Friday, January 09, 2009

Just In Case You Were Wondering

I was out in west Marin the other day and drove past the boat-garage-pretending-to-be-a-desirable-Marin-abode. It's still for sale. I last blogged it in a post entitled Waiting for Mr. Market to Catch Up to Their Marin Wishing Prices. Apparently, the sellers are still waiting for a Mr. Right buyer to come along "with a bucket of money and a box of stupid".

I first blogged this POS back in November, 2005. So that makes its real DOM something in the neighborhood of 1130 days (give or take). They are currently asking the bubblicious, staggering price of $525K for this 1br, 1ba, 543 ft^2 boat garage (but to put things in to their proper context, $795K was the highest, delusional listing price I've seen for this POS). Three cheers for Marin seller obstinacy, wishful thinking, and denial!


Blogger HHB said...

What is the address? I'd like to look this up on Redfin.

Jan 9, 2009, 2:40:00 PM  
Blogger Chuck Ponzi said...

Is this it?

Chuck Ponzi

Jan 9, 2009, 3:23:00 PM  
Blogger Chuck Ponzi said...

OK, yea, 10 more seconds and I had it:

12750 Sir Francis Drake Blvd.

What a name. Got it from Movoto:

Chuck's Vacation Spot


Jan 9, 2009, 3:28:00 PM  
Blogger Matthew said...

The massive unemployment problem will begin to recover after housing prices have bottomed. Sorry Fed, Congress, Wall Street, President Bush, President Elect Obama, Detroit, UAW and anyone else who's got dog in this fight... that's a fact..

It was well understood by all, especially those in the Fed and Wall Street, that housing and real estate was at the center and pricipal engine of this economy for years. Science, technology and manufacturing was a mere side-show compared to housing and real estate. So, this is what you are left with.... deal with it...

You want to get people working again. Save your $1.2T stimulus package Barack and remove all the BS in place trying to keep housing prices afloat. Let housing crash and crash hard as it took incredible greed, fraud and incompetence to let it get out of hand. After it's done crashing and correcting, then take your $1.2trillion or whatever and invest in technology and green industries.. You'll get a much, much better bang for your buck and arrive at your desired end result much sooner. Along the way, re-write some policies dealing with housing to keep it in it's bottle once and for all. The only one who'll get hurt in this mess are the pigs on Wall Street and others in the greed/fraud infested RE industry.

The FB's who scammed or bought into this BS will only have to deal with damaged credit reports when it's all over. Who really cares .. it will be over in 12-18 months.. save your money and invest then..

Jan 10, 2009, 8:14:00 AM  
Blogger marine_explorer said...

I remember seeing that "garage turned home" out west. I still get a chuckle thinking about that one...beyond belief.

It was well understood by all, especially those in the Fed and Wall Street, that housing and real estate was at the center and principal engine of this economy for years.

Yes, to a degree--but as credit was being hyper-leveraged, housing became a casualty vs. an actual cause. Without proper oversight, I suspect we'll see rolling bubbles in various markets because nearly everyone thinks short-term profit motive vs. sound strategy. Is it really any wonder why the banks don't want to divulge their use of bailout funds? If they spend the next year trying to restart the "consumer economy," it will be wasted time/money. Of course they'll do it, that's the only business model they know...

Jan 11, 2009, 6:26:00 PM  
Blogger Holland said...

A good article by Thomas Friedman was published on New York Times last weekend. He argued that the economic stimulus should be spent wisely and smartly. Here is some of his quote:

"You see, even before the current financial crisis, we were already in a deep competitive hole — a long period in which too many people were making money from money, or money from flipping houses or hamburgers, and too few people were making money by making new stuff, with hard-earned science, math, biology and engineering skills."

Jan 11, 2009, 11:01:00 PM  
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