0
0

Attack of the California Equity Locusts!


 invite response                
2006 Jun 20, 3:45am   14,465 views  263 comments

by HARM   ➕follow (0)   💰tip   ignore  

Attack of the equity locusts!

Randy H Says:
June 18th, 2006 at 10:46 pm e

Hi DS & LiLLL

Good to be back. I will say that I am a bit more disillusioned about the housing bubble after touring the deep rural Midwest. I saw people putting 3BR McMansions in rural Indiana on the market for $800K, and not with 50 acres either, just tiny little yards. I talked to old high school friends who think they’ve discovered the golden goose because they’re flipping homes in little towns of 5,000 people making $10K per pop. People are using the same toxic loans as we are in the BA, second mortgages, negative amortization, interest only and all. There are still nice old homes for $150K, but they haven’t been updated since 1940, have 1 bathroom for every 5 bedrooms, and about 20 cubic feet of total closet space. The biggest boom business is flippers moving into these old homes and turning them into faux McMansions with some cheap, creative drywalling and pergo, then trying to sell them for 150% return.

Similar posts from Ben Jones' blog:

Comment by Brandon
2006-06-16 15:07:53

The condo boom has arrived in downtown Boise:

“The development will consist of 19 three-story buildings. Each unit in a building will be allocated two spaces in an underground parking area. The units will range in size from 1,800 to to 2,600 square feet, and will be priced between $700,000 and $1.2 million.”

Yes folks- San Diego condo prices right here in Boise!
We need more housing in downtown Boise, but 700k plus?

Comment by groundhogday
2006-06-16 15:46:47

In Bozeman, MT we have a flush of new downtown condos coming onto the market - the “mill district” which used to be known as the bad part of town. Small 1-2 bedroom condos 800-1100 sq ft are listed for $350k +
All the way up to $660k for a 3/2 1650 sq ft luxury condo or $1 million for a penthouse loft.

Consider that Bozeman is a town of 30-35 k with a handful of restaurants and bars downtown. And the “mill district” is bounded by the railroad tracks, interstate 90, main street traffic and a poor neighborhood with a bunch of very junky bungalows.

In a word: unbelievable.

Have CA specuvestors fled their own (now depreciating) RE market to ply their evil trade in "fly-over country"? Will they do for the Midwest and South what they did for their own state (f@ck over working families and drive prices to absurd heights)? Is there still enough time to warn people in those regions, so they can organize lynch mobs and destroy the flippers before they wreak too much damage on their (still) affordable communities?

Discuss, enjoy...
HARM

#housing

« First        Comments 256 - 263 of 263        Search these comments

256   edvard   2006 Jun 21, 4:03am  

Joe,
I 2nd the good post. I got so damned tired of all the "save tibet", save this, save that, do this, do that, and my favorite:" If you're not outraged, you're not paying attention!" that I finally just made my own sticker: " Super-self-righteous bumper sticker." I didn't get any evil looks or anything because I wasn't saying anything about anyone in particular, but they knew...
And as far as secular liberals finding meccas in other states, here's the thing: Can you name a single "liberal" area that isn't overpriced? Sometimes I wonder if half of the housing problem is really thanks in part to fanatic libs who just know they can't live anywhere but "x" and when "x" gets too expensive because so many of their kind clog up the region, they start desperatly looking for other possible areas. Once these " new" areas are discovered, they are rapidly overun, overpriced, and overpopulated by like-minded individuals. That's why Austin concerns me. I already hear tons of people say " the little blue dot in the big red state" is on their radar. Austin, watch out, because here they come- save tibet stickers and all, to essnetially ruin their economy and yuppify the whole place up, as if it isn't already.
Honestly? All the crap that happened in the last election turned me off on politics in general. I'm a traditional southern guy, but I swear I'm thinking of voting 3rd party next time, even though I know these guys will probably never be taken seriously.

257   skibum   2006 Jun 21, 4:50am  

cruiser,
You're very good at making wrong assumptions. As a matter of fact, I consider myself republican/libertarian

Funny though, when anybody disagrees with you, out they go. Not very inclusive at all, really.

Did anyone here tell you to go away? Bring it on, I say.

Superficial stuff. Disposable people and relationships. You can screw over other people and disappear into the huge metropolis like a shadow. In smaller places, your reputation follows you around. That’s generally why we’re more honest here.

Where did you get this stuff from? It reads like a bad novel, and can you make more stereotypes?

What I can never understand is why so many self-professed followers of Jesus, who preached humility, kindness towards others, and all that good stuff, turn out to be so darned judgemental, rude, arrogant, and mean-spirited.

"Jesus, please save us from you followers."

258   requiem   2006 Jun 21, 5:35am  

Wow. Holy wars!

Cruiser, my objection to religion is that once someone asks their priest "What does god think about X" they usually get an answer. Over time, those answers need to be made semi-consistent, and thus you get doctrine. If Christians were able to follow the Law that Jesus gave them, they wouldn't ask such questions. But they do ask, because they want everything to be laid out for them in black and white. And so the doctrines are extended while the original Law is forgotten, and eventually there are areas where the two conflict. And like the Pharisees before them, who held their doctrines superior to the Law as Moses taught them, so do a great many Christians today base their judgments on doctrinal sophistry.

259   Randy H   2006 Jun 21, 8:48am  

Cruiser,

Sorry for trying to engage you in an actual discussion. As for your righteous preaching: spare me. I heard enough of that crap last week between Angola, Liberty Center, Swanton and Wilmington. I'll bet I had dinner with folks who would tell you you're bound for hell for using the devil's tool known as the Internet. Have fun trying to out-jeebus one another.

260   surfer-x   2006 Jun 21, 10:29am  

I dressed up like Jeebus Christ in Clown Suit last halloween. It was great, long brown flowing hair, crown of thorns, sigmata, sacred bleeding heart on chest, and a clown suit, big shoes.

I had a bracelet that said WWTCD, "what would the clown do"?

261   HARM   2006 Jun 21, 5:37pm  

I certainly don't agree with Cruiser's sweeping judgements directed at Randy H & others, but I must admit, this part of his rant was pretty darned funny:

I just know the preachy liberals would hate a Christian reference. They all got a different religion that’s got nothing to do with a God. How’s that working out for you in the Bay Area? That religion of money, passive entertainment, and being overrun by a horde of “diversity”? Can’t wait to get out form the high taxes, bad neighborhoods and schools? How’s that dirty air smellin? Clouds and sunsets are pretty, though.

262   Randy H   2006 Jun 22, 4:56am  

Cruiser is a Jukubot. Don't bother responding to him, it's just pattern generated inflammatory responses. That's why "he" doesn't appear to be responding to anyone's points directly or with any clarity.

If "he" replies to this short bit, then it is probably just evidence that the operator is attempting to salvage his little experiment in this thread/blog.

263   Randy H   2006 Jun 22, 1:31pm  

Man, those bots are getting a bit of an ego these days. I wonder if the goldbugs have deployed sentiment manipulators of their own in an attempt to get back something before margin call?

« First        Comments 256 - 263 of 263        Search these comments

Please register to comment:

api   best comments   contact   latest images   memes   one year ago   random   suggestions   gaiste