Comments on: Real Homes of Genius: Pasadena Home and Bring Your Own Bulldozer. Flipping Homes in the Worst Housing Market in a Century. Granite Countertop Redux. http://www.doctorhousingbubble.com/real-homes-of-genius-pasadena-home-and-bring-your-own-bulldozer-flipping-homes-in-the-worst-housing-market-in-a-century-granite-countertop-redux/ How I Learned to Love Southern California and Forget the Housing Bubble Sat, 31 Jul 2010 22:55:07 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: OhMy http://www.doctorhousingbubble.com/real-homes-of-genius-pasadena-home-and-bring-your-own-bulldozer-flipping-homes-in-the-worst-housing-market-in-a-century-granite-countertop-redux/comment-page-1/#comment-40079 OhMy Thu, 17 Sep 2009 15:04:54 +0000 http://www.doctorhousingbubble.com/?p=2368#comment-40079 Doc, Keep up the good work... Your one of the few searchlights in the darkness. Thanks Doc,

Keep up the good work…

Your one of the few searchlights in the darkness.

Thanks

]]> By: compass rose http://www.doctorhousingbubble.com/real-homes-of-genius-pasadena-home-and-bring-your-own-bulldozer-flipping-homes-in-the-worst-housing-market-in-a-century-granite-countertop-redux/comment-page-1/#comment-40072 compass rose Wed, 16 Sep 2009 21:47:02 +0000 http://www.doctorhousingbubble.com/?p=2368#comment-40072 Wow--great job on the fixup. Though it's hard to see how they spent $185K on the rehab. (Obviously they didn't.) That's also what concerns me. ~ The person who bought this place apparently put labor, care, and thought into it. And materials. They employed someone, themselves or others. They did something genuinely productive here, as opposed to just buying it, holding it, and trying to dump it at a more inflated price. ~ The question now is: how much is the labor, creativity, vision worth? What I think we're saying is: Not all that much. And that concerns me. ~ This is the worm that our entire economy is going to turn on. The value of real, productive activity and outcomes. We don't have any precedent, back to the 1970s, for considering this. Since then, Monopoly money has run everything, and real productive activity has been sidelined in favor of casino games. ~ Doc is right. So long as there is another piece of crap next door or down the road that will sell for cheaper, how much is this house worth? We wait for the market to go down, for the hot air and realty crack to vent out.... But we don't know how to assess the actual value of a truly sweet cottage, reclaimed from a pile of crap by an excellent person or team of people. ~ I am of the opinion that it is a valuable thing to have people who will take hard-luck cases (houses, people, animals, whatever) and rehabilitate them. In my view this is one of the most dignified, valuable, essential services anyone can perform. ~ The question is, how much dollar value does "the market" put on that? What remains to be seen is the downstream consequences of valuing this skilled and visionary labor at a much lower rate than, say, a ZIP code. ~ rose ~ PS--I think we need a Flip Spectrum with degrees of Flippiness to distinguish actual zero-effort flipping from genuine efforts to rehab and make a fair profit. Wow–great job on the fixup. Though it’s hard to see how they spent $185K on the rehab. (Obviously they didn’t.) That’s also what concerns me.
~
The person who bought this place apparently put labor, care, and thought into it. And materials. They employed someone, themselves or others. They did something genuinely productive here, as opposed to just buying it, holding it, and trying to dump it at a more inflated price.
~
The question now is: how much is the labor, creativity, vision worth? What I think we’re saying is: Not all that much. And that concerns me.
~
This is the worm that our entire economy is going to turn on. The value of real, productive activity and outcomes. We don’t have any precedent, back to the 1970s, for considering this. Since then, Monopoly money has run everything, and real productive activity has been sidelined in favor of casino games.
~
Doc is right. So long as there is another piece of crap next door or down the road that will sell for cheaper, how much is this house worth? We wait for the market to go down, for the hot air and realty crack to vent out…. But we don’t know how to assess the actual value of a truly sweet cottage, reclaimed from a pile of crap by an excellent person or team of people.
~
I am of the opinion that it is a valuable thing to have people who will take hard-luck cases (houses, people, animals, whatever) and rehabilitate them. In my view this is one of the most dignified, valuable, essential services anyone can perform.
~
The question is, how much dollar value does “the market” put on that? What remains to be seen is the downstream consequences of valuing this skilled and visionary labor at a much lower rate than, say, a ZIP code.
~
rose
~
PS–I think we need a Flip Spectrum with degrees of Flippiness to distinguish actual zero-effort flipping from genuine efforts to rehab and make a fair profit.

]]> By: L. http://www.doctorhousingbubble.com/real-homes-of-genius-pasadena-home-and-bring-your-own-bulldozer-flipping-homes-in-the-worst-housing-market-in-a-century-granite-countertop-redux/comment-page-1/#comment-40071 L. Wed, 16 Sep 2009 20:22:46 +0000 http://www.doctorhousingbubble.com/?p=2368#comment-40071 Brilliant! Brilliant!

]]> By: Obamanation http://www.doctorhousingbubble.com/real-homes-of-genius-pasadena-home-and-bring-your-own-bulldozer-flipping-homes-in-the-worst-housing-market-in-a-century-granite-countertop-redux/comment-page-1/#comment-40069 Obamanation Wed, 16 Sep 2009 11:50:11 +0000 http://www.doctorhousingbubble.com/?p=2368#comment-40069 @rdrserg "No collapse until after mid-term elections next year." BA http://seekingalpha.com/article/110613-the-federal-reserve-and-the-velocity-of-money Velocity of money is now the lowest since the previous great depression. As long as there are flipees there will be flipers. Everyone trying to stash loot before the tsunami hits. The players know it's a game, but they think they can cash out in time--some do, some don't. @rdrserg
“No collapse until after mid-term elections next year.” BA
http://seekingalpha.com/article/110613-the-federal-reserve-and-the-velocity-of-money
Velocity of money is now the lowest since the previous great depression. As long as there are flipees there will be flipers. Everyone trying to stash loot before the tsunami hits. The players know it’s a game, but they think they can cash out in time–some do, some don’t.

]]> By: DC http://www.doctorhousingbubble.com/real-homes-of-genius-pasadena-home-and-bring-your-own-bulldozer-flipping-homes-in-the-worst-housing-market-in-a-century-granite-countertop-redux/comment-page-1/#comment-40067 DC Wed, 16 Sep 2009 06:55:40 +0000 http://www.doctorhousingbubble.com/?p=2368#comment-40067 Interesting article summarizing just how much the fed has put in to this mess. http://www.oftwominds.com/blogsept09/speculative-housing09-09.html?ref=patrick.net This is going to start getting very interesting in the next year or two. Interesting article summarizing just how much the fed has put in to this mess. http://www.oftwominds.com/blogsept09/speculative-housing09-09.html?ref=patrick.net This is going to start getting very interesting in the next year or two.

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