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Houseowners Who Won’t Cut the Price


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2008 Mar 25, 11:20pm   33,804 views  271 comments

by Randy H   ➕follow (0)   💰tip   ignore  

case shiller

It's been quite a while since I authored any threads. I've been very busy lately and have fallen behind on most of my blogging. Damned need to make a living!

Anyway, I thought some of you might find this NYT article today interesting: Be It Ever So Illogical: Homeowners Who Won’t Cut the Price

--Randy H

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110   FormerAptBroker   2008 Mar 26, 2:51pm  

Randy H Says:

> I saw that guy in the DB9 a couple weeks ago heading
> up HWY1 towards Stintson. Only this time he had a beautiful
> woman riding shotgun. I swear that’s gotta be you FAB.
> I usually see him driving down Bay St. in the City.

I have a lot of friends with family beach houses in Seadrift, but I usually take Pano Hwy rather than Hwy 1 over the hill). I may end up with a DB9 or Vantage Volante some day (Bob Cole let me drive a DB9s from Sears Point to Sonoma a few years back), but I have no plans to replace my aging 2001 996 Cabrio (or my beautiful fiancée) any time soon. If I did buy a new car I would probably buy an older BMW like the one in the link below before I got a late model AM.
http://www.renestaud.com/shop/en/art-prints/bmw/bmw-1600-convertible-p-192.html

111   justme   2008 Mar 26, 3:14pm  

>>Surfer, Dennis is a good guy.

I didn't get this particular surfer-x rant, either. What is this all about? I think Dennis has been very much an upstanding contributor.

112   Peter P   2008 Mar 26, 3:18pm  

I think Dennis has been very much an upstanding contributor.

Yep. Perhaps Surfer got into a fresh anti-boomer mode?

113   justme   2008 Mar 26, 3:24pm  

NVR,

I think WSJ advocating demolishing "surplus" housing is an abomination.
This is the most perverse idea I have encountered in a long time. Shame on WSJ and their ilk.

Keep in mind that surplus is defined as "cannot be sold at peak prices".

WSJ is literally saying: You damn peons, if you will not buy houses at the inflated peak bubble prices, we shall burn them down. That ought to teach you peons a lesson. No house for you!

What happened to the "free market"? Oh, that's right. The free market applies only when advantageous to the ruling class of capitalism.

Phew.

114   DennisN   2008 Mar 26, 3:24pm  

The joke's on surfer-x.....I'm not married.

115   Peter P   2008 Mar 26, 3:29pm  

What happened to the “free market”? Oh, that’s right. The free market applies only when advantageous to the ruling class of capitalism.

Obviously, that is a perverted version of a "free" market. I call it Capital-socialism.

116   Peter P   2008 Mar 26, 3:32pm  

People are just too eager to "solve" economic problems. Sometimes, problems are best solved by themselves.

Nature definitely solves its own problem.

117   Malcolm   2008 Mar 26, 3:38pm  

Peter P Says:
March 26th, 2008 at 10:18 pm
"Yep. Perhaps Surfer got into a fresh anti-boomer mode?"

He was probably agitated at work by some boomer coworker encroaching in his space or apropriating something of his because he didn't write his name on his lunch or stapler. Dennis might have made a pro Hillary remark at the wrong time, it happens. After a day like that, the last thing someone who works hard to make a little bread wants to hear is a Hillary (take my wealth, please) supporter rooting for him to have to spend even more time at that job to take home the same amount.

Not taking sides, just commenting.

118   Malcolm   2008 Mar 26, 3:40pm  

DennisN Says:
March 26th, 2008 at 10:24 pm
"The joke’s on surfer-x…..I’m not married."

Come on, how can you be a successful boomer and not have a trophy wife?

119   Peter P   2008 Mar 26, 3:43pm  

Dennis might have made a pro Hillary remark at the wrong time, it happens.

Huh?

120   HARM   2008 Mar 26, 3:45pm  

@Surfer-X,

Please save the hate (sweet, sweet hate... mmm...) for a deserving target. Like Lawrence Yun, or HeliBen or Tan Man. What did DennisN say anyway?

@justme,

Spot on, man.

Kind of reminds me of that part in Grapes of Wrath when the farmers literally piled up heaps of food, doused it in kerosene and set fire to it --while the Joads and other starving people looked on. All for the sole purpose of propping up food prices. "Oh, sure, you're starving and badly in need of some food, but, hey, I could lose money if I 'just give it away'!

There's the classic Boomer ethos right there.

121   Malcolm   2008 Mar 26, 3:46pm  

Kidding.

122   HARM   2008 Mar 26, 3:48pm  

No you're not ;-)

123   DennisN   2008 Mar 26, 3:48pm  

I can't imagine myself making a "pro-Hillary remark". Right now I'm not all that thrilled with any of the remaining candiates. At least Hillary isn't as far-out leftist as that Irishman O'Bama.

Hey Ayn Coulter has come out for Hillary over McCain, and you can't exactly call her a leftist.

124   Malcolm   2008 Mar 26, 3:49pm  

I wish it wasn't Dennis as the target because like Harm I would have really enjoyed seeing a real jerk be on the receiving end of that.

125   Peter P   2008 Mar 26, 3:49pm  

All for the sole purpose of propping up food prices.

That is anti-market.

There’s the classic Boomer ethos right there.

Everybody needs food, but renters can choose to remain jealous and bitter. :)

126   Peter P   2008 Mar 26, 3:51pm  

Right now I’m not all that thrilled with any of the remaining candiates.

The next four years are going to be interesting anyway.

127   justme   2008 Mar 26, 3:52pm  

HARM and NVR,

I went over and posted a comment on WSJ with roughly the same content as I did here. Let's see if it gets through censorship, errr, I mean, "moderation".

128   Malcolm   2008 Mar 26, 3:52pm  

That is unbelieveable. What is it about him that the die hard Republicans hate so much? Even Nancy Reagan the other day said, he was the last Republican in the race so she was backing him, like she was wishing it was anyone else.

There is no way that Obama is further left than Hillary.

129   Peter P   2008 Mar 26, 3:55pm  

The Bank is something more than men, I tell you. It's the monster. Men made it, but they can't control it.

-- The Grapes of Wrath

We have made progress since Steinbeck's times. Now we have the Federal Reserve and its fleet of liquidity helicopters.

130   Peter P   2008 Mar 26, 3:58pm  

There is no way that Obama is further left than Hillary.

How so?

131   justme   2008 Mar 26, 4:01pm  

Peter P,

As you know, the problem is that 99.9....% of the people that fashion themselves as "the noble capitalist" really are socio-capitalists, to twist your word just a little. Quite a few of them have an even more extreme form of the decease, they are sociopath-capitalists.

132   DennisN   2008 Mar 26, 4:02pm  

Well I would think the word "hate" is a little strong for my feelings about McCain. I'm a libertarian-conservative, not a social-conservative. The problem with McCain is that his approach to bi-partisanship is to just give in to the other side. The McCain-Feingold law completely disrespects the 1st Amendment, even though it got sort-of a pass from the Supremes.

In general Senators without any executive experience are less-attractive candidates for President.

According to Derbyshire over at the National Review, after Hillary and Obama beat each other up Al Gore will emerge as the Democrat candidate and go on to win the Presidency.

133   justme   2008 Mar 26, 4:03pm  

DennisN,

Funny one about Conan O'Bama.

134   Peter P   2008 Mar 26, 4:08pm  

According to Derbyshire over at the National Review, after Hillary and Obama beat each other up Al Gore will emerge as the Democrat candidate and go on to win the Presidency.

Huh? We are free from the Religion of "Global Warming," right?

Hopefully the Supreme Court will soon rule that religious thoughts such as hypothetical pseudo-scientific convenient fictions shall not be taught in public schools.

135   DennisN   2008 Mar 26, 4:15pm  

Did you ever check out the climate-change blog over at NRO?

http://planetgore.nationalreview.com/

136   Peter P   2008 Mar 26, 4:19pm  

I will take a look...

I am not denying climate change. Nature is about changes. However, blaming "global warming" on CO2 emission is just weird.

I speculate that climate change is caused by solar activities. We can do nothing about it. Yep, sea-level is going to rise and our toes will get wet.

137   Peter P   2008 Mar 26, 4:22pm  

Brilliant!

138   Peter P   2008 Mar 26, 4:23pm  

If Kyoto Protocol is about free trade of Kobe beef I am all for it. :)

139   Jimbo   2008 Mar 26, 4:25pm  

As a poor kid growing up around rich people I tried to fit in with fancy cars and fancy clothes...

Oh, c'mon FAB, you were never poor. Middle class around a bunch of rich kids I believe, but how many times did you have the Sheriff throw your family out of the apartment you were living in while you were growing up? How many different trailer parks have you lived in?

141   DennisN   2008 Mar 26, 4:30pm  

Note: Idaho is the top producer of Kobe beef in the US.

142   justme   2008 Mar 26, 4:31pm  

Peter P and DennisN,

Let's get down to fundamentals about global warming. The below article in Wikipedia describes the greenhouse effect:

http://en.wikipedia.org/wiki/Greenhouse_effect

The greenhouse effect (trapping of incoming solar heat by so-called greenhouse gases, which include CO2) is the basic mechanism of global warming. The change in one input parameter (concentration of CO2 in the atmosphere) is the deemed the reason for global warming.

My question is: Do believe that the greenhouse effect is real, and if not, why not?

143   Jimbo   2008 Mar 26, 4:34pm  

It is really too bad that the Supreme Court selected Bush instead of Gore. Imagine how much better off America would be if we had eight years of grown up leadership instead of The Decider.

144   SP   2008 Mar 26, 5:14pm  

FormerAptBroker Says:
I may end up with a DB9 or Vantage Volante some day

A friend of mine in the city got a DB9 back in '05 and offered it to me to drive. I found it quite 'unspecial' - especially once inside, it felt like just any other powerful, tightly sprung coupe.

RandyH, saw the NYT article, good on ya. And good to have you back.

145   SP   2008 Mar 26, 5:22pm  

By the way, I bagged a JBO (tm) (Jealous Bitter Owner) today.

Met an old friend at the library - he bought a crapshack in Crappertino in '04 and had it remodeled. He was wishing he had sold last year like his neighbor did, and seemed quite bitter about being underwater on his own place now.

146   DinOR   2008 Mar 26, 11:25pm  

Malcom,

You're right. A seller is under no obligation... to do anything! That includes entertaining offers at any price. However as Randy points out, this is not an act without consequence. In the original context the home in question hadn't been updated since the 80's and the daughters were pleading... with mom to sell.

Mum's unwillingness to confront today's reality has impacts on her heirs (whether or not she realizes it) I've never really taken a hard line stance either way on the sticky debate so that's not what's at issue for me?

I have SO many clients that own everything from strip malls to car washes to drive-in movie theaters and absolutely NO PLAN as to how to dispose of these assets when they pass on! Since they're 100% equity, any cash flow is good cash flow and they REFUSE to do improvement ONE!

"Oh my daughter will take over". Really...? Your daughter is a physical therapist in Portland. She's going to drive down and... oh forget it. There's no talking to 'em.

147   Malcolm   2008 Mar 26, 11:47pm  

You're right, there is a consequence. IMO the consequence is a smaller gain, or bigger loss in the future. I agree with Peter P, I generally do, that equilibruim will eventually happen. I can also relate to Randy's frustration, been there done that. Picture not just being pissed because an owner won't drop the house, imagine the situation I was in, making above asking offers to still get outbid. At least Randy has time on his side.

148   Malcolm   2008 Mar 26, 11:53pm  

Peter P Says:
March 26th, 2008 at 10:58 pm
"There is no way that Obama is further left than Hillary.
How so?"

He seems to have a conservative side. In fact he wants NO bailout, something which puts him to the right of Hillary and McCain. You know another thing I like about him (yes I was for the war) is that he did not vote for the war. I like consistency, even if I disagree with someone, I respect someone who maintains a position, especially unpopular, based on a principle.
Yes, I am aware McCain now says no bailout for irresponsible bankers but that happened after he read the polls. I'll be happy to see Obama race against McCain, I believe they are both decent people.

149   Malcolm   2008 Mar 26, 11:55pm  

owner won’t drop the house(price)

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