Real Estate Market Finally Pops!
By Motoko Rich and David Leonhardt The New York Times
MONDAY, OCTOBER 31, 2005
Just about everybody has taken to using the word "bubble" when talking about the housing market.
Among the optimists who have embraced the idea is a condominium developer in Miami who is running an advertisement for two new properties that shows a woman blowing an enormous chewing-gum bubble above the word "Boom!" And at the Mortgage Bankers Association, the chief economist, Doug Duncan, says he subscribes to the Don Ho way of thinking, referring to the singer's hit, "Tiny Bubbles."
But the pessimists are not surrendering the metaphor they started.
Robert Shiller, an economist whose book in 2000 predicted the stock market crash, has rereleased the book with a new cover warning of "the worldwide real estate bubble and its aftermath."
All of which leads to the question: Does the word "bubble" have any meaning anymore?
In some cases, the word indicates a market in which prices have gone up so far and so fast that they are destined to crash, as some thought might have been happening when a recent report showed that apartment prices in Manhattan had dropped 13 percent from July through September. Others use "bubble" to suggest that prices could drift along for years to come. They might trail inflation for as much as a generation, even if the nature of real estate, with its slow and infrequent transactions, prevents a Nasdaq-like collapse.
To many developers, brokers and bankers, not to mention homeowners, who all have a big stake in the boom, the word has come to symbolize a fabulous market that is likely to slow eventually. The 15 percent annual price jumps of recent years will gently ease into 5 percent or 8 percent increases, they say.
More Green Space for Reno
RENO, Nev. Planners aim to protect open space
Supporters say goal is to preserve public access to trails, wildlife corridors.
In what will give the Reno City Council more leverage in asking developers for public areas, city planners have revived their stalled efforts at writing a master plan for green space.
The end result could be better connections between neighborhood trails and those that venture into the hills around town, more bike paths and better protection for open space.
The goal is to help planners get amenities in new developments, said Reno Associate Planner Jessica Jones, heading the effort for the city.
The city hired a consultant to lead the project, created a working group of about 20 community members and hosted the first of two broad public meetings. The second meeting is scheduled Jan. 19 in the California Building at Idlewild Park.
Valerie Andersen, a member of several area clubs dedicated to open space and a part of the city's working group, said the plan will help ensure open space remains accessible as Reno continues annexing parts of Washoe County for development.
"I'm hoping to preserve public access to trails and also wildlife corridors and open space," Andersen said.
Enforcing the council's will about open space can be difficult because the policies aren't outlined clearly in the master plan, Jones said.
"With this policy document we'll be able to say you have to do this and this and this," she said, suggesting the city could require developers to tie into the regional trail system at specific places.
For Lori Wray, another member of the working group and president of Scenic Nevada, the biggest issue is protecting ravines and drainage ways for open space, something she's been fighting in her southwest Reno neighborhood for years.
"We just want developers to be sensitive to the flood plains that are in (the neighborhoods) and try and leave some open space," Wray said.
October 31, 2005: Reno Nevada NewsThehooks
Football Handicapping Radio Show PR
Leap (press release) - Chula Vista,CA,USA Thehooks Football
Picks announced that the first show of Thehooks handicapping show hosted
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Notorious
bear killed after Sierra's worst wave of break-ins KESQ - Palm Desert,CA,USA RENO, Nevada
A hungry black bear that broke into about 100 Sierra Nevada vacation
homes and caused up to one (m) million dollars in damage was shot dead
by a ...
Swan
faring swimmingly now that she has a beau AZ
Central.com - AZ,USA In this case, Olivia is all aflutter over
her new feathered boyfriend. Olivia is the swan that paddles around a
lake at the University of Nevada Reno. ... See all stories on this topic Sierra
storm causes delays to motorists, forces road restrictions KRNV - Reno,NV,USA ... Lake
Tahoe area. Chains or snow tires are required on Nevada Route 431
over the Mount Rose Summit near Reno. A snow advisory is ...
See all stories on this topic About
100 gather at Reno peace vigil KESQ
- Palm Desert,CA,USA ... soldiers from Nevada
are among those now calling for US troops to be withdrawn from Iraq. The
Reverend Bill Chrystal of Reno has a son who just returned from
... See all stories on this topic Nevada
Rep. Gibbons says war in Iraq still necessary KESQ - Palm Desert,CA,USA RENO, Nev. ...
The five-term Nevada Republican currently running for governor
served as a combat pilot in the Vietnam and Persian Gulf wars. ...
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Google
Alert for: Reno NevadaRetailOne
Announces Changes to Executive Team PR
Newswire (press release) - New York,NY,USA ... RetailOne,
backed by Sierra Nevada Ventures in Reno, Nevada,
provides retailers with integrated store planning and execution services,
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Lisa
Rea Formally Announces Candidacy to Replace John Doolittle YubaNet - Nevada City,CA,USA ...
Rea, 48, a resident of Lincoln was born in Illinois and raised in Reno,
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Ex-Ely
Post Office, Reno home nationally historic Las Vegas Sun - Las Vegas,NV,USA RENO,
Nev. (AP) - A ... The J. Clarence Kind House on Marsh Avenue in
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rate increases for natural gas OK'd; Reno area hit hardest Reno Gazette Journal - Reno,NV,USA ...
The biggest increase, 24.5 percent for typical gas customers in the Reno-Sparks
area ... The utility's northern Nevada customers will
see an increase of nearly 13 ... See all stories on this topic Burglarizing
bear shot at Lake Tahoe Rocky
Mountain News - Denver,CO,USA RENO, Nev. - A hungry black
bear that broke into about 100 Sierra Nevada vacation homes and
caused up to $1 million in damage was shot and killed by a ...
See all stories on this topic Arizona
prep player commits to Nevada football KESQ - Palm Desert,CA,USA RENO, Nev. A
defensive end and track star from Chandler, Arizona has made a verbal
commitment to play football next year at Nevada. ... See all stories on this topic Nevada
Pharmacy Board delays decision on conscience clause KRNV - Reno,NV,USA The Nevada Pharmacy
Board is wrestling with a proposed "conscience clause" that
would outline ... pick up debate on the issue at its December 8th
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