.

"The interest rates are still phenomenal," Young said.

The demand for homes in the middle price range in Great Falls, say $130,000 to $200,000, remains very solid, Young and Munroe agreed.

"There may be some slowing down in the higher-priced stuff," said Munroe, noting he has a listing that includes a home and 20 acres near Manchester priced at about $600,000 that has had "very few lookers."

But with reasonable home prices and solid economic development efforts taking place in Great Falls, the real estate market appears to have a solid future.

"All the other cities in Montana have been discovered," said Young. "Now, it's our turn."; November 06, 2006 2:31 AM
Paige Turner said...: "I think Parker Brothers would have a hit on their hands here..."

That Monopoly box is priceless!

It would definitely be big hit, because the fun would never end. In Monopoly, the bank never goes broke. It's just like in the real world when lending institutions throw money at you!

I think I'll just print up a batch of Monopoly Money right now.

I hope that they add some $1000, $5000, $10,000 and $100,000 bills. We're sure going to need them!; November 06, 2006 3:12 AM
foxwoodlief said...: See the new book, 101 things you need to buy before you die? A takeoff on 101 things to see before you die. I wonder if a house in Malibu is on the list.

Keith, you should buy a flat in London!; November 06, 2006 6:22 AM
Anonymous said...: Wow, there's no housing bubble in Great Falls, Montana. That's great news. This must mean that California, Florida, and Arizona should pick up real soon.

(sarcasm off); November 06, 2006 11:02 AM
Anonymous said...: These are rough numbers but, if you have 3.5mil+ existing homes for sale plus 500k+ new homes on or coming on the market, a lack of buyers......does somebody have a problem here?; November 06, 2006 4:23 PM