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Thursday, March 24, 2011

Boom Memories of the Boom

Posted by Charles Mudede on Thu, Mar 24, 2011 at 11:57 AM

Near 17th and Fir...

Not exactly sure who made these fins (the signature on each one, Mt Octopus, point to this guy), but considering the actual state of the real estate market, a market that has been in a slump for three years (and will remain this way for years to come), those sharks should be heading in the opposite direction.

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17th and fir is a crappy zone brotha!--I know this 'cos i live 1 corner away. There's some great things going on in the hood but the market over here will always stink, for example, you may have a nice house over here but it will be adjacent to at least 2 dumpy houses with major problems. Buying in an established neighborhood is probably the only way to go at this time, if you can afford it! i don't regreat buying a rehab over here 6 years ago but damn, I thoguht by now the people who don't give a damn about their neighborhood or their house would have cashed in and moved to burien at this point. Sure wish they would.

Posted by the Radio One on March 24, 2011 at 12:32 PM

Is it a slump, or a return to the actual cost of those homes?

Posted by svensken on March 24, 2011 at 12:40 PM

Normalcy compared to a boom can look like a slump, but it really isn't. If you need a place to live you need a place to live. Beyond that the rest of it is just gambling.

Posted by SPG on March 24, 2011 at 12:50 PM

I would like to commission him to make me some yardsharks. Or, go to 17th & Fir and steal some yardsharks.

Posted by Luckier on March 24, 2011 at 12:56 PM

A lot of the national housing price downturn is just a return to normality.

Houses should never cost more than somewhere between 1 and 3 years salary.

Breaking the back of speculators is ... good.

Posted by Will in Seattle

on March 24, 2011 at 1:22 PM

@2, 3 and 5 - exactly! I heard on KUOW this a.m. a business man say: "there is growth, but it's not a boom." Well my memory may not be all it once was, but didn't we just learn a few years ago that BOOMS INEVITABLY BUST? I think we need a whole new slate of business and economic leaders who understand that reasonable, sustainable rates of growth are better than a boom/bust cycle. And the media ought to help us celebrate that. Charles?

Posted by ScreenName on March 24, 2011 at 2:18 PM

@2 - I think it's both. The market is very slow, which has brought prices down to what they had previously been before the last boom.

Those yard sharks are very awesome, and a brilliant, if totally obvious, metaphor for my recent recent experiences.

Posted by Dougsf on March 24, 2011 at 2:47 PM