Condo price drops: "It won't happen."

[The Tim]

[tomtom]

[The Tim]

[wreckingbull]

At first, I thought Gardner was just your classic perma-bull. Then I began to realize the guy is just not that bright. I will give him credit where due: He was able to convince people to pay him for his advice. The real fools are the ones who handed over money to this 'economist'.

I'd say he belongs in the Hall of Shame with the likes of Greg Swann.

[davidlosh@davidlosh.com]

Greg Swann is my favorite intellectual elitist. I use him as the prime example of what's wrong with the Real Estate business. He took some classes, worked a couple of years as an agent then BOOM he's a Broker with a blog and then Real Estate expert. He has the whole National Association of REALTOR alphabet salad. He's a GRI, CRS, SRO, FYG, LMNOP so he must know what he's talking about.

Most of all he's a Broker who attracts other Brokers to his nationally recognized site. The whole thing is the biggest mess of disinformation on the web today.

Oh yea, about condos. I counted eleven cranes in down town Seattle this week before I stopped counting. There is so much more dirt to be developed that it's inconceivable we will ever run low on housing units in Seattle.

The outlying areas that should be dropping prices fast. When new housing units, condos, go on the block there will be a serious impact on pricing. If in city prices go down that hour commute will seem harder to take.

[deejayoh]

I just found a really good source of condo sales information for downtown here:

http://www.stroupecondoblog.com/categor ... -area-701/

He has closings taken from a title company, not NWMLS - so captures the direct sales.

[mukoh]

Considering REITs are working on two deals right now in Downtown to buy at 50 cents on the dollar, that condo insider is nuts. The fault here is that he KNOWS about this happening.

[Courtney]

[jillayne]

deejayoh and mukoh,

I had a question come up in class last week and I didn't know the answer. What do you think?

Q: When an entire condo complex is sold to one person or entity, does that count (in the statistics) as one sale or do all the units get counted individually?

The sale referenced was taking place prior to foreclosure.

[SeattleMoose]

"The whole problem with the world is that fools and fanatics are always so certain of themselves, but wiser people so full of doubts."
~~ Bertrand Russell ~~ (1872 - 1970)

I must say back in 2007 there was ZERO doubt HERE as to the outcome would be....and so it is.