Well, this blog got written up in the Marin IJ. You can read the article here. It's a dubious honor at best. At least the article was fairly balanced and my words were not grossly misrepresented. So kudos to the IJ.The reporter who wrote the article had contacted me by email because someone had informed her about my blog. I guess that proves that word-of-mouth works in the blogosphere.
I'm not sure how I should feel about being accused of having "Marin real estate flu" by Jack McLaughlin, Marin's RE cheerleader and counterpart (it seems to me) to David Lereah. I'm not even sure how to interpret that comment but it probably was not meant kindly. Well, I haven't been too nice to realtors either so I deserved it. I will choose to interpret it as in jest. But now I understand why he never responds to my email (LOL!). It's too bad that Jack McLaughlin is missing the point of this blog but then it would not be in his best interest to positively acknowledge it either.
Well, time will tell...
Please let me know what you think (either post a comment or email me). Thanks.
28 comments:
"Clearly, this is a case of someone who has come up with an early case of Marin real estate flu," laughed Marin Association of Realtors President Jack McLaughlin, who was quoted in an Independent Journal article posted on the blog. "We don't have the vaccine for this guy.""
Laughter is classic way for dealing with hardships and pain. I bet knows what is coming for his industry.
My favorite real estate misleading info site is:
http://www.westbayre.com/frame_main.htm
where SP/LP (sale price/listing price) is almost always in the high 90%'s or 100%'s. Of course, if you track any of the listings, you will see that "listing price" is always the final price they have put the house on the market for, i.e., if they have dropped the house $400k on a $1.5 million listing, that doesn't count in SP/LP.
There should be a law against misleading real estate broker info like this.
Anonymous -
So you noticed that too? West Bay Real Estate likes to brag about that SP/LP ratio especially when the overbidding was going on. But it is so meaningless for the reasons you point out -- LP is always the last price it was listed at and so does not reflect any of the price reductions. So it is always going to be about 1.0 (or greater during the bidding wars of past). Another reason for the Marin Pricing History thread.
"Clearly, this is a case of someone who has come up with an early case of Marin real estate flu," laughed Marin Association of Realtors President Jack McLaughlin, who was quoted in an Independent Journal article posted on the blog. "We don't have the vaccine for this guy."
What a prick. He reminds me of Gary Watts. "Rich people only buy here"
I hope these guys subsist on Top Ramen and vienna sausages in their 6000 sq. ft. McMansions.
Unfortunately, they can make fun of everyone else because they are rich. But, not the humble, thankful for all that life has given them rich people. Rather, the ones we love to hate who buy big houses and breast jobs for their wives with commissions, all the while, blocking free market movements by discount brokers willing to sell for less.
Glad to see you're in the paper!
Congrats. I linked to it this morning.
Cole @ The Boy in the Big Housing Bubble
Jack Mc probably doesn't see the irony of his statement - his beloved Marin real estate market is about to catch the flu.
And there is no vaccine for it.
Kudos to the IJ for paying attention to a changing market.
Keep up the great work, Marinite. Your tables, graphs, comments and - not least of all - the "Marin POS" blog are greatly appreciated.
I found the story somewhat dismissive and one sided. Ms Brenner doesn't miss a beat by including a realtor soundbite as retaliatory "expert" commentary. Of course, those quotes don't exactly put McLaughlin in a positive light either. The journalist also completely skirted the issue of affordability--why? These are objective reasons that bear discussion.
Also, the issue of the IJ trying to bust your cover..I'm not sure readers will view that approach favorably. Ms. Brenner, if you read this--take note. There are legitimate reasons for anynomity. I'm not about to publish my identity either.
Sure, there are jabs at your blog, but the irony is they've just raised it several big notches in terms of visibility. It should get interesting in the coming weeks.
Oh, btw--since the journalist did not provide contact info to comment on her story, I'll provide it myself:
Keri Brenner
kbrenner@marinij.com
Also, the issue of the IJ trying to bust your cover...There are legitimate reasons for anynomity
Yes, there are legitimate reasons (and I expressed some of them to her) and I am rather miffed about their trying to "bust my cover" as you say. A wise reporter would not have admitted to trying to do that and especially not at failing at it.
they've just raised it several big notches in terms of visibility
No kidding! My hit rate as of noon today was what it is normally for the whole week! Holy all-eyes-turned-on-you Batman. My Marin PoS blog hit rate as of about 3 PM today was 5x its normal daily rate.
The journalist also completely skirted the issue of affordability--why? These are objective reasons that bear discussion.
THAT, my friend, is the real story which the IJ has yet to do justice to. That and its social consequences.
That whole "Marin flu" comment is rather ironic really or will be. I plan to make good use of it in the future.
Everyone might want to consider writing to Ms. Brenner and tell her what you think. Maybe then the real story will be written in the IJ.
On anonymity:
Here's a whole bunch of reasons to blog anonymously.
VHB
My Husband and I have been trying to buy a house in our native Marin for over three years now and are finally coming to our senses and relocating to Austin, Texas. The housing market is good, job pay is not bad either and the communities are welcoming. And to think we almost bought a house in Novato last August. Of course I use house loosely as it was 630 square feet. It recently sold after over a year on the market for $500k. What is this county coming too!
The Marin IJ has noticed the affordablity issue. They love pushing stories about the need for more affordable housing in Marin. What they really want, however, is more subscribers. Build more affordable housing, get more subscribers. This goes hand-in-hand with the IJ's constant pushing of stories about the need to expand Marin's economic base. What they really want is more commercial development so they can sell more advertising and pick up a few more subscriptions.
BTW, a trend in the dead-tree media is to somehow latch onto the booming readership of blogs in an effort to stem the long-term decline of newspaper readership. My guess is that the IJ's article on the Marin Real Esate Bubble was part of this effort.
good job on getting featured on Marin IJ.
in total agreement in regard to the issue of anonymity. honestly, how would the clients of socalmtgguy feel being featured as another f@cked borrower? same with you and I. This whole thing about getting an army of cyber geeks to try to blow your cover is frankly unethical and unprofessional. I would be filing a complaint against the author if I were you.
keep up the good work.
It's true that the IJ article was dismissive, but I was anticipating worse. The IJ has done more good by increasing this blog's exposure than I could have hoped for. I have been inundated with email from supportive readers (thanks!!!); the sheer volume of "grass roots" support for the message of this blog is way beyond anything that I previously imagined. The amount of pent up frustration and anger among Marin residents is really an eye-opener to me.
This whole thing about getting an army of cyber geeks to try to blow your cover is frankly unethical and unprofessional. I would be filing a complaint against the author if I were you.
I am not so sure that the reporter's attemp to finger my indentity is unethical or unprofessinal (that's what investigative reporters do). However, it is an invasion of my privacy to probe like that after I declined her requests for personal information. Since the reporter told me that the article could not be published without my name or other identifying and verifiable information (to which I declined), the aticle should not have been published and that should have been the end of it. If it goes beyond her abortive attempt, then I will do more than just complain. But for now I will let it go.
Given the amount of grass roots support for this blog, I encourage you all to exercise your Constitutional rights and express yourself by writing letters/email to whoever you think will best have effect. E.g., if you think the reporter "crossed the line", then say so. If you think something is "broken" in Marin and that it should be the focus of an in-depth IJ article, then say so.
I moved to Marin County for 2 years in 2002. The following items are experiences that stuck on my mind. The real pity of Marin is what it has converted itself into, arrogant phonies that are always in a hurry. Here is what greedy landlords and new money do to a county. I realize the posting are about the million dollar homes that are really worth 250,000.00, but this post will let readers that are planning on moving there realize what they get with it….
HOUSING:
The house (900 square feet) we rented for 2750 per month did not include a dishwasher or garage door. Mind you that the garage seemed to be in a 20 degree incline.
We paid to have both of them installed.
ENVIRONMENT:
The landlord prohibited us from using a pesticide company? It was not long before we had ants all over the kitchen.
Thank god for ant repellant spray.
RECYCLING:
There was no recycling bins, and the garbage was picked up from your backyard as the garbage person where instructed to open the gate to your backyard and dump everything onto one large bin.
This is still the method of picking up garbage in Tiburon.
RESPECT FOR THE ELDERLY:
One day I kept the door ajar to the Starbucks entrance since I realized an elderly couple was behind me. Much to my surprise, they tried to cut in line in front of me telling me I was on my phone.
I was actually checking my received call numbers and never put the phone to my ear.
PARKS:
Took my kids to the park in Corte Madera and was surprised that a brand new park was closed off due to a pending lawsuit because a girl broke her ankle playing. The park was equipped with the soft mats that would probably soften the landing of an egg if dropped on the ground from 5 feet.
Her dad (a lawyer) was suing the city. This is the typical Marin arrogance.
DUMB & RIGHTEOUS:
One day I noticed a convertible Rolls Royce parked with ½ a dozen elderly people sticking signs in the car? The next day I realized it was a bunch of elderly people protesting the war.
I never thought of Marin as a Republican base where these types of protest would be effective?
MOMS ?:
A high percentage of Marin County children are being raised my nannies. The mothers are out shopping and exercising trying to keep up with the Jones.
SOCCER MOMS are now JONES MOMS.
TRAFFIC:
If you live anywhere north of Tiburon, plan on spending an extra hour each way
We need to sound the alarms! This is huge problem.
Yes, this is absolutely a huge problem. It is at the core of what I find most troubling about this bubble. When things get this out of whack, it is a huge problem.
The only way that there is going to be so much as a prayer of doing something about it is if people in local communities stand up, exercise their Constitutional rights, and make some noise.
"I moved to Marin County for 2 years in 2002. The following items are experiences that stuck on my mind.... "
Very entertaining.
I don't live in Marin presently, though at one time I did. I think the "Respect For The Elderly" bit is an experience I've had myself.
If you're a traditional male, it's also hard to miss the "Jones Moms" phenomena, especially at the gym.
If you're a traditional male, it's also hard to miss the "Jones Moms" phenomena, especially at the gym.
Yeah, no kidding! Every morning, I see this demographic rowing by my home in their color-coordinated outfits and sculls.
This was sent to me by a reader. I am quoting with permission. I totally sympathise with it and have personally witnessed more instances of what is described in the quote than I think anywhere else that I have lived. I think the character of Marin has changed and that it is due in no small measure to the rampant rise in the cost of living and the resultant increase in the 'haves vs. have nots'. Just my opinion.:
"We moved back to Marin in 2003 on a job transfer (and a hopeless dream) renting a 2/1 POS in Tiburon (for the best elementary school). The Marin I remember is gone. In the past, it was unthinkable to pass a total stranger in downtown Mill Valley without smiling or saying hello. During the recent year we lived in Tiburon I was shocked to find a county of the rudest, most inconsiderate, demanding, spoiled, self-absorbed, vain people I have yet to find anywhere (and I have lived in many cities). I witnessed many instances of unbelievable employee abuse at the grocery store, hardware store, etc. by heartless, self-important, customers."
find a county of the rudest, most inconsiderate, demanding, spoiled, self-absorbed, vain people I have yet to find anywhere
Personally, I've found this true for the SF Bay in general, particularly areas populated by the status-seeking. The local tone has definitely changed, as more people came here with aspirations for wealth bring unhealthy attitudes with them.
However, there are many good people around. And, if the local economies suffer to an exodus of business, it may take the money grubbers with them. Let's hope so.
Has anyone else tapped into our 15% afforability index as a state? And does this information seem to matter to anyone. Because it should. No one even seems to care...just a bunch of stewing frogs...Great Site!
Karen,
I understand your point. But it's not regulation we need rather a decrease of human population. Face it. We built this system
( capitalism ) and we have to live with the good and the bad of it. This place would turn to trash if it wasn't for appreciation in the RE market.
~caddis
Karen,
( I'm thinking generally on this ) But I think that our environment in the northbay is more sophistcated, educated and has a greater pride of ownership than some areas in ours and our state and country. I own a few homes, some are really nice and one sucks. Well the one that sucks is in Vallejo and in a run down neighborhood. It hasn't appreciated as well as my others. I think, it's because the tennants can barley afford to live there. They spend too much time working their four jobs ( 2 parents ) to keep up with their kids needs, the house needs and to take pride in where they live.
~caddis
One of the unfortunate side effects of this exodus is that we are unintentionally infecting other parts of the country. When we come in with our huge re profits, we push up values in otherwise affordable communities.
Karen, I'm basically siding with your assessment of the situation, and I agree it's a complex problem. I see this partly due to current social/business mores, lack of govt. oversight, and of course the current speculative climate in RE. If we're due for a correction in RE, and possible economic downturn, that might also lead many people into saner lifestyles as well.
Karen,
I see your point. My point was that regulating values would go against our ability as capatilists to grow. We want it. Now, as an investor, I look to where these people are going and buy there. Then when it looks good over here again, I'll buy here again. Cattle herding.
I have lived in Marin for nearly 6 years as a renter, seeing the boom and bust of the rental market and the slow slide now of the housing market. To me, to over simplify, this goes back to supply and demand, and that demand not being based on sound economic principals and fueled by very loose lending standards. People will get bit. Happens all the time in different markets.
On the talk about narcissism. Marin for the last 20 years really has made the slow change to this. My wife doesn't want to live in Marin for several reasons, primarily of course the rip-off pricing of homes, and the attitudes of it's occupants. In Mill Valley, I have never been in a "small" community of apparently wealthy educated people who are so insecure and rude to each other and strangers, saying this I grew up in another small wealthy community in the east bay.
Some people are outright weirded out when I smile at them or hold a door at the grocery store. The kids are seriously deluded due to their economic isolation. It's not where we want to plant our roots.
In Mill Valley, I have never been in a "small" community of apparently wealthy educated people who are so insecure and rude to each other and strangers
Seems a lot is said about Mill Valley's attitude, and perhaps it's true. I've also met a few who seem to need public validation, of whatever success they've made for themselves. One client in that town, who considers herself a local celebrity, threatened to "ruin" me over a rather a small disagreement. Sigh. I encounter these cold, verticaly-oriented personality types more often in towns like MV, Tiburon, Ross etc. Outside of a few social anomalies, I still find wonderful people, such as my neighbors.
I guess my point is--it's up to everyone to make their community; you can either build or destroy. Your return is equal to your investment in others.
Obvious, I suppose.
BTW, marinite, we've taken this discussion away from it's original intent. Sorry. Perhaps it's a topic for a new post?
I've thought about a new post. But I don't want people to feel like they have to restate what they've already said. So just keep going on as you are until the thread stops on its own.
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