- "Inflate away the debt" is not an option for the US govt. debt burden: http://nyti.ms/9PlHaD #
- Good info in this "webcast" RT @AltosResearch: When Does the Housing Recovery Start? http://bit.ly/eBx0WC #housing #realestate #notyet .. #
- 20 guesses so far in our 1st "Guess the Price" contest. $25 restaurant gift card goes to the winner. http://twitpic.com/3fzqd0 #
- via @SeattleTimes – "Another parcel for proposed Fifth Avenue development in foreclosure" http://bit.ly/hpOfR7 #
- Just had a reporter at a national news site ask about Seattle's peak SFH median price in '07. Wonder what the article's angle will be… #
- via @SeattleTimes – Region's largest office landlord gets $2.7 billion loan modified http://bit.ly/hYrfp5 #
- Wow, nice. @MattGoyer put together a cool follow-up of the Olive8 auction winners: 25% of them paid cash. http://bit.ly/g53gnx #
- Ouch. RT @urbnlivn: 1521's developer's old penthouse sells for $1.6m. Last sale was '01 for $2m: http://t.co/PJwmERd via @Redfin #
- "This is not your father's apartment project; it represents a new emerging lifestyle." Um, ok. http://bit.ly/fVMAz3 via @realestatepi #
- via @SeattleTimes – Apartment building may fill hole on Seattle's Stone Way http://bit.ly/gYVOlT #
- via @SeattleTimes – Developer loses Seneca site to Lehman Brothers http://bit.ly/i089RL #
- via @SeattleTimes – San Juan Preservation Trust buys Vendovi Island http://bit.ly/i8Qf2g Amusing auction video: http://youtu.be/ntgAOeJEw8g #
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I believe that the stock market increase until 2008 was also a bubble which burst. Now it’s being re-inflated, similarly to what the government is trying to do with real estate but less successfully.
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Re: “not your father’s apartment complex”:
” to capitalize on what a project news release calls “a massive shift away from home ownership and into rental housing.”
Someone has a vision for the future. But what really struck me was trying to sell cheaply built unfinished “loft” space as chic. Just come out and say it- budget housing for young people in the city. it should be successful, and offer flexibility for the future in upgrading, etc. Smart.
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By Scotsman @ 2:
One always has to translate real estatian into English. For example, the same article states
“Colman Tower is the first of a new generation of apartment towers, designed specifically towards younger, ‘creative-class’ knowledge workers who want to live and ‘hive’ in the city center…”
Translated into English:
” If you ever have kids, you’re going to want to get the hell out of here in a hurry. Kids and “hives” don’t mix.”
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RE: Ira Sacharoff @ 3 –
Yeah, I almost wrote about the “hive” part, but I wasn’t confident enough in my knowledge of hipster jive and the proper definition. Of course, I also immediately thought of you, given you’re the resident “bridge generation” hipster here on the bubble. And while I’m still not clear on the subtleties of the term, I sense that I am not a “hiver.” Seattle Bubble- it’s all about working together for the common good. ;-)
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I am wondering if Seattle RE personnel have seen this website? If not, they should check it out:
http://www.windermerewatch.com/Windermere_Real_Estate_Franchise_News.html
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RE: Scotsman @ 4 –
Oh yeah! I want to hive in the city center! WTF is that supposed to mean?
I suppose these apartment towers, built for younger ” creative class” knowledge workers (WTF are those?) are actually built for worker bees, hence the need to hive?
No queen bees there.
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RE: Ira Sacharoff @ 5 –
Actually this is good marketing. And it would work if young people actually had jobs and money. Don’t ya know all hipsters think they’re creative because they once did a finger painting as a 3 year old, and they’re sure they’ll be the next garage band sensation. If only they’d get that big break. “Knowledge worker” is another one of those self aggrandizing terms. After all, who thinks they’re not knowledgeable?
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RE: Scotsman @ 2 –
What is the price going to be?
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Vendovi:
(6.4 million U.S. dollars) / (217 acres) = 0.677068126 U.S. dollars per (square feet)
Average lot size in US = 2,521 square feet.
Cost in Vendovi dollars: $1,706
So land on Vendovi is now something like 1/200th cheaper than land in the rest of Puget Sound.
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RE: Lo Ball Jones @ 9 – location, location, location, and highest and best use. Vendovi Island is in Skagit County, it’s zoned rural reserve (and thus, could not be developed into 2,500 sqft lots), and has 156 acres in designated timber. It sold for 30K/acre, and anywhere else in Skagit County (other than waterfront), it would be lucky to get $5-10k/acre. It’s more like 5 times more expensive than comparable non-waterfront land in the rest of the Puget Sound area.
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