Seattle is starting to exhibit the classic signs of a boom bust where special circumstances let them sail right over the edge. Look at the cranes. What are they building? When will they come on line? Who will invest? ENers know the reason. And in honor of anointed future president Obama's speech this morning; Ich ein ist ENers.
Gavshire Hathaway writes on Calculated risk:
I'm sitting here in Seattle, and I'm starting to see all kinds of signs that the CRE collapse is coming. From out my window I can count about 20 cranes building office buildings and condos.
Gav is right. The first crack was when the massive 13 acre family owned downtown redevelopment fell apart this spring. The lots were amassed over decades and were collectivized June of 2007. We all know what happened to lending the next month.
Seattle Times has it.
Those pesky bloggers picked it up.
And CNN Money runs the obituary July 22, 2008.
Being the last person to drink the kool-aid means getting to digest the sediment.
Blog Note: I took those pictures last month on vacation to the region. As the most excellent RE advisor Bawldguy repeatedly harps; there ain't no substitute for feet on the ground.