Seen on Craigslist

My wife spotted this Craigslist posting, which I found to be quite interesting. Check it out while it lasts:

* * * MUST SELL ASAP Diamonds Please Help* * *
PLEASE HELP! I have to part with my diamonds for the closing cost diamonds for a mortgageon our 1st new home. … I have a 3 items… Princess cut Diamond Ring…asking $950. …14K White Gold chain…Diamond, Platinum mounted Pendant…asking $1000. …a pair of 14K White Gold 1/2ct…Diamond Earrings…asking $3000. … Need to part with them ASAP, TAKING REASONABLE OFFERS. Please email or call with any questions or concerns.

Now, I’m definitely no fan of diamonds, so the fact that this person has to get rid of their diamonds doesn’t sadden me one bit. However, notice the reason they’re hawking the jewels: “for the closing cost on our 1st new home.” This is just one example of the kinds of things people in Seattle have to do to afford a house. Why do I have a feeling that the closing costs they’re trying to cover are for an interest-only adjustable-rate mortgage with no money down? I sure hope the new home brings them all the happiness they apparently think it will.

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About The Tim

Tim Ellis is the founder of Seattle Bubble. His background in engineering and computer / internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market. Tim also hosts the weekly improv comedy sci-fi podcast Dispatches from the Multiverse.

4 comments:

  1. 1
    marin_explorer says:

    Damn sad–that renting is a worse option than selling jewels with sentimental value. And all for naught.

  2. 2
    Anonymous says:

    Has anyone else noticed houses are not moving as fast as a month ago and inventories are slowing moving up? I am seeing few re-listings and houses returning to the market after a sale has fallen through. I am not saying prices are falling just a little less insanity.

  3. 3
    Cole Kenny says:

    Fantastic find. Thanks for the link by the way. I’m posting one to your blog as well.

  4. 4
    Anonymous says:

    “Hock your jewels… use the money for stooools…”

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