What are the chances they bring back 'The Wire' tv show that was so awsome. I drove through baltimore once because of that show. The east coast is horrible!
patrick could turn this into a fucked company type site if he was funny and could mock all the dumb start up ideas, that was fun especially during the crash year.
that site made money by charging a subscribtion fee to see all the unmoderated 'company gossip' that was posted, somehow that was useful to day traders/vc's?
mostly i guess ad revenue from high traffic was his main money? He outsourced the moderation (what little there was if any?) then it went down hill.
He would mock all the companies mercilesslly and got in trouble all the time for messing with thier logo or posting it etc.
I still remember when some lame big head shop went under, pivoted a bit, renamed themselves 'assentor' he had a headline with a tag line 'whatever renames itself Assentor (pronounced ass-enter)' and thats how i prounce it today- they are huge, ha!
He had lots of fun mocking the tech bubble he had comic images and one liners to insult any idea or company like i remember somehting like this:
Dot Com Business Plan:
1. Purple walls
3. surf porn all day
Anyone who worked at a startup back then loved that humor.
I had an interview recently (a month ago!) where this place had gotten like 200m funding and was wayyyyyyy overstaffed. 5 guys interviewed me for 2 hours, whata waste of time. They do lame 'cloud' accounting software. This shit gonna crash again soon, if companies use the cloud to 'save money' then long term there should be less profits/jobs is that not obvious? I remeber when henry blodgett said '85 percent of these companies will be gone in a year' and the the SHTF no more play time on VC dollars (til now).
yes actually there was a lot to learn, if you didnt get the permabear virus infection from reading here too much.
If I had run a bubble blog like this one was - I would have banned the people who ruined the site.
Virtually unmoderated forums are fun for some things (fark?) but for business discussion to allow unbridled attacks, endless racist rants, wayyyyy off topic posts. Thats counter productive YET was one reason why it was fun? I guess natural selection is at play and the old site is dead.
Now it seems like a poor copy of tech crunch meets fuckedcompany.com 1999 (that was fun for a while, there was guy there called 'uncle stinkfinger' or something who would be just awful in every post like he lived there.lol)
I guess a RE bubble blog not so boring after all is it people? Where is Thomas Wong 1986 and the 'prices at 1975 levels soon' guy.
I guess I am exaggeratting the increase from 2012 a bit.
Im getting kool aid eye from all those billions of VC dollars
My webvan order never showed up so I'm hungry, my etoys orders are VERY LATE as well, (still no xmas presents!) I ordered some sports equipment from fogdog but now the website is down, but I think it might be my excite@home internet connection acting up because broadcast.com isnt working either - apparently Mark Cuban isn't running it anymore when did that happen.
They are in the good school district (racist code word for white/asian) areas of coastal cali. Case shiller does not filter out the ghetto/bad school areas like actual home buyers do.
Just look at santa monica on redfin.
Or hermosa beach.
Or 'south of blvd' studio city,ca.
thats awsome rpanic.
the low end has doubled off the bottom, the high end maybe up only 50 to 80% (coastal cali).
I would have done better buying 3 homes at 300k each instead of one at 900k.
and also i would have rented out 2 of them instead of paying the whole mortgage myself.
oh well 'next time' i will do that. I doubt RE 'can' crash 50% again - there is just too much in place to keep prices propped up. ZIRP, 1% CD rates, gov rules, etc.
Good for pkennendy.
It takes a lot of time and energy to actually invest in RE.
When you do you actually do 'real work' , take real risk, spend real money and create real jobs, construction, facotories, resellers (home depot), re agents get work, title people.
Its easy to buy a stock and day trade but i doubt that adds much to your local economy, and doesnt 'fix up the ugly houses' like investors do when they buy to rent or flip.
This board was always infected with a bad case of 'landlords are evil, capitalism is evil' type of thinking. (that thinking keeps you poor just like renting 4eva does)
Of course it would.
You clearly are not a coder or you would know how to find out who someone is from clues they post. iwog let everyone know enough we could go visit him anytime we want if we cared to be lecured about austrian economics and why it sucks or whatever.
Sorry I cant give zip code - too many internet stalkers here.
Lets all take 3 seconds to remember what happened to Roberto the professor who dared blog with his real name.
Who ever did that is STILL HERE.
I just ran the numbers again I'm on track to gross 600k in 2015 (gain on house after all expsenses plus salary as a 'coder'.)
Try doing that renting.
Iwog and roberto were best last posters of pat.net - anyone who did what they did, or just bought one house to live in, did very well.
Im going to stay in LA *and rent!* after I sell.
Any time i want I can move to flyover. They have basically no aprreciable appreciation of RE prices so there is never any hurry to buy there.
So what if a house goes from 150 to 200k. no prob. In fact in flyover the appreciation/prices of RE is so minimal I might rent long long term and travel.
No reason to actually buy if you can rent a sweet place for 1000 a month in any fly over state.
If you are thinking of selling you are about to miss the best time of year, when july/august is here its too late to get top dollar (school starts, then the holidays, so you would have to wait for spring 16 and I think thats an election year - uncertainty of that outcome might be bad for RE).
BTW the apartment i rented in 2011 went from 1400 a month for 1bd to 1800 for the same unit same building. (I still might pay it! its in non ghetto non s-8 area which is really pricey as they only rent to people with jobs or money)
I paid 900k,
Its going to sell for 1.6m (worst case 1.55m)
Thats how you get 700k. This percent increase is right in line with coastal CA case shiller appreciation for last 3 years. No fairies needed.
I will be paying realtor commission, taxes on profit and I did spend 130k to fix it up so I sure do not get the whole 700k but I did save money *buy renting!* for years. but you simply cannot save this kind of money in 3 years, gotta play the mother effing game.
Yeah real estate price predicting involves the soft sciences of politics and human behavior. The feds saved re prices especially coastal cali. It was spectacularly dissapointing to watch the dream of affordable housing be legislated into impossible one bailout at a time......
I would like to thank patrick for providing the uncensored forum for years which I enjoyed wasting much time on.
I think the whole buy to rent calculator MIGHT be useful in certain fly over states where there exists endless land with no real limits to what you can build (texas, etc).
I am constantly amazed at the flyover crowd who would post 'i paid 150k and got them down from 155k' type of nonsense. That kind of money is a kitchen/bath remodel in california (more if you add sq feet).
At any rate thanks to NOT listening the now disspeared idiots who predicted 1977 prices in coastal cal - I CAN RETIRE ANY TIME I WANT - THANK YOU BUBBLES BEN AND MR. GREEDSCAM!
The bubble site was mostly useless, but did have the occasional good advice mixed in with rascit rants.
I bought a house in 2012 and posted the details here. - 90% of the repsonses were 'youre going to go bankrupt, knife catcher'.
I'm now about to sell that house for 700k more than I paid for it. The market is crazy hot right now. The problem with being a perma bear is you always fence sit.
When patrick was wasting time writing his 'housing is a racket' book he should have been 'scoopin up fixers' as that year was an excellent time to buy ESPECIALLY in the bay area.
The real problem with a bubble/perma bear site is this: there exists NO WAY to make money off a NON TRANSACTION.
Thus he should have shut that mess down and focus on a more profitable type of site. Good job patrick.
If you cant afford 3000 a month for a 1 bedroom apartment you dont deserve to live indoors. You can easily make that much in 2 hours if you apply yourself (sell drugs, dont DO drugs! duh doi!)
Article is BS.
Teachers only need to teach until they meet and marry facebook/google/twitter employee THEN THEY CAN afford to quit AND buy a house.
duh-doi! Are married teachers even allowed to work? I thought they fire them once they get married.
Somehow with patrick renting since 1998 this seems like a total failure of this blog. This is the RE FAIL blog.
Its all about the double dipping, and controlling web traffic to thier portals. Thats big money, duh doi! How long have you been at this Patrick this is basic shit.
jesus! this blog is a useless toilet of nonsense and idiots now
i will not donate money again to patrick.
zionists and truther bullshit doesnt get u banned? FUK U PATRICK!
This is awsome! We need more jobs like these to put america back to work.... Its like getting paid to surf random porn with your buddies.
once again I regret not getting a cush fed gov job....sigh...
Wait I thought Denninger stopped blogging? WHAT HAPEN?
Too bad 2 out of 3 Americans are overweight or obese and thus cannot even fit inside, let alone get there dual fridge/freezer PLUS extra garage fridge for beer inside that thing (its probably as large as the box their fridge came in.)
Also it appears to have no insulation. Wouldnt that be cheap at that size?
Banks need to make this system more fair, why should a person pay 15% or more in interest to borrow money and get less than 1% in return to keep their money in a bank to finance these loans???
Who is paying 15%? My mortgage is less than 3%.
So lets say you borrow 350k at 3% that is like $875 a month. PRETTY CHEAP! Buying at these low prices (under 500k) is a no brainer.
Is it possible on this site to NEVER SEE any post from either Religion or Politics 'zones'?
Patrick could make a coupla bucks charging extra $ to premium members to hide these horrifying time waster threads of complete lunacy and egoism, which only showcase how dumb/hopeless we are as a race. (unless you are at the top of a political and/or religious pyramid - then that shit is $4nothin&chicksferfree!)
seriously i hate every thread ever in those areas.
19k is almost free.
Wait until blackstone starts financing these and packages the loans into securities. THEN THESE WILL COST 10X what they do now, buy buy buy now now now.