Shhhh. Don’t tell anyone here in Metro Detroit. Unlike many of my neighbors, I don’t really know too much about cars. Last year when I hosted the Carnival of Real Estate #35, I used the Motown theme, so this year I am pretty much obliged to attempt to do something somewhat creative with Metro Detroit’s other big gift to the world (after Diana Ross and the Supremes): the automobile.
For those of you readers who are interested in Metro Detroit Real Estate, yet you find yourself landing on this curious post, the carnival of real estate is essentially a round up of some of the best posts in the vast and ever growing land of real estate blogging from the previous week, as determined (this week) by me. Actually, in the year since I last hosted, real estate blogging really has exploded, and there are now thousands of real estate blogs one could read. But if you are interested in Metro Detroit real estate, of course, you need not look any farther I don’t know if carnival hosts are allowed to use emoticons in carnival posts, so forgive me if I wasn’t supposed to do that.
Like last time, there were lots of interesting submissions. There were a few more than I have mentioned here that I really thought stood out, but this week I wanted to distill it down to four posts. Thank you for the good submissions. On the other hand, quite a few not so interesting, like the one that said “we already link to you, please link us now.” Folks, this carnival is actually not an orgy of link love.
I hear the engines revving up on Woodward Avenue, so its time for me to get started with this week’s road rally.
The Edsel Award
It had so much potential. And it probably is not fair to compare this post with the most spectacular failure in automotive history because actually the post is interesting, and I was excited about it until one little sentence turned me away.
Future carnival entrants, take this advice to heart: its pretty important not to slam the Carnival host’s stomping ground when you submit, especially if your knowledge of economics seems a little off.
I was excited to see that Detroit topped Zillow’s affordability survey, but then Zillowblog went on to say:
It might come as a surprise that Detroit is high on the list. This probably arises from a combination of factors. First, home prices are very low, so mortgage payments are low as well. The other factor is that Detroit’s high unemployment rate can make the average household income look higher.
OK, correct me if I am wrong, but wouldn’t a high unemployment rate make average household income look lower? I mean, last I checked, unemployed people don’t make much usually, right? Bottom-line, Detroit has been near the top of such lists for a long time. Our cost of living has been relatively low and wages here were/are high.
Now lets motor on to some happier territory.
The Chevy Award
Think baseball, apple pie and Chevrolet. This one goes to Larry Cragun, for his piece “God Bless America and Title Insurance.” We’ve all had sellers and buyers grumble about having to pay for expensive and seemingly useless title insurance at closing. Afterall, how many times do you actually hear about someone filing a title claim? Not too often. Larry’s piece points out that when you need it, you might REALLY need it.
The Corvette Award
Mike Simonsen from Altos Research offers up an interesting piece on hedging real estate risk using MacroShares. At first blush, this sort of investing sounds a bit complex for the average investor, but
the day could come when we are all holding MacroShares in our SEPs and IRAs. Warning: do not take financial advice from me!
The Lincoln Town Car Award
Dan Melson at Searchlight Crusade is so consistently good. This week he writes about why he is hearing about more and more deals not make it to close. I feel fortunate that it hasn’t happened to me, but his statistic of 50% of escrows failing to close in San Diego County is more than sobering.
2008 Malibu Award
The Malibu is the Car of the Year for 2008 and I am going in a completely different direction than I normally would with this week’s top winner. Lauren Mitchell may be the first blogger to ever win the Carnival with a market report. Frankly, I have been writing market reports for 3+ years now and I almost always find them painful to execute. Lauren made reading about Toronto’s market interesting and entertaining. I write about local things and I am happy to have someone who is “keepin’ it local” take the top carnival award.
Well, folks, that’s your automotive update. Thanks for cruising by. Be sure to visit next week’s carnival of real estate on Renthusiast.
Big thanks to Drew Meyers from Zillow for keeping the carnival running so smoothly for all these months!