Tuesday, January 20, 2009

Now That We've All Learned Our Lessons...

Hey, want to live in Neighborhood5000!?



You could move into one of these new condos! Just a short walk from the Castle, close to shops, restaurants, and entertainment here on the Inner East Side of the beautiful City of Roses. And best of all, no down payment!!!


What could possibly go wrong?

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Fans of the occasional L&TM5K vignettes ought to enjoy Chance's post today....

11 comments:

Yankee in England said...

Wow that is amazing, maybe I need to move to Portland. Over here the banks won't even talk to you unless you have 20% and then they give you the crappiest rate going, to get anywhere close to a decent rate you need 30-40%

jovaliquilts said...

Hey, I have a friend with no job who's willing to relocate anywhere. Maybe I'll tell her she can get a place in Portland while she looks there. As you say, what could possibly go wrong?

Rebel said...

Is this on Hawthorne and 20something? I think I saw them building it before I left. Maybe I should move back... after all I have exactly *no* downpayment. ;)

Michael5000 said...

@Yank: Well, my point is that you'd be a little nuts to buy a condo with no money down as it is entirely likely to decline around 20% in value in the short term. So you'd actually want 20 to 30% down if you didin't want to get caught in an equity trap.

@Reb: C'mon in! It would be fun to have you equity trapped in the 'hood!

Ben said...

I'm glad they're still offering these. I mean, how else is an unemployed convenience store clerk with 5 kids supposed to find a place to live?

Anonymous said...

@ben: Given the typical design standards of new condos here in Portland I think "unemployed convenience store clerks" could find architecture a productive field to apply their intellect upon. They probably couldn't make things worse.

Chance said...

Hey, thanks for the shoutout! But jeez --- my friends and brother keep telling me I should move back to Portland, now I got you on my back, too?!

Michael5000 said...

@anon: Spooky financing model aside, these particular condos at any rate are a fair sight more attractive than what was there before them. Onward and upward in Neighborhood5000.

@Chance: C'mon back! We don't have any ultraexclusive primary schools, as far as I know, but we're probably going to be looking for a new mayor...

in medias res said...

Oooohhh...ugly condos for no money down!!!! Come on--we're already in your virtual neighborhood, and there's no mortgage required for that. :-)

Jenners said...

I'm moving in tomorrow!

The Calico Cat said...

Send me an application! I've wanted to relocate forever. (Too bad I couldn't give away my condo...)

An old boyfriend is from Aloha - do you think the hubby would mind?