Open House Picks: Six Months Later
Comment: Down dooby do down down… Open House Picks 1/30/09 [Brownstoner] Previous Six Months Later Posts [Brownstoner]
Comment: Down dooby do down down…
Open House Picks 1/30/09 [Brownstoner]
Previous Six Months Later Posts [Brownstoner]
A lot of my net worth IS tied up in house appreciation. But not more than half of it!!!!!
They were all purchased in 1997 or well before (the Bed Stuy house purchased with ill gotten gains from the Manhattan condo LOL) so there’s a LOT of net worth there and two small mortgages.
LOL….all the way to the bank.
I AM 3-4 times more stupid it would seem.
“Why is it that many of Team bear think that the current homeowners are the stupid ones…[?]”
You know what we mean. “current homeowner” doesn’t necessarily qualify you as stupid. It’s the recently purchased or HELOC-OD’d variety who have based their purhcase decisions on sheepfeed and thought they were going up from there (greed).
“…it’s clear that they seem to be the only ones who have been able to amass enough money to buy a home in the first place!!!!???”
It’s not money, DIBS, it’s debt. You may have put down 50 but you’re still snorkling under the surface.
“Some of us have amassed 2, 3, 4 homes so we must be 3-4 times as stupid.”
3-4 times leveraged, 3-4 times deleveraging. Yeah, that’s the stupid variety. How do you live in 3-4 homes?
***Bid half off peak comps***
for someone who only had enough conviction to wager “Loser” ID, now that’s gutness & truly pathetic. You’re all talk and no putting $$$ where your loud mouth is. You by definition is someone on the sidelines debating for argument sake only.
worst than pathetic. Worthless
are you really that desperate for the bromides of others?
pathetic.
Antidope, unless you’re born in NYC, I’m pretty sure I’ve been here longer than you. BTW, I’ve bid on 3 ppties for below $1M but got beat out by deeper pocket buyers who offer all-cash, 50% down, no mortgage contingency,…. Those 3 ppties are not representative of the genl mkt but rather 3 sellers who were super desperate for various reasons. Again, he who assumes there are no bargains now and/or willing to pay bigger price, will look to me (if & when I get lucky) say “that f’ing lucky bastard”
Just because I can afford something doesnt mean I want to pay that price. There’s a reason why my ID is “more4less”
m4l 1:54. maybe you’re an out-of-towner. let’s run thru “prime” BK. let’s see: BH, CH, CG, PS. find me a “decent” 3 story that sells for less than 1.5 today. you won’t find anything without warts. i presume that 1 mio threshold is ready to live in with your brood. so what you’re really saying is you’re waiting for a further 33+% collapse. that does not make you a legitimate buyer, imo. we can pick this up in 2 years perhaps.
your strategy to wait is fine and i think the risk of “missing the bottom” is low.
but i think all of us could use a break from the armchair quarterbacks who know, just know that they got the economy figured out. All your “facts” add up to the prediction you claim not to be making. Ha!
To Bear Mafia- I’m going on a hiatus and I suggest you do the same thing. It’s very hard to reason with delusional people. The whole Banking System is still insolvent, Asset prices are crashing and we are in a depression. Guys take a little break and come back in September then Team Bear will have plenty of fresh meat to gorge on.
Be well guys and remember Dave in Bed Stuy is a goddamn idiot! His “Net Worth” is tried up in House appreciation…
The What
Someday this war is gonna end..
Antidope, don’t lump me in there. I own 2 ppties and legitimately looking to buying a house in a prime BK hood (vs. someone babbling from the sidelines just for argument sake). I’m a realist. I know I’m losing value in those 2 ppties that I own. I don’t make predictions but interpret the facts I can see. The fact right now is econ stinks and ppty prices are dropping. I don’t predict how far it’ll drop. I wait for prices to tick up to indicate that a bottom might’ve just past then buy. To buy now (while prices are dropping, prices are high on absolute basis, econ in massive trouble) and “HOPE” prices will stop falling – I’m not rich enough or stupid enough to roll in a couple hundred grand in this environment and bank on “HOPE”. BTW, you don’t think $1M is a ton of $$$? For that kind of $$$, don’t bank on “HOPE”, bank on the facts
Some of us have amassed 2, 3, 4 homes so we must be 3-4 times as stupid.
Posted by: daveinbedstuy at July 31, 2009 2:33 PM
QOTD.