Average Joes Giving Market a Heartbeat
Yesterday’s cover story in the NYT real estate section was downright encouraging, didn’t you think? The gist: There are a bunch of folks who have normal jobs with normal paychecks that have been patiently saving up in recent years as the real estate market zoomed beyond their reach who all of sudden are finding themselves…
Yesterday’s cover story in the NYT real estate section was downright encouraging, didn’t you think? The gist: There are a bunch of folks who have normal jobs with normal paychecks that have been patiently saving up in recent years as the real estate market zoomed beyond their reach who all of sudden are finding themselves in the position to buy sooner than they had imagined. And faced with the double-blessing of lower prices and lower interest rates, they are even able to afford bigger apartments than they thought. The meat-and-potatoes buyers are coming out right now, said Kristina Leonetti, a broker at the Corcoran Group. And you know what? They are out there actively looking (though maybe not in the Bronx). Confirming something that a senior member of a large brokerage firm told us last week, open houses have been well attended since the start of the new year. Any readers who fit this profile care to chime in?
For the Brave, the Moment Is Now [NY Times]
Photo by Amber Rhea on Flickr
mopar,
cheese has been around longer than gentrification
mopar…there’s no such thing as “too many cheese shops.”
Too many cheese shops.
Hey What,
” I rest my case..
The What”
Do you promise?
Y’know, I’m born and raised here. Been in NYC all my life. I remember the 70s and 80s. And I am almost as much of a pessimist and realist as you. But your simplistic view of economics and socioeconomic dynamics is pretty naive. And like I said its not like I’m one of those Asshats you speak of. I remember the old NY. I have a relatively bleak outlook on the future of this city and this country. But you are just off the mark to think the “old NY”will return.
“Thats not what I was talking about jackass. I was talking about the ACTUAL returns over the past 10 years.”
Doesn’t change my argument. You’re analysis ends in 2008 where the stock market took a sudden dive of 40% already. Going forward, RE will plunge more than the stock market from where the stock market is now because it lags. [Remove life support, doc.]
“Christ, why do I continue to engage the loons???”
Because you overpaidinbedstuy and the truth don’t feel too good.
***Bid half off peak comps***
Benson: Ah, poor management and different stakeholders. Very interesting. (I’ve been puzzling over this question for some time.)
Correction: Just 80’s/90’s collapse not recent. I said ‘recent’ (meaning recent peak) because the test works for calling tops as well. So the NYC index shows a bottom and a top that was no sooner than 9 months when YOY changed sign (postive to negative or vice versa).
***Bid half off peak comps***
It sounds like the real estate brokers believe “polite opinion,” which is that the economy will get better around 2010. I don’t believe it.
Wait, let me revise that.
Layoffs triggered by the domino meltdown of mortgages, then banking, then retail will level off by 2010. So maybe things will get better.
But if the US can’t borrow any more, things will get a lot worse.
I also expect inflation to kick in in six months to a year.
Deton I keep saying over and over again! Most of the Retards have no idea about the real New York! They have no idea about the New York in bad economic times, like during the 70’s when Beame was begging for money from Washington DC. The 124 pound Skinny Asshats (Like Brownstoner) would not have a snowballs chance in hell here!
Those days are going to make a comeback like Welcome Back Kotter and I would like to see the “Value” in owning a Brownstone in a marginal neighborhood! Look what’s going on in California right now! The Shockwave from the Mutant Asset Bubble implosion is coming your way!
California delaying tax refunds amid cash crisis
http://www.reuters.com/article/domesticNews/idUSTRE50F6JH20090116
SAN FRANCISCO (Reuters) – California will not pay state tax refunds for individuals and business that overpaid 2008 taxes, in order to conserve dwindling cash for priority payments including school spending and debt repayment required by state law, the state’s controller office said on Friday.
That’s the Taxpayers money for crying out loud!
The financial market turmoil that has Wall Street reeling is also slashing into California’s revenues, which rely heavily on personal income taxes. They are shrinking due to the recession and rising unemployment and because stocks and other assets have lost so much of their value in recent months.
I rest my case..
The What
Someday this war is gonna end…