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April 23, 2009
Lessons From the Foreclosure Front Lines
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I'd like to see what this condo development looks like "on the outskirts of Boca Raton" and whether its comparable to anything in Brooklyn!!!
In a related story, a recently transplanted New Yorker got a 4 course meal including salad, pasta, sirloin steak and a banana split at a Sizzler in Tallahasee for $6.95.
Posted by: daveinbedstuy at April 23, 2009 9:12 AM
Dave Boca Raton has some primo Real Estate Dumbass! It's to some very wealthy people and the point is the shockwave is coming your way!
Lookie here!
FAMILY SLAY WAS 'PONZI' MASSACRE
http://www.nypost.com/seven/04232009/news/regionalnews/family_slay_was_ponzi_massacre_165769.htm
A Long Island lawyer who fatally beat and suffocated his wife and two daughters in a hotel room then remained with the bodies for nearly half a day before killing himself was under investigation for allegedly running a $20 million Ponzi scheme, sources said yesterday.
Where have I heard this before? Oh yeah it's a trend another 'Master of the universe' rubs himself out. I hope they kill themselves and not the family. Do you still believe housing prices will hold up? only a fool...
The What
Someday this war is gonna end...
Posted by: Return of The What at April 23, 2009 9:35 AM
Yo What, it says "outskirts," dumbass. That encompasses a very wide area. I know what Boca "proper" looks like.
Posted by: daveinbedstuy at April 23, 2009 9:36 AM
This article was ridiculous. He had absolutely no facts or arguments to support his conclusion. It was just vague stories. I'd say most people on this blog know more than he does about the current real estate market, at least the one in Brooklyn.
Posted by: mopar at April 23, 2009 9:39 AM
Discussed adnauseum on Curbed.com yesterday. So ridiculous and off base. Writers, they have to write about something.
Posted by: NewYawker at April 23, 2009 9:55 AM
"Dave Boca Raton has some primo Real Estate Dumbass! It's to some very wealthy people and the point is the shockwave is coming your way!"
Like West Palm Beach and Madoff, a lot of old New York money out there. Shockwave already here. Wham!
"This article was ridiculous. He had absolutely no facts or arguments to support his conclusion.", "So ridiculous and off base."
You guys are wrong wrong wrong. Curbed and brownstoner posted it for a reason. Read again...
" '...The glut of foreclosed homes creates a self-reinforcing cycle. Falling prices lead to more foreclosures. Foreclosures lead to an excess supply of homes for sale. The excess supply then leads to further price declines.' "
It's called a downward spiral. Very sensible. Very relevant. But he left out higher interest rates. And don't let that cute little 15 percent figure fool you. That is an average for the nation. New York is the last to fall and will see WAY MORE downside. Last but not least, what if our foreclosure process/laws were on par with Florida? Man o' man...
***Bid half off peak comps***
Posted by: Brownstones Half Off at April 23, 2009 10:09 AM
I still can't believe there are people out that still don't believe NYC real estate is a long way from bottom. The NYC job market is awful right now- in almost every industry. Less jobs means more foreclosures, more people forced to sale but to a limited buying pool-which means much lower prices.
Lower prices is not a BAD thing, unless you purchased from 2005-2007 and need sale within the next 2 years. If you have steady job, a nice savings and love your home, why would you care if prices dropped. Just live and enjoy, lower prices will probably bring more income diversity and much more interesting people to your neighborhood.
Posted by: 7andfive at April 23, 2009 10:19 AM
Good keep those prices coming down maybe families can move into neighborhoods they were kicked out of with high rents!
Posted by: hannible at April 23, 2009 10:28 AM
Boca Raton is NOT in Park Slope - hence any point trying to be made from this article is MOOT
Posted by: dirty_hipster at April 23, 2009 10:29 AM
"maybe families can move into neighborhoods they were kicked out of with high rents!"
If they have jobs/incomes, that is.
Posted by: East New York at April 23, 2009 10:38 AM
Entitlement.
Posted by: daveinbedstuy at April 23, 2009 10:44 AM
"Lower prices is not a BAD thing, unless you purchased from 2005-2007 and need sale within the next 2 years. If you have steady job, a nice savings and love your home, why would you care if prices dropped. Just live and enjoy, lower prices will probably bring more income diversity and much more interesting people to your neighborhood."
Sensible and thoughtful advice 7and5...
Posted by: wasder at April 23, 2009 11:15 AM
"Just live and enjoy, lower prices will probably bring more income diversity and much more interesting people to your neighborhood."
Not the type of "interesting" you want.
The What (Watching a train wreck in slow motion)
Someday this war is gonna end...
Posted by: Return of The What at April 23, 2009 11:23 AM
DIBS has brought up the "entitlement" charge a couple of times now (now that "bitter renter" has lost its sting, I suppose) so it's worth pointing out how senseless it is. It's not "entitlement" to want to purchase a home for a pre-bubble price, especially when the said bubble was a self-reinforcing cycle that enriched the least responsible actors in the financial world, and whose pricking has wrought massive dislocation on the global economy. What is entitlement is to believe that, having purchased a senselessly over-valued home, you're entitled to endless price appreciation and a virtuous cycle of bistros and wine bars and gourmet grocers, even as the funny-debt cycle pushed out the very people who made your neighborhood so livable in the first place.
Posted by: Whuh at April 23, 2009 11:31 AM
Blah, blah,blah,blah,blah,blab,blah,blah,blah,blah, Whuh.
Posted by: daveinbedstuy at April 23, 2009 11:35 AM
Ha, Dave, you truly are a gentleman and a scholar. Best of luck in all your future endeavors.
Posted by: Whuh at April 23, 2009 11:47 AM
"What is entitlement is to believe that, having purchased a senselessly over-valued home, you're entitled to endless price appreciation and a virtuous cycle of bistros and wine bars and gourmet grocers, even as the funny-debt cycle pushed out the very people who made your neighborhood so livable in the first place."
QOTD!
The What
Someday this war is gonna end...
Posted by: Return of The What at April 23, 2009 11:51 AM
Whuh- I have to agree.
Posted by: bxgrl at April 23, 2009 12:01 PM
Whuh, when you demonstrate that you understand what "entitlement" means in the cintext I used it with hannible's post then maybe I'll engage you. Otherwise your rant is worth nothing more than how I responded or a more direct, STFU.
Posted by: daveinbedstuy at April 23, 2009 12:04 PM
dibs- don't forget to direct M4L to this thread now.
Posted by: bxgrl at April 23, 2009 12:12 PM
>> Whuh, when you demonstrate that you understand what "entitlement" means in the cintext I used it with hannible's post then maybe I'll engage you.
Why don't you explain what it means?
As prices come down, people who were priced out of certain neighborhoods may no longer be priced out of those neighborhoods. How is that incorrect?
Posted by: Smudge at April 23, 2009 12:23 PM
Smudge...here's how Whuh defined entitlement...
"What is entitlement is to believe that, having purchased a senselessly over-valued home, you're entitled to endless price appreciation and a virtuous cycle of bistros and wine bars and gourmet grocers, even as the funny-debt cycle pushed out the very people who made your neighborhood so livable in the first place."
That's not really the definition of entitlement in the context of what hannible posted. So, you deserve no more of a response than Whuh got.
Why don't you just go and look it up and then present us with a laundry list of what you feel you are entitled to.
Posted by: daveinbedstuy at April 23, 2009 12:32 PM
"Boca Raton is NOT in Park Slope - hence any point trying to be made from this article is MOOT"
What about negative YOY price changes? Is that in Park Slope?
DIBS is getting gunned but not down. The shots from all directions keep him standing.
"Not the type of 'interesting' you want."
Laughing out loud.
***Bid half off peak comps***
Posted by: Brownstones Half Off at April 23, 2009 12:34 PM
I'd like to see what this condo development looks like "on the outskirts of Boca Raton" and whether its comparable to anything in Brooklyn!!! ~dibs
hey dibs I think your ghetto property overqualifies...
Posted by: cornerbodega at April 23, 2009 12:35 PM
Whuh: 1
DIBS: 0
Posted by: SnarkSlope at April 23, 2009 12:37 PM
cornerbodega....you ever been to Boca?? Ever been out of Canarsie at all???
Posted by: daveinbedstuy at April 23, 2009 12:52 PM
While you're defining words for me, Dave, maybe you could clear something else up for me. Who is the most prolific, least rational, most ad hominem, and most vulgar poster on this board?
Posted by: Whuh at April 23, 2009 1:04 PM
Stick to the discussion, Whuh. Your definition of entitlement is wrong within the original context of my bringing it up. I suspect that you feel entitled to whatever you are unable to afford. Did some Asshats come along and price you out of your neighborhood? Is that the issue??? Grow up.
Posted by: daveinbedstuy at April 23, 2009 1:11 PM
whuh - who? is it what?
Posted by: i disagree at April 23, 2009 1:15 PM
He's not smart enough to be the What.
Sorry, am i too prolific??? Was that vulgar?? It certainly was rational.
Posted by: daveinbedstuy at April 23, 2009 1:17 PM
Deep breath, Dave; I didn't meant to get you so upset.
Posted by: Whuh at April 23, 2009 1:24 PM
Not upset, Whuh. I just enjoy engaging the loons. It always reinforces my belief in how bad the education system really is.
Posted by: daveinbedstuy at April 23, 2009 1:31 PM
Dave, maybe you could clear something else up for me. Who is the most prolific, least rational, most ad hominem, and most vulgar poster on this board?
I thought it was me, right?
The What (Right?)
Someday this war is gonna end...
Posted by: Return of The What at April 23, 2009 1:59 PM
What...I posed a question to you in the HOTD thread. Do you own property on that street???
Posted by: daveinbedstuy at April 23, 2009 2:20 PM
>> That's not really the definition of entitlement in the context of what hannible posted. So, you deserve no more of a response than Whuh got.
So what is your definition of entitlement in the context of what hannible posted? It's a simple question. You must have some notion of it, no matter how befuddled, given that you used the word before Whuh even posted.
Posted by: Smudge at April 23, 2009 2:25 PM
Diversity. The only people that talk about diversity are white people who grew up in white bread communities.
Posted by: NewYawker at April 23, 2009 2:35 PM
I did, at 1:11...it was just too subtle for you to recognize.
Posted by: daveinbedstuy at April 23, 2009 2:59 PM
Discuss this...
April 23 (Bloomberg) -- Sales of existing U.S. homes in
March stayed near a four-month average, and prices rose from
February, a sign the housing recession has stopped getting
worse.
While today’s figures from the National Association of
Realtors showed purchases fell more than forecast to an annual rate of 4.57 million, economists noted that the sales level is hovering near the level it reached in November.
Prices for home resales posted their biggest monthly gain since June 2005, and NAR chief economist Lawrence Yun said that some regions are seeing multiple bids on properties.
Posted by: daveinbedstuy at April 23, 2009 4:07 PM
Oh I don't feel I am entitled to anything I just know that I have a credit score of 765 and I don't own a home while some people with subprime mortgages refinanced and still want more money from my tax paying hieny. No handouts for me none for the free loaders. I will be glad to join the long list of forclosed homeowers.
Posted by: hannible at April 23, 2009 6:24 PM
NAR chief economist Lawrence Yun said, "Every word out of my mouth prior to this moment has been a lie. I lied during the bubble. I lied during the bust, which is worsening as we speak. I've actually mastered the art of sleep lying."
Posted by: SnarkSlope at April 23, 2009 10:37 PM
It is not a question of some asshats coming and pricing people out of neighborhoods. It is a culture of idiots who thanks to the help of the government and banks started a cycle of low interest rates that allowed real estate brokers and home flippers to inlfate the home prices and not the home values beyond what a smart person would value a home.
Posted by: hannible at April 25, 2009 9:38 AM
Latest Restaurant Additions
-
Le Barricou
added November 20, 2009 12:00 PM in Williamsburg -
Der Schwarze Kölner
added November 19, 2009 12:00 PM in Fort Greene -
Oak Wine Bar & Café
added November 18, 2009 12:00 PM in Williamsburg -
Mr. Wonton
added November 17, 2009 12:00 PM in Park Slope -
Casa Rosa
added November 16, 2009 12:00 PM in Carroll Gardens -
Cousin John's Café & Bakery
added November 13, 2009 12:00 PM in Park Slope -
Elote
added November 12, 2009 12:00 PM in Williamsburg -
Miracle Grill
added November 11, 2009 12:00 PM in Park Slope -
Phoebe's Cafe
added November 10, 2009 12:00 PM in Williamsburg -
Ruthie's
added November 9, 2009 12:00 PM in Clinton Hill, Downtown Brooklyn
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