Quote of the Day
For every person crying that the sky is falling I know of another person (you and myself included) sitting on a pile of cash. Ask yourself how many people you know who are hoping to purchase a distressed property in the next year or two. I don’t understand why so many of you are so…
For every person crying that the sky is falling I know of another person (you and myself included) sitting on a pile of cash. Ask yourself how many people you know who are hoping to purchase a distressed property in the next year or two. I don’t understand why so many of you are so negative on NYC market when in reality I’m sure many of you also know people who have a lot of money right now they don’t know what to do with. These people = demand. Nothing is trading right now because everyone is in wait and see mode, but don’t confuse wait and see mode with the preamble to a cataclysmic decline in prices. It might not happen. I am much more bearish on the financial markets and the national real estate market than on NYC market.
— by setancre in Front Page Forum: Walk Away from Downpayment?
maybe it was lethacal. anyway if you see my first wife remind her that she owes me a pile of cash.
Setancre:
The NYC real estate market will plummet, and tightened lending will make it harder to purchase a home despite general demand to live in NYC staying high.
Rents on the other hand, which have only risen modestly in the last decade by comparison to sales prices, will increase substantially, as sales slow.
The fridge isn’t where your first wife kept me.
there used to be a diet drink named lechacal. my first wife used to keep it in the fridge,
Wow, ok did not expect that to get quote of the day.
So I think I might have been overstating my point a bit on the original thread, but really I was attempting to make a point about demand. Nearly every last person I have talked to about NYC real estate declining (for what that is worth) in the last 6 months has made the same remark “Maybe now I can finally afford to buy something here.” The difference between NYC of the last real estate decline (late 80s and early 90s) and NYC of today is 180 degrees. Back then (which was when I was growing up here) people actually wanted to leave. Kids got jumped every single day on the way to and from school, their bookbags, jackets and shoes got stolen. It didn’t make the news or police blotters the way a bunch of kids harrassing someone at Barnes and Noble does now, because it was such a part of the culture. There was crime, a crack problem throughout much of the city, and many families thought there were better options for them in suburbia. Demand for housing in the city went down. Similar crisis during “white flight” of the 70s.
Right now, the demand is really not going anywhere. Everyone still wants to live here, and as inflated as prices seem, they are not above the incomes of most residents (as evidenced by co-op purchases requiring documentation and 20% down, and general paucity of foreclosures). Suburbs bring their own additional expenses in energy costs, crazy-high real estate taxes, car payments, insurance, etc. Personally I would love to see prices go down here, it would be to my benefit as I am looking to buy in the next 2 years, but I realize that I am one of many, many people hoping for the same thing.
Until demand to live in NYC heads downward I don’t see prices declining anywhere near to what they have in the rest of the country. There really aren’t all that many better options out there for people to move to.
Yes Adam, French as in le chacal.
Sam, there was absolutely no gloating in my post (maybe you think I was gloating about comparative returns, but that’s like saying “you should have seen the other guy”). FatLenny asked, I answered. I am pointing out that I am willing to stand by my views as to the long-term prospects of the equity markets vs. NYC real estate. Clearly I have losses in equities. I was just pointing out that an unlevered equity portfolio is less risky than real estate ownership in the current market.
Polemicist,
” Neither of you are artists”
Really? And what makes you say that? You wouldn’t be making such a bold opinion that one needs to be an artist to understand Pound, would you? Because thats just ~embarrassing~ and juvenile.
” or even have the capacity to understand that passage.”
I’ve read my fair share of Pound, so again, fill me in. Have you met me? Seen my library?
” I’m sure for both of you, your understanding of sex is no different than a beast.”
Again, have we met?
” That is Pound’s point in this particular passage. We live in a world where it is not just art and architecture that is soulless, but even the most intimate of acts is wholly separated from any notion of philosophical or aesthetic idealism. Hell, most humans today in the US look more like monsters than men.”
An interesting take on Canto LXV. Interesting, and innacurate. At least Rudge, Kenner and Moody would think so.
Ah, Brooklyn. Home of the overeducated and underpaid.
I just want to know how to pronounce lechacal. Is that some type of mythological beast?
I’m not going to comment on these posts as they are WILDLY speculative, I chuckle to myself but I will not comment.
That said, I would like to know how to pronounce LECHACAL. Is it french ala le chacal or the jackal?
Prodigal Son and sam:
Neither of you are artists or even have the capacity to understand that passage. I’m sure for both of you, your understanding of sex is no different than a beast.
That is Pound’s point in this particular passage. We live in a world where it is not just art and architecture that is soulless, but even the most intimate of acts is wholly separated from any notion of philosophical or aesthetic idealism. Hell, most humans today in the US look more like monsters than men.