Posted On: Friday - October 31st 2025 11:06AM MST
In Topics: Salesmen Global Financial Stupidity Race/Genetics Big-Biz Stupidity
(Yeah, I know, we ought to have a caption contest for this one.)
Memories of the '07/'08 Housing Bubble aftermath have been coming back to me. Zillow was around and working better (as is the case with about ALL things) back in '10-'12 when I used to get around the site a lot, just checking. I was in neither a position to buy nor sell, and I didn't want to anyway. The latter would NOT have been fun, as this was a time when prices were still falling, falling, falling... back to some semblance of reality.
I guess many people had already lost their asses back in '07-'08, but when I enjoyed Zillow browsing 2-5 years later, it was more about sellers in this good neighborhood thinking that they were still special. That financial mess was all over, they thought, so we should be able to make that big profit on our house - it's only fair.*
I'd watch this and that house get a price change every few weeks or months, down 2%, OK, let's try 5%, now let's de-list it, and get back on at 3% back higher and then have a quick "price drop" of 10%, for the Zillow buyers who don't drop down that one "history" thing too far ... There were and still are a lot of games people play on Zillow.** Generally, I could see that these sellers would start off in dreamer Pluto Planet territory. Then, I could almost hear the sighs of resignation... OK, yeah, dammit, drop it another $20,000, we're back to the price we paid in '02! I enjoyed this very much. Is that wrong? ;-}
Now, a decade and a half later, I've been seeing the same thing. I do have more of a practical interest right now, say no more. It's still interesting and fun. While looking around, I'll often wander to other areas of town, and while I don't want to show the house, let me say the following description of for a very small house with a ridiculous selling price even for a decent part of town, but it's not there! This place is - let me put my realtor hat on now - a must-see cozy home in the heart of olde Ghetto... wait, but with granite countertops! Here's where they just don't seem to get the concept of selling houses:
Receive assistance to those buying for students or student housing. Receive assistance for investors looking to use as a rental property. Extra funding for representation on closed deals.NO!! Don't mention
Stylish Renovation in prime location! This newly renovated gem is walking distance to Dr Martin Luther King Park Community Center, and other local amenities. Features include a master bedroom with his and hers closets, guest bedroom, luxury vinyl plank flooring throughout, a newly built laundry and main bathroom. The remodeled kitchen is flush with granite countertops and custom cabinets.
Minutes from downtown - this area is very popular for rentals and/or college attendees. For Investors a great Cap Rate on Equivalent rental returns.Yeah, I suppose. How does it work when your renter gets shot dead? Are you allowed to keep the security deposit?
Seriously, it's 1,100 square feet in area with 2 bedrooms and one bathroom, selling in a Leroy-Brown-level-Bad part of town for over $200 thousand. Will there be some White sucker come to gentrify the place? I'll keep an eye on this one.
* Really, it's a shame that housing has become an investment "vehicle" (haha, like RV's are investment vehicles?) to begin with. That's due to that artificially low interest rates and inflation have made basic simple saving a very old-fashioned and unwise practice ... hence... Gold, Bitchez!!
** There was also the "Trulia" site around back then, but they combined with Zillow. There are Redfin and Homes.com around now too. They all seem to have almost the exact same functionality, and they display close to the same info.
Comments:
Moderator
Saturday - November 1st 2025 5:28AM MST
PS: Boy, that's a lot of money for a small place like that. Do you keep up with the real estate prices in your area, Possumman, i.e. do they seem pretty inflated to you?
This is not a financial newsletter - I really don't know. If interest rates go up, as much as Trump is trying to strong-arm them down, prices may keep going down, as people buy based on payments.
I'd rather not have the fake wood flooring from Ollies either - that seems to be the thing now...
This is not a financial newsletter - I really don't know. If interest rates go up, as much as Trump is trying to strong-arm them down, prices may keep going down, as people buy based on payments.
I'd rather not have the fake wood flooring from Ollies either - that seems to be the thing now...
Possumman
Friday - October 31st 2025 4:31PM MST
PS. I'm in the Baltimore metro area. That ad could have come from many neighborhoods around here including the reference to MLK although the price would probably be higher. And remember that the luxury vinyl plank crap on the floor likely came from Ollie's at a buck per s/f and will soon look like the crap that it is.
This luxurious dream home, in ๏ผs๏ผthe heart of olde Ghetto๏ผ/s๏ผ a vibrant, ๐ข๐ ๐๐๐ ๐๐๐๐๐๐ ๐๐๐๐โ๐๐๐โ๐๐๐, was built in 1940 and sits on a generous 4,356 sg ft lot, just minutes from downtown! Never you mind that it last sold for $93,000 in January of 2025 and for $72,000 in October of '24. (And $15,000 before that.) Did I mention the new ๐๐ข๐ฅ๐ข๐๐ฆ ๐ฃ๐๐๐ฆ๐ ๐๐๐๐๐๐๐๐ and the new ๐๐ข๐ฅ๐ข๐๐ฆ ๐๐๐๐๐๐ก๐ ๐๐๐ข๐๐ก๐๐๐ก๐๐๐ ?
All this could be yours for just $1400/month!
https://www.youtube.com/watch?v=hlT2pTSD76s
I'm not sure if the flippers or the people who buy these crapshacks are more deserving of the industrial metal shredder. I do know that the realtors and the taxman are in on the grift. At least this old house is built out of Real Woodโข so you know it will last longer than these new houses built out of cardboard and glue.
Anyway...
Happy Saturday! โฎ๏ธ