Sellers Now Realize Word Is Out
A report from The Independent in California. “Livermore is on track to meet the goals and objectives of its housing element. Staff noted that at the current rate of development, Livermore would exceed the projected housing need under the current Regional Housing Need Allocation (RHNA), for years 2015-2022, by approximately 28 percent. In 2015, the city issued building permits for 436 units. The number was well above the average of 128 building permits issued annually during the previous eight years.”
“The maximum home price that a moderate income-household of four could afford is about $394,000. The starting prices for the new townhouse/condo units in Livermore range from the mid-500’s to the low-600’s. For the single family detached houses, starting prices range from the mid-600’s to about one million. While the townhouse/condo units are priced about $100,000 less than the new single family-detached units, all of these units are considered affordable only to above moderate-income households.”
“City Manager Marc Roberts stated that extremely low and low income housing requires outside funding. The affordability piece is challenging. ‘We are in compliance.’ In response to a comment that low income in Livermore for a family of four would be $72,000, Roberts said, ‘You have to be very rich to be poor in Livermore.’”
The Washingtonian. “It’s been almost two years since Washington got word that a $10.5-million condo had hit the market. The unprecedented price was all the more surprising because of where the building was going up—not somewhere predictably luxe like the West End or Georgetown’s waterfront, but downtown Bethesda. The listing was the ultimate symbol of a trend that real-estate watchers had been nearly uniformly predicting: Increasing numbers of wealthy baby boomers would trade their 10,000-square-foot Potomac spreads for a downsized lifestyle in walkable, urbanized (but not too urbanized) Bethesda. But making the swap for upscale condos hasn’t been so easy.”
“‘I have a new listing coming on this week in the $2-million range, in Potomac, and that’s where the owners want to go: to a condo in Bethesda,’ says Washington Fine Properties agent Lori Leasure. The catch? ‘They tried to sell the house this spring with a different Realtor, and it didn’t work, so I’m the second one in. Potomac is just so quiet right now.’”
“Other Montgomery County agents tell versions of the same story. ‘The whole ‘live urban’ trend means buyers for Potomac have all but disappeared, unless the deal is really, really good,’ says Coldwell Banker’s Jane Fairweather.”
“And that’s a problem for Bethesda’s supply of new multimillion-dollar condos. The median sold price of condos in downtown Bethesda’s 20814 Zip code has dropped by more than 9 percent this year, according to RealEstate Business Intelligence, the authority on local data. Meanwhile, homes in Potomac are sitting on the market for an average of 75 days, a 19-percent increase. The most expensive tend to linger much longer—such as an $11-million, ten-acre estate listed for nine months or a 25,000-square-footer for $9.25 million, on the market nearly two years.”
“The Darcy began selling in 2013 while the building was under construction. Agents say that two or three years ago, sellers in Potomac were more willing to risk putting contracts on condos without first offloading their houses. ‘Now they realize word is out and their home is not going to be an easy sell,’ says Compass agent Gretchen Koitz.”
The Sun Sentinel in Florida. “South Florida home sales sputtered in September, but that didn’t hurt prices, data from local Realtor boards show. Larry Revier, a real estate agent in east Fort Lauderdale, said he’s seeing a ‘massive difference’ in the number of buyers this year compared to last year. ‘We just don’t have buyers lining up and saying, ‘I’ll take it,’ Revier said. ‘Every transaction is very difficult because buyers are less motivated than they were before.’”
From Tulsa World in Oklahoma. “According to data released this month by the Greater Tulsa Association of Realtors, home sales in September grew by close to 9 percent over the same month last year. Pete Galbraith urges sellers to consult with their real estate professional for correct market trends. ‘The market is very, very time-sensitive,’ said Galbraith, president-elect of the Oklahoma Association of Realtors. ‘Although there may have been a great comp four months ago that justified a certain price for a listing, there subsequently may have been two or three sales close by that have shown a decline.’”
“Sellers this time of year also usually have to sell, be it for work or family. So buyers shouldn’t be shy about haggling. ‘The whole goal of every home seller is not necessarily money-driven,’ Galbraith said. ‘In a lot of cases, it’s time-driven: ‘I’ve already bought a house and I need to sell my house in 30 days.’ A lot of people will price their house accordingly.’”
The Houston Chronicle in Texas. “Sales of Houston’s most expensive homes fell 7.9 percent during the first eight months of 2016 compared with the same time last year, a new report shows. The decline corresponds with a significant loss in high-paying energy jobs. In fact, Houston was the only major metro area in the state with a decline in so-called luxury housing — homes that sold for at least $1 million, according to the Texas Association of Realtors’ Texas Luxury Home Sales report.”
“Buyers closed on 974 luxury homes in the Houston area at a median price of about $1.4 million. The median was down 2.9 percent from a year earlier, according to the report. ‘New construction in the luxury housing market can easily reach $500 or $600 per square foot, particularly among high-rise condominiums in urban centers,’ Leslie Rouda Smith, the association’s chair, said in a report, noting higher overall home prices and steeper development costs.”
“The report noted the slowdown in other ways: The number of luxury homes on the market as of August was 1,449, a 29 percent spike from a year earlier. Luxury homes spent an average of 85 days on the market, an increase of 11.8 percent over last year. Bill Baldwin, of Boulevard Realty in the Heights, said the first six months of 2015 were record-setting in Houston real estate, so ‘comparing this year is difficult.’ ‘Overall, I think we’re doing fine,’ he said.”
The title for the Houston article:
Houston’s high-end housing market takes a dive
I bet some coffee got spit up this morning.
A comment to the Oklahoma piece:
“Galbraith urges sellers to consult with their real estate professional for correct market trends.”
‘That’s right Pete, the market is turning into a buyers market. The past several months the price of a sold home in Tulsa county is dropping like a rock. The second bubble is coming and you now it, that was the topic in Coldwell’s last management meeting, and you talked about for over 45 minutes. Why don’t you talk about that? I build houses in Tulsa county and I will never list my house with Coldwell.’
Houston’s hHigh-end housing market takes a diveFixed it.
‘The median sold price of condos in downtown Bethesda’s 20814 Zip code has dropped by more than 9 percent this year…Meanwhile, homes in Potomac are sitting on the market for an average of 75 days, a 19-percent increase. The most expensive tend to linger much longer—such as an $11-million, ten-acre estate listed for nine months or a 25,000-square-footer for $9.25 million, on the market nearly two years’
25k sq ft?
white el·e·phant
noun
noun: white elephant; plural noun: white elephants
a possession that is useless or troublesome, especially one that is expensive to maintain or difficult to dispose of.
https://en.wikipedia.org/wiki/White_elephant_gift_exchange
‘The term “white elephant” refers to an extravagant but burdensome gift that cannot be easily disposed of, based on the legend of the King of Siam gifting rare albino elephants to courtiers who had displeased him, that they might be ruined by the animals’ upkeep costs. The term white elephant refers to a gift whose maintenance costs exceed its usefulness.’
We stayed with relatives in their near-million-dollar Bethesda McMansion during our family DC trip last spring. The neighborhood was littered with tear-downs in the process of getting replaced by more luxurious structures intended to capture the luxury housing mania premium.
If our hosts knew a housing meltdown was dead ahead, they offered no hint of it.
Oxide country
Socialist country.
Live high on the hog at the expense of others.
A letter to the editor on the California report:
‘Hello Livermore voters! Have you asked yourselves if we have changed our minds about housing density at the Old Lucky site (gravel parking lots at Railroad and Livermore Avenues)? In the past we were neutral regarding high density housing on that site. Now many of us choke on the 260 units proposed by Lennar.’
‘Actually, Livermore has overbuilt (see http://www.independentnews.com/news/report-finds-livermore-building-more-needs-affordable-housing/article_0ffe2eca-4940-11e6-8652-73fc1fc50bd3.html). According to this report, “Livermore would exceed the projected housing need under the current Regional Housing Need Allocation (RHNA), for years 2015-2022, by approximately 28 percent.” What we have in progress is a new apartment-townhouse-condo canyon juggernaut.’
Lennar. There’s that name again! Livermore isn’t the only place choking on units proposed by Lennar.
Seems like the business model of national builders subsidized by Subprime Sam’s Eazy-peazy lending programs didn’t die after the 2008-09 housing meltdown should have killed it…
And along those lines (Subprime Sam’s lending programs), Max Keiser has an interesting video about the “Double Government”.
I’m thinking it’s time to cut out the middleman. Let the multinationals govern. What could possibly go wrong? Nothing that isn’t happening right now, and it would be a lot less of a burden on people.
‘The listing was the ultimate symbol of a trend that real-estate watchers had been nearly uniformly predicting’
I’ve been watching these people for a long time. They come up with story lines for the media and public. “Buyers want a big house, a small house, no house, give them a box of air 100 feet above the snow with a bocci ball court!”
Then it gets dashed and no one ever goes back and says, “you guys told us everyone wanted this but no one is buying?” Anyhoo, I’ve noticed the well staffed Washington Post hasn’t said much about RE lately.
Follow the money.
http://www.zerohedge.com/news/2016-10-21/philanthropist-george-soros-set-make-killing-europes-forced-migration
Liberal Billionaire George Soros Mentioned Over 50 Times In Leaked Hillary Campaign Emails
Jim Hoft Oct 19th, 2016 8:04 am —199 Comments
http://www.thegatewaypundit.com/2016/10/liberal-billionaire-george-soros-mentioned-50-times-leaked-hillary-campaign-emails/
Steve Wynn: how the Fed’s deranged money-printing is degrading the quality of life of everyone in America (except the oligarchs who are the sole beneficiaries of the Fed’s actions).
http://www.realclearpolitics.com/video/2016/10/20/wynn_printing_money_degrades_living_standard_causes_anger_healthcare_goes_up_product_doesnt_get_better.html
Belgians voted for globalists. Now they’re reaping the joys of fundamental transformation.
http://www.independent.co.uk/news/world/europe/belgian-supermarket-evacuated-armed-man-police-latest-belgium-a7374991.html
In a Simpson’s episode you can take over a countless town using a board w a stick
How long can the Fed conceal and prevaricate about the true inflation rate?
http://www.telegraph.co.uk/business/2016/10/22/inflation-next-years-ticking-time-bomb/
Do you begin to suspect that putting a floor under bubble-era housing price increases is part of the Fed’s plan to stealthily inflate away the dollar’s value? Because remember, real estate price increases are wealth gains, not inflation…
I guess that depends which side of the transaction you are on. The seller wealth gains. The buyer overpriced Sh@ck.
+1, azdude—it is a zero-sum game. The property owner may feel wealthy, and may borrow out and spend their new-found wealth, but it is zero-sum when they have to sell it to someone else; the buyer loses as much as the seller gains.
I disagree that it’s a zero-sum scenario. It’s actually a loss for both parties. Less than a zero sum outcome.
Fewer and fewer people are wealthy or becoming so, which is not surprising given today’s monetary, fiscal and moral environment.
Both money printing and easy credit are socialist endeavors, and we’re witnessing the results.
Declining wages, declining standards of living.
real estate price increases
The subject was the narrow effect of real estate price increases, not the larger effects of money printing, MacBeth. In the limited buyer+seller analysis, it is zero-sum. In the grand scheme of things, I agree, money printing is bad all the way around. But there is a clear winner in the micro analysis—the property-owner benefits as the value of the property skyrockets, assuming that they eventually sell it while it is still at an inflated valuation, and either trade down or rent.
I understood all that when you first said it.
I still disagree, for the reasons I already stated.
How does one gain fiscally when one’s own progeny loses? When the generations that follow get hammered?
That’s not a win, that’s a loss. A fiscal loss.
And a loss in many other ways, of course.
Why are collapsing tax revenues (indicative of deteriorating economic fundamentals) always presented as a “shock” or surprise by MSM “economists”? Have they not been paying attention, or has their blind adherence to The Narrative’s insistence that “Everything is awesome!” made them willfully disregard the true state of affairs?
https://www.theguardian.com/business/2016/oct/21/public-deficit-10-bn-corporation-tax-receipts-philip-hammond-shock-into-slugs
“Why are collapsing tax revenues (indicative of deteriorating economic fundamentals) always presented as a “shock” or surprise by MSM “economists?”
I am surprised you ask this question, Ray. Yes, it could be due to blind adherence.
Just as likely, it could be due to the fact that they really are that stupid.
Consider their Ivy education, their upbringing, and their lack of accountability. Many economists have never had to prove their productive value. Many have never experienced having the bottom line stop with them. Instead, they sit around, pontificate and run some numbers. And that’s all they do.
They don’t ADD productivity or wealth. They consume it. And that’s all they do.
What they need is 40 acres and a mule. Scratch out a living from sunrise to sunset, and sell their wares on the open market. Maybe they will then know something.
Does it seem basically impossible to elect a president that isn’t part of the establishment?
Because 95% of the electorate too stupid to realize they’re voting against their own best interests.
1. “A Constitutional Amendment to impose term limits on all members of Congress.”
2. “A hiring freeze on all federal employees.”
3. “A requirement that for every new federal regulation, 2 existing regulations must be eliminated.”
4. “A 5-year ban on White House and Congressional officials becoming lobbyists after they leave government.”
5. “A lifetime ban on White House officials lobbying on behalf of a foreign government.”
6. “A complete ban on foreign lobbyists raising money for American elections.”
Lets get going. Start today.
Amen.
Who made up that Republican party wish list for Trump? He seems way too distracted by his sexual harassment accusers at this point to put that much thought into what he would do if elected. A showdown between Trump and Gloria Allred could get pretty interesting.
Many of which have already been exposed as fakes, just like the accusers they dug up to go after Herman Cain - they disappeared into thin air after he ended his campaign. This all started with the fake allegations by Anita Hill against Clarence Thomas who was documented to be lying, but its one of the main tricks in the demoncrats playbook. They even dug up a porn star as their latest victim, lol! Allred is hated by everyone her sliminess comes into contact with, even former allies - similar to Hiliary.
I don’t see the links you are seeing between the women who came forward and the Democrats. Care to post evidence to that effect that was not served up by Breitbart or other right-wing extremist news outlet?
With all due respect Professor
If what has come out from Project Veritas and Wiki leaks over the past week or so hasn’t moved your needle, nothing will.
And that’s cool, but in the face of that don’t play the Mighty right-wing extremist news outlet card and expect to be taken seriously.
Yeah, seriously. We already knew Donald was a womanizer. So was Bill. Apparently so is Hillary. So was our Hero Kennedy and many others. There was one in there who took his boy toy to the White house with him. As a community, we don’t really have high personal moral standards, we just pretend to.
We’re thinking more about breaking the back of the DC/Wall Street mafia and meatgrinder. We don’t see a Sunday School teacher stepping up. We do see you defending the Establishment at every turn with whatever scrap of dirt or gossip you can find. Not taking it seriously.
“Not taking it seriously.”
That about sums up the election for me…
“Yeah, seriously. We already knew Donald was a womanizer. So was Bill. Apparently so is Hillary. So was our Hero Kennedy and many others.”
It seems like women are generally the victims of whoever occupies the WH. (Overhearing my very upset daughter on the phone with her boyfriend describing sexual harassment at work today while I type this…thanks, Donald and friends!)
We’re thinking more about breaking the back of the DC/Wall Street mafia and meatgrinder.
We’re thinking more about breaking the back of the DC/Wall Street mafia and meatgrinder.
You are wasting your time. Most important thing is to eradicate white men’s sexual harassment in workplaces/parties/lockerrooms.
If the white man is a “D”, we will give him a pass.
The FEDS mandate has been amended to include supporting stock and home prices.
The Fed only has one mandate. It is a private business owned by the Wall Street banks.
Extend and pretend is reaching its limits, especially for banks that foolishly lent money to collectivist basket-case banana republics like Venezuela.
https://www.rt.com/business/363618-venezuela-oil-company-us-refineries/
‘a real estate agent in east Fort Lauderdale, said he’s seeing a ‘massive difference’ in the number of buyers this year compared to last year. ‘We just don’t have buyers lining up and saying, ‘I’ll take it,’ Revier said. ‘Every transaction is very difficult because buyers are less motivated than they were before.’
It sounds like the downturn isn’t limited to Miami Beach.
Goldman CEO “supportive” of Hillary - to say the least.
http://www.bloomberg.com/politics/articles/2016-10-22/goldman-ceo-blankfein-supportive-of-clinton-for-pragmatism
For the Walking Dead fans….
http://www.hollywoodreporter.com/news/anti-hillary-walking-dead-posters-940681
Crooked Hillary will maintain “extend and pretend” if she gets elected. Because screwing over savers and the responsible is what grifters do.
http://www.telegraph.co.uk/business/2016/10/22/clinton-will-put-freeze-on-rates-and-create-a-new-trump/
Guess which party is actively signing up felons?
https://sharylattkisson.com/courting-the-felon-vote/
Cubs
How it ends…
In absolute corruption for the last $1000
—–
Woman shoots Detroit house in Facebook rant and gets arrested
Fox 2 Detroit | October 21, 2016
DETROIT (WJBK) - A woman’s angry Facebook video about a house she bought through the Detroit Land Bank resulted in her arrest.
In the video, the woman pulls out a gun and shoots the house behind her, while holding a small child with a second child next to her.
“Detroit is my home, I bought this home for these two children,” she says in the video. “I am highly upset because somebody sold me a house that should be on the (expletive) demolition list. Why would there be a house on the (expletive) sell list that should be demolished?”
The woman also set up a GoFundMe page with an original goal of $10 million, but lowered it to $100,000. It currently has $1,222 pledged to help her.
It’s always someone else’s fault when these Clinton supporters fail to do a proper due dilligence on the shacks they’re overpaying for. Another FB headed for default and screaming for bailout money.
Hey goon no tunes on a Saturday night?
Johnny Lee — Looking For Love
what are the potential black swan events?
There can be no volatility in the stocks. Maintain the illusion things are great.
How are Citizen Trump’s efforts to establish a new media empire proceeding?
Probably better than your attempt to stay on the housing bubble topic, right?
You’re just another Hillary voter who’s so self-righteous and twisted that no sin or hypocrisy is too big if it furthers your goals.
I’ve said repeatedly that I am not for Hillary, but I guess that isn’t enough to stop a Realtor™ from making up lies about me.
I miss the buying opportunities the downturns presented. Now it seems we have people trying to prevent the downturns that are needed to avoid excessive risk.
Inflation is about to explode higher, thanks to the Fed and its currency debasement.
http://www.theburningplatform.com/2016/10/22/inflation-about-to-explode-higher/
Sunday funnies. Enjoy!
http://www.theburningplatform.com/2016/10/23/sunday-funnies-135/
Chaos in the streets - Merkel’s gift to the idiots who voted for her. But soon we shall have our own Frau Merkel.
http://speisa.com/modules/articles/index.php/item.3265/biker-clubs-violently-attacking-muslim-immigrants-in-germany.html
printing money is a zero sum game!
The Keynesian fraudsters at the Fed have no idea what they’re doing, beyond enriching the already super-wealthy.
http://www.safehaven.com/article/42819/federal-reserve-admits-it-never-knew-what-it-was-doing
not if you are first in line
The neocons eagerly await an expansion of overseas wars under Hillary Clinton. Their defense stocks will soar, while other people’s kids do the fighting and dying.
http://libertyblitzkrieg.com/2016/10/20/u-s-foreign-policy-elite-eagerly-await-an-expansion-of-overseas-wars-under-hillary-clinton/
reality appears to be setting in on some folks. the days of living off debt and money printing cant go on forever. Time to get a real job and start producing!
God willing, Paul Ryan’s days as a RINO sell-out and Wall Street stooge “leading” the GOP are numbered.
http://www.breitbart.com/big-government/2016/10/22/hill-breitbart-escalates-war-paul-ryan/
An eye-opening visit to Wells Fargo, where aggressive (and unwanted) “cross-selling” is forced on employees and hapless customers. Until CEOs are held accountable - which they never will be under our current system - these schemes against consumers will continue.
http://wolfstreet.com/2016/10/23/i-went-to-wells-fargo-branch-this-happened/
Seems like business as usual. Everyone wants to sell u some bs these days. Even the fast food joints are hard selling.
I had some idiot call me about call me the other today trying to sell social media bs.
Another foreign policy “success story” for Crooked Hillary.
http://www.nytimes.com/2016/10/22/us/politics/philippines-china-us-asia-pivot.html?_r=0
Corporate America’s massive debt load is not a “major risk” when it’s going to be printed away by the Fed or moved to the public ledgers for taxpayers to cover. Forward, Corporatocracy!
http://www.bloomberg.com//news/articles/2016-10-21/why-corporate-america-s-debt-is-a-major-risk
It is well for the Oligopoly that 95% of the ‘Murican population are hopelessly stupid and fail to understand how badly they’re being screwed over. Instead, they keep voting for more of the same.
http://www.oftwominds.com/blogoct16/neocolonialism10-16.html
Latest on China’s insane credit bubble.
http://creditbubblebulletin.blogspot.mx/2016/10/weekly-commentary-latest-on-chinas.html
Hillary treats her media presstitutes to a banquet dinner, unpublicized of course - until now, thanks to Wikileaks (doing the job the captured MSM refuses to).
http://www.thegatewaypundit.com/2016/10/wikileaks-15-another-dinner-reporters-hillarys-campaign-chairmans-house/
We need a corrupt, semi-invalid, rabid neocon with serious anger management issues and horrific judgement at the helm as the spector of global war with Russia and China looms larger. Forward!
http://www.telegraph.co.uk/news/2016/10/22/unyielding-russia-and-us-heading-for-a-new-cold-war/
From Robert Creamer - convicted felon and out of jail after time served, community organizer and pal of Obama, who visited Obama 42 times after being released from prison:
“In general, our strategic goal with people who have become conservative activists is not to convert them — that isn’t going to happen. It is to demoralize them — to ‘deactivate’ them. We need to deflate their enthusiasm, to make them lose their ardor and above all their self-confidence…[A] way to demoralize conservative activists is to surround them with the echo chamber of our positions and assumptions. We need to make them feel that they are not mainstream, to make them feel isolated… We must isolate them ideologically…[and] use the progressive echo chamber,” meaning the media and the blogs and whatever. “By defeating them and isolating them ideologically, we demoralize conservative activists directly. Then they begin to quarrel among themselves or blame each other for defeat in isolation, and that demoralizes them further.”
We need to make them feel that they are not mainstream, to make them feel isolated…
Not feeling “mainstream” is a badge of honor these days. Only the zombies and sheeple are “mainstream,” i.e. docile little serfs. Isolated? I do not want to associate with bread-dead sheeple.
Survey taken after the MSM’s Sunday Morning Propaganda Shows
(No College White Voters highlighted on Matter of Fact With Soledad O’Brien not included in survey)
http://www.youtube.com/watch?v=-0iengeKbOw
We must isolate them ideologically…[and] use the progressive echo chamber,” meaning the media and the blogs and whatever.
Yeah, that’s worked out about as well as Hillary’s neocon disasters in Libya and Iraq. Breitbart and Drudge Report are experiencing explosive growth and the rise of Les Deplorables represents a massive grassroots repudiation of the “progressive echo chamber” of the Oligopoly’s media-entertainment complex. As Democrat malgovernance, corruption, crony capitalism, and “redistribution of the wealth” all escalate, millions more sheeple are going to be waking up from their comas and getting fired up for real change. “Isolated and demoralized” conservatives? Dream on.
Even Bob Woodward is calling the Clinton Foundation “corrupt.”
http://www.breitbart.com/video/2016/10/23/bob-woodward-on-the-clinton-foundation-its-corrupt/