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Old 03-12-2010, 11:06 AM
 
Location: Colorado Springs, CO
2,221 posts, read 4,736,096 times
Reputation: 1696

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Quote:
Originally Posted by CosmicWizard View Post
jchasse and stoymonkey....On your way to the restaurant, watch out for the equity locusts, trustafarians, and transplants. Word has it that they have taken over Durango and they want to destroy it along with all of the other mountain towns in the western USA. They hate small towns and the smalltown lifestyle. They want to turn Durango into another southern California with freeways, liberal whackos, and beautiful people running about everywhere. They are not to be trusted, so keep your eyes open and be wary of them. If you see one, go to the other side of the street for your own safety. It is best not to ever walk on that side of the street again. If they walked there once, chances are they will walk there again. So always walk on the other side of the street.
That's cute Wiz.

But I'm with Jazz. The equity locusts are dangerous because they are a transfer mechanism for the ills of still-collapsing bubble real estate markets, and what they are transferring in is not going to be good for Durango in the long term.

I lived in the mountain resorts around Big Bear California, and I can tell you first-hand from experience that the transformation which occurs when over half of your local housing becomes vacation houses for nonresident absentee landowners scars the community. And add to that the inflow of people with no understanding or regard for the place's history (and the lessons we should have learned from it), and worse still, a disgusting lack of moral foundation that comes in from those places part and parcel with the locusts, and it's sad. But maybe it'll help Durango support itself with a boutique market for AIDS and sex-change clinics.

Durango is still caught in the failed model of an economy based predominantly on people selling each other their overpriced houses at ever-increasing prices. And the finance industry that fuels that localized bubble is rotten to the core, and in no better shape than when it imploded in 2008...FedGov has been allowing the banks to carry RMBS securities with over 50% default/delinquency rates at par on their books, and at some day in the future there is going to be another day of wreckening (sic) as a result of continuing to spread the lie. It will all feel very familiar, but most will be asking themselves how it could have happened, because they bought into the illusion that an overborrowed underproducing economy can be fixed for free. And when it does happen, and there is no supply of equity locusts playing their role as the "next greater fools" to sell those overpriced houses to, many of those basking in the illusion of good fortune in a place where there is little being produced will find life a fair bit harder.

 
Old 03-12-2010, 11:37 AM
 
Location: Sunnyvale, CA
5,682 posts, read 9,419,115 times
Reputation: 2901
Quote:
Originally Posted by CosmicWizard View Post
80skeys wrote:
the point is that trying to predict markets is pointless: it can't be done. Real estate values in Durango can just as easily go down as go up. Nobody knows.
Now this I can agree with in totality. A predction is nothing more than a guess at best, and ususlly more like wishful thinking than anything else. Predictions are just thinly disguised, egotistical attempts to pawn off a personal viewpoint as THE truth, hoping that someone lacking self esteem will fall for their know-it-all chicanery.
Mostly so they can make a buck at the other person's expense.
 
Old 03-12-2010, 11:43 AM
 
Location: Wherabouts Unknown!
7,764 posts, read 16,837,299 times
Reputation: 9316
Bob from down south wrote:
I can tell you first-hand from experience that the transformation which occurs when over half of your local housing becomes vacation houses for nonresident absentee landowners scars the community ( emphasis added ).
I won't dispute your first hand experience, because my own first hand expereince verifies what you say. The thing is however, 95% of the people posting on the Colorado forum will never become nonresident absentee landowners, and all of the trash talk directed at them is unwarranted. When the talk rolls around to equity locusts ( based on your previous post with regard to the purchase of your home in COS....I'd guess you're probably an equity locust yourself ), trustafarians, and transplants its mostly bashing people who are not even participating on the forum, and thus we rarely ever hear their side of the story. What we get is page after page of bitter trash talk that is nothing more than making someone else a scapegoat for an inability to accept that life has dealt the complainer a hand the complainer doesn't like. It becomes an endless stream of wah...wah....wah. The situation really sucks and it's all because of those b*st*rds from out of state.

There's a strong get-the-government-out-of-our-lives attitude among many long time Colorado residents and alot of talk about the free market economy without government intervention, yet when the free market plays out in a way that is not approved of ( in this case, moneyed interested driving up real estate values) then we get the old wah...wah...wah routine. It's seems unrealistic to have it both ways. You either support and accept a free market economy or you don't....even when that free market goes against you pet interests, and your cherished beliefs.

Last edited by CosmicWizard; 03-12-2010 at 12:09 PM..
 
Old 03-12-2010, 01:18 PM
 
Location: Durango, CO
118 posts, read 276,650 times
Reputation: 184
Quote:
Originally Posted by 80skeys View Post
Anyway, the point is that trying to predict markets is pointless: it can't be done. Real estate values in Durango can just as easily go down as go up. Nobody knows.
On this we agree. But the original post was literally asking for predictions, and i was passing along what i'm hearing. No more, no less.

let's check back in 4 years, though, and see who's wild a** guess was more accurate...
 
Old 03-12-2010, 01:18 PM
 
Location: Sunnyvale, CA
5,682 posts, read 9,419,115 times
Reputation: 2901
Quote:
Originally Posted by CosmicWizard View Post
When the talk rolls around to equity locusts ( based on your previous post with regard to the purchase of your home in COS....I'd guess you're probably an equity locust yourself ), trustafarians, and transplants its mostly bashing people who are not even participating on the forum,
They're out enjoying their lives and making most of the fact that they have the money to do it!
 
Old 03-12-2010, 01:45 PM
 
Location: Durango, CO
118 posts, read 276,650 times
Reputation: 184
Quote:
Originally Posted by Bob from down south View Post
But maybe it'll help Durango support itself with a boutique market for AIDS and sex-change clinics.
what the....? Where'd that come from?

regarding the parts of your post that have potential to make any sort of sense, IF Durango gets to the point where "more than half" of its local housing becomes vacation properties, let's talk. But within city limits (which is a pretty wide swath, by the way), it's nowhere near that today.
 
Old 03-12-2010, 05:59 PM
 
Location: Colorado Springs, CO
2,221 posts, read 4,736,096 times
Reputation: 1696
Quote:
Originally Posted by CosmicWizard View Post
I won't dispute your first hand experience, because my own first hand expereince verifies what you say. The thing is however, 95% of the people posting on the Colorado forum will never become nonresident absentee landowners, and all of the trash talk directed at them is unwarranted. When the talk rolls around to equity locusts ( based on your previous post with regard to the purchase of your home in COS....I'd guess you're probably an equity locust yourself ), trustafarians, and transplants its mostly bashing people who are not even participating on the forum, and thus we rarely ever hear their side of the story. What we get is page after page of bitter trash talk that is nothing more than making someone else a scapegoat for an inability to accept that life has dealt the complainer a hand the complainer doesn't like. It becomes an endless stream of wah...wah....wah. The situation really sucks and it's all because of those b*st*rds from out of state.
No, I'm not an equity locust, as I never owned a house before I bought here. The classical definition is a person that takes the appreciation from one market and then transplants it to another (along with many others, who descend on the host city like a swarm of locusts with similar deleterious effect), and as I alluded to in the last post, that allows the insane dynamics of other markets (i.e. southern California, Las Vegas, Nevada etc) to dribble their putrid green ooze on other communities that didn't behave like an army of financial lemmings on the march to a cliffside rondezvous with destiny.

If you're a home-grown local kid that can not afford a decent place to live because the locusts swarmed in and bid everything up to levels even they can't sustain, you have every right to be angry at "those b*st*rds from out of state" as you put it. But you have even more right to be angry at your parents and their friends, who sold their souls and gave those developers the keys to your birthright. Hope they got some nice granite countertops out of the deal.

Quote:
Originally Posted by CosmicWizard View Post
There's a strong get-the-government-out-of-our-lives attitude among many long time Colorado residents and alot of talk about the free market economy without government intervention, yet when the free market plays out in a way that is not approved of ( in this case, moneyed interested driving up real estate values) then we get the old wah...wah...wah routine. It's seems unrealistic to have it both ways. You either support and accept a free market economy or you don't....even when that free market goes against you pet interests, and your cherished beliefs.
Given that those monied interests got their money by exploiting bubble after bubble largely created and fomented by the US government and the banks that own it, it's hard to see a bunch of developers (funded by out of state and even extranational interests) moving in to mass-build houses and malls as anything even remotely related to the free market.

If .gov wasn't propping up housing by keeping mortgage rates at rock-bottom lows with money coming virtually right off the printing presses, those monied interests would be having their a**es handed to them by a free market in the form of a housing price crash. The bank/government mantra of "privatize the gains, and socialize the losses" is not free market or anything like it.
 
Old 03-12-2010, 07:00 PM
 
29 posts, read 81,534 times
Reputation: 22
Death, where is thy sting?
 
Old 03-12-2010, 08:05 PM
 
Location: Everywhere and Nowhere
14,131 posts, read 27,016,057 times
Reputation: 6824
Quote:
Originally Posted by Bob from down south View Post
But maybe it'll help Durango support itself with a boutique market for AIDS and sex-change clinics..
Are you perhaps confusing Durango with Trinidad?
 
Old 03-12-2010, 08:24 PM
 
Location: Everywhere and Nowhere
14,131 posts, read 27,016,057 times
Reputation: 6824
Well you're only talking about a few thousand homes in a nice place so of course it's going to remain an artificially inflated market.
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