Bearish Brownstoners Miss Mark on 2nd Street Sale
So far we have precious few data points on the predictive powers of the pricing widget. For a while, the only HOTD or COTD to sell was 316 Cumberland Street, which sold for $2,250,000 in June, a shade less than the asking price of $2,295,000 but almost $360,000 more than widget voters predicted. And now…
So far we have precious few data points on the predictive powers of the pricing widget. For a while, the only HOTD or COTD to sell was 316 Cumberland Street, which sold for $2,250,000 in June, a shade less than the asking price of $2,295,000 but almost $360,000 more than widget voters predicted. And now our second data point shows an equally bearish disposition: 93 2nd Street, which generated a predicted selling price of $914,379, just closed for $1,086,312; in our defense, we said at the time that “We could see it getting pretty close to” the asking price of $1,125,000. Interesting, eh?
House of the Day: 93 2nd Street [Brownstoner]
I agree with Arkady too: “I only considered places w/in my price range & then made decisions based on how much I liked the house & what kind of condition it was in.”
Hey ‘tards the writing is on the wall..
UPS Forecasts Profit Less Than Estimates; Sales Fall (Update2)
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aaEmdyRqRbNE
July 23 (Bloomberg) — United Parcel Service Inc., the world’s largest package-delivery company, forecast lower profit than analysts projected and said second-quarter earnings fell 49 percent as the recession cuts business demand.
49%!!!!??? Green Shoots is Crack!
“U.S. package volumes slid for a sixth straight quarter as the recession caused businesses to curb orders amid the highest unemployment rate in 26 years. The company said shipments will remain “significantly below†last year. UPS is considered an economic bellwether because its deliveries span from clothing to auto parts to financial documents.”
Well well well! Here is is dumbasses from UPS the largest shipper in the world!
The What (Tick.. Tick.. Tick..)
Someday this war is gonna end…
Money isn’t everything, BHO. I got a beautiful place and I love it. I got a LTV ratio of 46% and my downpayment wasn’t in the stock market.
I’ve got 1,600+ sq. ft. to myself with a deck & a yard and two bedrooms and two baths for about $1,400 a month with the tenant on the garden level, $2,000 in real estate taxes. Tell me where you, as an obviously bitter renter, can find a place like that???
This entire exchange is pointless. Why are people arguing about this price? It is what it is. Like it or not it’s market price. It’s like we’re standing around in the middle of the night arguing about whether it’s really the middle of the day. A less pointless discussion would be where prices are heading in the future.
“I think Biff was about right on his quick calc that he mentioned a while ago. Take the widget price and multiply by 1.2 (20% increase from the widget price). It seems to come close to the closing price so far.”
Kens, thanks for remembering Biff’s Law (widget plus 20% = actual selling price). Let’s see how I fared:
First place:
Widget = $1,890,000
Widget * 1.20 = $2,268,000
Selling Price = $2,250,000
First place:
Widget = $914,379
Widget * 1.20 = $1,097,255
Selling Price = $1,086,312
Dave, you’re boxed into an illogical corner with your idea about markets. If you’re saying a market is a perfect discounting mechanism for future cash flows –or whatever Larry Kudlow said this morning on monkey TV –then you have to explain why the Naz hit 5000 and why the Dow dipped to 6 and change…Why can’t these transactions, in an illiquid market to boot, represent a sucker’s idea of future price appreciation?
“This is about the stupidest thing you’ve said.”
Beats DOING something stupid like overpaying in Bed Stuy.
***Bid half off peak comps***
Anyway, isn’t the widget a bit skewed because of the person who always goes to the high end?
Actually, I believe he is opening with a disclaimer about the “predictive powers” of the widgets (as in it is too early draw any conclusions) and does not make any claims about them following that comment. So in fact he and everybody else is agreeing with you on this point.
What he does go on to talk about is the two specific cases he does have data for – which you obviously have an issue with.
I doubt you will ever be able to grasp this concept so I will leave it at that. Maybe an adult ed stat class is in order?