Herd About the Housing Bubble?

Problem for the rest of the country, but not so much for Manhattan and Brownstone Brooklyn. Too many rich people, too much pent up demand, not enough new supply.

Only may become an issue if people begin to realize that a Million Dollar beach front home in Miami is nicer than a Million Dollar home in Sunset Park.

Posted by: guest at March 3, 2008 10:34 AM

Schiller -- like a stopped clock -- has to be right once in a while.

I mean, if you write a zillion columns, surely something will be true at some time.

Posted by: guest at March 3, 2008 10:36 AM

Master of the Obvious award goes to Brownstoner!!!!! Yay, Woo Hoo!!!

http://home.satx.rr.com/jm1/master/index.htm

Yeah fucking right. I find it funny people and MSM are saying "I knew it was a bubble" or putting out stories about it. This is so fucking disingenuous!!

Sad that the assfucks are behind the curve. We are in credit crunch mode and major institutions are insolvent (Citi, WaMU, Wacovia and UBS).

For the fucking clueless: We are in crash mode, Yes in crash mode! It might happen today of 9 months from now but, mark my words it's going to be real bad.

The What

Someday this war is gonna end...

Posted by: guest at March 3, 2008 10:42 AM

"And it is now possible that a downward cascade will develop — in which rational individuals become excessively pessimistic as they see others bidding down home prices to abnormally low levels."

Market overshot at the top and will most certainly overshoot on the way down. Irrational exuberance/herd mentality works both ways. A day will come when The What calls you a fucknozzle for not scooping up Bed Stuy brownstones for $250K.

Posted by: guest at March 3, 2008 10:43 AM

Interesting that not one article has been written about the opportunity created by the fact that some markets are tanking and others are not.

For example, an owner of multiple Manhattan properties could sell one property at market rates which have not yet dipped, and then use the proceeds of that sale to shop for deals in markets which have tanked.

There is a lot of opportunity in RE now for those who dont need financing. For example, you can buy a home in Florida or Vegas now for $1.4 to $1.5 that last year listed for over $2 million.

There is opporunity in any market that is going through desparate changes.

Posted by: guest at March 3, 2008 10:43 AM

10:34,

I'm gonna rat you out to the REBNY. That's plagiarism.

Posted by: guest at March 3, 2008 10:47 AM

I know several people who have sold recently in Brooklyn prime and Manhattan and have bought places in NY suburbs in NJ or NY.

They were able to get much more for their money as the NYC RE sold at top price, and the suburban properties were softer.

In each case, these people were able to buy a suburban property that was significantly nicer than they were able to buy over the past several years.

Naysayers like The What only cry that the sky is falling, while others see opportunity and are making great deals on prime properties.

Just like the stock market, there are those who make money on the way up, but there are also those who make ALOT of money on the way down.

Posted by: guest at March 3, 2008 10:48 AM

"Problem for the rest of the country, but not so much for Manhattan and Brownstone Brooklyn."

Uhhh...brownstoner seems to be preoccupied with it. It's a problem for Brownstone Brooklyn. If our market was not influenced by a global credit OD, then why didn't it take off sooner than 2001?

Posted by: guest at March 3, 2008 10:52 AM

Interesting how some folks can't seem to make a point without using profanity or is it that perhaps they believe it gives more weight to their meager thoughts?

Posted by: guest at March 3, 2008 10:57 AM

"Naysayers like The What only cry that the sky is falling, while others see opportunity and are making great deals on prime properties."

Ok then... Show me the metrics. Show me where the numbers make sense then, I will show you a crashing market.

The Assfucks need high valuations to justify the insanity. The are bubbles in everything (Oil, Gold, Housing and Food). But there is one place is not a bubble, WAGES!

Very soon, very soon.

The What

Someday this war is gonna end..

Posted by: guest at March 3, 2008 11:00 AM

10:48...one problem....

you'd have to live in the suburbs.

not too many people interested in that around here.

ever heard of a little thing called the environment?

new jersey is bankrupt. plan to spend those extra savings on your house on taxtes, $4 gasoline and home heating.

Posted by: guest at March 3, 2008 11:01 AM

Hadn't people who observe the housing market been issuing warnings for years? How then can bankers now say that they had no idea? If you lend money to people who obviously not afford the debt they are assuming, then you are asking for trouble.

Posted by: guest at March 3, 2008 11:03 AM

"these people were able to buy a suburban property that was significantly nicer than they were able to buy over the past several years."

Not all of us are disgusting Americans. BIGGER DOES NOT EQUAL NICER!

Posted by: guest at March 3, 2008 11:03 AM

"They were able to get much more for their money as the NYC RE sold at top price, and the suburban properties were softer."

The suburbs have not reached their lows yet. Not even close (no bottom in sight). Your people just jumped back into the fire and will follow their property values down even lower. If you want to take profits, you gotta get out and stay out until the smoke clears. Why do you think Jim Cramer, the clown that he is, claims he sold all his real estate and is now renting. You think you have more market insight then him. Appreciation from this all-time high is RIP.

Otherwise, if you're not relying on your home equity as part of your net worth (like a car purchase) or you bought well before 2006, then sit back, relax and enjoy your home. Maybe rental income is working out for you.

Posted by: guest at March 3, 2008 11:03 AM

The What - hear some some numbers.

I sold a duplex in Manhattan for $1.7 that I bought 5 years ago for $400K. Had a $300K mortgage. So I netted $1.4 million.

I went out to Nevada and bought a brand new house on a Lake, fully loaded that was listing for $2 million a year ago. I paid $1.4 (in a direct 1031 roll over) developer paid all closing costs - a delta of $600K off the asking, 30K in closing and another $150K in upgrades.

I have had 3 offers in the past 3 months for $1.6 - another $200K increase.

What is your omnipotent brilliance have you done recently to make money?

Posted by: guest at March 3, 2008 11:05 AM

Interesting how some folks can't seem to make a point without using profanity or is it that perhaps they believe it gives more weight to their meager thoughts?

Interesting how some folks can't seem to refute an argument so they chastise one's use of profanity. Or is it they have absolutley no weight to their meager soft landing argument.

Posted by: guest at March 3, 2008 11:09 AM

11:01 - 11:03 - where did i mention "bigger"

I used the word "nicer" referring to location, wooded lots, histroic details, etc

Never said anything about bigger. You should try reading and not projecting your negativity on others.

Also do you realize that there is a lot of Green environmentally friendly building and rennovating going on? Especially in NJ where you can write off an entire solar bank array?

Pompous uninformed Asses.

Posted by: guest at March 3, 2008 11:12 AM

11:05 is bragging about appreciation on a vegas property?

when will this war end already?

stfu asshat

the who

Posted by: guest at March 3, 2008 11:12 AM

11:05...

so you love vegas so much, you are reading and posting on brownstoner at 8am?

cool beans.

Posted by: guest at March 3, 2008 11:13 AM

new jersey is a cesspool.

Posted by: guest at March 3, 2008 11:13 AM

NEW JERSEY IS BANKRUPT! THE WHOLE EFFIN STATE!

prices there still have another 10-20% more to drop!!!! YOUR FRIENDS WHO BOUGHT THERE ARE FOOLS!!!!

Posted by: guest at March 3, 2008 11:14 AM

11:05 AM Ok then Assfuck! Oil was trading at 66.00 a year ago now it's at 102.00 now. Ask your self was the economy was great or we had a increase in the money supply (inflation). Look at M1, M2 and M3 FED Money supply. They have gone parabolic for the last 6 years and with Greensperm lowering the rate to 1% sent every asset class to the moon.

"What is your omnipotent brilliance have you done recently to make money?"

Well I'm trying to save it but, Too low interest rates are fucking everything up.

" sold a duplex in Manhattan for $1.7 that I bought 5 years ago for $400K. Had a $300K mortgage. So I netted $1.4 million."

You are a lying fuck. You have Broker commission, Capital gains and transfer taxes. 1.4 gross, get your lies right troll.

The What

Someday this war is gonna end...

Posted by: guest at March 3, 2008 11:16 AM

Ahh the Vegas house is a vacation property. I live in Manhattan and own 8 more properties in NYC.

Also to the pompous Eco warriers who are so much better than everyone else, the Vegas property is completely off the grid, zero effluent, green built.

How is your apartment more environmentally friendly than that?

Posted by: guest at March 3, 2008 11:17 AM

"But there is one place is not a bubble, WAGES!"

Absolutley. Businesses and government will not tolerate wage inflation. When inflation trickles down to wages, interest rates will be taxiing to the runway while Ben Bernanke lands his helicopter. Cash will be King.

Posted by: guest at March 3, 2008 11:18 AM

The What do you know what a 1031 is?

Obviously your questions mean you dont know jack about real estate finance and taxation.

No wonder you cry that no one can make money in real estate, you have no idea how to do it yourself.

Please keep sending your rent check on time.

Posted by: guest at March 3, 2008 11:20 AM

Sorry, 11:20. The mere reference to 1031 does not convince me that the 1.4 is not gross. Please elaborate.

Posted by: guest at March 3, 2008 11:25 AM

Hi - I live in a shitty apartment in Brooklyn and have never invested in real estate or built a property but I am going to bag on everyone else who lives anywhere besides NY as a loser who will lose all their money.

also everyone in the world is much less green and environmentally conscious as I am because I shop at Whole Foods and take the subway to work.

I am great and the best green real estate genius in the world even though I rent.

Posted by: guest at March 3, 2008 11:26 AM

11.05/11.17 AM;

You are FOS. If the property is a vacation home, as you claim, than it cannot be included in the 1031 program. The What is correct in calling you on your claim that you "netted" $1.4M.

Don't waste your time on Brownstoner. A Carlton Sheets infomercial is the place for you! You can appear on a commerical and show everyone the check where you "netted" $1.4M. You can impress other people with your mentality.

Posted by: guest at March 3, 2008 11:28 AM

One take-away from the Schiller article is that he (the one who had this bubble pegged way before anyone else) is suggesting caution should be taken on the downside. I think he is comfortable suggesting this as national average price depreciation has already exceeded his projections. While NYC is not absolutely immune to the downward cascade effect there are a number of dynamic conditions that prevent rapid price depreciation. I think it is fair to conclude that if Schiller is saying we are at or near the bottom, then NYC personal residential real estate might be escaping the fate other parts of the nation have suffered and therefore emerge from this credit debacle only slightly bruised.

Posted by: guest at March 3, 2008 11:28 AM

Busted!

Posted by: guest at March 3, 2008 11:29 AM

11:25 - I dont care what you think or whether you are convinced.

I dont believe that no one is making money in RE now because you say so.

the point is many people are making money in RE now and will continue even if the market continues to soften.

People like you who claim the sky is falling and sit still will not make any money because you are blinded by your pessimism.

Posted by: guest at March 3, 2008 11:29 AM

hmm so vacation homes can not be considered investment property? Even if it is rented out?

Since you are brilliant in RE - tell us how a 1031 can be converted into a primary residence?

I know how - do you?

Or are all you are good at is hating?

Posted by: guest at March 3, 2008 11:31 AM

11:28 - why do you say that a vacation home is not considered a "like property" and not included in a 1031 program?

If he buys a property for a similar or greater value within the 180 days and rents it out or attempts to rent it out, then it can be included in a 1031.

What is your position contrary to this?

Posted by: guest at March 3, 2008 11:34 AM

11.05/11.17/11:31 Brownstoner.

Biff Champion=Dickchewer.

Herd About the Housing Bubble? 80 comments of delusion.

"I know how - do you?

Or are all you are good at is hating?"

Did the IRS change the tax codes yesterday? Please tell so I can do some "exchanges" now. LMFAO

The What

Someday this war is gonna end...

Posted by: guest at March 3, 2008 11:37 AM

11.34;

I repeat: the man is FOS. Take a look at some of the facts:

-As you state, a 1031 requires a trade-up. "Carlton Sheets Jr." is claiming that he sold a Manhattan duplex for $1.7M, and then bought a Nevada property for $1.4M. Where is the trade-up?

-He said nothing about renting out this place until I called him on his characterization of a 1031 property as a vacation house.

Let's have some serious discussions of real estate on this board, not posts from would-be Carlton Sheets.

Posted by: guest at March 3, 2008 11:41 AM

If you people can't see how this is effecting the economy as a whole your dumber than I thought.
Who cares if NYC real estate is holding steady when the entire economy slows to a crawl because of unsound loans across the country. When Wall St. & banking layoffs start happening, and if stocks keep going down even NYC RE will be affected. When you lose your job and have to sell, whose going to be left to buy it at these prices?

Posted by: guest at March 3, 2008 11:46 AM

"Herd About the Housing Bubble?"

The What, heard how to spell?"

See stupid, I copy and paste from the topic of this discussion. I know you have a old 486 but, learn to fucking look. BITCH!!

The What

Someday this war is gonna end..

Posted by: guest at March 3, 2008 11:49 AM

a 1031 does not require a trade up. It only requires that the like proprty is of EQUAL or greater value.

Also there are stipulations about carrying forward an equal amont of debt. However he did say that he sold for $1.7 and had a $300K mortgage on the property.

Under the clause he can take that 300K pay the debt and not have to carry the mortgage forward.

also with a 1031, the seller can take some cash out, and pay the taxes, or even split the proceeds from a sales between 3 properties.

Also why is everyone attacking the poster? Maybe he rolled $1.3 of the proceeds into the purchase, paid the difference in cash or a took a small equity loan.

Posted by: guest at March 3, 2008 11:50 AM

"Who cares if NYC real estate is holding steady when the entire economy slows to a crawl because of unsound loans across the country. When Wall St. & banking layoffs start happening, and if stocks keep going down even NYC RE will be affected. When you lose your job and have to sell, whose going to be left to buy it at these prices?"

The same exact statement has been said over and over again for the past several years. Stilling waiting for the mass wall street layoffs, and we are still waiting for the hit to NYC real estate.

Posted by: guest at March 3, 2008 11:52 AM

I just got a $10,000 raise last week!!!

Who said incomes aren't going up.

- 30 something in the arts

Posted by: guest at March 3, 2008 11:55 AM

someone that can't spell "warrior" shouldn't be allowed to own eight properties in NYC.

Posted by: guest at March 3, 2008 11:56 AM

there's hundreds of possibilities... I say congrats to the poster and one day I hope to be rolling like him.

Posted by: guest at March 3, 2008 11:56 AM

some retard posters are to busy spelling and not counting . i just wished they would return to thier term paper.

Posted by: guest at March 3, 2008 11:58 AM

"someone that can't spell "warrior" shouldn't be allowed to own eight properties in NYC."

don't you mean, someone WHO??

LOLOLOL. Dumbasses all of you!

Posted by: guest at March 3, 2008 11:59 AM

brokers posting here are obviously not too busy.

sales are way down and so are your commisions

hope you saved for alot of rainy days

the who

Posted by: guest at March 3, 2008 11:59 AM

11:55... get back to work or you'll lose that raise.

Posted by: guest at March 3, 2008 12:04 PM

you posters are great - attack on RE topics that you know nothing about, then attack saying that since you dont know how to make money in RE than no one can, then finally when all else fails - ATTACK their spelling.

Posted by: guest at March 3, 2008 12:04 PM

"The suburbs have not reached their lows yet. Not even close (no bottom in sight)."

According to the experts quoted in the NY Times last week, the outer suburbs are already down 15% and may drop a total as much as 19% at the worse. That means a max of a 4% drop to come.

If you're buying a $1 Million house, you have saved 150K compared to 2 years ago and at worse the place may drop by 40K before prices go back up. sounds like a good deal to me.

Posted by: guest at March 3, 2008 12:05 PM

"According to the experts quoted in the NY Times last week, the outer suburbs are already down 15% and may drop a total as much as 19% at the worse. That means a max of a 4% drop to come.

"If you're buying a $1 Million house, you have saved 150K compared to 2 years ago and at worse the place may drop by 40K before prices go back up. sounds like a good deal to me."

This is how you make decisions? Read the NYT, and trust whatever the few guys they've tracked down say? And you trust them to forecast the drop in the prices to the actual percentage point: "a max of 4% drop to come"? You have to be kidding me. Did you listen to Wall Street analysts as they forecast only a minor deflation of the Internet bubble after the Nasdaq peaked in 2000?

Good luck with that strategy.

Posted by: guest at March 3, 2008 12:12 PM

12:05 - you shouldnt try to use logic on these boards.

Naysayer Posters like The What are anticipating a complete melt down in real estate that will mkae every city in the US look like "I am Legend."

They are convinced they will be able to buy a brownstone in the Village for $250K in 6 months.

Posted by: guest at March 3, 2008 12:12 PM

Not just the experts, no. I am watching the markt and seeing more sales than a few months ago at higher prioces. Things are moving back up. I do beleive that a 19% drop would be historically as much as things drop in the NY metro area.

Posted by: guest at March 3, 2008 12:14 PM

Purchases in prime suburbs like Mont Clair in NJ and some West Chester county are still seeing multiple bids, and bidding wars.

I think that many areas have already hit bottom, there will be a small pop as all the sideline sitters jump back in at the same time, then a lull again after the initial frenzy.

OR, you could bet on complete meltdown or our economy and way of life and anticipate 50% decreases in RE.

Posted by: guest at March 3, 2008 12:19 PM

Talking about the burbs on a blog about Brownstone Brooklyn makes you seem like a total moron.

If you'd rather be there, please go and leave us alone.

And stop commenting here.

Posted by: guest at March 3, 2008 12:29 PM

Biff-there's a huge diffrence between a comment and a paragraph... you do know this right?

Posted by: guest at March 3, 2008 12:32 PM

You don't need a complete meltdown of our economy and way of life. As you must know, since it's been pointed out on these boards myriad times in the past six months, RE prices in NYC -- not just the NY metro area, but the city itself -- fell roughly 40% in inflation-adjusted terms between 1987 and 1993. It took many people who bought in 1987 six to seven years just to get back to even. There was no complete meltdown in the city -- people kept living and making lots of money, but the value of RE plummeted. So it not only can happen here, but it did happen here less than twenty years ago. And the run-up in NY housing prices in the 1980s, while sharp, was much less extreme than the run-up in housing prices between 2002 and 2007. That suggests the fall could be sharper or more long-lasting.

Again, if you bought in 2003 or 2004, you've got nothing to worry about (unless you've been using your home equity as an ATM). You're up 150%+ on your investment, and even if home prices do fall from here, you'll still have trumped pretty much any investment out there. But that says nothing about whether it makes sense to buy now (or if it made sense to buy in 2006-2007).

As for the guy who thinks that he's seen "more sales than a few months ago at higher prices," it is time for you to get LASIK.

Posted by: guest at March 3, 2008 12:36 PM

2 types on this site: 1. people like the What who like to egg others on by writing inflamatory things and to amuse themselves due to 2. people with enough spare time and gullibility to take them (both 1&2) seriously

Posted by: guest at March 3, 2008 12:49 PM

Hmmm, I thought The Times article was completely silly and made no real points based on any sort of tangible facts...It focuses on a "classic study from 1992" and it just rambles without really saying anything at all.

"..a 60 percent probability that any one person’s information will lead to the right decision." Huh? Who says? Where does this number come from? How can ANY percentage of probability be tossed out there? Some people will be right 95% of the time no matter what's going on, up or down. Others will always make bad decisions, no matter what.

Way too many variables at play to take this article seriously...

The Fed chairman's job is to be an optimist and a cheerleader. They're not gonna put Mr. doom and gloom in that position, isn't that obvious? They're NOT gonna put a guy in there that says "stop buying real estate - It's overvalued."

Plus, predicting a market downturn is completely unimpressive. It's called a cycle and even though we're in a downward one right now, NYC has been quite fortunate.

The reason this fiscal crisis happened is because corporate banks acted like starving pigs at a food orgy and they got so fucking greedy they bet the farm on shitty loans for shitty properties.

If loans weren't designed to be immediately resold and repackaged for investors very little of this would have happened anyway.

Posted by: guest at March 3, 2008 12:49 PM

The What is a bitter, bitter renter.

Posted by: guest at March 3, 2008 12:55 PM

I think the What use to work on Wall Street

Posted by: guest at March 3, 2008 1:04 PM

Here assfucks, This is called systemic. I know you want to believe in the bullshit but, it's coming to a end...

Banks Seize Assets of Peloton Hedge-Fund Firm

http://online.wsj.com/article/SB120432135068003795.html?mod=googlenews_wsj

Just last year Peloton was named Rookie Hedge Fund of the Year. They was flying high with assets of 3 Billion witched was leveraged 7 to 1 or high as 10 to 1. See leverage works in the opposite direction too and this is just the beginning of the crash.

I think this if the first time in history we are witnessing a real time crash.

Now come on with the attacks, Flame on!

The What

Someday this war is gonna end...

Posted by: guest at March 3, 2008 1:05 PM

I think the What use to work on Wall Street (like Brownstoner); he loves it when the hedgies and banks blow up.

Posted by: guest at March 3, 2008 1:08 PM

well,
renting is so much more expensive - especially if you have a high income.

not everyone over leverages, fyi.

it is possible to buy something that is not at the top of what you can afford.

people get married, have kids, etc... you need somewhere to live.

will never be convinced that renting is the way.

not overspending/over-extending yourself however, is good advice.

Posted by: guest at March 3, 2008 1:15 PM

ok I think I firgured it out:
(a)this guy is based in Nevada;his salary is commisson driven, and depends on the number of "sky is falling" articals he cuts and pastes to nyc blogs
(b) this guy is actually Mr.Brownstoner alter ego

Posted by: guest at March 3, 2008 1:20 PM

biff champion with a name like that dont be be a loser.

Please tell us the points you were making by correcting everyone's grammer.

Posted by: guest at March 3, 2008 1:24 PM

Er....sorry to upset a lot of people's perception of Brooklyn but it's actually a SUBURB-I've lived in 3 different cities in 3 different countries and Brooklyn is definitely a SUBURB

Posted by: guest at March 3, 2008 1:24 PM

brooklyn is a city of 2.4 million people.

it's probably larger than any of the other "3 cities" you've lived in.

Posted by: guest at March 3, 2008 1:31 PM

"I mean, if you write a zillion columns, surely something will be true at some time."

So if a malignant cancer patient did not die exactly when expected, they are all of a sudden cured? This boom/bust is a process, not an event. Robert Shiller's zillion columns were spot on about the process. Apparently, few have listened.

Posted by: guest at March 3, 2008 1:32 PM

Hey tWhat, do you know the property you live in? Do you have a job?

Sorry, but you can't cut and paste an answer from another site here. It is a simple yes or no.

Posted by: guest at March 3, 2008 1:38 PM

Brooklyn isn't a city in any real sense. The only difference between Brooklyn and NY's other suburbs is that you get to pay city income tax, and therefore your RE tax is a little lower.

Posted by: guest at March 3, 2008 1:40 PM

1:31 Don't be so American in your mentality.
Outside of the US a city is usually pretty big.
Lets see..Paris/London/Madrid 10/8/3.5 million respectively
I live in Brooklyn-I like Brooklyn,but please-it's a Suburb.

Posted by: guest at March 3, 2008 1:41 PM

I'm not American, first of all. And good thing all the Europeans are preferring this suburb lately then.

Last time a suburb was a top 10 destination on Lonely Planet was???

You are REALLY ignorant, 1:41. Those population totals include parts of London, Paris and Madrid that are the EXACT same thing as Brooklyn.

Or did you think Paris's downton core was 10 million people?

Posted by: guest at March 3, 2008 1:46 PM

"I do beleive that a 19% drop would be historically as much as things drop in the NY metro area."

-40% from 80's to 90's. The bigger the boom, the bigger the bust.

Posted by: guest at March 3, 2008 1:46 PM

"OR, you could bet on complete meltdown or our economy and way of life and anticipate 50% decreases in RE."

You're beginning to see the light.

Posted by: guest at March 3, 2008 1:48 PM

Biff i understand the point you were making... but guess what son? you're at the wrong blog. If you need direction to Scholastic’s web site you can simply google it. Doodle head.
I believe you still have time to register to the annual spelling bee and over there you can find a lot of bright children like yourself.

this blog is about the green stuff that's in your mommy/daddy's purse or wallet. and most of us here understand what a "comment" is, and there really is no need for a snot nosed brat to correct grammer.

Hurry run along and play now... bub bye.

I'm so proud of today's youth they're so internet savvy.

Posted by: guest at March 3, 2008 1:56 PM

1:46 Your answer bores me.
The people that live in 'Greater London'/the 'banlieue' of Paris/or the outskirts of Madrid would openly admit to living in the suburbs-because they do.
Why can't a lot of people who write on Brownstoner who live in Brooklyn admit the same.
By the way-there is no downtown in any of the 3 cities I mentioned.

Posted by: guest at March 3, 2008 1:59 PM

zzzzzzzzzzzzzzz

Posted by: guest at March 3, 2008 2:14 PM

Biff I almost cried Im so proud of you son. You can definitly stay and learn more. See you're learning already it's totally ok to use words like "yep" here.

You gotta love today's youth.

Posted by: guest at March 3, 2008 2:21 PM

Broolyn is not the suburbs. It lies somewhere between a city and a suburbs. Why do I say that? Because I grew up in the burbs. You cannot live without a car there. You can in Brooklyn. You don't have major cultural institutions like BAM, Brooklyn Museum, etc. etc. Brooklyn is more densely populated and more interesting.

Posted by: guest at March 3, 2008 2:24 PM

Ok Biff Im sad now you continue to miss the point... are you smoking dope during your lunch break? you're memory is bad.

Im sorry for calling you a retard earlier. You're not retarded you're a special person.

btw (by the way) I'm a straight man please dont call me "dear" or "sweetie pie".

Posted by: guest at March 3, 2008 2:41 PM

you all ride the short bus as far as i'm concerned.

Posted by: guest at March 3, 2008 2:47 PM

biff- it's me again... I forgot if you're a woman over the age of 18 you can call me those things.. hmmm does Biff Champion really means Buff Champion? If so Im excited and cant wait to feel your championship skills.

Posted by: guest at March 3, 2008 2:49 PM

"infantile" LOL (laugh out loud) I never said rich.... but hey that's great news you're a woman. Sorry about the confusion all the Biff's I know are men.

Buff Champion- I dont want a date just a quickie.... So, can you leave your window open tonight and give me the signal?? One candle if by oral, and 2 if by anal.. I'll creep over and we can "spell" all night.

I'll bring the motion lotion and dickionary.

Grrrrr!

Posted by: guest at March 3, 2008 3:41 PM

Hey Bitch Champion! I knew you was a Anal Ranger and I see you found a new friend, Aw sweet. You have someone to "cornhole" you with the power drill. Put the corn on the... You and your friend know what to do. ROTFLMMFAO!!!!!!!

The What

Someday this war is gonna end...

Posted by: guest at March 3, 2008 4:08 PM

hmmm - after watching this thread degrade to gay slurs and name calling, I am even more confident that you guys are really experts on 1031 transactions and the real estate market.

Posted by: guest at March 3, 2008 4:12 PM

any grown adult who says: ROTFLMMFAO has an iq of 20.

on a good day.

Posted by: guest at March 3, 2008 4:29 PM

The What is a renter. What she has to say is meaningless.

Posted by: guest at March 3, 2008 4:54 PM

1031 - and people's "discovery" of this relatively old RE provision is a major contributor to the Bubble that is popping.

People are so obsessed with avoiding taxes that they were willing to pay virtually anything for the next "in kind" property as long as they could identify it within the 45 day period

The best part is all the idiots who are going to end up paying twice the capital gains tax when President Obama (or Clinton) lets the Bush tax cut (on Cap Gains) expire.

Posted by: guest at March 3, 2008 5:12 PM

5:12 - yeah because Bush and his "tax Cuts" have been such good for our economy.

It is a direct result of his policies that we are on the verge of a meltdown.

Or do you do the typical pass the buck republican line of blame clinton for all republican caused problems?

Posted by: guest at March 3, 2008 5:27 PM

bush is so over.

worst.president.in.history.

Posted by: guest at March 3, 2008 5:34 PM

5:27 I am not advocating for the tax cuts or not (some I think are good for the economy - cap gains for example and some are ridiculous - like estate tax cut for another)

What I am saying has NOTHING to do with 'politics' -

Actually what I think I am admitting is that despite having reservations for our economy regarding a raise in cap gains taxes - I am actually looking forward to people getting burned by their near obsession with trying to avoid ALL taxes (lower rates or not). It frankly used to puzzle me why people were willing to pay any price for the 'next' property simply to DEFER their tax. And when I asked I would say "I don't get, this "next" property makes no sense from a financial perspective" - I'd get the same response - "Yeah but this way I don't have to pay the tax"

I from the old school - I think investment decisions should be based on sound fundamental principal, research and maybe a bit of luck - I am sick of "luck" (also known as the greater fool theory) being the by far biggest criteria in this market - it will be nice to see some people finally get hurt by their stupidity. (I know that is less than Christ-like, for that I am sorry)

Posted by: guest at March 3, 2008 5:40 PM

"The best part is all the idiots who are going to end up paying twice the capital gains tax when President Obama (or Clinton) lets the Bush tax cut (on Cap Gains) expire."

Oh...you mean the tax cut that overwhelmingly favors the wealthiest 1% of the nation? Most of us won't miss that much.

Posted by: guest at March 3, 2008 5:40 PM

yup, that's the one, 5:40.

Posted by: guest at March 3, 2008 6:05 PM

Bush was indeed a bad president, but under his leadership I was able to buy 2 brownstone.

I really hope the Dems dont cramp my style.

Posted by: guest at March 3, 2008 6:16 PM

The What is still a renter!

Posted by: guest at March 3, 2008 6:33 PM

guess what everyone! I made $50,000 today at my 9-5 job in midtown!

Posted by: guest at March 3, 2008 6:39 PM

dear brownstoner readers: i am surprised that more of you are not also curbed readers. this 1.4mn vegas guy is none other than "sneaky pete", the bitter little "investor" troll who posts all day long on curbed about how RE prices will be up 20% in 08 and pleading for you to get in now before it`s too late. please. he claims to have picked the bottom on this 1.4mn "bank appraised" POS in vegas and then claims it is his vacation home, but now suddenly he rents it out. it`s hard to vacation in a home you are renting out - awkward~~. now he`s claiming that he got two 1.6mn offers. in the foreclosure/excess inventory capital of the US meltdown, his place increased 14% while the rest of the market is deteriorating at an increasing pace. right. stupid pete, if that were true, you should have taken the offer. your next credible offer will be $0.6mn. this guy spends all day pom-pomming the nyc market and adding his cute little line to send your rent check on time. if he were really such a mogul, he wouldn`t have time or the need to troll blogs all day. the truth is that he is probably way over-leveraged and wakes up in a cold sweat every night fearing what would happen if the market went down 20%. pete, dreams really do come true, you pathetic little loser. no amount of trolling will change that. also, brownstoner readers, he likes to harp on people posting anonymously over at curbed where he is registered, but has no problem doing so here...

Posted by: guest at March 4, 2008 2:45 AM

I used to read Curbed but gave up after the continual horrible spelling mistakes in the stories. I started to distrust the whole shebang. I suspect its being run by teenagers.

Posted by: guest at March 4, 2008 8:29 AM

2:45 - I am glad that you are such a real estate expert and as you state on curbed you are unbeliuevabley wealthy. All that success must make you lonely since you are awake at 2:45 am, on a blog and attacking others.

I noticed on curbed that Sneaky pete offered to bet you that his Vegas place would be of higher value next year. You went silent never answered him.

From your posts it seems that you are a bitter renter that ads nothing to the conversation.

Is it your belief that no one is making money in the real estate market? You are so convinced that since you cannot find a way to make cash in this market than no one else like Pete can?

Posted by: guest at March 4, 2008 9:05 AM

I find Sneaky Pete consistent on both this blog and curbed. He actually gives examples and some of the deals that he is working on or has closed.

I am buying a LES property, and we connected via curbed. He was very helpful offering info on the 197a zoning and how it would effect the property that I was interested in.

Posted by: guest at March 4, 2008 9:08 AM

sneaky pete is a big liar.

and you are a moron for believing him 9:08.

Posted by: guest at March 4, 2008 10:46 AM

10:46 - please provide proof of your statement.

Posted by: guest at March 4, 2008 11:04 AM

can we go back to housing bubble topic?

I watch the sales data like a hawk for the heights & cobble hill. Is it my imagination or is NOTHING selling right now, but yet the brokers are pricing places 20-40% over 2006/2007 prices? am I right?

Posted by: guest at March 4, 2008 5:54 PM

9.05 and 9.08 are both sneaky pete. he seems to think he only has one attacker. he has some obsession with the concept of "making money" like it is some kind of agreed upon technical term (i.e. renters dont make money). whatever. pete, i am posting at odd hours b/c i happen to be in japan on vacation. looking at real estate priced at $300k that sold for $1mn 10 years ago. that is no lie. wanna call the bottom here dude? welcome to nyc 2015 and vegas 2008. dumbass.

Posted by: guest at March 5, 2008 12:09 AM