Monday, March 30, 2009

Prescient... Not

-Las Vegas Life, March 2005.

I was cleaning out the garage and went through a pile of magazines from '05-'06. Here's Steve Bottfeld, a local Real Estate Rah-Rah, explaining why it's a good time to buy a house and an equally good time to sell a house. You see, house prices increasing at 40% a year is good for the sellers because they get more money and it's good for the buyers because they won't pay more later.

Ah, the aughts... What a great time we all had, eh?

What is Steve "Carnack the Magificent" saying now?

“Steve Bottfeld, executive VP of a Las Vegas housing consultant, says anyone who bought a home from 2004 to 2007 is underwater and many aren’t going to get government assistance. People should be educated that homeownership is important to wealth and that the housing market goes in cycles, Bottfeld says. ‘It is important that people stay in their homes and not walk away,’ Bottfeld says. ‘They would be walking away from their investment. If they hang onto it, it will come back.’”

Las Vegas Sun 3/13/09

Via The Housing Bubble Blog


The_Scum said...

Furst to comment there is never a better time for someone else to buy if your income depends on it.

RE.Agent said...

It's a new paradigm, and everybody who doesn't buy, now, will be priced out forever. Anybody who does buy will be rewarded with a lifetime of riches, as their property will continue its 30% yearly price increase.

Renters, and anybody born in a future generation, will not be able to afford a $10,000,000 starter home in 15 years. They will live in tent cities, and Hondas.

This asset bubble is different from all of the others - it will never slow down, or pop. The gains are permanent.

Posted by Scummy but it needed to be done.

Lavi D. said...

Posted by Scummy but it needed to be done.

The amazing thing is the madness continues:

"People should be educated that homeownership is important to wealth..."

Wealth! So, being underwater by $100k when you net, at most, $30k a year is somehow going to improve your wealth???


D said...

So Lavi, you seem surprised that people are stupid, that the "madness continues."
You live in a city *based* on the idea of playing against the odds and winning big. It's a suckers bet; in the long run, the house *always* wins.

Going into debt to purchase a depreciating asset like a car is always a bad idea (unless as Scummy suggests it's also your residence).

We're in an amazing age - where the President is talking up car warranties like an informercial. What's next - the Congressional ShamWow? (or is it just sham?)

Lavi D. said...

What's next - the Congressional ShamWow?

Hey! I finally go to see the ShamWow™ in action.

It was on the TV at the restaurant where I was taken for my last supper.

See, but not hear, however.

The_Scum said...

There are some games in Vegas that are actually in the players favor D.

I know someone who just bought a house. They seemed to be in a hurry. I made a mistake and gave them some advice. It was not appreciated at all.

My mistake.

I got a full preapproval for a loan last week. It only took a few minutes online and a few more on the phone. Of course, it was at my bank which is where a lot of my assests and direct deposit from work are.

It is getting closer to being time.

Also, my friendly Tax Lady mentioned that even I may qualify for the $8000 of your taxes on the purchase of a new home if used for a primary residence for 36 months.

I was amazed.

The_Scum said...

$800 OFF your taxes...typo correction.

The_Scum said...

$8000 OFF...

fuck it....typos on top of typo corrections mean WALK SLOWLY AWAY FROM POSTING.

Every now and then when your life gets complicated and the weasels start closing in, the only cure is to load up on heinous chemicals and then drive like a bastard from Hollywood to Las Vegas ... with the music at top volume and at least a pint of ether.

-Hunter S. Thompson

Dedicated to the other side of Las Vegas, namely; the sprawling, mad, incoherent underpinnings of the world's favorite destination.

That, and the occasional ranting about nothing in particular.