Quote of the Day
Once we join the rest of the country in terms of accepting reality – we are by the way now falling under the same lending standards of income to debt ratios, and under the new appraisal requirements set forth in the lending crack-downs – we should see prices return to levels where they still should…
Once we join the rest of the country in terms of accepting reality – we are by the way now falling under the same lending standards of income to debt ratios, and under the new appraisal requirements set forth in the lending crack-downs – we should see prices return to levels where they still should be had the past 10 years of bizzaro world not happened. In 1-2 years (or less) wait and see if we don’t follow the rest of the country. I’m looking again at condos around Miami and they are around $100/psf – even less for anything that isn’t new construction. These same exact condos were in the $700-800 psf range just 2 years ago – I still have my old offering and information paperwork from when I was looking at the same units back then. One of the units that was asking $700,000, is now right at $100K with the seller kicking in closing costs. And we are talking prime neighborhoods. So sit back and watch. It’s not going to be pretty for sellers who overpaid, but will be great for families in our city who can move back in and not have to live 2 adults and 4 kids in a studio that they still can’t afford.
— by williamsburgguy in Toll Gets Serious About Selling at Northside Piers
I don’t think 3rd world has anything whatsoever to do with Latinos.
No clue why you’d even suggest it, actually.
11217, you do not have to post over and over, we get it, you don’t like Miami and neither do your friends, of which you have many, I’m sure. I doubt you even know how to drive so no, you should not leave NYC. Ever. Of course when people say things like “Miami is Third World” what they mean is that there are a lot of Latinos. And because they are bigots, they think that is lousy. The Latins have actually reinvigorated Miami and unlike NY where they are seen as only the lower class, in Miami, they are in every class level and it is a much more, what’s the word? diverse city than NY, which gives a lot of lip service to “diversity” but is still in lockdown old-boy Ivy league mode. Please do not follow up this post with eight consecutive ranting posts. I will not read them, I am logging off. Buh Bye,
He didn’t say we are in a Depression.
He said that these are the worst times SINCE the Great Depression.
That’s how I read it, anyway.
The WORST forecast for unemployment I’ve heard so far is 10% by 2011 or 2012. While horrible (and a worst case scenario as far as I’ve heard) that really doesn’t compare to the 25% during the Great Depression.
Listen, I don’t predict the future, but I simply don’t think the world is coming to an end like you (and others) seem to.
I think it’s going to be a few years of a really bad economy.
And then people will figure out how to make it improve.
Certainly the people on this blog who do nothing but predict doom and gloom day after day without ever offering a single suggestion or thought on how to fix it aren’t going to be part of the solution. You all have one track brains…the world is over and there ain’t nothin’ you can do about it.
Sorry, but that’s just not how I like to think.
11217,
because he said depression and because others are saying it now and hinting at the possibilities. Because I don’t think where we are has sunk in with many people yet. Because TARP didn’t bring back the stock market and the stimulus bill may not fix anything. And this has ramifications for how all of us will spend the money we had, have, will have, or don’t have, in the next few years (or decade?).
I guess the reason is because if you *really* think about what it implies and really extrapolate it out then it *could* be that the 700K apt is 100K. It could be that you’re out of a job. It could be that Mr Brownstoner can’t get revenue to run this site anymore because ad sales won’t pay his bills (or something). It could be that finance as the engine of the city is done and over with. It could be that the stimulus bill and federal reserve printing press money creation creates a hyperinflation. Who knows but the end result is that it will get better but only after a huge amount of hurt.
But maybe I’m wrong. Maybe team bulls wins and unless I get in the market today, I’m priced out forever.
You’re so right, nyc87….and I’ll leave you with one of your own more enjoyable quotes to show you what the phrase “pot calling the kettle black means”
“Stop whining about featuring more affordable houses. This blog is mainly about BROWNSTONES, and the nice brownstones in Brooklyn, the ones worth discussing, are usually priced over $1 million–at least for now. Start your own blog if you want to discuss any old house.”
11217,
No offense, but why are you so shrill?
You must subscribe to the “I scream the loudest, therefore I am right” school of thought. Your posts, which take up about 30% of every thread, are truly thought-provoking.
And thanks for setting the standards for QOTDs–you’ve done a great service to this site.
Xander,
No offense, but why should that be quote of the day?
So the comment thread can read, “DUH” over and over?
Seems quotes of the day are supposed to be a bit more thought provoking, and not an obvious fact.
To me, these statistics do not lead me to believe that Miami is on the verge of greatness:
MIAMI
The median income for a household in the city was $23,483, and the median income for a family was $27,225. Males had a median income of $24,090 versus $20,115 for females. The per capita income for the city was $15,128. About 23.5% of families and 28.5% of the population were below the poverty line, including 38.2% of those under age 18 and 29.3% of those age 65 or over.
Almost 40% of those under 18 under the poverty level??
For comparison’s sake, NYC’S median income is $48,631 and our poverty rate is 18.5% and 27.3% for children.
this should have been the quote of the day.
“By now, it’s clear to everyone that we have inherited an economic crisis as deep and dire as any since the days of the Great Depression. Millions of jobs that Americans relied on just a year ago are gone; millions more of the nest eggs families worked so hard to build have vanished. People everywhere are worried about what tomorrow will bring.”
– Barack Obama, February 4, 2009