"South Florida," he said, "is working off of a totally new economic model than
any of us have ever experienced in the past" according to a realtor who
predicted that a land shortage will support higher prices indefinitely."
      -- "Trading Places: Real Estate Instead of Dot-Coms", in the NYT.
%
    Within a month of putting her two-bedroom house in San Francisco on the
market recently, homeowner Linda Gao had five offers, each one above her asking
price of $699,000. So before accepting the most-attractive bid, she threw in an
extra condition: If you want to buy my house, you have to feed the squirrels.
    Two weeks later, she and the buyer hammered out a contract that included
feeding the backyard wildlife, which Ms. Gao has done three times a week for
the past two years. "I don't think it matters if it's a buyer's market or a
seller's market," Ms. Gao says. "Anyone with a good heart would feed them."
    ...
    Indeed, when Susan Butler was negotiating to buy Ms. Gao's San Francisco
property, she was resigned to the feeding schedule. "At that point, I said,
'Yeah, what the hell, I'll feed the squirrels,'" she said. She signed a
contract in April, paying $815,000 -- or $116,000 over the asking price. Will
Ms. Butler actually feed her new furry friends? "Probably not," says the
college administrator. "I don't want to encourage other rodents."
      -- "In a Booming Market, Sellers Can Be Choosers" by Amir Efrati,
         Wall Street Journal
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I was a brand-new investor. I thought I was doing the right thing, but it looks
like I lost everything. My wife is mad at me.
      -- Massoud Balbas, quoted in the LA Times at
         http://www.latimes.com/business/la-fi-
         milehigh19feb19,1,4037969.story?ctrack=1&cset=true
%
I think what may happen -- I don't think you'll see a reduction in [intangible]
value; let's put it that way. Value and price are different things. You
probably won't see a reduction in value, but maybe in prices, meaning you can
pay less but it's worth more.
      -- Realtor Beverly Pindling, quoted in the Orlando Sentinel
%
Having followed this blog a couple weeks now, I think the old saying should be
amended to: "Death, taxes, and Realtors saying *now* is the time to buy."
      -- Poster "ex-Californian" on http://thehousingbubbleblog.com/?p=1031
%
I'm so mad at my neighbor. I bought my new home here in Ashburn last summer and
plan to sell it next year (after holding two years to avoid taxes) to make a
nice return on my investment. The problem is my neighbor is trying to sell his
house (very similar to mine) right now and he keeps lowering his asking price.
Each time he lowers his price, I see my potential profits next year getting
squashed. Doesn't he realize he's hurting the comps for all of his neighbors by
doing this? I don't think he is acting very "neighborly" by doing this. I want
to say something to him and tell him he should stop putting his interests ahead
of his neighbors. It's people like him who are ruining the market for the rest
of us. If he would just refuse to lower his price, we could maintain our comps
and everyone would benefit. What can I do to stop him?
      -- Question during a real estate chat held by the Washington Post.
%
The increase in housing inventory might help push prices higher, said Marilyn
Newell of the Platinum Group Realtors in the Springs and another Realtors
Association board member. A surplus means buyers have more choices and homes on
the market must be well-kept and competitively priced, she said. "Because we
don't have as many buyers," Newell said, "they have the luxury of going with
the home that is in perfect shape.
      -- "June supply of homes highest in 17 years" by Rich Laden, Colorado
         Springs Gazette.
%
Perth couple Brian and Eileen Bowden are among thousands reaping the benefits
of the state's robust economy as they prepare to extract a $100,000 profit on
their home in just six weeks. "The people who we bought this house from made
$100,000 off us, so it's a non-stop cycle," Mr Bowden said.
      -- "West shows way but east trembles" by Anthony Klan and Alana
         Buckley-Carr, The Australian.
%
Available listings as of Aug. 1 totaled 9,555, up 68.9 percent from a year ago.
`That's a big number,' said Portland economist Jerry Johnson.
      -- "Housing boom might be kaput" by Dylan Rivera, _The Oregonian_.
%
"In Jackson [Wyoming], the market doesn't really go down," said (realtor) Linda
Walker. Broker Ryan Olsen agrees. "We are immune to the up and down treads that
plague many real estate markets," he says. "Our real estate market is
essentially quite 'bullet proof'!"
      -- "Un-Real Estate" by Jake Nichols, on _Planet Jackson Hole_.
%
When buying, Miller also likes to strike quickly and he expects the same when
he's selling. "I don't haggle much over the price," he admits. "I don't beat
the owner up over one of the stove elements or something when I'm trying to buy
a property. I'm trying to sell a condominium right now that will make me a
$200,000 gain in 11 months and this buyer is dinking me around 'cause he thinks
the roof might have to be replaced in a couple years. So he's gonna lose a fair
deal there in the Village. Do you think I'm gonna replace the roof? If we were
in a depressed market, maybe, but [I'm thinking] 'next!'"
      -- "Un-Real Estate" by Jake Nichols, on _Planet Jackson Hole_.
%
Developer Cary Glickstein said last week he has canceled The Strand condo in
downtown Delray Beach and returned $15 million in deposits. ... Another factor
that ended the project: Glickstein's buyers were tired of the waiting game. The
final straw was seeing one buyer, "near tears," come into the sales office,
Glickstein said. The buyer had used his daughter's college tuition for his down
payment.
      -- "Complex owners' dilemma: Condos or apartments?" by Alexandra
         Clough, in the _Palm Beach Post_
%
Buyers bonuses [sic], price reduced, chance to win $25,000 - are these signs
that Western Washington is becoming a buyer's market? ... "I would say it is a
buyer's market with a very strong seller's influence," said realtor T.C. Hyatt,
John L. Scott Real Estate.
      -- "Home sales slowed, but outlook still good" by Jane McCarthy,
         KING5 News in Seattle
%
    Mozilo reached out to borrowers as part of a "little experiment" to
understand the reasoning behind making only minimum payments on so-called
pay-option loans, a practice that boosts the total amount due, the 67-year-old
CEO told investors Wednesday in New York.
    "What we're finding out is that they're pretty smart," Mozilo said. "It's
like voters: Individually they're sort of idiots, but collectively they seem to
make the right decisions."
      -- "CEO Makes Call on Pay-Option Loans: It's Risky", from Bloomberg
         News.
%
    Having depleted their savings to pay for this, they've had to seriously cut
back on spending. They went without air conditioning this past summer, despite
sweltering heat and the fact that Judy was eight months pregnant.
    They've also put off fixing the brakes of their second car, which the
mechanic says should be replaced soon. "We don't spend money on anything that
isn't critical," says Judy. "Everything goes toward the mortgages."
      -- "Slow-market crisis: Stuck with two homes", in _Money_
%
    Sara Babylon tried having open houses as a way to sell her Spanish Springs
home for almost three months. But instead of a flood of interest, she barely
had a trickle. `The last open house, not one person came by and I was like OK,
that's it,' said Babylon."
    "So Babylon decided to offer a free 1992 Jeep Wrangler with purchase at
asking price.
      -- "Spanish Springs residents find creative ways to help sell home"
         by Annie Flanzraich, Reno Gazette-Journal
%