Comments on: Forbes: Seattle a “Down Market” & also 8th Best http://seattlebubble.com/blog/2007/12/06/forbes-seattle-a-down-market-also-8th-best/ News & discussion about real estate & the housing bubble in the Seattle area. Sat, 21 Nov 2009 10:02:55 -0800 http://wordpress.org/?v=2.8.6 hourly 1 By: Satisfied in Seattle http://seattlebubble.com/blog/2007/12/06/forbes-seattle-a-down-market-also-8th-best/#comment-35329 Satisfied in Seattle Sun, 06 Jan 2008 03:13:48 +0000 http://seattlebubble.com/blog/2007/12/06/forbes-seattle-a-down-market-also-8th-best/#comment-35329 Henny Penny may get us all, but things are pretty normal here in Seattle from what I can see and the biggest problem that is out there in the real estate market are unrealistic price tags on houses that just won't sell. I look at houses regularly and I can assure you if the hosue in Lynwood was up to snuff it would have sold. It has problems and this is reflected in the market time. People want something for their money and hats off to the buyers for not accepting property below standard.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('35329','Satisfied in Seattle',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('35329','Satisfied in Seattle','Henny Penny may get us all, but things are pretty normal here in Seattle from what I can see and the biggest problem that is out there in the real estate market are unrealistic price tags on houses that just won\'t sell. I look at houses regularly and I can assure you if the hosue in Lynwood was up to snuff it would have sold. It has problems and this is reflected in the market time. People want something for their money and hats off to the buyers for not accepting property below standard.',''); return false;">Quote</a></div> Henny Penny may get us all, but things are pretty normal here in Seattle from what I can see and the biggest problem that is out there in the real estate market are unrealistic price tags on houses that just won’t sell. I look at houses regularly and I can assure you if the hosue in Lynwood was up to snuff it would have sold. It has problems and this is reflected in the market time. People want something for their money and hats off to the buyers for not accepting property below standard.
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]]> By: Jackson Wallace http://seattlebubble.com/blog/2007/12/06/forbes-seattle-a-down-market-also-8th-best/#comment-32407 Jackson Wallace Fri, 07 Dec 2007 13:01:37 +0000 http://seattlebubble.com/blog/2007/12/06/forbes-seattle-a-down-market-also-8th-best/#comment-32407 I've got the money to buy right now, and yeah, I can move to Federally Gay, Or Poorline, or Mill Crack, but the fact is, I dont want to live in those suburban dumps. There are places closer in to Seattle, but the nighborhoods I really want are 500-600k plus, so I cant afford them. I'm also tired of this town and its stupid weather, which really ultimately makes it laughably overpriced. if it weren't for the successful companies here, this place would be as cheap as it once was. Anyway, the point is that people who bought in those areas are going to have to give away those houses, because they aren't interesting to people who want to live a modern, urban lifestyle.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('32407','Jackson Wallace',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('32407','Jackson Wallace','I\'ve got the money to buy right now, and yeah, I can move to Federally Gay, Or Poorline, or Mill Crack, but the fact is, I dont want to live in those suburban dumps. There are places closer in to Seattle, but the nighborhoods I really want are 500-600k plus, so I cant afford them. I\'m also tired of this town and its stupid weather, which really ultimately makes it laughably overpriced. if it weren\'t for the successful companies here, this place would be as cheap as it once was.\r\nAnyway, the point is that people who bought in those areas are going to have to give away those houses, because they aren\'t interesting to people who want to live a modern, urban lifestyle.',''); return false;">Quote</a></div> I’ve got the money to buy right now, and yeah, I can move to Federally Gay, Or Poorline, or Mill Crack, but the fact is, I dont want to live in those suburban dumps. There are places closer in to Seattle, but the nighborhoods I really want are 500-600k plus, so I cant afford them. I’m also tired of this town and its stupid weather, which really ultimately makes it laughably overpriced. if it weren’t for the successful companies here, this place would be as cheap as it once was.
Anyway, the point is that people who bought in those areas are going to have to give away those houses, because they aren’t interesting to people who want to live a modern, urban lifestyle.
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]]> By: rose-colored-coolaid http://seattlebubble.com/blog/2007/12/06/forbes-seattle-a-down-market-also-8th-best/#comment-32334 rose-colored-coolaid Fri, 07 Dec 2007 00:28:19 +0000 http://seattlebubble.com/blog/2007/12/06/forbes-seattle-a-down-market-also-8th-best/#comment-32334 The 8th is just one octave. So what if we're down an octave? We're still the same Seattle right? You used to sing "Seattle Is Special" up here ^, now just sing it down here v.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('32334','rose-colored-coolaid',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('32334','rose-colored-coolaid','The 8th is just one octave. So what if we\'re down an octave? We\'re still the same Seattle right?\r\n\r\nYou used to sing \"Seattle Is Special\" up here ^, now just sing it down here v.',''); return false;">Quote</a></div> The 8th is just one octave. So what if we’re down an octave? We’re still the same Seattle right?

You used to sing “Seattle Is Special” up here ^, now just sing it down here v.

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]]> By: bud http://seattlebubble.com/blog/2007/12/06/forbes-seattle-a-down-market-also-8th-best/#comment-32312 bud Thu, 06 Dec 2007 22:13:42 +0000 http://seattlebubble.com/blog/2007/12/06/forbes-seattle-a-down-market-also-8th-best/#comment-32312 8th Best = 8th Least Worst<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('32312','bud',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('32312','bud','8th Best = 8th Least Worst',''); return false;">Quote</a></div> 8th Best = 8th Least Worst
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]]> By: on topic http://seattlebubble.com/blog/2007/12/06/forbes-seattle-a-down-market-also-8th-best/#comment-32307 on topic Thu, 06 Dec 2007 21:10:18 +0000 http://seattlebubble.com/blog/2007/12/06/forbes-seattle-a-down-market-also-8th-best/#comment-32307 loans falling through and potential buyers being unable to get loans has become commonplace. apparently, lenders have decided that the loan to value (LTV) ratio should be less than 1 in some cases. as it turns out, people will walk away from a loan if the LTV is too high and their asset is depreciating. anyone in the lending industry who is surprised by this information needs to find another career, perhaps test driving cars into brick walls.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('32307','on topic',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('32307','on topic','loans falling through and potential buyers being unable to get loans has become commonplace.\r\n\r\napparently, lenders have decided that the loan to value (LTV) ratio should be less than 1 in some cases.\r\n\r\nas it turns out, people will walk away from a loan if the LTV is too high and their asset is depreciating.\r\n\r\nanyone in the lending industry who is surprised by this information needs to find another career, perhaps test driving cars into brick walls.',''); return false;">Quote</a></div> loans falling through and potential buyers being unable to get loans has become commonplace.

apparently, lenders have decided that the loan to value (LTV) ratio should be less than 1 in some cases.

as it turns out, people will walk away from a loan if the LTV is too high and their asset is depreciating.

anyone in the lending industry who is surprised by this information needs to find another career, perhaps test driving cars into brick walls.

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]]> By: Ian http://seattlebubble.com/blog/2007/12/06/forbes-seattle-a-down-market-also-8th-best/#comment-32306 Ian Thu, 06 Dec 2007 21:05:24 +0000 http://seattlebubble.com/blog/2007/12/06/forbes-seattle-a-down-market-also-8th-best/#comment-32306 I don't know what to make of all the predictions, but Moody's Economy put out a <a href="http://articles.moneycentral.msn.com/Investing/Extra/ReportNoHousingUpturnUntil2010.aspx" rel="nofollow">new report</a> that stated: "...Declines of between <b>5% and 15%</b> are expected for the Northeast corridor as well as such markets as Denver, Salt Lake City and Boise, Idaho. In the rest of the industrial Midwest and parts of the Mountain and <b>Pacific Northwest, prices will fall more modestly.</b> " More modestly than what? 5%? That's almost nothing, really. On the otherhand, I read a lot of comments here that compare the cost of renting to owning and it seems like there's about a 50% difference there. So renting a home for $1000 would be $2000 to own. It seems reasonable that after the "deflated" rent prices climb and the "inflated" mortgages decline, a fair price to pay for this hypothetical property would be $1500, monthly. That's a 25% drop then. FWIW, I bought in July, about a month or two before the poo hit the fan. I also don't want a bunch of foreclosures all over the place, driving up crime and driving down property values.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('32306','Ian',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('32306','Ian','I don\'t know what to make of all the predictions, but Moody\'s Economy put out a <a href=\"http:\/\/articles.moneycentral.msn.com\/Investing\/Extra\/ReportNoHousingUpturnUntil2010.aspx\" rel=\"nofollow\">new report<\/a> that stated: \"...Declines of between <b>5% and 15%<\/b> are expected for the Northeast corridor as well as such markets as Denver, Salt Lake City and Boise, Idaho. In the rest of the industrial Midwest and parts of the Mountain and <b>Pacific Northwest, prices will fall more modestly.<\/b> \" More modestly than what? 5%? That\'s almost nothing, really. \r\n\r\nOn the otherhand, I read a lot of comments here that compare the cost of renting to owning and it seems like there\'s about a 50% difference there. So renting a home for $1000 would be $2000 to own. It seems reasonable that after the \"deflated\" rent prices climb and the \"inflated\" mortgages decline, a fair price to pay for this hypothetical property would be $1500, monthly. That\'s a 25% drop then. \r\n\r\nFWIW, I bought in July, about a month or two before the poo hit the fan. I also don\'t want a bunch of foreclosures all over the place, driving up crime and driving down property values.',''); return false;">Quote</a></div> I don’t know what to make of all the predictions, but Moody’s Economy put out a new report that stated: “…Declines of between 5% and 15% are expected for the Northeast corridor as well as such markets as Denver, Salt Lake City and Boise, Idaho. In the rest of the industrial Midwest and parts of the Mountain and Pacific Northwest, prices will fall more modestly. ” More modestly than what? 5%? That’s almost nothing, really.

On the otherhand, I read a lot of comments here that compare the cost of renting to owning and it seems like there’s about a 50% difference there. So renting a home for $1000 would be $2000 to own. It seems reasonable that after the “deflated” rent prices climb and the “inflated” mortgages decline, a fair price to pay for this hypothetical property would be $1500, monthly. That’s a 25% drop then.

FWIW, I bought in July, about a month or two before the poo hit the fan. I also don’t want a bunch of foreclosures all over the place, driving up crime and driving down property values.

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]]> By: Thom N http://seattlebubble.com/blog/2007/12/06/forbes-seattle-a-down-market-also-8th-best/#comment-32305 Thom N Thu, 06 Dec 2007 20:58:52 +0000 http://seattlebubble.com/blog/2007/12/06/forbes-seattle-a-down-market-also-8th-best/#comment-32305 It mentions that two offers have fallen through. Does it give the reason why? Was there maybe a problem with both inspections?<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('32305','Thom N',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('32305','Thom N','It mentions that two offers have fallen through. Does it give the reason why? Was there maybe a problem with both inspections?',''); return false;">Quote</a></div> It mentions that two offers have fallen through. Does it give the reason why? Was there maybe a problem with both inspections?
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