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Seattle Bubble Forum Archive • View topic - Lynnwood man gets wet when local housing bubble pops

Lynnwood man gets wet when local housing bubble pops

Myth propagated by bitter ignorant renters, or statistical reality ignored by real estate professionals?

Moderators: synthetik, The Tim, Lake Hills Renter

Lynnwood man gets wet when local housing bubble pops

Postby redmondjp » Thu Oct 30, 2008 12:05 pm

http://www.enterprisenewspapers.com/art ... ate=ETPart

"The burst of the housing bubble caught Ryan in the middle of his most ambitious gamble ever: In 2006, he bought a 10-bedroom, 6-bathroom mansion in the 8000 block of Cyrus Place for $1.9 million, and spent a year and nearly $1 million installing granite and marble throughout, refinishing the floors and the walls, and spit-shining what had been a worn, adult home."

Hmmm, does this seem crazy to anybody else? I mean, if you are a retired M$ Millionaire and plan on actually living in the place for a long time and can afford the upgrades, then sure, no problem. But how many people are buying $3M+ houses in the Puget Sound area right now? That's a pretty small pool of (very selective) buyers to be fishing in! Especially when one is carrying an $18K/mo mortgage on the property until it sells. What's the average time on market for houses in that price range? Maybe a year or so?

OOPS! :shock:
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Re: Lynnwood man gets wet when local housing bubble pops

Postby jon » Thu Oct 30, 2008 1:31 pm

With that guy's attitude towards his neighbors, I hope he loses his shirt. I feel sorry for his kids. Living with a guy like that can't be fun either.

There a several houses like that going up now along West Mercer Way that I see on my bike ride. Maybe they are for bankruptcy attorneys.
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Re: Lynnwood man gets wet when local housing bubble pops

Postby TheMightyQuinn » Thu Oct 30, 2008 1:52 pm

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Re: Lynnwood man gets wet when local housing bubble pops

Postby Ubersalad » Thu Oct 30, 2008 1:53 pm

"His mortgage is $18,000 a month – much more than he can afford – and he is starting to miss payments. At press time, he was two months behind."
Ok...and somehow he qualified for the mortgage?

I feel bad for this guy, where's the link to donate $ to save his dream?
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Re: Lynnwood man gets wet when local housing bubble pops

Postby The Tim » Thu Oct 30, 2008 1:56 pm

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Re: Lynnwood man gets wet when local housing bubble pops

Postby jon » Thu Oct 30, 2008 2:08 pm

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Re: Lynnwood man gets wet when local housing bubble pops

Postby Ubersalad » Thu Oct 30, 2008 2:15 pm

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Re: Lynnwood man gets wet when local housing bubble pops

Postby WestSideBilly » Thu Oct 30, 2008 3:05 pm

Why do people want sympathy for when they gamble and lose?
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Re: Lynnwood man gets wet when local housing bubble pops

Postby mukoh » Thu Oct 30, 2008 3:36 pm

Hahaha,
I had a contract on that house for way less then what this guy bought it for. It was going to be a 6 lot subdivision with great views, since it is blocks from my place, it was an inside deal before they went to their agent on it and had it listed for 8 months. Then this guy came a long.
This house is a dead deal even for $1.5m at the moment as there is a subdivision right below it, that can't sell for $300k a lot.
The guy that bought it is just another example of someone biting off too much.
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Re: Lynnwood man gets wet when local housing bubble pops

Postby deejayoh » Thu Oct 30, 2008 6:36 pm

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Re: Lynnwood man gets wet when local housing bubble pops

Postby Charles Dean » Thu Oct 30, 2008 9:15 pm

Yeah, you're kind of a jerk Tim. And you hate Seattle.
Last edited by Charles Dean on Fri Oct 31, 2008 8:27 am, edited 1 time in total.
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Re: Lynnwood man gets wet when local housing bubble pops

Postby tomtom » Fri Oct 31, 2008 8:07 am

Nothing to see here. Move along.
Last edited by tomtom on Wed Nov 12, 2008 2:40 pm, edited 1 time in total.
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Re: Lynnwood man gets wet when local housing bubble pops

Postby SeattleMoose » Sun Nov 02, 2008 7:46 am

Charles Dean? As is "Charles Dean Sausage"???

You realize that an attack on Tim coming from someone who sells sausage for a living is pretty weak.

Sympathy factor = maybe I'll flip him a quarter (from my ever growing savings as a renter) into his begging bowl when I am walking among all the empty office buildings in downtown Seattle two years from now.

Bring it on Charles Dean!!! Go ahead and hit me with your best sausage!!!

(could you please wrap it before you strike me with it? thanx) :twisted:
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Re: Lynnwood man gets wet when local housing bubble pops

Postby WestSideBilly » Sun Nov 02, 2008 9:23 pm

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Re: Lynnwood man gets wet when local housing bubble pops

Postby Charles Dean » Sun Nov 02, 2008 11:04 pm

JIMMY DEAN SAUSAGE IS FOR WIMPS AND COMMIES!!!!! I'll PUT MY SAUSAGE AGAINST HIS ANYTIME!!!!! MY SAUSAGE IS THE BIGGEST IN 3 COUNTIES!!!!!
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