Exurban Nation

I Like Seattle

posted by Rob Dawg @ 9:06 PM 4 Astute Observations

Seattle Hubris

Man is dey eva gonna git whacked. Click the pictures for a larger view.

Seattle is starting to exhibit the classic signs of a boom bust where special circumstances let them sail right over the edge. Look at the cranes. What are they building? When will they come on line? Who will invest? ENers know the reason. And in honor of anointed future president Obama's speech this morning; Ich ein ist ENers.

Gavshire Hathaway writes on Calculated risk:
I'm sitting here in Seattle, and I'm starting to see all kinds of signs that the CRE collapse is coming. From out my window I can count about 20 cranes building office buildings and condos.

Gav is right. The first crack was when the massive 13 acre family owned downtown redevelopment fell apart this spring. The lots were amassed over decades and were collectivized June of 2007. We all know what happened to lending the next month.
Seattle Times has it.
Those pesky bloggers picked it up.
And CNN Money runs the obituary July 22, 2008.

Being the last person to drink the kool-aid means getting to digest the sediment.

Blog Note: I took those pictures last month on vacation to the region. As the most excellent RE advisor Bawldguy repeatedly harps; there ain't no substitute for feet on the ground.

Labels: CRE

posted by Rob Dawg @ 11:23 AM 23 Astute Observations

Federal Bailout Bill

"I felt a great disturbance in the Markets, as if millions of mortgagees cried out in joy and were suddenly rescued."

―Obi-Ben Bernanke

Rob Dawg says: wealth redistribution.

Anybody got more to add?

Labels: Politics

posted by Rob Dawg @ 4:22 PM 34 Astute Observations

Gentleman Squyre

The nice FarBelowMarket team has this gem:

UGLY golf course condo GORGEOUS equity HIGH rents!
286 Castellana, Palm Desert, CA, 92260 United States $289,000

Golfer's Dream More Than $100,000 below market....DESPERATE SELLER!

This unit is in a great location in the club, right on the course. It's in good condition, but ugly as sin. Needs cosmetics only. If you have an eye for design THIS ONE IS A NO BRAINER.

Look at the comps!!!! Two model matches on the same street sold over $400k. Incredible golf at one of the finest country clubs- $100k under market. ****RENTS GOING FOR $3500 to $4500 per month furnished*****
Pictures show actual unit and also a model match to show what it could look like. This model match is renting for $4500/mo furnished.....insane!
Type Bed Full Bath Square Footage
Condo 3 2 1584

However pay no attention to the beautifl view above, check out the glamorous interior:


You can see the opportunity, I mean $3500-$4500 per month? Who wouldn't? Here's the pathetice competition who will be vying for those desirable renters:

On Craigslist:

GREAT 3100 SQUARE FOOT 4 BEDROOM/3 BATHROOM HOME IN MINT CONDITION. WITH FORMAL DINING ROOM, BREAKFAST COUNTER AND WET BAR. HOME IS BEAUTIFULLY MAINTAINED AND HAS A TERRIFIC SETTING. THE HOUSE BACKS ONTO THE LAKES COUNTRY CLUB GOLF COURSE AND IS LOCATED ON A CUL DE SAC. IT FEATURES LARGE ROOMS AND INCLUDES TWO FIREPLACES LOCATED IN THE FAMILY ROOM AND MASTER BEDROOM. IT HAS CEILING FANS, CERMATIC TILE AND AN IMPRESSIVE CIRCULAR STAIRCASE. INTERIOR FEATURES PLANTATION SHUTTERS THROUGHOUT. ALSO, HAS LUSH LANDSCAPING, FANTASTIC REAR YARD WITH POOL AND SPA. HOME IS AIR CONDITIONED AND IS IN A VERY CONVENIENT LOCATION. RENTAL AMOUNT INCLUDES POOL SERVICE AND GARDENING SERVICE.

So there it is... oh wait. sorry. The price, well the second one owing to its obvious defects is available Aug 1st for the princely sum of $2395. Probably because of those extra 1700 square feet and tedious pool to clean. Oh wait, included.

Labels: FraudBusters, snark

posted by Rob Dawg @ 1:48 PM 20 Astute Observations

Close It, Close It, Close It

Mervyn's used to advertise with the line "open, open, open..." as a desperate consumer peered in the window. In retrospect that seems a pretty pathetic segment to market to. Then again Mervyn's is in trouble because their debt window was closed on their fingers. What goes around comes around. Looking forward to the 90% off sales. Better than thrift stores. Went to the Linen'N'Things in Moorpark yesterday on the way back from the secure housing bunker. They are closing many, many stores. this particular gem was only a few years old, an anchor bookending a Target.

Neutron Strip Malls.

Labels: Economics

posted by Rob Dawg @ 6:38 AM 13 Astute Observations

Skinny People In Trouble?

We saw yesterday at Lou's place and NPR the sad story of the hungry hippos and her mom. Now today the ever entertaining if rarely accurate Gretchen Morgenson in the ever myopic forest and trees Given a Shovel, Americans Dig Deeper Into Debt via NY Times has a piece on "Diane" and her personal finance troubles.

Once again we are confronted with the same stated versus revealed preferences issue. The LA Times got bit by this on Thursday when Peter Hong reported on the "Return of The Flippers." Poor Peter was handed a story of greed, deceit and financial ruin only to run with a front page ad for a fake NRU type scam. Worse for the old stream media they haven't even gotten around to the real story yet while OCRenter has the real story.
But this isn't about that. No, this is about bad habits. The hungry hippos are on effin' food stamps! Look at them, complaining about the price of freakin' groceries. Don't give me no glandular problem or other excuses. Those are potato chips and fried chicken rolling in waves offa momma and baby.

And Diane. Please, give up smoking and YooHoos before bitchin' 'bout your other problems.


Think these young ladies are complaining about the price of Moon Pies?

Labels: moral hazard

posted by Rob Dawg @ 7:44 AM 26 Astute Observations