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The Stranger: Waking Up to Bubble?

Denny RetrogradeDenny Retrograde
edited January 2008 in Housing Bubble
A post by Dominic Holden on the Stranger's blog asks, "Is Seattle's Building Boom Over?" Holden links to Seattle Bubble to exemplify those who think hell yeah. He seems to say that of course developers should keep building since they'll make lots of money no matter what.

He goes to "revered" landlord Mike Mastro, who's planning to break ground on an apartment highrise on a First Hill lot he bought--last year. Mastro says some stuff about job growth being too strong to worry about a downturn, blah blah.

Reader comments are interesting.

http://tinyurl.com/3yunqw

Comments

  • The_TimThe_Tim
    Nice. I especially like the commenter that refers to me as a "non-industry blowhard." I should add that to my business card.
  • MarkorMarkor
    The biggest mistake I see bulls make is to ignore or be unaware that prices can be excessive regardless of stats. There could be a perfect storm of good news for Seattle, and prices could still fall because they are too high despite the good news.

    I see people do that all the time with stocks too. Company X reports great news, and the stock price falls. The uninitiated are perplexed, not realizing that the news wasn't as great as it needed to be to even hold the price steady.
  • SeattleMooseSeattleMoose
    The only "good news" the Seattle market could get if all of a sudden, prices matched incomes. AFFORDABILTY (using real loans, not the ones that are causing our financial system to melt down) is THE biggest factor in this whole mess. And since that is not gonna happen, we are just "e pluribus unum" with respect to the bubble and the inevitable outcome.
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