Oh, these 2005 era housing boom stories are fun to reread!
Thinking about the Oregonian story on Portland condos today
Shadow falls on condo market
Here's a story from Miami in Sept 2005. See any similarities?
Analysts eye Miami's condo boom, raise a 'more risk' sign
Gotta love those real estate insiders. Yup. They know their sh!t
Shadow falls on condo market
"No reason to panic"
Still, real estate insiders remain confident about the long-term future.
They say Portland is immune from the downturn that's infected other big cities. Job growth remains strong, and people continue to move to the area, providing demand for urban living. "It's steady as she goes here," Scanlan said. "There's no reason to panic."
Here's a story from Miami in Sept 2005. See any similarities?
Analysts eye Miami's condo boom, raise a 'more risk' sign
I spoke with five residential developers in Miami-Dade. Like the Wachovia analysts, all see dangers. All see solid demand for good units. But all five say too many units are rising at prices too high for end-user demand. Thus, the concern about bubbles.
Even if Miami is under a condo bubble, however, it's not likely to burst with a bang. It's more likely to slowly lose air, for all the reasons the Wachovia analysis noted.
Because we attract buyers from the US and abroad, the 16,000 jobs we create annually that support about 30,000 new residences annually aren't the total demand. Well-to-do outsiders buy second and third homes or even primary residences here but don't work here. This flow makes our housing demand far greater than the growth of our workforce.
Gotta love those real estate insiders. Yup. They know their sh!t
Comments
-Real estate has never gone down without job losses, so it can't do so now
-We'll likely return to more normal rates of appreciation
-Innovation financing products have allowed more people to afford mortgages
-Subprime is contained
I wish people would stop listening to "experts" when in fact it turns out that the experts are the ones with a vested interest to either lie, or just be incredibly biased. NAR, etc.
If you saw a guy from Exxon on TV saying "it won't hurt Alaska if we drill for oil", most people would be skeptical. They'd say "hold on, you're in the oil industry, why should I trust you?".
Why don't people have the same level of skepticism towards realtors, mortgage companies, etc? Is it because they have their picture on their business cards?
As magical as October, November, December, January, February, and March here?
Actually, I've lived in both places, and Portland does have noticeably better weather (if you can believe it). Not appreciably better, but it is better.
That's why Seattle is one of the leading major cities for SAD here in the USA. It's such a great place to live that half the population is depressed 5 months out of the year.
Nonsense! The last two weeks in July are pretty nice too.
Any holidays that fall within that time frame, or any time frame do not maintain the right to have nice weather.
And let's also be fair to the month of May. May 15th-30th are usually nice so all the school kids can get excited until it begins raining nonstop on June 2nd-July 15th.
Have we covered all the bases?
Thanks, I'll take that 10 weeks of summer
Ditto
I just went mountain biking up at Tiger Mountain last Sunday. It POURED down and we loved it! As long as you're wearing the right clothes, it's not a problem. Of course, we could barely see on the steep ride down, but that's all part of the fun!
OK, now you've gone too far.