Weekend Open Thread

Weekend Open Thread

Since we are getting so many comments lately, and since our update posts recycle these comments, it has been suggested we create an open thread for weekend discussion. Here you go.

This is what people are referring to when they say prices revert to the mean. You can clearly see the bubble of the late 80s and the price deflation that followed. You can also get a sense of the magnitude of our current bubble.

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Just for fun today, I want to share a couple of items with your today. First is an email I was forwarded by a reader. It shows the desperation of realtors to find knife catchers, and their arguments are completely refuted by the chart above…

This was an interesting blog I found that I wanted to share with you……………

Here is what the thought is of todya’s buyers market…

There will always be a stand off between buyers & sellers, in a buyers market. Sellers eventually give up some in but not nearly as much as ALL of the buyers sitting on the fence would like. This explains why the slowdown of RE in the early 80’s prices NEVER reverted to the 70’s levels. Then the next RE slowdown occurred in the 90’s and once again prices never did return to the 80’s levels. And in the current slowdown in prices, if histroy repets itself, should NEVER drop back to their 1990’s levels

In the end it is being said that the market will bottom out in 2008 & interest rates will drop to historical lows. (we are almost there now!) 2008 will prove to be the BEST time to buy. BUT, very few buyers will have the COURAGE to take the plunge until they know for a fact the bottomed out! UNFORTUNATELY, nobody rings the bell at the bottom, instead buyers must wait for wait for signs that the market has officially improved,when all the buyers get off the and buy. The conditions will not be prime at that point. It goes on to say that the prime time to buy will be in 2008, with many choices, GREAT opportunities, pressure on prices the absolute best interest rates and the knowledge that in time , the market will hit higher highs again, than those of 2006.

Your Realtor who put your name in the “Home Buyers Scouting Report” can help guide you to create wealth in this market for the long term! Using this system to shop and tracking those properties in your notebook that you like will give you knowledge to have them negotiate the best deal possible.

Have an Amazing and profitable 2008!

Indy Mac Bank & the Home Team Phil, Ron,& Steve are here for you as well!

The Home Team Office Phone: 562 988-1774 Fax: 866 451-9550 Steve x226: Phil x273 Ron x221: Email Indymac Bank View my Video message

I debated to myself whether or not to include the links and the pictures above. Is this free advertising for them, or is it over-the-top public humiliation? I will leave that judgment to all of you.

How do you like the varied use of fonts, font sizes, bold face and random CAPS LOCK?

It does get worse though, below is quite possibly the worst description in the MLS:

Price: $1,656,888

105 CAPEBERRY

Irvine, CA 92603

Beds:	4
Baths:	4.5
Sq. Ft.:	3,150
$/Sq. Ft.:	$526
Lot Size:	6,800 sq. ft.
Type:	Single Family Residence
Style:	Contemporary/Modern
Year Built:	2004
Stories:	Two Levels
View(s):	City Lights
Area:	Quail Hill
County:	Orange
MLS#:	S515386
Status:	Active
On Redfin:	26 days

* * LARGE LOT ON VIEW SIDE IN QUIL HILL OF CHANTILLTY TRACT. * * 4BED, 4.5BATH, EACH BEDROOM WITH BATH, * * HUGE FAMILY ROOM WITH /FIRE PLACE, * * FORMAL DINING ROOM WITH SIDE YARD. * * KITCHEN COUNTER TOP IS GRANITE. * * STAINLESS STEEL APPLANCES, DOUBLE OVEN, * * BUILD-IN STAINLESS REFRIGERATOR, * * GRANITE TILE FLOOR IN ENTRANCE AREA, HALLWAY, KITCHEN & ALL BATHROOM. * * MASTER BATH ROOM OF SINK COUNTER TOP IS BUTIFULLY GRANITE, MASTER BEDROOM WITH BALOCONY TO LOOK PANORAMIC VIEW, * * LAUNTRY ROOM IN 2ND FLOOR WITH MATAG WASHER & DRYER. * * HUGE BACK YARD WITH A BIG SIZE OF BUILD-IN BBQ, 3 PATIOES AND A WATER FALL. * * ALARM SYSTEM. * * NEXT TO CUL-DE-SAC. * * COUMMUNITY POOL, TENNIS COURT, CLUB HOUSE. * * CLOSE TO PARK, SCHOOL, SHAPPING PLAZA, FREE WAY.

How many errors can you count?

Should auld acquaintance be forgot,

And never brought to mind?

Should auld acquaintance be forgot,

And auld lang syne?

CHORUS:

For auld lang syne, my dear,

For auld lang syne,

We’ll tak a cup of kindness yet,

For auld lang syne!

And surely ye’ll be your pint-stowp,

And surely I’ll be mine,

And we’ll tak a cup o kindness yet,

For auld lang syne!

We twa hae run about the braes,

And pou’d the gowans fine,

But we’ve wander’d monie a weary fit,

Sin auld lang syne.

We twa hae paidl’d in the burn

Frae morning sun till dine,

But seas between us braid hae roar’d

Sin auld lang syne.

And there’s a hand my trusty fiere,

And gie’s a hand o thine,

And we’ll tak a right guid-willie waught,

For auld lang syne

Meanings

auld lang syne – times gone by

be – pay for

braes – hills

braid – broad

burn – stream

dine – dinner time

fiere – friend

fit – foot

gowans – daisies

guid-willie waught – goodwill drink

monie – many

morning sun – noon

paidl’t – paddled

pint-stowp – pint tankard

pou’d – pulled

twa – two

Auld Lang Syne — Robert Burns (1759–1796)

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2007 has come and gone. This would probably be a great time to do a post on the events and changes we have witnessed over the last year, but with family still visiting, I do not have the time.

We have seen many new visitors this year, many of which may not know where Irvine is or what it looks like. I found these images on Google to help orient everyone on Irvine’s place in the world.

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I hope you all are having a great holiday weekend, and I wish you a happy new year.

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Met my old lover in the grocery store

The snow was falling christmas eve

I stole behind her in the frozen foods

And I touched her on the sleeve

She didnt recognize the face at first

But then her eyes flew open wide

She went to hug me and she spilled her purse

And we laughed until we cried.

We took her groceries to the checkout stand

The food was totalled up and bagged

We stood there lost in our embarrassment

As the conversation dragged.

We went to have ourselves a drink or two

But couldnt find an open bar

We bought a six-pack at the liquor store

And we drank it in her car.

We drank a toast to innocence

We drank a toast to now

And tried to reach beyond the emptiness

But neither one knew how.

She said shed married her an architect

Who kept her warm and safe and dry

She would have liked to say she loved the man

But she didnt like to lie.

I said the years had been a friend to her

And that her eyes were still as blue

But in those eyes I wasnt sure if I saw

Doubt or gratitude.

She said she saw me in the record stores

And that I must be doing well

I said the audience was heavenly

But the traveling was hell.

We drank a toast to innocence

We drank a toast to now

And tried to reach beyond the emptiness

But neither one knew how.

We drank a toast to innocence

We drank a toast to time

Reliving in our eloquence

Another auld lang syne…

The beer was empty and our tongues were tired

And running out of things to say

She gave a kiss to me as I got out

And I watched her drive away.

Just for a moment I was back at school

And felt that old familiar pain

And as I turned to make my way back home

The snow turned into rain —

Same Old Lang Syne — Dan Fogelberg

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ZIP Median Change Sales Change

92602 $662,000 -23.9% 8 -78.4%

92603 $760,000 -29.3% 22 -31.3%

92604 $630,000 5.9% 11 -31.3%

92606 $867,500 19.7% 11 -56.0%

92612 $397,500 -34.3% 18 -14.3%

92614 $650,000 8.3% 8 -63.6%

92618 $742,000 11.9% 21 23.5%

92620 $892,250 24.8% 20 -66.7%

This is the first median I have seen reported under $400K (92612). It is also the first time I have noticed any zip codes with less than 10 sales in a month (92602 & 92614).