Open House Picks: Six Months Later
Comment: Gulp! Open House Picks 5/30/08 [Brownstoner] Previous Six Months Later Posts [Brownstoner]
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What’s up Whuh! Look Whuh just sit back and crack a cold one because 2009 is gonna be a very very bad year for the Asshats. The funny thing is they are still holding out!
“Anyone connected at all to the upper reaches of NYC economy knows the score –hundreds of thousands of high end, white collar layoffs, starting now. ”
Do you how many people was terminated from their jobs on Wall Street this week? A friend of mine to me today he saw some people crying on the train, he wasn’t laughing at them, he felt bad for them. The sad thing is we are in a DEPRESSION and the Mutant Asset Bubble has imploded…
Example: “Delusion” is thinking that property is gunna go down another 50% and your world will otherwise remain “lovely”.
“Delusion” is thinking that property is not gunna go down another 50% and your world will otherwise remain “lovely”.
The What (2009, Damn..)
Someday this war is gonna end…
Go back and read my posts. I’ve never said property wont drop further. We are skimming the edge of a catastrophic economic event. I think we will narrowly avoid it…we also might not.
It might sound melodramatic but it is very likely that the financial system could not withstand further substantial property declines. The balance sheets of institutions are strained to the limit. They are already supported to the tune of trillions of dollars by the treasury and fed. Institutions are intimately connected to further declines in the real estate market through ABS and derivatives.
“Delusion” is thinking that property is gunna go down another 50% and your world will otherwise remain “lovely”.
It’s amazing how DIBS comes on and parrots the Pollyannish tripe he heard only five minutes previously on CNBC. The problem with promising lower rates in the future is you freeze all potential buyers in their tracks now. The 94% still employed figure is pure Kudlow, and laughable on its face. Anyone connected at all to the upper reaches of NYC economy knows the score –hundreds of thousands of high end, white collar layoffs, starting now. How are these people going to continue to make their nut? Now, it’s possible Obama will enact as a massive refi program. But LTV problems and inadequate incomes will dwarf anything the government can do; and a person without a job is presumably not getting foreclosure relief.
And, yes, Aussie, 50% is coming, and the Snake Pliskin years are not far behind. Wake up and smell it.
We’re serious buyers, so no, not window shopping. Really, we only started lowballing in the last few months (didn’t seem an option before that), and in that time we’ve only seen a couple of places we were interested in bidding on. But we’re hopeful that more will come on the market. Old-timers can still make lots of money, even at significant reductions.
Miss Muffet,
Are you lowballng or just window shopping?
Thanks PDT. By the way, another interesting factoid pointing to the inevitable price declines: the 3rd St condos featured *yesterday* already had a $50K price cut as of today.
These are significant price cuts but we agree this is only the beginning. For example 204 Clermont has dropped from 36% since coming on to the market and it still appears woefully overpriced @ $1.65m.
Aussie we are not so sure about who is being delusional here: not only are prices coming down anecdotally as the above places show but also all objective indicators agree with this trend. So perhaps the denial and delusion are misdirected don’t you think?
MM we agree whole heartedly with your point of view and strategy, but we think the reason why people attack you is because you’ve over-exposed your personal gain in all of this debacle too much. Just “let lying dogs lye” and be patient you will find exactly what you want and your observations are likely to come true. Please remember DENIAL is an amazing trait in our species and entirely based on fear. In this case folks get upset and lash out because of FEAR of losing equity…a totally understandable situation . C’est malheureax mais vrai. Bonne nuit:)
And by the way, Aussie, relatives and close friends of mine have seen their investment portfolios shrink by nearly half and it is most certainly NOT “the end” for them. Painful? Yes. They certainly need to revise budgets accordingly, in some cases dramatically. But there is more to life than the value of one’s assets. Shockingly, life can go on even if your net worth is down. And there can still be much in life that IS lovely – friends, family, things that *really* matter.
Nobody, not even Warren Buffet, can predict the future.
That said, Brooklyn housing prices will drop 50% in the next few years.
At least we have that Harvard educated lawyer, Obama, to lead us out of this mess.
I’m joking of course.
If you’re not rich already, it ain’t gonna happen.