We worked hard to get it ready and be all shiny for the listing, and we worked closely with our agent to develop what we thought a good price in the current market.

Having read everything in the news and watched other houses sitting around, we still expected it to sit a few months until we found the right buyer. But, assuming everything goes fine with inspection, we are sitting on an altogether pleasant 29.25% increase in 3.5 years.

I don’t know if that’s a pink pony or not. But, it sure makes me smile like one! Everyone keep their fingers crossed that the deal is smooth moving from here (yes, we triple-checked their financing and it seems to be solid).

Maybe we should just be happy to be getting out before the bottom falls out.

ALIASES: HOUSING, HOUSE, HOME, PAD, HOUSING BUBBLE, HOUSING ATM, EASY MONEY, BEATS WORKING, DEBT TRAP, BIGGEST MISTAKE I EVER MADE, SOURCE OF FUNDS FOR THAT BEST BUY SHOPPING SPREE AND WILD WEEKEND IN CABO

DATE OF BIRTH: 2002

PLACE OF BIRTH: PHOENIX, MIAMI, SAN DIEGO, LAS VEGAS, TAMPA, NAPLES, D.C., BOSTON, SACRAMENTO, OC

KNOWN ACCOMPLICES: NATIONAL ASSOCIATION OF REALTORS, NATIONAL ASSOCIATION OF MORTGAGE BROKERS, NATIONAL ASSOCIATION OF HOME BUILDERS, FANNIE MAE, FREDDIE MAC, HOME DEPOT, BEST BUY, GEORGE BUSH, CHUCK SCHUMER, ANGELO MOZILO, GREG SWANN, KENDRA TODD, NICHOLAS RETSINAS, MIKE NORMAN

ACCUSED OF: ARSON, FRAUD, TAX EVASION, BAD TASTE, MURDER, BANK ROBBERY, WIRE FRAUD, CRUSHED HOPES AND DREAMS

REMARKS: SUSPECT IS RESPONSIBLE FOR THE CRASH OF THE WORLDWIDE FINANCIAL SYSTEM AND HAS DESTROYED MILLIONS OF FAMILIES IN THE UNITED STATES. DESTRUCTION IS NOW SPREADING AROUND THE WORLD. ONLY A FOOL WOULD APPROACH SUSPECT TODAY.

Oh yeah, you’re SPECIAL Seattle…. Like those SPECIAL downtown condos and the SPECIAL traffic and the SPECIAL weather and the SPECIAL drivers and your GENIUS SPEIAL politicians and, and…

Welcome to the New Depression. Turn out the lights FB’s…. Welcome to Hell.

Really? This is an interesting made up fact. Except for this decade, (and with the help of ARM’s) I don’t recall a time when it was possible to own for the price of renting – at least for comparable property.

Ruh roh shaggy…

Link: CNN 25 Markets Poised to Fall

What about the many Eastside houses renting for less than the 15-year historical price/rent ratio? Negative bubble?

The funny part is that MSFT was still above the S&P and Dow when this post was made.

though i did sort of think of buying a new ipod today.

1. Real estate never goes down.
2. Real estate in California never goes down.
3. Real estate in the Bay Area never goes down.
4. Real estate in the West Bay never goes down.
5. Real estate in San Francisco never goes down.
6. Real estate in good neighborhoods of San Francisco never goes down.
7. Real estate in Pacific Heights never goes down.
8. The real estate market has bottomed out…

What? La la la la la! Can’t hear you!

ding ding ding”

Amen. We have a winner!

The next two months will open a lot of eyes.

ding ding ding

http://www.fool.com/investing/general/2008/01/18/the-worst-stock-for-2008-is.aspx?source=ihptclhpd0000001

That’s just awesome.

“Note: People typically won’t spend more in monthly costs to own a home than they would to rent. While prices soar from time to time, sending the ratio to exceptional heights, the relationship eventually should return to its historical average.”

Love the note on the bottom of the Fortune/CNN feature. Where have I heard that before??

“people that have otherwise had the capacity to pay, but have basically just decided not to because they feel like they’ve lost equity, value in their properties, and so in a way, we may have — it’s hard to know right now, but we may have seen somewhat of an acceleration problem loans as people have reached that conclusion” – Wachovia conference call.

increasing numbers of underwater but unstressed owners are deciding to walk away from properties.

http://calculatedrisk.blogspot.com/2008/01/wachovia-homeowners-just-walking-away.html

obviously this is mostly in California, not Seattle.

Anyways, I’m pessimistic overall on most of the Seattle Original businesses. MS and Starbucks will lose revenue, and likely market share. Boeing will have orders canceled, but should at least maintain its market share. Amazon.com and Costco will suffer in the short term as consumption falls, but should recover in the longer term. Nordstroms will probably do fine, as high net-worth buyers continue to consume.

But look on the bright side. Apple will also lose revenue. Of course, Linux won’t lose any revenue, and it may get more code updates from out of work developers…

Where’s that ACME parachute when you need it?

i’m actually surprised boeing hasn’t announced order cancellations yet. maybe next month.

my heart goes out to anybody who loses their job and then their house, though. that is tough stuff i hope to never face.

We’re now 2 hours into trading and MSFT, BA, the Dow and S&P have all recovered most of their losses.

Recovered most of their losses? Really? You do realize that the chart in the post is a one-month chart, right?

Anyway, I don’t really care what the markets do. I’m just pointing out that local companies follow the markets (both up and down) just like everyone else. When recession hits, we’ll take it just as hard here. That’s all I’m sayin’.

Link: CNN 25 Markets Poised to Fall

Be sure and check out CFC, BAC and WFC for some more pandemonium in the markets…

75 bps cuts and 150 billion economic stimulus packages and we aren’t even officially in a recession? WTF is this world coming to???? Either figureheads in the G know that this is 10 times worse than they are letting on or this is the biggest overreaction in the history of this country.

This is exactly the same logic current operative in Seattle’s real estate market – see A.’s latest posts on RCG that basically say that if we all refuse to cut the price of RE below the comps, the prices won’t fall. “When no one is buying anything…you wait.”

I have to admire his optimism.