In the last real estate bubble, the north end of Seattle -- particularly the Crown Hill, Greenwood, and Loyal Heights neighborhoods, all north of Ballard -- had abandoned projects and vacant lots left in its wake. In the current stupid cycle, we now have one last wave of frantic development, a desperate effort to build as much bugman housing as possible while the going is still good.
I won't mince words. The developers and lenders for these projects-in-progress are going to be splendidly
fucked, all of them, as the bubble pops and demand evaporates overnight for this garbage. Did you not get the memo?
Amazon stopped hiring months ago. It's over. It's all over.
There are two houses on my block going on the market in the next few weeks, one from a smart friend of mine, a long-time owner, who I'm sure gets it, and the other from the worst sort of scum real-estate flipper.
So let's take a look at some of the chipboard sawdust nightmares about to flood the stagnating RRE market on the north end of Seattle.
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| progress in Ballard |
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| 85th Street NW |
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| A large sawdust development on 15th Ave NW ... |
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| ... so shitty and shoddy it's embarrassing ... |
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| ... I see ... black mold ... in your future |
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| 15th Ave NW |
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| future tenements |
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| someone please mortgage your future for this |
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| on my weekend walk, 15th & Dravus NW |
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| almost finished, ready for a bloated market |
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| Good luck, FIRE sector jerks |
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| more at Dravus & 15th. a Starbucks closed recently near here. |
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| Hurry up and finish these so you can discount the rents |
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| future tenements |
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| big project almost up on Market Street & 15th in Ballard ... |
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| ... I think that is actual concrete used in the structure, how about that! |
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| YUGE project going in northeast of the Ballard Bridge ... |
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| ... this will be a very special disaster for the developers |
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| they have broken ground and can't turn back |
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| once there was actual productive industry here |
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| loose credit, credulous tech bubble idiots ... |
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| ... and you get this shite on 15th Ave NW |
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| for fuck's sake, read the Austrians already |
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| dead Crown Hill Hardware ... so build more housing! |
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| finished product 85th & 80th NW, ugly as hell |
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| absolutely disgraceful, what they have done to our city |
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| dead shitty Mexican restaurant 15th Ave NW -> more housing! |
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| Crown Hill, replace the brick bungalow with some chipboard shit |
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| dead Radio Shack, re-zone this for condos? |
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| Restaurants gone, new housing coming, dead Pizza Hut |
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| who will blow up the Pizza Hut? for housing |
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| dead strip club, more housing coming |
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| who will demolish this dead sushi restaurant? 85th & 15th NW |
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| bugman housing going up behind Value Village |
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| I think I saw actual plywood used in this construction |
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| new plots just dug out at 85th & 12th NW, more garbage coming |
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| there were dead vacant lots left on 85th in 2009 |
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| black mold and rot ahead in Sunset Hill ... |
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| ... the garage has better bones than the house! |
Everyone get ready for the panic and crash cycle. Seattle is so over.
18 comments:
Bubbles end when price spikes, sales volume drops off, and then the supply goes through the roof.
Everyone wants out at the fictional peak price. Good luck with all of that.
put your $$ in stock market not homes!
just took first nibble on the earnings rally. small position on margin, but in the game now.
plenty of margin buying power left so lets see what the big bad bears got lol
Great post CG. I remember seeing these flimsy apartment buildings going up in and around the San Francisco area a few years ago, before I escaped that hellhole NEVER to return! I vowed to never set foot in the shithole state of California ever again. My wife wants to see the Sequoia's someday, I'm going to try to talk her out of it.
Condo buildings galore in Bellevue,little Mumbai Crossroads area.
"a Starbucks closed recently near here." Good riddance!
december rally should be epic. rate hike + historic holiday sales. santa's gonna be busy this year!
rate hikes remain very bullish for the stock market. since the first raise back on 12/17/2015 the dow jones has tacked on over 9,000 points in less than 3 years for a whopping 52% return.
once again today the fed showed how much they remain ahead of the curve and have continued pushing all the right buttons.
the dow jones 40,000 train just keeps on chuggin' on down the track.
hugh, you need to get back in the game buddy! the summer bear wasn't hibernating, it's dead man. lol
and lets not forget to hat-tip chairman powell!
the s&p is up over 10.5% since he took over the helm at the fed on 2/5/2018.
annualized that's 15.9%
back to ath's we go
So TBerry, you bought on margin around the 2,930 to 2,940 range? I admire your confidence. (Because to me, this market looks very overbought and toppy.)
around 2919 jeff, very small position as i was expecting the pullback this week ahead of earnings season. no worries as i have plenty of margin power left and earnings kick off in about 12 days or so and we've had 26 consecutive quarters of exceeding growth.
at the close today, my buy is down .22 cents/share. overall return ytd for '18 is a 12.2%
Gotcha - that's great for you. You've got me beat by a lot. I'm up 8% ytd. (I moved everything to cash on 9-14-18).
CG - I always enjoy your perspective.
Thanks, Jeff.
2950 next Tuesday and I'm in SPY puts.
8% isn't too shabby jeff-congrats! ----especially during a sideways year.
s&p is only up just over 9% this year and dow jones just over 7%. nas though is up over 16%
Are the "experts" now catching up with Deflation Land?
https://nypost.com/2018/09/22/next-crash-will-be-worse-than-the-great-depression-experts/
It's not that they are catching up. It's that I've been waiting for the dam to break now for many years.
Will post something tonight after Curriculum Night @ our middle school.
lol hugh that headline has been running for 5-6 years now. and to quote mr one-hit wonder schiff the ultimate permabear---who's been wrong for 8 years straight .
i'd say you got at least another 3 more "next years" in ya.
you saw the summer bear get drawn and quartered as the stock market hit new all time highs.
the winter one's next lol
I though new jersey housing was ugly, holy crap
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