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May 31, 2008
All Too Top Drawer
This is a charming site to be sure. I wonder though that the theme of real estate might be a bit chancy. I've worked on mortgage bond trading desks for 16 years, and we in the biz are pretty sure there's something downright approaching The Great Depression in our midst. Those massive price collapses in the rest of the USA are slowly creeping toward New York City - with Manhattan looking like the epicenter of a massive crash. I've always liked visiting Brooklyn, a somewhat saner life than Manhattan...but I suspect the 'Good Times' are a comin to an end. How long before the credit panic finally eats into the local real estate market? I had a broker in Manhattan try to sell me a studio for $600,000 that the owners only bought 3 yrs ago for $375,000. It was a man & wife. Like, I'm really going to give these gentrifying shits $225,000 just for making monthly payments on their mortgage. Well that's been almost a year ago, and the price cuts haven't moved it. Sounds like San Diego to me... ta ta.
Comments
Bring back the what.
Posted by: guest at May 31, 2008 8:40 PM
I think those who bought with the short-sighted view that things would stay rosy forever are in for some pain, maybe a lot of pain. Those who kept their overhead low with a Fixed are probably going to be fine.
When I bought my place I had two priorities: a garage for my motorcycles and a mortgage payment that didn't exceed a Manhattan 1999 median 1BR rent. Now that I've got a shop to play in, I don't ride much anymore but I still appreciate the mortgage.
Posted by: Steve at May 31, 2008 8:52 PM
You belong in San Diego.
NYC will really miss you. ta ta!
Posted by: guest at May 31, 2008 11:44 PM
Are you on drugs?
Posted by: Putnamdenizen at June 1, 2008 12:05 AM
This is obviously a fake post. An experienced trader would know that it doesn't matter what you paid for an asset but what its worth on the open market. Not to mention the fact that a trader with 16 years in would not be buying a studio. He might "work on" the trading desk but not in any way that his outlook on the market is worth mentioning.
Posted by: Mrs. Limestone at June 1, 2008 8:22 AM
how high were you when you wrote that?
Posted by: guest at June 1, 2008 8:22 AM
Correct Mrs. Limestone...he works in the back office!!!
Posted by: daveinbedstuy at June 1, 2008 8:43 AM
Yep you guys called it, the back office.
"Makin' Copies! MhattanSnob! Snobberama!"
Posted by: guest at June 1, 2008 9:58 AM
wow - great writing dude. i'm all shook up.
Posted by: guest at June 1, 2008 6:40 PM
fakest of the fakes
Posted by: guest at June 1, 2008 7:38 PM
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