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Buyer pool drying up


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2007 May 8, 1:52am   12,867 views  157 comments

by Patrick   ➕follow (59)   💰tip   ignore  

dried up lake

If lending standards had remained steady, then we would have a pipeline of people who spent the past 5 to 10 years saving for a down payment. Instead, they already got that house, and the savings don't exist. So, if we go back to decent lending standards (i.e., 20% down), we have a LONG wait before we have significant numbers of new buyers, on top of all of the other reasons you cite.

Bob L.

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78   astrid   2007 May 8, 7:28am  

Peter P,

Well, 90%. I surprised people don't eat steak more often. Just $8 worth of meat from Costco, a dash of Montreal Steak Seasoning, and a small toaster oven will feed two people quite well.

79   Peter P   2007 May 8, 7:28am  

But then again, the sight and taste of the reddish juicy meat is enough to satisfy me.

I like my beef rather rare. However, very-well-marbled meat (e.g. Kobe) should be more cooked.

80   DinOR   2007 May 8, 7:29am  

I got lucky. You had to be 21 to be able to respond to the call at a bar which eliminated 98% of the crew. And yes I'd rather the guys up in Oceanside were breaking up bar fights.

81   astrid   2007 May 8, 7:30am  

Outback Steakhouse is a disagreeable experience. Overcrowded, high prices, and greasy food. I can eat much better for 1/5th the cost and half the time.

82   astrid   2007 May 8, 7:31am  

Peter P,

I thought you're suppose to cook Waygu more rare or it would cook away the fat too much.

83   DinOR   2007 May 8, 7:31am  

"We goin' Sizzler, we goin' Sizzler" :)

84   Peter P   2007 May 8, 7:32am  

I thought you’re suppose to cook Waygu more rare or it would cook away the fat too much.

I like the flavor of semi-burnt fat. Raw fat is gross.

85   astrid   2007 May 8, 7:34am  

I like well seasoned raw fat. I seek out fatty prosciutto.

86   Peter P   2007 May 8, 7:35am  

Vegetarians will never understand why that Matrix dude betrayed humans.

87   Malcolm   2007 May 8, 7:35am  

White men can't jump, I remember that one.

88   Peter P   2007 May 8, 7:35am  

I like well seasoned raw fat. I seek out fatty prosciutto.

That is different because prosciutto is cured.

89   Malcolm   2007 May 8, 7:36am  

It is seared I think, I love it. I guess that's one more thing Astrid and I disagree on :(

90   Malcolm   2007 May 8, 7:37am  

Shore Patrol, no wonder you had a good time. I heard that is a dream job.

91   azrob   2007 May 8, 7:39am  

Gc wants to be a woman:

I wouldn't bother paying a flight to asia to buy sex. Your mom and sisters will do the service here much cheaper then the $1200 ticket.

92   Malcolm   2007 May 8, 7:40am  

GC, they aren't around right now so we can talk as tough as we want.

93   Malcolm   2007 May 8, 7:42am  

Just like when Peter P said, "I've been happily married for 5 years." I knew his wife was standing right there.

94   lunarpark   2007 May 8, 7:43am  

My FB friend's condo in MV sold today. I don't know the details yet. I think it was on the market for a month (?) with no offers.

Are things slowing down in the "prime" parts of the Bay Area yet? It still seems like places are moving pretty well to me. I'm focused out of state right now though. How about rents? Any increases?

95   Malcolm   2007 May 8, 7:48am  

GMAT has a section which scores your writing ability.

96   Peter P   2007 May 8, 7:48am  

I knew his wife was standing right there.

Huh?

97   Malcolm   2007 May 8, 7:49am  

It is scored by a computer, and a human referee.

98   Malcolm   2007 May 8, 7:50am  

As in behind you making sure you gave the right answer. (joke)

99   skibum   2007 May 8, 7:56am  

azrob,

gc likes to imagine himself a provocateur - I'd just chill out when it comes to some of his seemingly off-the-wall statements.

100   skibum   2007 May 8, 7:58am  

Steak-wise, nothing beats a good steak frites combo at a nice classic French bistro, imo.

The one exception to the "nothing is better than a naked steak" rule is Fred's Steak. That is still da bomb.

101   DinOR   2007 May 8, 7:58am  

Well, assuming my "transaction" even goes through I'll have to describe it as a "lose/lose" situation? The seller... originally very much, had a "wishing price" in mind. I told him point blank that wasn't going to happen. At that price neither myself NOR my wife wanted anything to do with it.

After 2 years of paying like $850 a month in rent the owner has "gotten tired" of being part of an HOA. I'm sure he's "tired" of being board pres. but not HALF as much of filling a black hole. So now it looks like we'll be paying about 25k more than "we" had in mind and "he'll" be getting about 20k less than he had in mind.

Here's the real story (as verified by O/O neighbor). They basically pressured the guy out by making life tough for him. They wanted (and have) done several expensive improvements and with his grand total of about $350 to apply toward his mortgage AND "add'l assessments" and I guess he got the picture. So in the end it's a win/lose b/c the ONLY owner/occupier in the complex has figured a way to get the specuvestors out. Look for more "withdrawal... but with dignity" moves in the near future.

102   skibum   2007 May 8, 8:00am  

What is a provocateur?

Someone who enjoys saying things they think will get a rise out of people. If you follow NBA basketball, a recent example is Charles Barkley and his comments about SF and Oakland.

103   Malcolm   2007 May 8, 8:01am  

No offense but it is not an easy test. People practice for months sometimes to prepare.

104   skibum   2007 May 8, 8:02am  

The young waiters often gave back massages to the German (female) restaurant guests.

How do you say "happy ending" in Turkish?

105   HARM   2007 May 8, 8:04am  

I knew his wife was standing right there.

Huh?

In Fed-speak, what he meant was: your expression of unqualified marital bliss was strongly influenced by fear of consequences due to any contrarian assertions.

106   Malcolm   2007 May 8, 8:08am  

:)

107   HARM   2007 May 8, 8:08am  

Ok, is this a RE/economics blog or a sex blog? I'm no prude, but anyone who wants to discuss stuff like asian sex tours can find a willing audience over at a number of, um, "dating" sites, m'kay...?

108   DinOR   2007 May 8, 8:09am  

Just to be clear, even though my O/O neighbor would prefer to have me at least stay on as a renter, this would be something of a set-back for him. It would still mean he had yet another J.O Specuvestor to deal with. Getting the "investors" out and owners in means more to him than anyone cashing out with BFSOC (big fat stacks of cash)! Even if it improved his comps.

(for those following the on-going saga)*

109   Malcolm   2007 May 8, 8:13am  

Crap! Why did I book my Nassau trip for two? Stupid stupid stupid

110   astrid   2007 May 8, 8:14am  

"In Fed-speak, what he meant was: your expression of unqualified marital bliss was strongly influenced by fear of consequences due to any contrarian assertions. "

Not that there's ever anything wrong with that. You can't build Peter P level charisma by shooting your keyboard off like me.

111   azrob   2007 May 8, 8:15am  

responding to my earlier post you a**hat?

My earlier post was about a real estate commercial... ie it had something to do with this blog... You were just lobbing personal attacks as that is the highest form of prose your gutter mind is capbale of.

112   Randy H   2007 May 8, 8:19am  

GC

A correct response would have been:

* "I am sorry and I was completely out of line. I don't know what's wrong with me, but I'll consider seeking out help".

Or, you could have just gone away for a while until we've all but forgotten about your crap. You know, like back when I banned you before, for overtly offensive pedophilia references? It's a real pain to keep blocking all your IPs, so just cut the crap and apologize.

113   Vicente   2007 May 8, 8:20am  

GC wants to be a woman,

Senora V had a strong desire for a house in 2005, constantly window-shopping. I put my foot down on that, seemingly just fighting a delaying action for several months. Me I just knew California was nuts after having moved from a state where a million dollars would buy you a REAL mansion complete with servants.

Around then we found Patrick.net and similar sites. Then I had all the hard facts and analysis like the main page here, or Schiller, or Piggington. Now she's the one baggin on friends who bought houses during the Crazy Years. I have to remind her not to ridicule them too mercilessly.

114   DinOR   2007 May 8, 8:26am  

"friends who bought houses during the Crazy Years"

That would be "The Time of Madness" (2003-2005) :)

115   Claire   2007 May 8, 8:31am  

Lunarpark - rent wishing prices for Mountain View have suddenly gone through the roof - i.e. from $2600 to $3300, 3 bed 2 bath. It'll be cheaper to rent in Los Altos soon!

I'm hoping this is just a blip though - one person has a property up for rent with a minimum 3 year lease (they're hoping aren't they - who wants to tie themselves down with a lease that long?)

116   Peter P   2007 May 8, 8:31am  

So I assume you would partake in the one activity that is natural to all men, that is, to meet women wherever you go.

GC, I guess your mind is wired different. In Asia, all I can think of is food.

117   astrid   2007 May 8, 8:32am  

GC,

You can't pretend that you didn't know that particular phrasing, on its face, would be interpreted by 99% of the population as a prostitution trip. If you wanted to imply what azrob originally said, you could have used original wording.

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