It's been quiet. Too quiet.I found this somewhere, I can't remember where. It's an animated display of the growing unemployment rate by county. It comes from the U.S. Department of Labor (so you know the real unemployment rates are much higher than what's shown below). [The graphic to the left shows the final slide.]
Look at little 'ol Marin in the map. It almost seems to try and hold off the waves of unemployment crashing against its borders, but in the end it succumbs. It ends up in the 7.0 - 9.9% unemployment range along with Sonoma County and all the other "we're immune, we're special" places.
I wonder what it could mean?
Then there are the reports (like this one, for example) of how the pricing in"luxury" markets is now getting pummeled whereas the "plebeian" markets, after having been oppressed, are benefiting somewhat from desperate attempts to prop them up with bailout and stimulus money provided by you and me, Mr. and Mrs. Tax-payer (so you just go ahead, pat yourself on the back).
And then there is the Marin IJ (so it must be worse than reported) pointing out that while the cheaper areas in the Bay Area are rising a little in price thanks to the bailouts and stimuli, Marin prices are still going down, over -12%, and are likely to get a whole lot worse.
And oh my but how many formerly for-sale houses are now for-lease or for-rent, at least here in Mill Valley! I guess all the Marin "FBs" are asking potential buyers for a personal bail-out while they wait for a return to a "normal" housing bubble.
Dec. 24 Update: Oh, and I forgot to mention that this POS in Mill Valley, the one accross the screet from the 7-11, is back on the market. I guess the "let's rent it" thing didn't work out so well for them. 'Such a shame, really; who could have known?' Anyway, I first noticed this POS back in December of 2005. So this place has been trying to sell for over four years or more than 1460 days at more or less the same asking price. More on the history of the posting on this POS can be found here.Have a merry Christmas Marin!
4 comments:
By the way, starting with the previous post ("Don't Cry Little Debt Baby") I have "comment moderation" turned ON for any comment made eight or more days after the post is published.
This is so that I don't have to go back through old posts and delete all the comments left by scammers who want you to buy real estate in some hot and sweaty part of the world.
It also means if you want to see your comment appear immediately (and not whenever I get my lazy arse into gear and check comments needing moderation), then you need to say your piece within the first week after the post is published.
Sorry about how little I post these days (there will be more as the Alt-A tsunami crashes down and the stimulus money fades).
Happy New Year Marinite!
After seeing what has happened with both your posts and the discussion forums, I'm glad to see you're doing something about it. If I want to buy timeshares in Kerala, then why would I go to a site about Marin County?
I miss the POS site. I wondered what would happen to the Mill Valley POS; thanks for the update. I don't live in Northern CA anymore, so I can't see for myself.
Do you think the relative scarcity of housing is going to moderate the extent of losses in Marin, or are they going to be the "big finale" of this housing bust: bigger, badder losses that occur after the inland areas begin to even out?
Marinite,
This is regarding the house on Shoreline Hwy.
$429K is a lot less than the $599K it was asking (or the initial price of $745K, per your initial posting), but that's still over $600 per square foot for a cottage on a steep hillside that faces a busy road and a convenience store. Link to listing is below.
Tom
http://tinyurl.com/yc3s6f9
Here's an update on the Shoreline Hwy. house.They didn't wait too long to reduce it to $395K.
$20K more to fall and it will be 50% off the original asking (wishing) price.
http://www.realtor.com/realestateandhomes-detail/368-Shoreline-Hwy_Mill-Valley_CA_94941_1114566937
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