Babs Corcoran "Not Worried About Real Estate Prices"
She’s not worried at all, in fact. That’s what she told AMNY in an interview. Also, her advice: buy now. “Real estate will be more expensive once again, and everyone will look back and say, ‘Why didn’t I buy then?’ Because the truth of the matter is these are the good ol’ days everybody dreams…
She’s not worried at all, in fact. That’s what she told AMNY in an interview. Also, her advice: buy now. “Real estate will be more expensive once again, and everyone will look back and say, ‘Why didn’t I buy then?’ Because the truth of the matter is these are the good ol’ days everybody dreams about.”
Anyone else find it peculiar –other than crediting a scum-feeding propagandist like Babs –that we’re not talking about a.) the wealth effect of the worst market crash since 1929; b.) the evaporation in a matter of days of CITI; c.) the disappearance of the banking industry as we knew it, and d.) the collapse of the consumer’s balance sheet, and the high likelihood of an 8-10% troughing out of GDP? Do people still think RE prices are set by the terms on typical offer here on Brownstoner (comps, etc.)? (We’re not even mentioning the possibility of full-on deflationary bust; nor the possible collapse of the dollar.)
In the spirit of the above: My own vote goes to DIBS, whom I find hateful in every way.
Oh but to get back on topic, I agree Barbara Corcoran is not somebody I would trust to give objective advice to real estate buyers.
HOBOKENROCKS there will be no more INFLATION!! Every asset class is getting smashed.
The Government is not “Printing” money, they are borrowing it a 0% interest!
This crash in oil is telling you that things has change and the Government efforts are “pushing on a string”!
I was listing to Bloomberg radio last night and they said 64 out of 64 funds are down for the year! Everything is toast and the only thing that would re-inflate every thing is a war.
Look at the Bond Market! The biggest rally since 1987!
http://www.bloomberg.com/markets/rates/index.html
Ten year at 3.22% and BTW Your Home loans will not get cheaper for Jumbo’s!
The What (But..but..but Real Estate always goes up, right?)
Someday this war is gonna end…
From all I’ve seen nobody anywhere is saying the real estate market is dropping over the next 10 years as somebody above claimed. The news shows and networks are bringing on a lot of expert economists and if they talk about property values they’re saying prices will keep going down over the next year or two. Anywhere from 2010 to 2012 marks the bottom according to them. They talk about how building has slowed or stopped completely, depending on what part of the country you’re in, and it’s about waiting for this big oversupply to dwindle. In NYC our oversupply is condos not houses. However if buyers think they’re going to get better prices a year or two from now they’ll certainly be very hesitant to put in offers now.
But I still don’t see this 50% thing. If sellers are hearing from experts we will start to see a recovery in property values 3 to 5 years from now, perhaps more quickly in NYC, they won’t be in such a hurry as some think to take a $500K to million dollar loss on a house. Also don’t forget NYC is a strong rental market. In the suburbs or in other regions in the country, a property sits empty if you can’t sell it. Here you can rent out your apt, condo or house for however many years is required. It gives NYC sellers the option to hang onto a property before selling, that sellers elsewhere don’t have.
Hands down the most blatantly self-serving statement of the year. Not surprising at all that Minsky got the axe for saying something negative about real estate. (Not that I’m feeling sorry for him at all.)
Barbs is right cuz prices will go up in the future because the government will keep printing”
No. Hyperinflation will buoy up wages faster than home prices because of residual fear from the collapse and tighter lending standards. Real prices will still fall.
Babs is a living advertisement. Walking propaganda if you will.
Barbs is right cuz prices will go up in the future, I wrote this but I have also written that it will take 5-15 years before homes get back to the prices they were at their highest. Yes wages should be propped up before homes but I would also look at commodoties because every country is reflating. Unless we get price controls in place like the 70’s . Though Gold should still do well.
I predicted a couple of months ago that every country would have to reflate. I also believe that the best areas will always command more money. I don’t know which areas will be the best in the future. One thing is for sure NYC will still be one of the better areas but will lose some of its luster because financials will take decades before they come back to previous levels.
What’s Jerry Minsky’s take on all of this??? Can’t he get himself a column somewhere??
“denton- 35K. Fair enough. But remember just how -awful- Clinton Hill was in 1973. ”
PS, actually, he was my roommate, but considerably older. I was just a kid. I didn’t get stabbed, or robbed, altho folx didn’t like white people walking on Fulton Street, if i recall.
i am shocked — shocked! — that a prominent broker remains openly upbeat about the housing market.