- October 27th, 2008
- by Galen
- Glossary, Maps, real estate
From the mail: What does BOM mean?
An Estately power-user asks “what the heck does BOM mean?” Is it a Bank Owned Mansion? Bom Chicka Wah Wah?
It actually has nothing to do with “Bank Owned.” In the cut-off, use-every-available-letter-in-the-description-allowed world of real estate listings, BOM is shorthand for “Back On Market.” It means someone was trying to sell their home, got an offer on it and accepted it, and for whatever reason the person who was going to buy the home backed out.
Why would someone disclose BOM when it could mean that the inspection found something nasty? By their very nature, BOM homes have high DOM (Days On Market). The days in escrow still count against the CDOM (Cumulative Days On Market).
By disclosing that it is Back On Market, the person selling their home is saying “it hasn’t been sitting on the market for weeks and weeks because it’s a bad deal, it is because the person who was going to buy it backed out.”
A quick look down the West Coast shows that the use of BOM is regional. It’s a lot more popular in Los Angeles than anywhere else – I’m seeing 66 properties with “BOM” in the description there as of today. I’m only seeing 3 “BOM” properties in the Puget Sound area.
Join the discussion »Terrain on Google maps
You can now see the hills and valleys of America on Google maps. It’s not available for non-Google sites yet (including Estately). I love being able to see the direction of the valleys left after the retreat of the Cordilleran Glaciers just 10,000 years ago. Here is an example that is just south of Bremerton:
Join the discussion »- November 16th, 2007
- by Galen
- Maps, Neighborhoods
Where do Seattle’s neighborhood names come from
Marketers and developers – the same place as nearly any other young city. I like the concept that even the oldest and hoity-toitiest Seattle neighborhood names come from developers:
But even Seattle’s crunchiest neighborhood got its name from land developers, who named it after their hometown in Fremont, Neb.
Capitol Hill owes its name to turn-of-the-century superdeveloper James Moore, who bought property and persuaded a state legislator to introduce a bill to move the state capital there.
“It was really just a real estate promotion,” said Seattle historian Paul Dorpat. “There was no chance in hell they would do that … but he knew he could get publicity.”
Another name that stuck first appeared in a Seattle Weekly article in the late 1980s about how the industrial area south of downtown was changing with new businesses and artists moving in. Editor Rose Pike suggested the name Sodo for SOuth of the soon-to-be-blown-up KingDOme.
The name really caught on after developer Frank Stagen erected red neon signs on top of the area’s huge Sears building — until Starbucks replaced them with its mermaid.
I personally like descriptive, genuinely bottom up names like “Pill Hill” (aka “first hill”), “Frelard” (Between Ballard and Fremont), and the Denny Regrade (the area where they dragged tons of dirt from the top of Denny St. its base, thus regrading it).
A quick check using our text search shows no one (not a soul!) advertising a “West Edge,” “Park District,” or “Midtown” property. Maybe the Park District developer should learn from history and get his state legislator to promote a resolution to move Olympic National Park to North of downtown.
Join the discussion »The virtual land rush rages on
Sure, the Seattle-area real estate market is slowing down to “normal†rates while the rest of the nation wonders how long the downturn will last. But the online land rush, the domain land rush, is still going strong. Computer.com just sold for $2.2 million. Investment.com for $900k. No Bank of America no-fee-but-still-bad-deal loans available for these guys.
Off topic, but sort of on topic, here’s one map of the domains of the world (unfortunately size is not proportionate to registrations):
via: StrangeMaps
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