{"id":16954,"date":"2020-09-10T13:46:54","date_gmt":"2020-09-10T20:46:54","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=16954"},"modified":"2020-09-11T02:48:41","modified_gmt":"2020-09-11T09:48:41","slug":"when-the-punters-come-out-to-play-are-they-tugging-a-real-estate-bubble-behind-them","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/16954\/when-the-punters-come-out-to-play-are-they-tugging-a-real-estate-bubble-behind-them\/","title":{"rendered":"When the punters come out to play, are they tugging a real estate bubble behind\u00a0them?"},"content":{"rendered":"

\"\"

Q:<\/strong> Why is it so hard to buy at the top?
A:<\/strong> That\u2019s how you know it\u2019s the top.<\/p><\/div>Who’s listing actual fee-simple dirt? Could life get any better? Representing hypothetical cubes of air-space amidst spookily-vacant concrete canyons? Not so much.<\/p>\n

I just heard that J.P. Morgan is calling its people back to the office, so maybe vertical cities are not dead yet. My bet runs the other way, and, doubling-down, that employers incur liability by requiring attendance in dangerous locales.<\/p>\n

Cinemas and shopping malls were dying, anyway. So, too, cities? A way of thinking of this urban exodus is simply as a matter of economic obsolescence: What is generally the oldest and most decrepit segment of the housing stock is being abandoned.<\/p>\n

That pushes up prices in the suburbs, don’t it? \u201cGimme land, lotsa land, under smoggy skies above \u2013 and don’t dance so close to me!\u201d<\/p>\n

I thought we were pushing the top of this market turn before<\/em> Coronavirus hit. That foreign import was killing big cities even before the rioters started burning them down. Accordingly, there won’t be a top in Phoenix for a while, where March of 2020 may be the high-water mark for decades<\/em> for many great American cities.<\/p>\n

But the thing about market tops is, they advertise themselves: Rapid price jumps, low inventory, bidding wars, waived contingencies, escalator clauses, solemn pre-dawn ungulate sacrifices, etc.<\/p>\n

Again, not there, but very much here \u2013 and everywhere suburban parcels abound.<\/p>\n

Here’s another characteristic of market tops, one we were all very well paid to overlook in the housing bubble of this century’s toddler years:<\/p>\n

The real estate market tops when even the most marginally-prepared borrowers compete for and get mortgages.<\/strong><\/p>\n

What’s a bubble? It’s when the bike messengers and coffee shop waitresses come down to Wall Street with their mattress money. Wait, that’s a dated image. How about this? A bubble is when lifelong renters become very temporary homeowners. No, that was the last time. Try this: A bubble is when forty-year-old adolescents emerge from mom’s basement just long enough to sign socially-distanced closing docs in a title company’s parking lot.<\/p>\n

My point would be that, Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Q: Why is it so hard to buy at the top?A: That\u2019s how you know it\u2019s the top.Who’s listing actual fee-simple dirt? Could life get any better? Representing hypothetical cubes of air-space amidst spookily-vacant concrete canyons? Not so much. I just heard that J.P. Morgan is calling its people back to the office, so maybe […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[24,29,26,5],"tags":[],"class_list":{"0":"post-16954","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-egoism-in-action","7":"category-group-therapy","8":"category-lending","9":"category-real-estate","11":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":9538,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/9538\/pardon-me-sir-but-have-you-seen-the-special-on-grey-poupon-at-wal-mart\/","url_meta":{"origin":16954,"position":0},"title":"“Pardon me sir, but have you seen the special on Grey Poupon at Wal Mart?”","author":"John Rowles","date":"August 17, 2009","format":false,"excerpt":"UPDATE: Buy the T-Shirt at Cafe Press! Yep, that's a Rolls Royce Phantom (2008 MSRP $340,000) in the parking lot of the Newport RI Wal Mart captured with my phone on Saturday. The headline is my best shot at a caption (YouTube has the old Grey Poupon commercial). What's yours?","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"rolls_royce_phantom_wal_mar","src":"https:\/\/i0.wp.com\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2009\/08\/rolls_royce_phantom_wal_mar.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":1634,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1634\/mgmmirages-citycenter-in-pictures\/","url_meta":{"origin":16954,"position":1},"title":"MGM\/Mirage’s CityCenter in pictures","author":"Greg Swann","date":"July 4, 2007","format":false,"excerpt":"I have written in the past about CityCenter, MGM\/Mirage's seven billion dollar city within the city of Las Vegas -- and I'll write more when I get back to my Macintosh. But here are some photos we shot yesterday at the sales center and on the construction site. A model\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3282,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3282\/casual-friday-caption-this-photo\/","url_meta":{"origin":16954,"position":2},"title":"Casual Friday: Caption this photo","author":"Greg Swann","date":"June 27, 2008","format":false,"excerpt":"My entry: \"Because I happen to like Argyle socks, that's why!\"","rel":"","context":"In "Casual Friday"","block_context":{"text":"Casual Friday","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/casual-friday\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3822,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3822\/caption-this-photo-president-bush-at-the-olympics\/","url_meta":{"origin":16954,"position":3},"title":"Caption this photo: President Bush at the Olympics","author":"Greg Swann","date":"August 9, 2008","format":false,"excerpt":"My entry: \"A gentleman always makes eye-contact.\"","rel":"","context":"In "Casual Friday"","block_context":{"text":"Casual Friday","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/casual-friday\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8385,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/8385\/caption-me-this-magnum\/","url_meta":{"origin":16954,"position":4},"title":"Caption Me This Magnum","author":"Brian Brady","date":"May 13, 2009","format":false,"excerpt":"My vote?\u00a0 \"Who let Higgins in to your closet, Thomas? \" Sometimes, you just gotta have a sense of humor.","rel":"","context":"In "Casual Friday"","block_context":{"text":"Casual Friday","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/casual-friday\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3289,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3289\/shout-out-a-toast-to-life-abundant-and-caption-this-photo\/","url_meta":{"origin":16954,"position":5},"title":"Shout out a toast to life abundant — and caption this photo","author":"Greg Swann","date":"June 28, 2008","format":false,"excerpt":"Sez me: \"Bill Gates stole this facial expression from me and I want it back!\"","rel":"","context":"In "Casual Friday"","block_context":{"text":"Casual Friday","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/casual-friday\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/16954","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=16954"}],"version-history":[{"count":8,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/16954\/revisions"}],"predecessor-version":[{"id":16971,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/16954\/revisions\/16971"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=16954"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=16954"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=16954"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}