tag:blogger.com,1999:blog-20392067.post2701752649248344377..comments2023-06-23T05:37:00.555-07:00Comments on Clearcut Bainbridge: East Palo Alto: A Steaming Pile of Real Estate AnxietyEleuahttp://www.blogger.com/profile/08248482892459370601noreply@blogger.comBlogger12125tag:blogger.com,1999:blog-20392067.post-16629772458765701842008-04-13T03:44:00.000-07:002008-04-13T03:44:00.000-07:00Well, how the world has changed in just 15 months,...Well, how the world has changed in just 15 months, the cheapest POS house in EPA as of 4/12/2008 is 860sft 58 years old at $285k. For $485k one can get this:<BR/>http://www.redfin.com/stingray/do/printable-listing?listing-id=1626291<BR/><BR/>2 years old 2010 sqft, or $241/sqft.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20392067.post-37391898440120441682007-05-13T17:20:00.000-07:002007-05-13T17:20:00.000-07:00This comment has been removed by the author.Anonymoushttps://www.blogger.com/profile/15243661406999816144noreply@blogger.comtag:blogger.com,1999:blog-20392067.post-26124909518262781982007-02-15T21:53:00.000-08:002007-02-15T21:53:00.000-08:00I remember back when I left the Navy and worked fo...I remember back when I left the Navy and worked for one of the airlines. The captains I flew with all busted my chops because I was saying the NAZ and DOW were completely whacked and too risky.<BR/><BR/>This was the Autumn of '99. For six months, they rode my ass on how dumb I was and what an idiot I was to try to short the market and go long gold, silver and the miners.<BR/><BR/>I ate it untilEleuahttps://www.blogger.com/profile/08248482892459370601noreply@blogger.comtag:blogger.com,1999:blog-20392067.post-25649375913956932972007-02-15T21:47:00.000-08:002007-02-15T21:47:00.000-08:00I need to hide my prediction of a bubble? Are you...I need to hide my prediction of a bubble? Are you living on Mars and commuting? California, Florida, Vegas, Arid-zona, New England, and NY are all collapsing. Yes, EPA is still higher than in '05, but it is still EPA and values are starting to leak.<BR/><BR/>Nowheresville, Texas is still lower priced than EPA, but so what? Just because someone values a rusted-out, 70s era Monte Carlo higher Eleuahttps://www.blogger.com/profile/08248482892459370601noreply@blogger.comtag:blogger.com,1999:blog-20392067.post-30255280666824344212007-02-15T21:33:00.000-08:002007-02-15T21:33:00.000-08:00Yes, that was your point in 2005, but ***oops*** E...Yes, that was your point in 2005, but ***oops*** EPA kept going up and Nowheresville, TX did not.<BR/><BR/>Who were the morons in 2005, as things stand in 2007? Not the EPA buyers.<BR/><BR/>Since time immemorial it's been about location, location, location. And,gentrification (crummy areas with otherwise good location going up because richer folks move in) has also been a constant phenomenon. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20392067.post-80635091272801501912007-02-08T18:27:00.000-08:002007-02-08T18:27:00.000-08:00My point is to show how people will pay a rediculo...My point is to show how people will pay a rediculous price for an absolute nighmare of a house, just because they think it will go up in value. They have no regard for risk.<BR/><BR/>The consequences for ignoring risk will be self-evident once the tide turns.<BR/><BR/>EPA is truly a steaming pile of RE anxiety.Eleuahttps://www.blogger.com/profile/08248482892459370601noreply@blogger.comtag:blogger.com,1999:blog-20392067.post-79097042059746706722007-02-08T18:24:00.000-08:002007-02-08T18:24:00.000-08:00I'm sure Tehran is an expensive city, but I wouldn...I'm sure Tehran is an expensive city, but I wouldn't want to live there. Ditto on Washington DC.<BR/><BR/>Once the property escalator slips into reverse, morons that were paying $500/sf to live in EAST PALO ALTO (and other festering sores of urban blight) are going to cry a river. Getting robbed by a trifecta of hoods, taxmen, and bankers will really suck big time.<BR/><BR/>If I bought a Eleuahttps://www.blogger.com/profile/08248482892459370601noreply@blogger.comtag:blogger.com,1999:blog-20392067.post-16327445914420135542007-02-08T18:12:00.000-08:002007-02-08T18:12:00.000-08:00You are soooooo correct. Living in an urban hellh...You are soooooo correct. Living in an urban hellhole with great weather, is definitely a better decision than living in a crime-free suburban environment that has hot/humid weather for 80 days a year.<BR/><BR/>Moreover, paying $500/sf is really a smart idea. That high paying job is certainly worth living right in the middle of gangsta country. At least you have good weather....and a state Eleuahttps://www.blogger.com/profile/08248482892459370601noreply@blogger.comtag:blogger.com,1999:blog-20392067.post-15548677850537076102007-02-07T22:15:00.000-08:002007-02-07T22:15:00.000-08:00So what's your point about East Palo Alto wrt your...So what's your point about East Palo Alto wrt your bubble thesis? <BR/><BR/>Realtor.com now has the cheapest POS SFH over 900 sq ft. in EPA at $499K - even higher than when you wrote your hand-wringing post in 2005. And people aren't lining up to move to Highland Village. <BR/><BR/>No surprise that even the armpit of a great area that's completely built out and has tons of high-paying jobs is Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20392067.post-51836345426521777902007-02-05T10:28:00.000-08:002007-02-05T10:28:00.000-08:00Keep in mind that '98 was in the middle of the go-...Keep in mind that '98 was in the middle of the go-go days of the internet build-out. People were moving to the PNW in droves, and many were just excited to live anywhere they could get to the DT Seattle area. Rents were a bit high.<br /><br />I have been a BI renter, and I can tell you that rents are nowhere near what it takes to cover your PITI, unless you bought back in the '80s, or perhaps Eleuahttps://www.blogger.com/profile/08248482892459370601noreply@blogger.comtag:blogger.com,1999:blog-20392067.post-35769094385881057132007-02-05T09:59:00.000-08:002007-02-05T09:59:00.000-08:00Hi,
I had a house on BI. Lived in it for a coup...Hi, <br /><br />I had a house on BI. Lived in it for a couple of years, rented it out, then sold it in 2004. When we were renting it, the rental income almost covered the mortgage. So at the 1998 price, BI pricing was more or less in line with rental pricing. <br /><br />I live in Omaha now. I do confess that I would pay a premium to be back on Bainbridge if I had a downtown Seattle job. <br /><Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20392067.post-84360030499140460902007-01-31T22:41:00.000-08:002007-01-31T22:41:00.000-08:00Here, here! Eluea, I see a successful
book in th...Here, here! Eluea, I see a successful <br />book in the making!<br /><br />If you finish within a half year or so it will be just in time for when even the most hard core real estate dreamers wake up to a harsh reality.<br /><br />Yes, the misery loves company / schadenfruede impulses are great for selling books.<br /><br />Do it, it's your calling!Anonymousnoreply@blogger.com