It’s Monday, and in the interest of full disclosure, I thought I would mention that I purchased a custom built house for which I paid cash. Here’s a photo:
As you probably have guessed, I did not purchase it as a primary residence, [I'm still renting that] and I have a "rent-for-eggs" arrangement with my tenants.
Now that I have that off my chest- what have Doomers got to say this morning? Any links, news, ideas we should know about?
This is an open thread, so let us know what is on your mind!
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Ya’ know…
with a little granite, some stainless and a few square feet of Pergo, you could probably flip that for a tidy profit!
Maybe HGTV will do an episode with you!!
for once I don’t agree with Igor as he says: excess
Asset Hunter-
Believe it or not, there are some really unbelievable coops out there. I couldn’t believe some of the photos I saw when researching designs for this one.
I guess after you spend too much money on the house and the car, you might as well spend too much on the coop.
I see you got the builder to throw in a landscaping package…well done.
Agnostic-
Sadly, the tenants aren’t much into yard work or upkeep. [The photo was taken right before they moved in.] I’m afraid it’s getting that “lived in” look real fast.
Hey, in terms of utility, it is worth more than a SFH in Queen Creek.
Ladies and Gentlemen -
The Day of Reckoning has arrived.
“Freddie Mac, Fannie Mae shares plunge; GSEs may need to raise capital – Lehman”, Press Release, Trading Markets, July 7, 2008.
Excellent! I suspect that the rent is unlikely to fall against traditional currencies before being consumed.
Igor says: worthless
John-
According to your Bloomberg link on the sidebar: [You've been busy!]
It doesn’t look like that thought is comforting the markets though.
twist -
Thanks for the new info.
However, it hardly matters. Whoever’s the counterparties for those vehicles, you can bet they are in no better shape than the GSEs themselves
(unless Buffett’s the major “buyer” 
)
Haha! That was a good one Twist! I thought you may have taken the plunge. I had a good belly laugh.
I did almost buy a light fixer out here in San Antonio a couple days back; however, the home went under contract the day it was listed. It was before the July 4th holiday on the 3rd. I was a little taken aback since my realtor spoke to the selling agent that night (about 2 hours before they accepted a contract).
Oh well, it isn’t like prices are going up. I will keep you posted. I am currently 0 for 2 out here in San Antonio.
Manfre-
I still see too much potential downside to take the plunge- it was emotionally hard enough to part with the cash for my new “investment property”. : )
It sounds like that property must have been priced well to go that quickly. Here’s hoping the next deal that comes along is even better.
Twist:
Almost had me there, too!
Back in Arizona’s olden days (pre 1970s), chickens and roosters were pretty common among the folks on Third Street, above Buckeye, and Buckeye Road… waay out on 14th avenue.
That’s how a lot of people (my Dad’s side of the family) would supplement their income in the mid 30s, to mid 40s. My great grandma still had chicken coops as recently as 1970, and my Grandparents on Third street… well, in 1982, I remember staying with them and being awakened by the neighbor’s rooster.
For those wondering, this is the neighborhood just south of the Sun’s stadium, and the newest trendy to be warehouses and brewpubs of ‘The Deuce’.
Ah, chickens.
This actually reminds me of Easter Island… no, you’ll have to read Jared Diamond’s book, ‘Collapse’ to understand what this has to do with the housing bust.
Good night. Gotta get up early to watch the markets blow up.
Yossarian-
My grandmother was a young single mother during the Depression, but she got by because she could trade eggs and cream for credit at the local store. I understand that was what pretty much all the ladies in the area did.
I’m sure FDA regulations would never allow such a thing now.
For years it was possible for women in economic straights to make a living doing little things like that- or say laundry or mending. Child care is about the only option of that sort left.
It makes you wonder what, if we were to see high unemployment again, what people would do for a living.
How on earth did those chickens survive the summer?
Agnostic-
They drink a lot of water, and Mr. Twist added some retractable shades. They will have to make do without a pool, however.