May 12, 2013

How do we know SF Bay Area Real Estate is in a Bubble? Part 712

In today’s installment of Yes There Is Too a Bay Area Bubble 4.0, we present a few signs what it looks like when a region is not in a real estate bubble.  Notice that there is nothing like this in the Real Bay Area.  When we have a recession here, homeowners simply don’t list their properties at a loss from typical RBA overbidding.

Not so in the “Gateway to the Delta.”  Remember, you can’t spell Solano County without S-O-L.  Thanks very much to Burbed reader Tom Paine for shooting us this article.

9 Worst Recession Ghost Towns in America

The Fiscal Times (Slideshow)

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Rio Vista, CA

Once envisioned as an 855-home suburb with families populating the grid of freshly paved streets and sidewalks, now the only life you’ll see in this desert development are cows and eucalyptus shrubs. Thirteen abandoned model homes lie clustered in the center of the development, and streets like “Serenity Drive” stretch on past empty dirt lots into the barren distance. Construction was halted in November 2008 when developer Shea Homes abandoned the project.

Photo: Webecoist.com

These three photos below are from that link as well.  Truly stunning, spooky, and sad, these would make great material for Edgar Martins.

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Be sure to check out this older story from the Chronicle on this unsuccessful development.

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20130511-recession-riovista-statsThere’s more of the death of this development’s boosterism on the Rio Vista Wikipedia page.  The Census data for 2007 predicted the city’s population of 7,800 would swell to 20,000 by the year 2020.  The 2010 Census update mentions no such expected population surge.  Meanwhile, population dropped to 7,300.

This charming graph, courtesy of Zillow, gives you an idea of just what a “recovery” looks like far from the Real Bay Area. This shows the median sale price per square foot over the past ten years.

There are photos of other places on both sites further from exurban Bay Area.  California City (Not Anywhere Near the Bay Area, Hell, Not Even in Northern California) has huge areas that were platted out but never built on.

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Just wait until you get to the Florida pictures!

Comments (5) -- Posted by: madhaus @ 5:04 am






November 4, 2012

Worst Realtard Ad Ever?

Yes, this is an actual ad, even though it ran in The Onion.  This is definitely one of the more interesting approaches to pounding the pavement for new clients (he’s certainly pounding something), and we first found it at The Fiscal Times, in a slideshow featuring more listing fail.  Guess we managed to miss it when it hit the big time on Boing-Boing.

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This is in a completely different class of self-promotion than, say, writing cute little jingles about yourself.  Then again, as long as the jingles aren’t NSFW, the jinglemeister won’t have Wanket’s results:

Calls and emails to Mr. Wanket were not returned and an Edina Realty spokesperson said the ad didn’t adhere to their guidelines and he’s no longer with the company.

In case you’re wondering just exactly why this ad does not adhere to Edina Realty’s guidelines, we have their answer:

“Well, first of all, it didn’t have the required Fair Housing notification on it,” [Vice President of Marketing Lynn] Clare said.

Let us know about how other real estate agents grab your attention, either in a good way, or if they unintentionally end up beating you off.  P.S. Wanket is no longer in the real estate industry.  Can’t imagine why.

Comments (3) -- Posted by: madhaus @ 5:09 am