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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: loantech who wrote (28588)	3/15/2005 7:30:59 AM
From: russwinter	Read Replies (5) \| Respond to of 110194

I went by the Pinnacle, my PDX canary in the mineshaft. hoytstreetrealty.com yesterday, and it's about done. Note how they say 85% sold? I believe that actually means they have deposits on them? How many of these folks have financing actually lined up to close and take possession in the next month or two? Gee, it's gotten more expensive. Meanwhile we can see a number of the "buyers" are engaged in the flipping game, before the building is even occupied. hoytstreetrealty.com The inventory in the Pearl has been creeping steadily up. There are three signs along NW 11th on some of the townhouse units, that have been sitting there for over a month, two are unoccupied. hoytstreetrealty.com I walked down along the River condos south of the Broadway bridge. Neat location, but older rattier places, more the Ma and Pa speculators, as opposed to the Bullies and foreigners in the Pearl. It was 6:00 on a beautiful evening, the kind that would bring people out on their decks, and walking along the Williamette. It was a ghost town, a few bikers quickly going through. No signs of life in the units, many looked empty, and several "for rent" signs. This is a disaster in the making.