Condo Market: You Can't Handle the Truth!
“The truth is that people can’t take the truth,” Robert Levine, the president of RAL Cos., is quoted as saying in a Sun article about how the city’s condo market is (brace yourself!) not as healthy as it once was. The point of the article seems to be that though the press has instilled “fear”…
“The truth is that people can’t take the truth,” Robert Levine, the president of RAL Cos., is quoted as saying in a Sun article about how the city’s condo market is (brace yourself!) not as healthy as it once was. The point of the article seems to be that though the press has instilled “fear” in people (another Levine quote) about the value of real estate as an investment, condos are still worth buying because the city’s market will eventually rebound. Here’s the evidence the story gathers about condo sales slowing: financing is shaky (“As transaction volume dries up, and liquidity remains nonexistent, property values will fall, and banks will begin foreclosures,” say Kevin Comer, the president of Beck Street Capital. “The kid gloves will come off, and it won’t matter if you own property at Fifth Avenue and 58th Street or Williamsburg, the banks will be brutal as they all struggle to survive and avoid Bear Stearns fate. The busted condo deals will be the first to fall given their short term financing.”); a ton of prospective buyers are lowballing offering prices, says one developer, which means inventory isn’t moving unless a sponsor’s willing to make a deal; after buzz fades on a condo that’s just put up listings, sales are languishing, says Gary Malin, the president of Citi Habitats. So wait, what’s the truth that we can’t take? Oh, right—now (or very soon) may be the time to buy. “Now more than ever its location, location and location,” says Beck Street Capital’s Kevin Comer. “Long term, real estate remains a great place to invest capital, especially in New York City, and we are headed for one of the best buying opportunities of my lifetime.” Consider yourself truthified.
Believe It: Condo Sales Slow [NY Sun]
Still from youtube.
Dave i dont think that you understand how diff the stock market and real eatste are. Stocks trade much faster then real estate. The homebuilders have already priced in tough times over the next couple of years and the valaations are cheap so shorting them just because you think home prices will come down more would not work unless you short one that is going under which is a hard bet to make. The easy money was already made shorting the homebuilders so i dont know why you are suggesting if people are bearish of real estate they short them. Its the most foolish trade I have heard all day
MHL is so superior to PBR.
4:12…in Manhattan it happens…not in Brooklyn that I’m yet aware of
now overpriced Korean is a whole different story!!!
overpriced and thai should never be strung together in the same sentence…
Personally I couldnt give a —- about crown moldings – I prefer being outside (@ home) in a nice garden or roofdeck poping a vicodin, drinking some Rolling Rocks and smoking some weed – with Baseball playing on the radio……now thats what $ is all about
I do that too…you miss the point..it’s getting home to look at the crown moldings that you’ve spent so much money on.
That said, Miller High Life really sucks. I’d rather drink PBR or Bud and no self respecting Thai restaurant, especially the overpriced ones, would ever sell Miller (nor PBR for that matter).
How about collard green spring rolls washed down with Presidente at Solomon’s Porch????
I prefer eating overpriced thai food.
followed by 3 dollar miller high lifes and strolling home!!
Let’s all get back on topic somewhat
3:18 crown moldings are the enjoyable result of the money. the money, in and of itself, isn’t all that enjoyable. But eating out with lots of red wine, car service back home and then looking at those crown moldings while having that last drink of armagnac is what life’s all about ( four, five, eight or ten blocks from the projects mind you) (See the Boerum Hill house post for THAT discussion!!!!!)
Thank god people in Park Slope are so fiscally responsible, and don’t buy $15 dollar cocktails so they can afford to be homeowners.
I don’t want to have to start seeing strollers at Milk and Honey on a Saturday night!!