It was bound to happen. I mean townhouses going for $700K (that's right folks 3/2, 1500sqft, no land) is quite simply riduculous. I s5till remember going to look at the Rivermark townhouses. The lady there was trying to ensnarl me in some sort of insane "flexpay" (otherwise known as "the-future-ream"). She said I could afford a $650K loan on a single salary (since Hongyun is not working)...ummm no.

Well as the fed hikes the rates one more time and mortgages get nearer to the 7% mark, all of those ARMs (82% of bay area loans last year were one type of adjustable rate product or another) is gonna start to hurt.

Anyway, Patrick.net keeps tabs on all the juicy boom to bust gossip. Bay Area Housing Crash Continues, Bubble Pops. He, like me is saving up for that rainy day in 2009 when everyone is trying to unload their 3/2 1700sqft 7000sqft lot they purchased for 850K in the 2004 heyday for 500K. I feel like a kid at the top of the first hill on a rollercoaster...

Patrick is a fellow who is tracking the housing market with an almost religious zeal. He's basically a real estate news aggregator and boy does he find the good stuff. He collects all of his findings here. I'd skip most of the stuff at the top since it makes Patrick seem like he's a little off kilter and just head to the bottom of the page where he links to the real estate stories of the day that relate to the housing bubble. Anyway, I hope the bubble pops and pops with such zeal it takes down most of the lame as mortgage brokers who got us in this predicament anyway with their neg-am and interest-only loans that they tout as good long term solutions to everyone.

When the bubble pops hopefully I can pick up a place on Santana Row or (preferably and) a house in a decent neighborhood. What sparked my real estate interest yet again? Hongyun and I headed over to Scott and Leo's new place in the city to check it out. The place itself was very cool...a 3/2 TIC. We liked the immensly high ceilings, the flood of light in the living room, the ultra new kitchen, and the hardwood floors. The cons were the location...right next door to a 24/7 MickeyD's in a sort of ghetto-y part of town. The good thing is that it wasn't that bad, but the McDonald's next door must suck, especially in the middle of the night.

Anyway, Scott had mentioned to me that there the chinks in the real estate market's armor were finally starting to show and other places have started seeing signs of the bottom falling out. I'm not sure it's actually happening here, but hey, one can only hope.

So this past evening, Hongyun and I head out to the Cupertino Library (which rocks by the way) to drop off some stuff and pick up some more stuff. On the way home, we decide to stop off at Santana Row to pick up some mousse at Cocola at Santana Row since it's just a few blocks from home. This place has over-priced-yet-irresistable deserts. The mousse there is very good and not sugary. Think of it like a cheesecake that can float. I've definitely been on a floating things kick lately. Anyway, when we get there, we realize there are literally throngs of people at Santana Row! I mean most of the stores are closed by this time, but Straits and other restaurants are not only open, but packed to the gills. Amazing. I hope they can bottle "it" and sell it. I'd be first in line.

Anyway, the mousse was awesome as usual and the people watching was interesting (as usual as well). I don't know what it is about the fruit of the month places, but they seem to have a certain balance. Here's my run down of necessary elements:

1. Hipstas (or wannabes) -- dudes who think they know everyone and are loud, just to be loud

2. Chicks who pretend to hate them but secretly think they're hot -- The hipstas were just standing outside the Straits terrace while the chicks were looking annoyed at the table right next to them. But a couple of the girls were enthralled.

3. Rich, old couples -- just having a late dinner/snack.

4. Ugly girls who think they're hot -- they're always at the scene and they're always trying so hard.

5. Not so ugly girls who think they're hot -- they're always at the scene and they're always trying so hard.

6. Super good looking hostess -- doesn't seem to care who you are as long as you notice that she doesn't notice you.

7. Too nice waiter -- bends over backwards to get you want you want.

8. Menus with no dollar signs or decimal places -- nice whole numbers...everyone knows what they mean, right?

9. Hummers, Ferraris, and Lambos - Oh my! Always short parked, nicely stacked out front of the Valencia hotel like they're ready for a rap video shoot to fall from the sky at any moment.

10. Those who are too poor to get the Lambos (includes myself and Hongyun) -- just enjoying our mousse and taking a little time to watch 1-9.

And that's your slice of Wednesday night at Santana Row.