Splendor(These ideas are explicated in this sloppy manifesto)
Friday, December 02, 2005
Here come the condo conversions...
The West Valley sections of the Arizona Republic
ran this story
on the expected surge in apartment-to-condominium conversions on the same day they ran my column
predicting just that outcome.
Condominium conversions are happening all over the Valley, with new projects in Glendale, Phoenix, Chandler and Scottsdale.
Real-estate brokerage firm CB Richard Ellis predicts about 6,000 apartments in the Phoenix metro area will be converted to condos by the end of the year.
What makes them appealing to potential homeowners is that they are relatively cheaper than single-family homes and a better investment than renting an apartment, experts say.
October figures for home sales in the Glendale and West Valley areas list the median condo sales price at $159,900, compared with $299,900 for a single-family home, according to the Arizona Regional Multiple Listing Service.
"It will offer an affordable alternative to someone who can't qualify for a new home," said Greg Burger of RL Brown Housing Reports. "It's a much better alternative than renting."
If there are suddenly a great number of qualified home buyers with no homes to buy, it's not difficult to figure out what will happen over the coming months. Here's the prognosis:
We will see more apartment-to-condominium conversions, especially at the low end of the price scale. There are qualified buyers with zero available inventory at the same time that older apartment communities suffer huge vacancies. This is an entrepreneurial opportunity.
My columns are written well in advance, so the two articles running on the same day is purely serendipity. But I think the conclusion I draw stands as a stout rejoinder to all the Chicken Little rhetoric we hear from allegedly-informed sources:
Finally, expect the unforeseen. Where there is increased unmet demand, there will be increasingly creative solutions to meeting that demand.
This is the dynamism of the free market, and this is why the sky so rarely falls, despite persistent predictions to the contrary.
For every ten people wailing, "What will we dooooo?!?",
there is one entrepreneur wondering, "How can I make this work to my advantage?" Chicken Little grabs the headlines, but it is the entrepreneurs who have given us all the wealth we have, and all the wealth we will have.
Wednesday, November 30, 2005
Exposing the 'affordable housing' scam
This is why the Las Vegas Review-Journal
is my favorite newspaper:
"People should not have to choose between paying for food and medicine and paying their rent and utilities," the report's authors assert.
But you know what? They do. People do have to make choices. Young twenty-somethings just starting out may not be able to afford that nice $300,000 house in the suburbs. They may have to work hard and make choices, getting married if they want kids and eating macaroni and living in an apartment while they save up their nest eggs. Is this something government should be trying to "fix," perverting these incentives for wise economic behavior by imposing hidden taxes on those who did work and save to get ahead, to subsidize those who don't want to bother?
|When you use this great Phoenix Realtor, you'll get a great deal and they'll make a great donation to Brophy Prep in my name. Everybody wins!|
I am a a Realtor
working in sunny Phoenix, Arizona, and the Designated Broker for Bloodhound Reatly
. I am an Accredited Buyer's Representative
, a Certified Buyer's Representative
, a Certified Residential Specialist
, an E-Pro Internet Certified Realtor
and a Graduate of the Realtor Institute
. I speak frequently on real estate issues and write a weekly column for West Valley sections of the Arizona Republic
. If you need--or you know someone who needs--to buy or sell a home in the Metropolitan Phoenix area, I would be grateful for the opportunity to compete for the business. I think I represent the best of all worlds: Objectivist intelligence, Libertarian integrity and Catholic conscientiousness.
For a liberty-loving take on real estate news, visit the Bloodhound Home Marketing Group weblog. And if what I'm doing suits the readership of your web site or weblog, please do link to it.
Or go me one better by putting the customizable button above on your web page. Either way, for every person you refer who buys or sells a home with us, we will donate 10% of our net commission to the charity or advocacy group of your choice (within limits; we won't give money to people who kill people). Find out more from our referral page.
I am very interested in the gaming industry as a business, but the only game I actually play is poker, mostly on-line poker. These are the sites where I play:
My favorite site overall. This is where World Series of Poker Champion Chris Moneymaker got started. Very tough games, though, although the multi-table tournaments are incomparable. This site is not for the beginner--nor for the faint of heart.
Not quite as tough as PokerStars, but not quite as perfect a user-interface, either. The single-table tournaments are fun and frequent.
This is the ideal place for beginners. The user-interface is not great, and the games can be very slow, but you can learn to play here without getting eaten alive.
If you don't know how to play poker, but want to learn, a place to begin is my Amazon list of poker books for beginners. Just remember: If you don't have a Positive Expected Value--you're gambling...