Thursday, August 30, 2007

Weekend Open Thread....

Thanks for a nice week of comments and discussion. Since things have been getting too personal and stories of 'this blog' and the 'other blog' are now taking too much time, I'd mention my perspective on this:
  • It looks like a lot of folks are taking things too personally and responding in a way that's not 'too classy'. Well, all I can say (and this is from a 'bitter renter'), chill out! It's just business. Or may be not. For me, despite the home having all the appeal and all that, I try best not to let the nesting instincts overpower the financial and career priorities. I know a lot of people get attached to their 'homes' or their 'investments', but a disciplined investor avoids such tendencies. Emotional attachment to assets is 'sinful' in not only the religious way, but also in the way of a disciplined investor. As I've mentioned here a number of times, this blog and my observations of the Alberta real estate market are merely a learning exercise. And may be a bit of community service by providing a forum for discussing ideas that are(or were) otherwise ridiculed by the masses.
  • A lot of people have talked about the 'vested interests' of 'anonymous bloggers'. Of course, I've a vested interest. And my interest is to learn about markets and develop further understanding of the real estate industry. May be later on, once the era of cheap credit is over and financial sense begins to prevail, I might consider investing in real estate. The learning from this blog and observations of Alberta market will be very helpful when I'm ready to make such a move. In the meantime, should you ask your bloggers/realtors about their vested interest, other than of course the fat commission they make from the hard work they do in selling your homes? Something like how many properties they own as investors and if they are likely to incur any significant losses if the real estate market goes south. I know it's a touchy issue and that's why I've never commented on these before, but I think there's been a lot of talk about the 'vested' interests. We've never bought anything in Alberta so far because our long term goals do not include living here. Simple as that. If it gets too expensive, we'll just pack our bags and leave. Thankfully, our livelihood is not dependent on the price of oil.
  • One more time, there's no need to take anything personal here. Some people make money, others lose. Those who lose money gain experience and learnings for later. May be some people who did not buy in 2004 and 2005 realize that they could have bought something when things were cheaper. Perhaps, those who bought in 2006 and 2007 will realize that renting didn't suck so much after all. In any case, in the bigger scheme of life and things, it should be a small factor. But when you are over extended and highly leveraged, it's easy to develop bitterness and anger towards those who don't necessarily share your perspective.
  • By now you must be tired of all this sermonizing. So I would just stop even though I want to keep on writing.
  • The month end is upon us and we'll have the numbers for August available next week. What are your predictions for Edmonton and Calgary for August?
  • As someone suggested, where do you think the Edmonton and Calgary markets will be in a year from now? Please take this poll:

  • Have a terrific long weekend everyone and enjoy the last week or two of our ephemeral summer.
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