Comments on: Rain City Bubble Boosters Club http://seattlebubble.com/blog/2006/04/28/rain-city-bubble-boosters-club/ local real estate news, statistics, and commentary without the sales spin. Mon, 22 Mar 2010 07:05:02 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: Local Real Estate Blog Talks Bubble | Seattle Bubble — News & discussion about real estate & the housing bubble in the Seattle area.http://seattlebubble.com/blog/2006/04/28/rain-city-bubble-boosters-club/#comment-73499 Local Real Estate Blog Talks Bubble | Seattle Bubble — News & discussion about real estate & the housing bubble in the Seattle area. Thu, 21 May 2009 19:11:22 +0000 http://seattlebubble.com/blog/?p=205#comment-73499 [...] a lot better than the fingers-in-ears, “la la la, I can’t hear you” approach we’ve seen on other local real estate blogs. I may not agree with all of the conclusions he comes to, but at [...]<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('73499','Local Real Estate Blog Talks Bubble | Seattle Bubble — News & discussion about real estate & the housing bubble in the Seattle area.',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('73499','Local Real Estate Blog Talks Bubble | Seattle Bubble — News & discussion about real estate & the housing bubble in the Seattle area.','[...] a lot better than the fingers-in-ears, “la la la, I can’t hear you” approach we’ve seen on other local real estate blogs. I may not agree with all of the conclusions he comes to, but at [...]',''); return false;">Quote</a></div> [...] a lot better than the fingers-in-ears, “la la la, I can’t hear you” approach we’ve seen on other local real estate blogs. I may not agree with all of the conclusions he comes to, but at [...]
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]]> By: The Timhttp://seattlebubble.com/blog/2006/04/28/rain-city-bubble-boosters-club/#comment-1414 The Tim Sat, 06 May 2006 00:49:47 +0000 http://seattlebubble.com/blog/?p=205#comment-1414 Keep dreaming, Tom... keep dreaming.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('1414','The Tim',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('1414','The Tim','Keep dreaming, Tom... keep dreaming.',''); return false;">Quote</a></div> Keep dreaming, Tom… keep dreaming.
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]]> By: Tom Chambershttp://seattlebubble.com/blog/2006/04/28/rain-city-bubble-boosters-club/#comment-1413 Tom Chambers Sat, 06 May 2006 00:47:55 +0000 http://seattlebubble.com/blog/?p=205#comment-1413 I have been hearing so much about this housing boom bubble and how it will burst. I will tell you one thing that I have sure noticed. A lot of people are getting thier real estate licenses. Our website <a HREF="http://www.licenseprofessor.com" REL="nofollow">The Real Estate License Professor</a> helps future realtors realize thier career goals and I tell you we have helped a lot of these people lately. I am not sure if this will affect supply or demand having so many "middle men" selling but it sure is a sign that real estate is hot. I hope it stays that way.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('1413','Tom Chambers',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('1413','Tom Chambers','I have been hearing so much about this housing boom bubble and how it will burst. I will tell you one thing that I have sure noticed. A lot of people are getting thier real estate licenses. Our website <a HREF=\"http:\/\/www.licenseprofessor.com\" REL=\"nofollow\">The Real Estate License Professor<\/a> helps future realtors realize thier career goals and I tell you we have helped a lot of these people lately. I am not sure if this will affect supply or demand having so many \"middle men\" selling but it sure is a sign that real estate is hot. I hope it stays that way.',''); return false;">Quote</a></div> I have been hearing so much about this housing boom bubble and how it will burst. I will tell you one thing that I have sure noticed. A lot of people are getting thier real estate licenses. Our website The Real Estate License Professor helps future realtors realize thier career goals and I tell you we have helped a lot of these people lately. I am not sure if this will affect supply or demand having so many “middle men” selling but it sure is a sign that real estate is hot. I hope it stays that way.
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]]> By: Anonymoushttp://seattlebubble.com/blog/2006/04/28/rain-city-bubble-boosters-club/#comment-1363 Anonymous Thu, 04 May 2006 22:17:46 +0000 http://seattlebubble.com/blog/?p=205#comment-1363 If you look at prices in the San Francisco bay area, you would conclude that Seattle has a long way to go before there is a real bubble. Urban areas with strong economies can sustain median house prices way over the median income--it just means that most folks cannot afford to buy unless they have equity, or outside help.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('1363','Anonymous',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('1363','Anonymous','If you look at prices in the San Francisco bay area, you would conclude that Seattle has a long way to go before there is a real bubble. Urban areas with strong economies can sustain median house prices way over the median income--it just means that most folks cannot afford to buy unless they have equity, or outside help.',''); return false;">Quote</a></div> If you look at prices in the San Francisco bay area, you would conclude that Seattle has a long way to go before there is a real bubble. Urban areas with strong economies can sustain median house prices way over the median income–it just means that most folks cannot afford to buy unless they have equity, or outside help.
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]]> By: Marinitehttp://seattlebubble.com/blog/2006/04/28/rain-city-bubble-boosters-club/#comment-1283 Marinite Tue, 02 May 2006 18:53:36 +0000 http://seattlebubble.com/blog/?p=205#comment-1283 Is the whole "Type I", "Type II" bubble nominclature something these realtors made up? I have not encountered it before.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('1283','Marinite',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('1283','Marinite','Is the whole \"Type I\", \"Type II\" bubble nominclature something these realtors made up? I have not encountered it before.',''); return false;">Quote</a></div> Is the whole “Type I”, “Type II” bubble nominclature something these realtors made up? I have not encountered it before.
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]]> By: meshugyhttp://seattlebubble.com/blog/2006/04/28/rain-city-bubble-boosters-club/#comment-1220 meshugy Sun, 30 Apr 2006 18:53:57 +0000 http://seattlebubble.com/blog/?p=205#comment-1220 inventory is actually a lot higher then last year..almost double in some areas (which isn't saying much because it's still super low). But sales are keeping up so the market is still very compettitve. However, I think the overbidding is probably slowing down a bit. You don't see houses 50K-70K overbid as much as you used to. It's now more like 10K-30K over. But the base prices are higher, so the median price is still inching up.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('1220','meshugy',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('1220','meshugy','inventory is actually a lot higher then last year..almost double in some areas (which isn\'t saying much because it\'s still super low). But sales are keeping up so the market is still very compettitve. However, I think the overbidding is probably slowing down a bit. You don\'t see houses 50K-70K overbid as much as you used to. It\'s now more like 10K-30K over. But the base prices are higher, so the median price is still inching up.',''); return false;">Quote</a></div> inventory is actually a lot higher then last year..almost double in some areas (which isn’t saying much because it’s still super low). But sales are keeping up so the market is still very compettitve. However, I think the overbidding is probably slowing down a bit. You don’t see houses 50K-70K overbid as much as you used to. It’s now more like 10K-30K over. But the base prices are higher, so the median price is still inching up.
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]]> By: T.S.http://seattlebubble.com/blog/2006/04/28/rain-city-bubble-boosters-club/#comment-1219 T.S. Sun, 30 Apr 2006 18:29:16 +0000 http://seattlebubble.com/blog/?p=205#comment-1219 Well that's depressing.<br/><br/>Anybody have a good theory for why the inventory is so incredibly low lately? Something weird is going on . . . I feel a disturbance in the Force.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('1219','T.S.',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('1219','T.S.','Well that\'s depressing.<br\/><br\/>Anybody have a good theory for why the inventory is so incredibly low lately? Something weird is going on . . . I feel a disturbance in the Force.',''); return false;">Quote</a></div> Well that’s depressing.

Anybody have a good theory for why the inventory is so incredibly low lately? Something weird is going on . . . I feel a disturbance in the Force.

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]]> By: meshugyhttp://seattlebubble.com/blog/2006/04/28/rain-city-bubble-boosters-club/#comment-1218 meshugy Sun, 30 Apr 2006 17:38:20 +0000 http://seattlebubble.com/blog/?p=205#comment-1218 This chart is interesting.....it shows inventory and pending sales by neigborhood. Just about everything in N.Seattle has over a 100% sale rate. Seems that houses are selling faster then they can be listed.<br/><br/>See: <a HREF="http://seattletimes.nwsource.com/news/realestate/links/inventory30.html" REL="nofollow">Chart</a><div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('1218','meshugy',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('1218','meshugy','This chart is interesting.....it shows inventory and pending sales by neigborhood. Just about everything in N.Seattle has over a 100% sale rate. Seems that houses are selling faster then they can be listed.<br\/><br\/>See: <a HREF=\"http:\/\/seattletimes.nwsource.com\/news\/realestate\/links\/inventory30.html\" REL=\"nofollow\">Chart<\/a>',''); return false;">Quote</a></div> This chart is interesting…..it shows inventory and pending sales by neigborhood. Just about everything in N.Seattle has over a 100% sale rate. Seems that houses are selling faster then they can be listed.

See: Chart

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]]> By: Nickhttp://seattlebubble.com/blog/2006/04/28/rain-city-bubble-boosters-club/#comment-1217 Nick Sun, 30 Apr 2006 15:02:40 +0000 http://seattlebubble.com/blog/?p=205#comment-1217 "It's also keeping King County prices climbing, putting to rest any notion that ours is a "bubble market" where prices will stall or even fall."<br/><br/>Put to rest? ROFL<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('1217','Nick',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('1217','Nick','\"It\'s also keeping King County prices climbing, putting to rest any notion that ours is a \"bubble market\" where prices will stall or even fall.\"<br\/><br\/>Put to rest? ROFL',''); return false;">Quote</a></div> “It’s also keeping King County prices climbing, putting to rest any notion that ours is a “bubble market” where prices will stall or even fall.”

Put to rest? ROFL

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]]> By: meshugyhttp://seattlebubble.com/blog/2006/04/28/rain-city-bubble-boosters-club/#comment-1216 meshugy Sun, 30 Apr 2006 14:59:12 +0000 http://seattlebubble.com/blog/?p=205#comment-1216 <a HREF="http://seattletimes.nwsource.com/html/realestate/2002959757_inventory30.html" REL="nofollow">Act fast: In many Seattle neighborhoods, few homes are for sale<br/><br/></a><br/><br/>Although most of this article is derived from a Realtor, it correlates pretty well with my own observations of the market in N.Seattle. (i.e., tight inventory, bidding wars, and soaring prices. However, I don't feel it's a "remake of 2005." I think it's a little slower this year. We'll know more when the MLS #s come out next Friday.<br/><br/><i><br/><br/>Just north of downtown Seattle, where the competition is the fiercest, buyers find that anything in livable condition priced fairly and under $500,000 is selling almost instantly, said Jon Hunter, a John L. Scott agent who works that area.<br/><br/>"Every home under $450,000 is getting multiple offers," Hunter said. "It's pretty insane."</i><div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('1216','meshugy',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('1216','meshugy','<a HREF=\"http:\/\/seattletimes.nwsource.com\/html\/realestate\/2002959757_inventory30.html\" REL=\"nofollow\">Act fast: In many Seattle neighborhoods, few homes are for sale<br\/><br\/><\/a><br\/><br\/>Although most of this article is derived from a Realtor, it correlates pretty well with my own observations of the market in N.Seattle. (i.e., tight inventory, bidding wars, and soaring prices. However, I don\'t feel it\'s a \"remake of 2005.\" I think it\'s a little slower this year. We\'ll know more when the MLS #s come out next Friday.<br\/><br\/><i><br\/><br\/>Just north of downtown Seattle, where the competition is the fiercest, buyers find that anything in livable condition priced fairly and under $500,000 is selling almost instantly, said Jon Hunter, a John L. Scott agent who works that area.<br\/><br\/>\"Every home under $450,000 is getting multiple offers,\" Hunter said. \"It\'s pretty insane.\"<\/i>',''); return false;">Quote</a></div> Act fast: In many Seattle neighborhoods, few homes are for sale

Although most of this article is derived from a Realtor, it correlates pretty well with my own observations of the market in N.Seattle. (i.e., tight inventory, bidding wars, and soaring prices. However, I don’t feel it’s a “remake of 2005.” I think it’s a little slower this year. We’ll know more when the MLS #s come out next Friday.

Just north of downtown Seattle, where the competition is the fiercest, buyers find that anything in livable condition priced fairly and under $500,000 is selling almost instantly, said Jon Hunter, a John L. Scott agent who works that area.

“Every home under $450,000 is getting multiple offers,” Hunter said. “It’s pretty insane.”

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]]> By: Anonymoushttp://seattlebubble.com/blog/2006/04/28/rain-city-bubble-boosters-club/#comment-1215 Anonymous Sun, 30 Apr 2006 07:19:10 +0000 http://seattlebubble.com/blog/?p=205#comment-1215 "people are willing to stretch to get the home they want"<br/><br/>just substitute 'people' for 'suckers' and I think you get the gist of this article<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('1215','Anonymous',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('1215','Anonymous','\"people are willing to stretch to get the home they want\"<br\/><br\/>just substitute \'people\' for \'suckers\' and I think you get the gist of this article',''); return false;">Quote</a></div> “people are willing to stretch to get the home they want”

just substitute ‘people’ for ’suckers’ and I think you get the gist of this article

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]]> By: Anonymoushttp://seattlebubble.com/blog/2006/04/28/rain-city-bubble-boosters-club/#comment-1213 Anonymous Sun, 30 Apr 2006 01:43:25 +0000 http://seattlebubble.com/blog/?p=205#comment-1213 I too wondered why the "There Is No Housing Bubble" blog disappeared without an explaination. Weird.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('1213','Anonymous',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('1213','Anonymous','I too wondered why the \"There Is No Housing Bubble\" blog disappeared without an explaination. Weird.',''); return false;">Quote</a></div> I too wondered why the “There Is No Housing Bubble” blog disappeared without an explaination. Weird.
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]]> By: Eleuahttp://seattlebubble.com/blog/2006/04/28/rain-city-bubble-boosters-club/#comment-1210 Eleua Sat, 29 Apr 2006 17:44:56 +0000 http://seattlebubble.com/blog/?p=205#comment-1210 Betamax,<br/>You nailed it. If salaries don't catch up, the bubble will burst.<br/><br/>That was the difference between the previous runup and this one. Inflation can only find its way to housing via wages/salaries.<br/><br/>Keep a lid on salaries, and housing won't go anywhere.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('1210','Eleua',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('1210','Eleua','Betamax,<br\/>You nailed it. If salaries don\'t catch up, the bubble will burst.<br\/><br\/>That was the difference between the previous runup and this one. Inflation can only find its way to housing via wages\/salaries.<br\/><br\/>Keep a lid on salaries, and housing won\'t go anywhere.',''); return false;">Quote</a></div> Betamax,
You nailed it. If salaries don’t catch up, the bubble will burst.

That was the difference between the previous runup and this one. Inflation can only find its way to housing via wages/salaries.

Keep a lid on salaries, and housing won’t go anywhere.

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]]> By: betamaxhttp://seattlebubble.com/blog/2006/04/28/rain-city-bubble-boosters-club/#comment-1208 betamax Sat, 29 Apr 2006 06:04:37 +0000 http://seattlebubble.com/blog/?p=205#comment-1208 As usual, Chuck misses the point: yes, people live in houses, but current housing demand is primarily speculative; the only reason people are buying in volume at absurd prices is because they expect to sell for even more absurd prices later. Though Ponzi demand may continue for a surprisingly long time, the supply of greater fools is finite – a fact which those caught up in the excitement invariably forget or ignore.

Type II demand-driven bubbles don’t seem to burst, they just seem to pause while the world catches up.

The distinction made between bubble types is sophism. If demand is based on fundamentals, then it’s not a bubble. And though not all bubbles burst (fundamentals can develop over time), all bubbles are certainly capable of bursting. Making false distinctions between bubble types and assigning risk to one type but not the other is wishful thinking at best; at worst, it is outright deceit trotted out as reassuring fact.

And did he say really say “while the world catches up”? Great, I’ll look forward to my salary doubling soon.

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]]> By: Anonymoushttp://seattlebubble.com/blog/2006/04/28/rain-city-bubble-boosters-club/#comment-1207 Anonymous Sat, 29 Apr 2006 05:55:33 +0000 http://seattlebubble.com/blog/?p=205#comment-1207 Chucky, Chuckeeeey.... you sound like a snake oil salesman man! I'm sitting on a half mill cash and I would not touch this market with a ten foot pole. Yeah, I'm from Cali and your eyes are big but Seattle will go down as every bubble town in this country. Why is Au over 600 an oz?<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('1207','Anonymous',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('1207','Anonymous','Chucky, Chuckeeeey.... you sound like a snake oil salesman man! I\'m sitting on a half mill cash and I would not touch this market with a ten foot pole. Yeah, I\'m from Cali and your eyes are big but Seattle will go down as every bubble town in this country. Why is Au over 600 an oz?',''); return false;">Quote</a></div> Chucky, Chuckeeeey…. you sound like a snake oil salesman man! I’m sitting on a half mill cash and I would not touch this market with a ten foot pole. Yeah, I’m from Cali and your eyes are big but Seattle will go down as every bubble town in this country. Why is Au over 600 an oz?
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]]> By: S Crowhttp://seattlebubble.com/blog/2006/04/28/rain-city-bubble-boosters-club/#comment-1206 S Crow Sat, 29 Apr 2006 05:26:27 +0000 http://seattlebubble.com/blog/?p=205#comment-1206 Credit bubble leading to Real Estate Bubble IMO is where we sit.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('1206','S Crow',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('1206','S Crow','Credit bubble leading to Real Estate Bubble IMO is where we sit.',''); return false;">Quote</a></div> Credit bubble leading to Real Estate Bubble IMO is where we sit.
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