JayB Posted July 19, 2006 Share Posted July 19, 2006 Listen to her: "If cars evoke who we are today — SUV's for the hip and fertile, Buicks for the conservatives and mini-Coopers for the aspiring gazillionaires — houses are being built to reflect who we aspire to be. We hope someday to be the hobbyist puttering around the hobby room or the fitness buff splayed on a yoga mat in the garden room. We want to be the grande dame gliding down the winding staircase to greet a guest in the two-story foyer. And thanks to the miracle growth of real estate, many of us can. The aphorism that a rising tide lifts all boats is a principle at work here. People are using equity in existing homes to move up. Median home prices in King County shot up 16 percent last year. Try to mimic that on Wall Street." URL And not these guys: Missive From the Realm the Evil Number People You'll be helping me out. Quote Link to comment Share on other sites More sharing options...
cj001f Posted July 19, 2006 Share Posted July 19, 2006 California, always ahead of the curve Quote Link to comment Share on other sites More sharing options...
Cobra_Commander Posted July 19, 2006 Share Posted July 19, 2006 are you guys still reproducing down there Quote Link to comment Share on other sites More sharing options...
cj001f Posted July 19, 2006 Share Posted July 19, 2006 are you guys still reproducing down there There's plenty of down here - bet you downloaded some last night not so much breeding unless you hablar. We're like a cancer, Oregon's been infected, soon it will be gone Quote Link to comment Share on other sites More sharing options...
Cobra_Commander Posted July 19, 2006 Share Posted July 19, 2006 I've got to stop dating girls who's names end in .jpg Quote Link to comment Share on other sites More sharing options...
JayB Posted July 19, 2006 Author Share Posted July 19, 2006 are you guys still reproducing down there There's plenty of down here - bet you downloaded some last night not so much breeding unless you hablar. We're like a cancer, Oregon's been infected, soon it will be gone Reproduction is inversely proportional to the median home value in this country. Who needs kids when you can wallow in the sublime fulfillment offered by debt-financed granite countertops, stainless fridges, bamboo floors, and...your very own...yoga room. Get that 50 year I/O, neg-AM, option ARM for 10X your combined full-time incomes and lock that sucker in before it's too late. Quote Link to comment Share on other sites More sharing options...
cj001f Posted July 19, 2006 Share Posted July 19, 2006 Get that 50 year I/O, neg-AM, option ARM for 10X your combined full-time incomes and lock that sucker in before it's too late. Real Estate always appreciates JayB, you wouldn't want to throw your money away! Quote Link to comment Share on other sites More sharing options...
JayB Posted July 19, 2006 Author Share Posted July 19, 2006 I'm just trying to spread the gospel, brother. After all, "They're not making anymore land!" The Japanese - no stranger to land shortages - can attest to the fact that "They're not making anymore land!" has resulted in consistent appreciation, irrespective of any trivialities like trend wage-growth, etc. Quote Link to comment Share on other sites More sharing options...
cj001f Posted July 19, 2006 Share Posted July 19, 2006 The Japanese - no stranger to land shortages - can attest that the fact that "They're not making anymore land!" has resulted in consistent appreciation, irrespective of any trivialities like trend wage-growth, etc. Heh, Buttonwood of today: THIS columnist—though entirely happy in himself, of course—nevertheless regrets that his employer had not posted him to Tokyo during an earlier, altogether wilder era: you know, when the Nikkei was at nearly 40,000, when a value was placed on the Imperial Palace grounds equal to the whole of California or Canada, and when you ate gold-leaf sushi only off the backs of naked women. Quote Link to comment Share on other sites More sharing options...
dr_agon Posted July 20, 2006 Share Posted July 20, 2006 I've got to stop dating girls who's names end in .jpg .mpeg is much more satisfying. Quote Link to comment Share on other sites More sharing options...
foraker Posted July 20, 2006 Share Posted July 20, 2006 they're also not making any more fresh water, filled aquifers, and oily goo. once the Post-Petroleum Die-Off occurs, there'll be plenty o' land freed up. Quote Link to comment Share on other sites More sharing options...
JayB Posted July 20, 2006 Author Share Posted July 20, 2006 Interesting post from a Seattle real estate blog. When a couple that includes an M.D., and an engineer with a graduate degree, with no children - can't buy something for what they think is a reasonable/justifiable price... Then it's clear that the YOY gains are just getting started!!!! Buy! Buy! Buy! " This blog is a clearinghouse for whiny twenty-nothings to vent their insecurities while waxing about things they vaguely understand...(blah, blah, blah) Am I such a whiny bastard that I feel that I should be able to afford a decent home in the city of my choice? I grew up in the Northwest. I've lived here all my life. I met the love of my life here in this city. You just don't get it. I WANT to live in Seattle. Get it? Not only that, we HAVE to. Why? Because my wife has the type of job (a Doctor!) that warrants us to live within 15 minutes of all hospitals within the Seattle metro area. She is on call almost every other day and gets paged constantly. She DOES NOT WANT to live in all the other areas you mentioned. I DON'T either. I'm an engineer who doesn't have the in-city living requirement, but damn it, if my wife is stressed out after working a 36 hour shift at Harborview, and if it means that living close can prevent endless hours of wailing and sobbing about life's miseries, then YES, I will pay that much extra to live in town. All we want is a decent section of area to lay our tired asses on after a hard day's work. But damn you if you think I'm gonna pay $749,950 for a piece of crap box that's been flipped by 2-3 investors from California who care NOTHING for this city, NOTHING for my town, NOTHING for the Northwest, and NOTHING for the beautiful gray skies and loving rain. And damn it, after earning a graduate degree in engineering and earning a very good salary from a prestigious company...after my wife working long, long, long, long hours as an undergraduate student, as a medical student and now as a medical resident...damn it, we deserve a starter home in Seattle! We've earned it! We deserve our piece of crap condo made of cheap composite materials with stainless steel appliances and granite counters. And damn it, we deserve it at an affordable price!!! And we ARE doing our best to save for a house (we're renting right now, of course), but we feel that after so much hard work, we shouldn't have to break our backs just to support our first home. We don't even have any kids yet! How can we afford to? You must be the type of person that thinks only the rich should live in the city. What a bunch of crap! I hope to God Seattle wakes up from this greed-induced real estate mania. " Quote Link to comment Share on other sites More sharing options...
olyclimber Posted July 20, 2006 Share Posted July 20, 2006 Maybe we should start a fund for this couple. They sound pretty needy. Quote Link to comment Share on other sites More sharing options...
foraker Posted July 20, 2006 Share Posted July 20, 2006 I'm sensing a lot of pent up anger in that post. Quote Link to comment Share on other sites More sharing options...
fear_and_greed Posted July 20, 2006 Share Posted July 20, 2006 There is a crash coming the likes of which our generation has never experienced. Mix rising interest rates, record high oil prices, add in another terrorist attack on the homeland. Commerce slows, jobs disappear. The economy hiccups and people are going to be walking away from their mortgages. Quote Link to comment Share on other sites More sharing options...
olyclimber Posted July 20, 2006 Share Posted July 20, 2006 I'm going to pre-emptively move back in with my parents. Why wait for the Second Great Depression? Start stockpiles guns, ammo, and peanut butter. Quote Link to comment Share on other sites More sharing options...
cj001f Posted July 20, 2006 Share Posted July 20, 2006 I'm going to pre-emptively move back in with my parents. Why wait for the Second Great Depression? Start stockpiles guns, ammo, and peanut butter. Are you mormon? Quote Link to comment Share on other sites More sharing options...
valleydude Posted July 20, 2006 Share Posted July 20, 2006 I heard: me me me I want I need I deserve gimme gimme gimme. Fuck off to Lebanon (Oregon or MidEast) if you want a cheap house. Life owes you nothing. Quote Link to comment Share on other sites More sharing options...
JayB Posted July 20, 2006 Author Share Posted July 20, 2006 "The economy hiccups and people are going to be walking away from their mortgages." Not that easy to walk away in the US anymore as a decreasing amount of mortgage debt in this country is of the non-recourse variety, and the bank can come after you for the difference between your loan value and what they can sell the property for. Even if they can't come after you for the debt, the IRS considers the amount of debt that the bank "forgives" taxable, so you're still on the hook for that. What's the law like in Canada? Quote Link to comment Share on other sites More sharing options...
cj001f Posted July 20, 2006 Share Posted July 20, 2006 I heard: me me me I want I need I deserve gimme gimme gimme. Fuck off to Lebanon (Oregon or MidEast) if you want a cheap house. Life owes you nothing. er, so where will Seattle be when everyone fucks off? Only a few areas are desirable enough and have the economy to support high housing prices. In 2008-09 when the Aerospace industry crashes, again (you think record sales are sustainable? ), Microsoft has slashed Redmond jobs to keep margins in control when nobody is willing to pay for Windows Vista, and the millionaires minted have all moved to Tuscany, what, exactly, will support Seattle? Starbucks? Look to the rustbelt where you can buy FLW homes for <$300k Quote Link to comment Share on other sites More sharing options...
JayB Posted July 20, 2006 Author Share Posted July 20, 2006 I heard: me me me I want I need I deserve gimme gimme gimme. Fuck off to Lebanon (Oregon or MidEast) if you want a cheap house. Life owes you nothing. I agree that it's not what you feel like you deserve, but what you can afford to pay that matters when determining where you'll live. I might feel as though I deserve a Manhattan penthouse and a Villa up at Whistler, but doubt I'd be able to parlay that sense of entitlement into a deed anytime soon. The striking thing to me wasn't the fact that there are people that have these feelings, but the fact that they were occuring in a couple with a combined earning power that's almost certainly north of $200K, who are looking for a starter home in Seattle. I think that's something new. But forget all of that!! Get busy and lasso yourselves into a neg/am, I/O, payment option ARM with substantial prepayment penalties and an auto-reset when the LTV hits 110%!!! Seattle needs way more "investment" property that rents for way, way, way less than the mortgage, taxes, and maintenance add up to. If we have to pay more than 1/3 of the real costs of ownership for a rental home in that town in '08 and thereafter I'm going to be seriously bummed. Quote Link to comment Share on other sites More sharing options...
tivoli_mike Posted July 20, 2006 Share Posted July 20, 2006 GIMME GIMME GIMME I NEED SOME MORE GIMME GIMME GIMME DON'T ASK WHAT FOR SITTING HERE I'M A LOADED GUN WAITING TO GO OFF I'VE GOT NOTHING TO DO BUT SHOOT MY MOUTH OFF GIMME GIMME GIMME I NEED SOME MORE GIMME GIMME GIMME DON'T ASK WHAT FOR YOU KNOW I'M GONNA GO OUT GET SOMETHING FOR MY HEAD IF I KEEP ON DOING THIS I'M GONNA END UP DEAD GIMME GIMME GIMME I NEED SOME MORE GIMME GIMME GIMME DON'T ASK WHAT FOR I KNOW THE WORLD'S GOT PROBLEMS I'VE GOT PROBLEMS OF MY OWN NOT THE KIND THAT CAN'T BE SOLVED WITH AN ATOM BOMB GIMME GIMME GIMME I NEED SOME MORE GIMME GIMME GIMME DON'T ASK WHAT FOR Quote Link to comment Share on other sites More sharing options...
cj001f Posted July 20, 2006 Share Posted July 20, 2006 Seattle needs way more "investment" property that rents for way, way, way less than the mortgage, taxes, and maintenance add up to. If we have to pay more than 1/3 of the real costs of ownership for a rental home in that town in '08 and thereafter I'm going to be seriously bummed. I thought that was what Bend was for? Quote Link to comment Share on other sites More sharing options...
Peter_Puget Posted July 20, 2006 Share Posted July 20, 2006 Jayb - I have had interest only on my house for the last five years. Now I am looking to sell. I think I have made out pretty well. Quote Link to comment Share on other sites More sharing options...
olyclimber Posted July 20, 2006 Share Posted July 20, 2006 Peter! You high stakes gambler you! Quote Link to comment Share on other sites More sharing options...
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