Comments On: Why Pay More? by Dominic Holden

Re: Why Pay More?

oneway — Mon, 15 Dec 2008 19:06:32 -0800

Shocking! Somebody held an auction -- and an AUCTION broke out!

As for those victimized "winners", wonder what the folks down the hall who paid full price at the top of the market think?

Save it. These people got very good deals. Across the board.
Posted by oneway

Re: Why Pay More?

JCoMarketing&Design — Mon, 15 Dec 2008 17:02:17 -0800

Personally, I have been to a KW auction - a few in fact and although the bidders CAN get caught up in the frills of bidding the same can be said for those bidding at Christy's and/or an oriental rug auction or estate sale. If someone wants it bad enough (for whatever reason - write off, rental, first-time homebuyer or empty nester) what is the point in demeaning their buying potential. How many times have you gone to the grocery store saying I will not spend more than $100 or to Costco or other similar warehouse store with the same mantra? I see no difference. Also, I believe KW does a very classy job at their auctions. And from experience, MOST people RSVP, but people can show up and do register the same day - guess what... it happens. Stand, it won't kill you. Getting in early will help you get a seat, hence the reason for showing up early - get a good seat, sit up front, get noticed. Just my opinion of course, you have yours. Personally, I think they provide a value service to those who are looking. As a first-time buyer - I praise KW for the efforts and hope they continue for years to come.
Posted by JCoMarketing&Design

Re: Why Pay More?

happy renter — Mon, 15 Dec 2008 16:07:27 -0800

i feel kinda bad for the auction 'winners'
Posted by happy renter

Re: Why Pay More?

Gitai — Mon, 15 Dec 2008 15:33:06 -0800

Auctions seem to bring out a strange compulsion to overspend in people. Check out the Wiki article on dollar auctions for not only how people are economically irrational, but also susceptible to pressure in auctions to win, despite the increasing cost.
Posted by Gitai

Re: Why Pay More?

Quite Spunky — Mon, 15 Dec 2008 15:02:11 -0800

Not only did they nail a sign to a tree-- I saw an apparently homeless 'sign twirler' jumping and dancing around with a sign on Olive Way! I look forward to seeing more and more of these as the overpriced housing market implodes.
Posted by Quite Spunky

Re: Why Pay More?

Hey Wait — Mon, 15 Dec 2008 14:36:09 -0800

I forgot to add: "According to the Notice of Trustee's Sale and a document related to it, a limited liability company associated with Intracorp is in default on a $22.51 million condo construction loan from KeyBank dated Jan. 19, 2006. The LLC failed to pay nearly $20.56 million in principal and interest, which was due at the maturity of the loan on July 19, according to the Trustee's Sale notice."

Like I said, this is a $zillion failure!!
Posted by Hey Wait

Re: Why Pay More?

Hey Wait — Mon, 15 Dec 2008 14:34:29 -0800

Two points:

1. Dominic, you should look into the auctioning of the Domaine Condo project ($zillions) on the courthouse steps. That would be interesting to hear about. From the DJC:

"KeyBank has scheduled a trustee's sale on the recently completed 91-unit Domaine condo project in the Lake Union area because the owner, a limited liability company of Intracorp Seattle, is in default on a construction loan for the project."

"Domaine will be offered for public auction to the highest bidder on Feb. 6, 2009, at 9:30 a.m. at the King County Administration Building in Seattle, according to the Notice of Trustee's Sale filed with the county Recorder's Office."

2. Those fucking bastards also nailed a sign to a tree along Olive Way. Is this illegal? Who can we complain to? :(
Posted by Hey Wait

Re: Why Pay More?

Brendan — Mon, 15 Dec 2008 13:40:33 -0800

Excellent post. Thank you.
Posted by Brendan

Re: Why Pay More?

Will in Seattle — Mon, 15 Dec 2008 12:41:47 -0800

You know, for $300,000, you could buy ... 6000 SLOG Calendars from Strangercrombie.

Think about it ...
Posted by Will in Seattle

Re: Why Pay More?

Trevor — Mon, 15 Dec 2008 12:38:58 -0800

Would love a story on low and moderate income renters, not just condo buyers and homeowners. Maybe an update on the status of section 8 as we're on the verge of a depression? On the people who still pay less than 50 percent median for unsubsidized rentals with a chart of their shrinking access to Seattle neighborhoods over the last decade. On the UW students who live at home because they can't afford the group houses that students once rented. On all the artists who went to Portland. And on anyone in city politics who actually has a plan for how to address this issue.
Posted by Trevor

Re: Why Pay More?

elswinger — Mon, 15 Dec 2008 12:19:54 -0800

Cattle auctions are a blast (I went to one as a kid) and the Barret-Jackson auctions on the Speed Network are fascinating to watch.

I think you should go to a foreclosure auction or s police seizure auction and report back. Those kind of auctions sound interesting too.
Posted by elswinger

Re: Why Pay More?

Reverse Polarity — Mon, 15 Dec 2008 12:08:05 -0800

Dominic, an amusing read. But have you never seen a high end auction before? This is completely Standard Operating Procedure for such events. And yes, it is amusing to watch if you are not caught up in the hype.
Posted by Reverse Polarity

Re: Why Pay More?

jackseattle — Mon, 15 Dec 2008 12:04:54 -0800

Most residential real estate in Sydney (the one down under) is sold this way. A sign goes up in front of the house giving the time and date of the auction. This real estate auction phenomena is quite good at finding out where the market price for any property actually is. The key is getting the property in front of a large pool of willing and ready buyers. This auction outfit sounds like it has a high yech factor, but the auction concept works for buyers and sellers.
Posted by jackseattle

Re: Why Pay More?

F BOY — Mon, 15 Dec 2008 12:03:03 -0800

AUCTION VIRGINS - GO TO A GOOD CATTLE AUCTION IN REAL CATTLE COUNTRY - THIS HOUSE SELLING SHIT IS NOTHING

IN REAL TERMS, SOME OF THOSE AUCTION CONDOS WERE WELL BELOW MARKET AND FOR THE BUYERS, A DECENT DEAL

SIGNED, FARM BOY WHO HATES TO RENT
Posted by F BOY

Re: Why Pay More?

tiktok — Mon, 15 Dec 2008 11:57:19 -0800

"What will folks this smart do when the value drops below what they've just gotten a mortgage for on their self-evidently unsellable unit?"

I'd suggest holding an auction!
Posted by tiktok

Re: Why Pay More?

tomasyalba — Mon, 15 Dec 2008 11:52:57 -0800

Tough room this morning. Srsly, thanks for fleshing out the earlier post on this auction.

Is it safe to say it doesn't speak well for the prudence of auction buyers that none you spoke to stuck to their budgets? That they were swayed by the hype in the room to revise their fundamental opinion of the units' value? What will folks this smart do when the value drops below what they've just gotten a mortgage for on their self-evidently unsellable unit?
Posted by tomasyalba

Re: Why Pay More?

lily — Mon, 15 Dec 2008 11:46:18 -0800

Thank you, Dominic. <3
Posted by lily

Re: Why Pay More?

elenchos — Mon, 15 Dec 2008 11:42:52 -0800

Strangercrombie could use some of those puppy faced kneeling men with the locked comb hair product or whatever that is.
Posted by elenchos

Re: Why Pay More?

jerkface — Mon, 15 Dec 2008 11:37:01 -0800

"If you stop bidding, a floor man will kneel before you with the gaze of a puppy dog that is needs a walk."

What the hell does this sentence mean?
Posted by jerkface

Re: Why Pay More?

tomasyalba — Mon, 15 Dec 2008 11:35:01 -0800

That's better - now I can tell the floor men's necks were bound to each other by the tied ropes of their stiff combed hair. Do you have video?
Posted by tomasyalba

Re: Why Pay More?

Dominic Holden — Mon, 15 Dec 2008 11:26:59 -0800

@ 1 & 2) Okay, okay. Jesus. I have rewritten it for your reading pleasure.
Posted by Dominic Holden

Re: Why Pay More?

whiny morrissey — Mon, 15 Dec 2008 11:24:33 -0800

What about the nape of MY neck?
Posted by whiny morrissey

Re: Why Pay More?

lily — Mon, 15 Dec 2008 11:24:05 -0800

@1, ditto. Also, why is that most random phrase bolded?
Posted by lily

Re: Why Pay More?

Fnarf — Mon, 15 Dec 2008 11:16:45 -0800

I'm having a little trouble parsing "comb lines lock by the nape of their necks".
Posted by Fnarf