Open House of the Day, 8/31/07: Six Months Later
This Sunset Park property, listed at $799,000, was the sole open house pick last Labor Day weekend, and it didn’t languish on the market all that long. Open House of the Day: 451 37th Street [Brownstoner] GMAP P*Shark
This Sunset Park property, listed at $799,000, was the sole open house pick last Labor Day weekend, and it didn’t languish on the market all that long.
Open House of the Day: 451 37th Street [Brownstoner] GMAP P*Shark
“NOMINALLY, BUT NOT REALLY.”
I take that back. You are a sheep if you believe losses will be recouped by 2012. I guess you also believed Ben Bernanke and CNBC when they claimed there was no housing bubble and that subprime was contained.
“Try making some friends and getting a life.”
OKAY, I’LL TRY. WILL THAT PROTECT HOME VALUES?
“You waited too long to buy and now you are grasping at straws to confirm your warped point of view.”
NO. I HAVEN’T WAITED LONG ENOUGH. THE FATE OF THIS SMOKE AND MIRROR HOUSING PONZI SCHEME IS A SLOW MOTION TRAIN WRECK. I PROBABLY HAVE ANOTHER FIVE YEARS TO GO. MEANWHILE, I AM PAYING ONLY A GRAND IN RENT (UTILITES FREE – WOAH! NO HIGH ENERGY BILLS FOR ME), STACKING CASH AND GOLD, AND GRASPING AT THIS TIDBIT…
http://tinyurl.com/293up2
YOU ARE GRASPING AT STRAWS TO REFUTE THE HIGH LIKELYHOOD THAT MUCH OF YOUR EQUITY’S GOING “BYE BYE” UNLESS, UNLESSSSSSSSSS, YOU CASH OUT SOON. WHEN COUNTING EQUITY, DON’T FORGET TO SUBTRACT CARRYING COSTS AND TO ADJUST FOR INFLATION – YOU HAVE MUCH LESS THAN YOU THINK. YOUR POINT OF VIEW IS SHORTSIGHTED AT BEST.
“It doesn’t really doesn’t matter, except when yhou are forced, through rising prices to move to another city. Then you can cry wolf on another web site.”
SORRY. HOMEOWNERS ARE MORE LIKELY TO BE FORECED FROM THEIR HOMES THAN SOMEONE WITH A CHUNK OF CASH/GOLD PAYING NEXT TO NOTHING IN RENT. CITY PROPERTY LIEN SALE LISINGS ARE UP 3X FROM LAST YEAR. FORECLOSURE PROCEEDINGS HAVE SPREAD INTO FORT GREENE (I.E. FORT GREENE PLACE). UNEMPLOYMENT IS TRENDING UP. THE WOLF IS REALLY HERE.
“A Happy Homeowner with Lots of Equity”
FOR NOW. I HOPE YOUR NET WORTH DOES NOT RELY ON JUST THAT.
“they are calling for a 15% drop in prices MAX in the new york city area.”
LOL!!! WHO’S THEY, CNBC? WE’RE ALREADY THERE (-10% IS CLOSE ENOUGH). SEE LINK ABOVE. THE RECESSION HAS JUST BEGUN. 90’S PRICES WERE OFF WAY MORE (-40% REAL TERMS). THE BIGGER THE BOOM, THE BIGGER THE BUST.
“you might know about percentgaes, but you don’t know about common sense”
AMONG DELUSIONAL, DENYING HOMEOWNERS, SENSE AINT COMMON.
“the most vulnerable markets of las vegas, phoenix and florida aren’t even expected to drop more than about 35% tops.”
NOT BY THE F***’D FLIPPERS.
“all are expected to have recouped that loss by 2012.”
NOMINALLY, BUT NOT REALLY. AFTER INFLATION, YOU WILL NEVER SEE A HOUSING BUBBLE OF THIS MAGNITUDE IN YOUR LIFETIME. THIS IS THE BIGGEST BUBBLE SINCE THE GREAT DEPRESSION. REAL TERMS ARE WHAT MATTER.
“and guess what they will probably do after that…go back up as they ALWAYS do over the long run.”
WE FINALLY AGREE ON SOMETHING. BUT IT’S GOTTA BOTTOM OUT FIRST. NO BOTTOM IN SIGHT DESPITE REPEATED FAILURES TO CALL IT. IT’LL TAKE ANOTHER DECADE OR TWO. AND EVEN THEN, YOU’LL NEVER SEE 2008 PRICES IN YOUR LIFETIME. IT WAS AN OPPORTUNITY OF A LIFETIME AND YOU SCORED ONLY IF YOU CASHED OUT AND KEPT PROFITS. THINK ABOUT THAT.
“i’ll be ok if it drops to a million.”
700K DECLINED DOLLARS TODAY IS MUCH CLOSER TO 350K STRONGER DOLLARS BACK THEN. YOUR EQUITY WOULD NOT QUITE BE 350K IN THAT SCENARIO. REALIZE AND RECOGNIZE THE TIME VALUE OF MONEY. CASH OUT OR YOU’LL BE SORRY.
they are calling for a 15% drop in prices MAX in the new york city area.
for prime neighborhoods, probably less.
NOT 50%!!!!!
you might know about percentgaes, but you don’t know about common sense.
the most vulnerable markets of las vegas, phoenix and florida aren’t even expected to drop more than about 35% tops.
all are expected to have recouped that loss by 2012.
and guess what they will probably do after that, given the course of every other cycle in the history of the economic universe?
yup.
go back up as they ALWAYS do over the long run.
bought my place for 350K in 1998. Worth 1.7 million now.
i’ll be ok if it drops to a million.
better than ok.
The renters have taken over this string.
You waited too long to buy and now you are grasping at straws to confirm your warped point of view.
It doesn’t really doesn’t matter, except when yhou are forced, through rising prices to move to another city. Then you can cry wolf on another web site.
– A Happy Homeowner with Lots of Equity.
“Just because I’m a chicken-little, bitter renter who thinks AND wishes that the market plummets, doesn’t mean I will be wrong.”
It does mean you’re crazy and a misanthrope.
Try making some friends and getting a life.
“So you’re saying the market will drop 199%, 1:12?”
Wow! So your NOT smart. A 199% drop would mean that one would be paid, not pay, 99% of a property’s 2007 value for the honor of owning it.
What I am saying, Genius @ 4:05, is that you would have little to no gain. If you paid $500K in 1998 and your paper appraisal shot up to $1.5M in 2008, it would only take about a 50% drop for your gain to disappear. Don’t forget to subrtract holding costs, transaction fees and an adjustment for inflation.
“I’m tuning out…”
No you are not. Your reading this comment right now. You sound like you’ve been tuned out of reality for quite a while now. Just because I’m a chicken-little, bitter renter who thinks AND wishes that the market plummets, doesn’t mean I will be wrong. At least I understand basic percentages.
So you’re saying the market will drop 199%, 1:12?
199% ??
I’m tuning out and no longer taking any of this chicken-little shit seriously anymore. If someone who actually knows anything about anything wants to talk about it, fine. But I don’t care what bitter renters think (or what they WISH, more like it). Sorry.
“down 1%???????
NOOOOOOO!!!!!!!! SAY IT AIN’T SO!!!”
Trend, 12:17, trend. Prices are no longer increasing. You act like this fallout is over with. It’s just getting started.
“What will I do with the other 199% I saw in appreciation over the last 10 years?????!!!!!!”
If you’re smart, you’ll cash out and realize it. Otherwise you’ll follow it down to the ground and be left with little or nothing of it.
Oh 12:20, you completely missed the point.
The ECONOMY is global. The fallout from the housing crash is rippling through every sector.
Stay tuned for the real fun as the debt bombs unwind.