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The "I really miss 'America's Overvalued Real Estate'" thread


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2006 Jul 5, 6:36am   31,553 views  377 comments

by HARM   ➕follow (0)   💰tip   ignore  

As many of you know, we recently had a casualty in our extended bubble-battling blog family. Sadly, it looks as though the founder of one of my personal favorites, "'America's Overvalued Real Estate", has sold out to the highest bidder --a commercial RE company :-(. (Note: previous rumors to the effect that the site had been hijacked/sabotaged by the NAR have proven to be unfounded.) As Different Sean might say, "there's the perfect free market at work again." ;-)

This site --an instant classic-- hosted hundreds of examples of absurdly overpriced wrecks sent in from all over the U.S. and Canada, along with the satiric and often hilarious commentary from the blogmaster. It was wonderfully cathartic and priceless for its comic relief and real-life illustrations of how unhinged sellers have become, thanks to our Fed & GSE-blown liquidity bubble. I spent many a Friday afternoon perusing the latest submissions, often reading them aloud to Mrs. HARM. Truly fun for the whole family.

In honor of this fallen giant, I dedicate this thread as a tribute to A.O.R.E. Please post local examples --with photos and/or MLS links if you have then-- of the most outrageously overpriced $hitboxes in your local neighborhoods. International submissions are also welcome. I shall kick things off by re-posting one of the most egregrious and well publicized examples from last year -- the infamous $1.2 million shack from "Naked City", Las Vegas:

naked greed

Post & enjoy...
HARM

#housing

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348   skibum   2006 Jul 7, 7:26am  

HARM,
LOL. Can you hijack the graphic and change the word "fired" on the guy 2nd from the left to "foreclosed"? I'll admit Night Train is the only one I've had the pleasure of sampling before. Nasty stuff.

349   Red Whine   2006 Jul 7, 7:41am  

Skibum:
Maruchan ramen? Surprisingly, I thought I was the only one who knew about bumwines, but HARM has surprised me. My suggestion is Cisco, because, while it pairs with nothing except perhaps raw sewage or creme of goat tongue, the FB will be feeling no pain after one or two bottles. They can drink themselves lucid and find a temporary escape from the fact that, while their rear end is torn and aching, they can look forward to successive forced entries every single month as their ARM adjusts ever-upwards.

350   DinOR   2006 Jul 7, 7:45am  

newsfreak,

Yes, Susanville is quite nice and we were surprised at how rugged that stretch of CA is! Also Lakeview, OR looks a lot like the "resort areas" of our youth with an emphasis on family activities like boating, horse shoes and ice cream. The place looks frozen in time. No disgusting displays of wealth at the canoe rental.

351   StuckInBA   2006 Jul 7, 7:45am  

I usually do not vent anger about Realtors. To me they will always be sales people trying to make money.

But lately a random sampling of their comments is coming out as stupid, idiotic and clueless. You can find a lot gems on Realty times site.

"Are squashed housing prices preferable to inflation ?"

"Newspapers are scaring people from buying. This is actually a great time to buy".

"Despite the speculation of a RE bubble ...."

Last one is hilarious. I don't think she even realized what she was saying. She is not just denying the speculation in RE. She is saying that some people are speculating that there is speculation in RE. I say, there is a lot of speculation by realtors about speculation of RE bubble.

Why is it hard for realtors of all the people to see that house prices are ... umm ... unaffordable ? Hello ?? Knock, knock. Buyers are not a problem. Sellers are. They are stopping you from earning money by asking unrealistic prices. It's in their own interest for prices to go down. (Of course, as sales people, they don't want the prices to crash, and people to be wary of buying at all. That's not what I am saying.) I have seen very few agents blaming it on sellers - like the one OO mentioned in the last thread.

Take this Mr. Gentry reported in that SJMN article about central valley. He paid 300K for a house in Los Banos in 2003. Now 3 years later, he is whining because no one is "taking the plunge" at his 585K price. Why should Los Banos appreciate that much ? Or appreciate at all ? That is so not commutable from BA, and on top of it, it is one hell of a crappy town. Even Tracy house are not selling for that much any longer.

So who is the problem here ? How can it be a buyer's market when sellers still think they can get away with insane prices ?

352   Red Whine   2006 Jul 7, 7:48am  

When I was a poor college student in San Jose, I used to buy Maruchan Ramen when they were 10 for a dollar -- there must have been 30 different flavors. Maybe five different varieties of Chicken flavor alone -- creamy chicken, regular chicken, spicy chicken, etc. Basically, the different "flavors" were just different colors of little foil packets of ultra-refined salt. I used to just make the stuff and grimace, but I had a neighbor who could make all kinds of things using Top Ramen as a starting point, some of them almost edible.

Peter P -- What's your favorite flavor of Top Ramen? Do you prefer Nissen or Maruchan? Or maybe one of the more obscure brands that can be found in most Japanese markets? Please tell us.

353   DinOR   2006 Jul 7, 7:48am  

"torn and aching"

"successive forced entries"

DAMN! It took until Friday but I think we have our "post of the week" winner!

354   Peter P   2006 Jul 7, 7:53am  

Peter P — What’s your favorite flavor of Top Ramen? Do you prefer Nissen or Maruchan? Or maybe one of the more obscure brands that can be found in most Japanese markets? Please tell us.

Nissan Cup Noodle. I prefer imported variants found in Japanese markets. They taste different from those found in Safeway.

There are other brands that I like. But I forgot the names. I will get back to you.

355   astrid   2006 Jul 7, 7:58am  

Nissin makes much better tasting ramen. I used up my boyfriend's Maruchans with soy sauce, wine vinegar, and a dab of sesame oil.

Another use is to drip a mixture of peanut butter and rice vinegar. Mix the peanut butter with a bit of hot water and then mix til fairly smooth, then add vinegar to taste.

356   Peter P   2006 Jul 7, 7:58am  

Look at this ramen page:

http://www.maruwa.com/onlineshop/ramen/ramen.html

NISSIN CHICKEN RAMEN is pretty good with an egg.

357   Peter P   2006 Jul 7, 8:00am  

MYOJYO also has pretty good noodle.

With any kind of noodle, it is very important not to overcook.

358   astrid   2006 Jul 7, 8:02am  

Me too. The American version is okay, but the Asian version is really addictive. They (and a couple cans of tuna packed in oil)really saved me once in Southwest Sichuan where the restaurant food was incredibly terrible.

Shin is pretty good if you like spicy noodles.

359   astrid   2006 Jul 7, 8:07am  

DinOR,

Welcome back! So you've pretty much visited all the craziest bits of land speculation outside of Utah, Arizona, and Florida. What do you consider the craziest patch?

I think the bad traffic is partially due to BA vacationers. The last leg of our trip from Tioga Pass to Pleasanton took about twice as long as we expected.

360   Peter P   2006 Jul 7, 8:18am  

They (and a couple cans of tuna packed in oil)really saved me once in Southwest Sichuan where the restaurant food was incredibly terrible.

Sardine packed in oil is even better. But I will completely skip the soup base.

Do you like spicy food?

361   skibum   2006 Jul 7, 8:44am  

they can look forward to successive forced entries every single month as their ARM adjusts ever-upwards.

That's gotta hurt. Reminds me of having to do "manual disimpactions" as an intern.

TBAoNTBA, Yes, that Mercury News article chronicles a parade of idiots. One FB after another. However, I suspect realtors will more and more begin pressuring sellers to lower prices out of self-interest. It's sort of happening already. I think articles like that one are possibly RE Complex sanctioned scare tactics for stubborn sellers. There are also a fair number of anecdotes about realtors either refusing listings from sellers "testing the waters" or at least urging them to be more realistic.

Some examples:

Joyce Ren, SJ realtor: If your home is on the market for more than 60 days, you need to have a reality check and stop living in the past.

or try this from Realty Times:
http://realtytimes.com/rtcpages/20060609_pricingrightjob.htm

or this contradictory gobbledy-gook from a Boston realtor:
I respectfully suggest that sellers postpone launching their property on the market until the fall market which commences promptly after Labor Day Weekend. The opposite applies to buyers...there could be no better time than the present and throughout the summer doldrums to find a real deal with a seriously motivated seller who's property may be lingering on the market! ... if there ever was a time to find a "deal" it would be right now and throughout the summer doldrums if you identify a property that is listed for sale with a truly motivated seller! In addition, capturing the current interest rates is the balancing act that only you can answer. If mortgage rates rise over the next few months your borrowing power may be diminished. During these uncertain economic times, I highly recommend that you focus on new inventory that has been priced attractively and/or properties that have been appropriately reduced! It is very important to note that once September is here you will be dealing with new sellers with a renewed confidence in the height of the fall market!

362   tsusiat   2006 Jul 7, 8:55am  

I prefer Sapporo Ichi Ban ramen, myself.

That's Sapporo Number 1, translated roughly from the Japanese.

The vegetable flavour is alright, fry some pork and add some spring onions, then add only half the pack of salt/MSG.

Or cubed tofu is okay, but that's only if you like tofu.

363   Peter P   2006 Jul 7, 10:16am  

What is your favorite soup base for (non-instant) ramen noodle? The "white" soup from pork and chicken bone tastes pretty good, although I also like soy sauce soup.

364   astrid   2006 Jul 7, 10:19am  

I'm a bit behind on the non-instant ramen noodles.

Have any of you ever had the Chinese fried carp with black fermented beans? Those are quite good.

365   astrid   2006 Jul 7, 10:22am  

I'm pretty good with spicy foods. I like adding a dash of sansho in combination with the hot sauces.

366   Peter P   2006 Jul 7, 10:23am  

Have any of you ever had the Chinese fried carp with black fermented beans? Those are quite good.

Not really. But I had some so-so Dong Po Pork recently.

367   Peter P   2006 Jul 7, 10:24am  

I’m pretty good with spicy foods. I like adding a dash of sansho in combination with the hot sauces.

I prefer chilli oil. I also like fine-grain white pepper.

368   Peter P   2006 Jul 7, 10:25am  

astrid, can you provide a picture of fried carp with black fermented beans?

369   HARM   2006 Jul 7, 10:27am  

New thread: Stage 2: Anger

370   astrid   2006 Jul 7, 10:27am  

The canned carps come in pretty distinctive yellow and red oval tins.

Did you ever try the bottled Yunnanese hot sauce. There's no garlic or vinegar, it's all chili pepper, a little sansho, peanuts, and oil.

371   astrid   2006 Jul 7, 10:30am  

I'm still looking, but I don't see a picture online.

372   Peter P   2006 Jul 7, 10:31am  

Did you ever try the bottled Yunnanese hot sauce. There’s no garlic or vinegar, it’s all chili pepper, a little sansho, peanuts, and oil.

No. But I will try. Is it very hot?

373   astrid   2006 Jul 7, 10:38am  

Yes, it's pretty hot and good for mixing with soy sauce dips and in noodles.

It's called lao gan ma but it's completely in Chinese. It comes in red labelled jars. You can do a search but I don't see a high quality picture from google images.

374   Different Sean   2006 Jul 7, 12:30pm  

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375   Michael Holliday   2006 Jul 7, 11:36pm  

Red Whine Says:

"When I was a poor college student in San Jose, I used to buy Maruchan Ramen when they were 10 for a dollar — there must have been 30 different flavors..."

Ha, ha! Been there, done that.

When I was up at Northern Arizona University working on my MBA,
I'd get 10 packets of ramen for a buck also.

I used to add Cajun spicing, vegetables, and Safeway Select brand sausage and make a sort of gumbo-ramen soup that was pretty good.

376   Peter P   2006 Jul 8, 3:53pm  

Fresh wasabi tastes really good. Few restaurants have it. And usually you have to ask for it.

For raw fish, I do not usually mix wasabi with soy sauce. P put some wasabi directly on the fish and then dip it in soy sauce. It tastes different! :)

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