{"id":9852,"date":"2010-03-05T12:00:49","date_gmt":"2010-03-05T20:00:49","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=9852"},"modified":"2011-04-15T16:20:44","modified_gmt":"2011-04-15T23:20:44","slug":"friday-flashback-a-great-time-for-wise-investors","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2010\/03\/05\/friday-flashback-a-great-time-for-wise-investors\/","title":{"rendered":"Friday Flashback: A Great Time for Wise Investors"},"content":{"rendered":"

Here’s an episode of the HGTV show “House Hunters<\/a>” that aired on July 17, 2008<\/a>, but was probably filmed around September 2007 (based on the closing date of the featured buyer).<\/p>\n

<\/param><\/param><\/object><\/div>\n

Here are some choice quotes for those of you who can’t watch the video:<\/p>\n

\n

Host: “Because of the abundance of new construction, it’s a great time for wise investors like Christopher Togawa to get in the market.”<\/p>\n

Christopher Togawa, wise investor: “I definitely don’t want to miss this market, because this opportunity now in Seattle is like… no other place in the country.”<\/p>\n

Olga Dyckman, Real Estate Agent: “Seattle is a wonderful city. The housing market is extremely strong.”<\/p>\n

Togawa: “These countertops are nice. These are granite, right?”
\nDyckman: (Enthusiastically)<\/em> “It’s actually glass, and that’s more expensive<\/em> than granite! Very dramatic. Very contemporary.”<\/p>\n

\n

[Spoiler Alert]<\/strong> Mr. Togawa ended up paying $400,000 for unit #605 at 5th & Madison<\/a>, a building that just so happens to be auctioning off their remaining inventory<\/a> this month, with starting bids at $195,000. That advertised starting bid is for two units the same size as and directly above the one Christopher bought. One is on the 17th floor<\/a>, the other is on the 18th floor<\/a>.<\/p>\n

Regarding his Queen Anne house<\/a>, Togawa noted that “three and a half years ago, I paid $480,000, and the market value today is approximately $700,000.” I guess he waited a bit too long to sell (he still owns it now). Zillow guesses it’s now worth just $20,000 more than he paid<\/a> in 2004. That’s a 4% gain in six years.<\/p>\n

Hat tip: ivan<\/a><\/span><\/p>\n

The purpose of our Friday Flashback series<\/a> is to remind people why it’s never a good idea to base your home purchase decisions on the word of someone with a vested financial interest in selling as many homes as possible for as much as possible, no matter what. If you’ve got a good example of local home salespeople or other industry shills on record making fools of themselves in the years before the bubble burst, shoot me an email<\/a>.<\/div>\n","protected":false},"excerpt":{"rendered":"

Here’s an episode of the HGTV show “House Hunters” that aired on July 17, 2008, but was probably filmed around September 2007 (based on the closing date of the featured buyer). 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