I have emptied my Reservoir of Schadenfreude. How about you? Are you over it?
Asking Price: $1,069,000
Suckers walk, money talks!
But it can’t touch my three lock box!
Uh! Oh, yeah!
Mysteries of the days of old.
You find the key, you got the gold.
Three Lock Box — Sammy Hagar
I had lunch with a friend yesterday who is not a fan of 3-car garages — can’t touch my three lock box! Perhaps we should ask our guest on Monday if the Irvine Company will be creating more product with 3-car garages (we don’t want them). I don’t believe there are any in the communities of the 00s. Today’s featured property may become rare and valuable….
The Great Housing Bubble made me angry (see The Reservoir of Schadenfreude). It drove me to write for this blog for 2 1/2 years and put together a
book. Anger can be very motivating, but over the long term, it eats
away at me, so I am letting it go.
In our collective unconscious which
manifests in our dreams and our mythology, water is often symbolic of
our emotions or our emotional state. Have you noticed people are often
categorized as deep or shallow? If you are in debt you often feel
Anger is much like water: if not given an outlet, it will fill a
reservoir until it reaches a breaking point and is expressed in a flood
of emotional rage. Each encounter with a pathologic, kool-aid
drinking housing bull over the last few years has added to this
reservoir, and reveling in failed flips is an outlet for this pool of
toxic emotional waste.
There is an element of tragedy in every disaster, but financial
bubbles are some of the most interesting because they are completely
man made. They are created by the individual decisions of buyers who
are motivated by greed, foolish pride, and a false sense of security.
Each of these people should have known better. Many of them were warned
of their impending doom and chose to go down the path to the Dark Side.
My reservoir is empty.
I am over it.
Well, I may not be totally over it, but I am ready to move on.
The social media is a fascinating phenomenon. Traditional media outlets are being displaced, and citizen journalists and analysts are stepping into this void and providing real content. Have you been over to Calculated Risk lately? It is amazing the quality of the posts and the speed at which he produces them — and he is unpaid; he is doing it for the joy of the activity. How cool is that?
This blog reaches thousands of people each day. I am a citizen journalist. When we all look back on this era, the bubble blog community captured the Zeitgeist of the Great Housing Bubble. The archives of blogs like this one and Housing Panic encapsulate the Age. Keith walked away from Housing Panic and started a new blog. I am not that radical.
Many people come here for the analysis and information, and I hope I make it fun. 🙂 (we have to cut back on the schadenfreude) 🙁 I like to write about the local real estate market, and you like to read it, so I will carry on. I don’t know what changes you will see, but I have to be who I am.
My new goal when I talk about a property is to be accurate. If I have the time, I may do more in-depth analysis on properties like this one: (IHB Opinion_of_Value_14802_Devonshire_Ave_Tustin,_CA_92780.pdf) I will purchase better data to create better analysis posts. I will stay in Irvine on profiles during the week and make sure the IHB will always be the Irvine Housing Blog.
One of the pleasures of the blog are those moments when I can express myself on a personal level. The social media make that a part of the program. We shared this unique cultural event — the Great Housing Bubble and the ensuing recession — the emotions are part of the cultural experience. Back in December 2007, I put it this way in Balance:
In many ways blogs are uniquely personal things. The personalities
of the contributors and commenters shapes the conversation and gives
the blog a personality all its own. The Irvine Housing Blog is a
community — a community of like-minded individuals (and recovering
kool-aid addicts) who have come together to make sense of the very
unusual events we have witnessed in our housing market.
Discussing and expressing the emotional side of the bubble is part
of my mission as a blogger. I know I am not the only one with a Reservoir of Schadenfreude. I must confess that I enjoy going over to Housing Panic and reading the unbridled emotional release you find there. I couldn’t
maintain the level of intensity Keith does and stay sane, but there are
times when letting loose is appropriate, and Housing Panic is a place
to do it.
…. I do not want to ignore my emotions nor do I want to
discard my intellect. More of one side or the other may come out during
any given day, but over the course of time, I hope I achieve a balance
in my posts just as I hope to achieve a balance in my life.
Life is about balance; it is about being aware of your intellectual
and emotional intelligences and being able to manage both. During a
financial mania people allow their emotions to override their
intellect, and the results are not pretty. It is only through the
interplay of the intellect and the emotions that we can gain a deeper
understanding of what really happened in the Great Housing Bubble.
I am over it. It is time to rebalance.
Asking Price: $1,069,000
Income Requirement: $267,250
Downpayment Needed: $213,800
Purchase Price: $380,000
Purchase Date: 11/26/1996
|Property Type:||Single Family Residence|
|View:||Park or Green Belt, Pool|
|On Redfin:||3 days|
3-car garage. Fresh 2-toned painting, scraped ceilings. New
floorings-upgraded carpet and laminated wood. New vertical blinds.
Above-ground spa in backyard w/new cover. Downstairs master BR
w/remodeled master bath. new granite kitchen counter-top, stainless
steel sink w/GE range and dishwasher. Bonus/game room has a pool table
and antique light fixture. Brand new water heater w/earthquake straps
in garage. Overlooking community park and pool. Many upgrads, a
You know the housing bubble has not deflated yet when you still see homes sporting 300% gains in 13 years. A house should double in twenty not triple in thirteen. There is still a long way to go.
I am not sure how to close on a Friday now. The old catchphrase doesn’t feel right anymore.
I don’t know if this will become a tradition, but I will share an experience I had recently that sent me a message.
I was driving down to Laguna Beach last Sunday morning to meet a friend, have a cup of coffee and talk about life. On the way there, I passed a group of bikes clustered together in a tight pack. As I drove past, I could see one bike in the distance breaking away from the pack and peddling hard. I found myself asking, “Who was that guy?” Then, the more I reflected on it, I realized that I wanted to be that guy.
The message? Be your best and lead the way.