Condo Bubble Hits Missoula (condos, houses, buyers)

[JoeJoeMan]

Missoulian: Crazy for condos: Missoula continues to see boom of new units (http://www.missoulian.com/articles/2007/09/09/news/top/news01.txt - broken link)


"Oh mama, can this really be the end - to be stuck inside of Missoula in an over priced condo again" - what song is that from ? You ol' hippies should now.

All kiddin' aside the article was on the front page. I think the condo craze usually strikes at the end of a realestate bubble at the point were people can't afford a regular house anymore at the inflated prices. So you start chopping up realestate into smaller pieces to bring the price into the bottom/first time buyers price range and try and ring out that end of the market for all it's worth.
Also the retiree types now start dumping their overly inflated homes, to cash in on the inflated price and down size to, you guessed it, a condo, and put all that extra cash to work somewhere else for income.
Time will tell, but I hear you can't sell one of those little 1000 sq/ft house in the foo-foo UM district anymore for 500k like you use to, dah even Californians ain't that stupid (it's a joke )
Your thoughts ?
Well I guess the new missoula chant will probably get changed for "Go Grizz" to "Go Condos" So get'em while there hot !

[GiftShoppeGuy]

Originally Posted by JoeJoeMan

Missoulian: Crazy for condos: Missoula continues to see boom of new units (http://www.missoulian.com/articles/2007/09/09/news/top/news01.txt - broken link)


"Oh mama, can this really be the end - to be stuck inside of Missoula in an over priced condo again" - what song is that from ? You ol' hippies should now.

All kiddin' aside the article was on the front page. I think the condo craze usually strikes at the end of a realestate bubble at the point were people can't afford a regular house anymore at the inflated prices. So you start chopping up realestate into smaller pieces to bring the price into the bottom/first time buyers price range and try and ring out that end of the market for all it's worth.
Also the retiree types now start dumping their overly inflated homes, to cash in on the inflated price and down size to, you guessed it, a condo, and put all that extra cash to work somewhere else for income.
Time will tell, but I hear you can't sell one of those little 1000 sq/ft house in the foo-foo UM district anymore for 500k like you use to, dah even Californians ain't that stupid (it's a joke )
Your thoughts ?
Well I guess the new missoula chant will probably get changed for "Go Grizz" to "Go Condos" So get'em while there hot !

Condos don't do so well here.
Pushing Condos is usually just the beginning.... Beginning of the end, that is.

Your days of boomtime just might be slowing finally to a crawl JJM.

[jimj]

Originally Posted by GiftShoppeGuy

Condos don't do so well here.
Pushing Condos is usually just the beginning.... Beginning of the end, that is.

Your days of boomtime just might be slowing finally to a crawl JJM.

But as always GF, the paradise of Montana is going great guns!

[Rickers]

Does someone have Robert Zimmerman on his mind ?

[JoeJoeMan]

rickers wrote (guessed)

Does someone have Robert Zimmerman on his mind ?

BINGO - we have a winner, ladys and gentlemen - and a new condom, er condo goes to rickers. You will be contacted soon to pickup your new prize as soon as the bubble busts and we can't pay people to take'm off our hands.

For the trivia challenged in the audience Robert Zimmerman is none other than the spokesman of your generation and mine - the one the only Bob Dylan, yes folks he may have been delivering the truth to use in prose and song about the evil establishment but he was, shall we say, a bit less than honest about his own name. It broke my heart to find out the truth, but hey this is the baby-bummer generation where style over substance is the new ruler of the mind, our new god.
OK I gotta run, I've got a busy day ahead of me squandering my inheritance on over-priced realestate - what me worry - Bush will bail me out if I get in over my head, er when I get in over my head, hey it's my right to be selfindulgent, i'm special ! Besides it's better to die broke and owing someone else than to leave anything behind. I'm gettin' mine now ! Peace and love !
Now than, bring on the condos, I'll take two, one for me and one to flip.
Price you ask - who cares !

[jcbmontana]

I didn't realize that The National Association of Realtors was in the newspaper biz

[JoeJoeMan]

jcbmontana wrote:

I didn't realize that The National Association of Realtors was in the newspaper biz

See that you learn something new everyday around here.....Let me give you a lesson:
Look in your local paper, who is one of the biggest advertisers - that's right, see that your catching on already- the answer as you guessed is - Realestate.
OK now for a minute imagine that you own a newspaper or any business for that matter and just say for example that you have only one big customer, infact they are so big that their incoming revenue to your comapny keeps your whole business afloat. So then who really owns your company, you or them ? Well without them you have no company and they are fools if they don't know it, so while you might think it's your company, if/when push comes to shove they will tell you what to do.
So extrapolate that to any company, like say a newspaper that has lots of customers but a few big ones, well then you might say that they are part owners, afterall they do provide you with substancial amounts of income - the bottom line - you're gonna suck up to them whether you like it or not.
And there you have it a simple course in business economics 101 that you won't learn in college.

[GiftShoppeGuy]

Originally Posted by jimj

But as always GF, the paradise of Montana is going great guns!

I wouldn't say "Big Guns" exactly, but the growth here is a lot smarter than that of Missoula county over the years... and, it's easily the only place left in Montana where you can buy a brand new stick built house/3 bd, w/bsmt including garage for only 160k...

er... um... 120k w/out the garage... go figure

[jimj]

I'll give you that but where houses are cheap there's always a reason isn't there. Take parts of TN, low housing costs in areas= Low wages. Same in AK,OK etc.

[imbobbbb]

Originally Posted by jimj

I'll give you that but where houses are cheap there's always a reason isn't there. Take parts of TN, low housing costs in areas= Low wages. Same in AK,OK etc.

well by that logic i guess all of western montana has high wages despite what people on this board are always saying,there are a lot of factors that go into the value of realestate,i dont think anyone will argue that if missoula was located next to glendive we wouldnt be having these conversations.many areas of the country have very high housing without many high wage jobs.ak=alaska,which isnt known for low housing costs?did you mean ar=arkansas?